ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL SEBELUM DAN SELAMA KRISIS EKONOMI PADA PERUSAHAAN NON FINANSIAL YANG GO PUBLIK DIINDONESIA
ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL SEBELUM DAN SELAMA KRISIS EKONOMI PADA PERUSAHAAN NON FINANSIAL YANG GO PUBLIK DIINDONESIA
Abstract
The decision about capital structure is crucial for financial managers that related with company's survival. The fulfillment of capital requirement can be obtained from internal and external sources. Financial managers must be able to fulfill capital requirement and use it efficiently. To determine capital structure there are several factors that influences financial managers to make decision about capital structure, such as : sales stability, assets structure, growth rate, profitability, taxes, control, management attitude, creditor attitude, market conditions and company's internal conditions.
This study examines the effects of assets structure, growth rate, taxes,
expense, profitability, devidend payout ratio, return on investment and return onequity variable on non-financial company's structure, both partially and simultaneousiy and to test whether the effects of these variables differs in periods before and during economics crisis. The population in this study is non-financial company's listed in Jakarta Stock Exchange until 1993. The sample determined by purposive sampling methods and based on criteria
74 companies are obtained as a samle. Study data is secondary in nature
that obtained from Indonesian capital Market Directory (ICMD). Data was analyzed by multiple regresions.
The results show that both partially and simultaneously, all
independent variables in this study are positively and significantly influence capital structure in period before economics crisis. In periods during economics crisis, partially only devidend payout ratio that negatively and inSignificantly influences capital structure, but Simultaneously all independent variables significantly influence capital structure. Economics crisis also differentiate the influence from all independent variables on capital structure between periods before and during economic crisis.
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