ANALISIS PENGARUH KARAKTERISTIK PERUSAHAAN DAN KONDISI EKONOMI MAKRO TERHADAP KEBIJAKAN STRUKTUR MODAL
Abstract
This study the purpose to determine the effect of profitability, liquidity, active structural, Inflation and Interest of the capital structure of manufacturing companies listed on the BEI Stock exchange in the period 2010-2016. The samples this study 67 companies from the period 2010-2016 the are chosen using purposive sampling method. The analysis instrument is Eviews version 9.0 used in this research is multiple linier regression analysis method.
Independents variable this study of profitability is measured using return on asset, likuidity is measured using current asset, active structural is comparison between fixed asset with total asset, inflation is measured using consumer price index and interest is measured using Bank Indonesia interest rates. Dependent variable this study of capital structure is measured using debt to equity ratio.
The result shows that profitability variable have negative effects and significant on capital structure, likuidity variable have negative effects and significant on capital structure, active structural has effects not significant on capital structure, inflation variable have positive effect on capital structure and interest rates have negative effect on capital structure.
Key words: profitability, likuidity, active structure, inflation, BI rates, capital structure.