FAKTOR – FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL PADA PERUSAHAAN MANUFAKTUR YANG GO PUBLIC DI BEI

Abstract

One of important decisions faced by financial managers in relation with the existence of the company operation is the funding or capital structure decision. It is a decision related to the debt composition, preference share and common share that have to be used by the company. Managers have to be able to collect the fund both from the company and out of the company efficiently. It means that the funding decision is a decision that is able to minimize capital expenses that has to be carried by the company. The goal of this study is to analyze the influence of business risk, current liabilities, profitability and the size of the company toward the capital structure.

The sample of the study is taken using purposive sampling in order to gain representative sample that fulfills the criteria. The criteria of the sample choice are: companies that have submitted their financial statements per December 31, 2004-2006, companies that get positive profit during the observation period. To test the proposed hypothesis in this study, the data is analyzed using multiple regressions.

The result of the regression shows that business risk variable does not affect the capital structure. While the current liabilities, profitability, and the size of the company variables influence the capital structure in manufacturing company registered in the Jakarta Stock Exchange.

Key Words: business risk, current liabilities structure, profitability, size of the company, and capital structure.