ANALISIS PENGARUH ASSETS GROWTH, TANGIBLE ASSETS, CURRENT RATIO, RETURN ON EQUITY, DAN NON-DEBT TAX SHIELS TERHADAP STRUKTUR MODAL YANG DIUKUR DENGAN DEBT TO EQUITY RATIO (Studi Kasus pada Perusahaan Jasa Sektor Real Estate dan Property yang Terdaftar di BEI Tahun 2012-2016)

Abstract

Real Estate and Property Sector Services Company focuses on the ownership of buildings, housing, and warehousing in which the rights and interests of the owners are present. Although the data show an improvement in the national economy and investment in Real Estate and Property Sector Companies but the absorption rate on some types of property shows low interest. This study aims to analyze Assets Growth, Tangible Assets, Current Ratio, Return on Equity, and Non Debt Tax Shield on Capital Structure (DER). This study uses five independent variables and two control variables, namely Company Size and Age of Company The population used in this study are Real Estate and Property Sector Companies listed on Indonesia Stock Exchange (IDX) with research period during 2012 -2016. The number of samples used are 16 Real Estate and Property firms using Purposive Sampling method with criteria to publish financial statements during the study period, have positive Total Assets, and have a positive Return on Equity. Methods of data analysis using Multiple Linear Regression, classical assumption test, hypothesis test (T test and F test), and test of coefficient of determination (R2) processed using software IBM SPSS version 23. The results of this study can be concluded from five factors studied together effect on capital structure (DER) shown by R2 equal to 40,6% and 59,4% influenced by other factor not examined. Factors that have positive and significant influence on Capital Structure are TANG (Tangible Asset), while Assets Growth, Current Ratio (CR), ROE (Return on Equity), and NDTS (Nondebt Tax Shield) are not significant to Capital Structure (DER).