ANALISIS PENGARUH UMUR PERUSAHAAN, CORPORATE GOVERNANCE DAN ROA TERHADAP STRUKTUR MODAL DENGAN VARIABEL KONTROL TANGIBILITY ASSET DAN MARKET TO BOOK RATIO (Studi pada Perusahaan Manufaktur yang terdaftar di BEI Periode 2012-2016)

Abstract

This study aimed to analyze the effect of Firm Age, Board of Director, Audit Committee Meeting, Ownership Concentration and ROA (Return on Assets) on the Capital Structure that is projected as DER (Debt Equity Ratio) with Tangibility Asset and Market to Book Ratio as control variable . The population used in this study is a Manufacturing Company listed in the Indonesia Stock Exchange in 2012-2016. The sampling technique used is purposive sampling which obtained 35 companies. The analytical method used is a classic assumption test such as Normality Test, Autocorrelation Test, Multicollinearity Test, Heterocedasticity Test, Determination Coefficient 𝑅2 Test, F Statistical Test, T Statistical Test and Multiple Regression Analysis. Based on the results of simultaneous testing using the F test, the variables of Firm Age, Board Size, Audit Committee Meeting, Ownership Concentration and ROA (Return on Assets) with Tangibility Asset and Market to Book Ratio as variable control significantly influence the DER (Debt Equity Ratio). The partial test results using the T test, indicating that the Company Age, Audit Committee Meeting and Market to Book Ratio have a significant positive effect on DER (Debt Equity Ratio). While the Board Size variable, Ownership Concentration, ROA (Return on Assets) and Tangibility Asset have a significant negative effect on DER (Debt Equity Ratio). The result from determination coefficient 𝑅2 of 0.529 shows that 52.9% of the DER variation is explained by the independent variables in the study, while the remaining 47.1% is explained by other variables not included in the research model.