ABSTRAK
HUBUNGAN ANTARA LEVERAGE KEUANGAN DENGAN PROFITABILITAS PERUSAHAAN
(Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia
Tahun 2011-2013)
Tujuan dari penelitian ini adalah untuk menganalisis hubungan antara leverage keuangan dan profitabilitas perusahaan. Variabel DAR (Debt to Assets Ratio), LDER (Long term Debt to Equity Ratio), dan TIER (Time Interest Earned Ratio) digunakan sebagai indikator leverage keuangan, sedangkan variabel ROA (Return on Assets), ROE (Return on Equity), dan NPM (Net Profit Margin) digunakan sebagai indikator profitabilitas perusahaan.
Penelitian ini merupakan penelitian eksplanatif asosiatif yang variabelnya bersifat kausalitas. Sampel penelitian ini adalah perusahaan manufaktur yang terdaftar di BEI yag dipilih dengan metode purposive sampling. Data yang digunakan bersifat data panel, dan diambil dari laporan keuangan tahunan perusahaan manufaktur dari tahun 2011-2013. Pengujian hipotesis dilakukan dengan metode statistik melalui analisis korelasi kanonikal.
Hasil penelitian menunjukkan bahwa memang terdapat hubungan antara leverage keuangan dengan profitabilitas perusahaan sesuai dengan teori agensi, teori pertukaran dan pecking order theory. Hasil penelitian ini diantaranya Leverage memiliki hubungan yang kuat dan positif terhadap ROA. Leverage memiliki hubungan yang kuat dan negatif terhadap ROE. Serta Leverage memiliki hubungan yang lemah dan positif terhadap NPM.
Kata Kunci : Leverage Keuangan, Rasio Profitabilitas, Teori Agensi, teori Pertukaran, Pecking Order Theory, Korelasi Kanonikal.
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ABSTRACT
RELATIONSHIP BETWEEN FINANCIAL LEVERAGE AND PROFITABILITY OF THE COMPANY (Empirical Study on
Manufacturing Companies Listed in Indonesia Stock Exchange at the year of 2011-2013)
The main objective of this research was to analyze the correlation between financial leverage and profitability of the company. DAR (Debt to Assets Ratio), LDER (Long term Debt to Equity Ratio) and TIER (Time Interest Earned Ratio) were the variables that used as the indicator of financial leverage. ROA (Return on Assets), ROE (Return on Equity), and NPM (Net Profit Margin) were the variables that used as the indicator of profitability of the company.
This research was an associative explanation research where the variables had causality characteristic. The manufactur industry companies that listed in BEI were the sample of this research. They were chosen by purposive sampling method. Panel data were used in this research, it was obtained from the manufactur industry company’s financial statement at the year of 2011-2013. Statistic method through canonical correlation analysis was used in hypothesis testing.
The result showed that there were significant correlation between financial leverage and profitability of the company based on Agency Theory, Trade off Theory and Pecking Order Theory.This reseach showed that Leverage have a strong and positive correlation with ROA. Leverage have a strong and negative correlation with ROE. Leverage have a weak and positive correlation with NPM.
Keywords : Financial Leverage, Profitability Ratio, Agency Theory, Trade Off Theory, Pecking Order Theory, Canonical Correlation
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