Analisis Faktor-Faktor Yang Berpengaruh Terhadap Debt to Equity Ratio (Perbandingan Perusahaan Manufaktur Kategori Indeks Papan Utama dan Indeks Papan Pengembang BEI tahun 2013 – 2015)

Abstract

The management of the companies capital structure becomes one of the important factors in the managing of corporate. Capital structure is the determination of the proportion of debt and equity capital as to achieve optimal capital structure. This research aims to determine the effect of profitability, sales growth, business risk, asset structure, and non-debt tax shield on debt to equity ratio (DER), comparisons in manufacturing companies which are categorized as Main Board Index (MBX) and Development Board Index (DBX) in Indonesia Stock Exchange during 2013-2015. Sampling technique used was purposive sampling. Data obtained by the publication of Indonesian Capital Market Directory (ICMD) and Indonesia Stock Exchange. Obtained for the sample of 18 MBX companies and 19 DBX company. Analysis used is multiple regression analysis with classical assumption and to examine the difference determinantion of profitability, sales growth, business risk, asset structure, and non-debt tax shield on debt to equity ratio (DER), comparisons in manufacturing companies which are categorized as Main Board Index (MBX) and Development Board Index (DBX) using chow test regression analysis. Empirical evidence in t-test show that in Main Board Index (MBX) company, profitability and non debt tax shield have negative and significance effect on debt to equity ratio (DER), asset structure have positive and significance effect on debt to equity ratio (DER), while business risk and sales growth have negative and not significance effect on debt to equity ratio (DER). Empirical evidence in t-test show that in Development Board Index (DBX) company, profitability have negative and significance effect on debt to equity ratio (DER), sales growth have positive and significance effect on debt to equity ratio (DER), while business risk have negative and not significance effect on debt to equity ratio (DER), asset structure and non debt tax shield have positive and not significance effect on debt to equity ratio (DER). Based result on F-test, five variable to have significance effect on debt to equity ratio (DER) at level significance as 0,00. Adjusted R square value in Main Board Index (MBX) companies are 45,6% while the rest 54,4% is affected by other factors. Adjusted R square value in Development Board Index (DBX) companies are 38,4% while the rest 61,6% is affected by other factors. Chow Test result indicates there is difference in determining profitability, sales growth, business risk, asset structure, and non-debt tax shield on debt to equity ratio (DER), comparisons in manufacturing companies which are categorized as Main Board Index (MBX) and Development Board Index (DBX).