Analisis determinan struktur modal dan pengaruhnya Terhadap nilai perusahaan (Studi Kasus pada Perusahaan Manufaktur di Asia Tenggara Periode 2013-2015)

ANALISIS DETERMINAN STRUKTUR MODAL DAN PENGARUHNYA

TERHADAP NILAI PERUSAHAAN

(Studi Kasus pada Perusahaan Manufaktur di Asia Tenggara

Periode 2013-2015)

Abstrak

Setiap perusahaan menginginkan nilai perusahaannya yang tinggi dan dapat menarik perhatian para investor. Untuk meningkatkan nilai sebuah perusahaan, perusahaan harus dapat memelihara faktor pendukung dari nilai perusahaan itu sendiri. Faktor yang dapat meningkatkan nilai perusahaan adalah sejauh mana perusahaan dapat memelihara determinan struktur modal yaitu rasio profitabilitas, asset tangibility, tingkat pertumbuhan, ukuran perusahaan, non-debt tax shield di sebuah perusahaan. Tujuan penelitian ini adalah untuk mengetahui dan menganalisis pengaruh determinan struktur modal, yang terdiri profitabilitas, asset tangibility, tingkat pertumbuhan, ukuran perusahaan, non-debt tax shield terhadap nilai perusahaan dengan struktur modal sebagai variabel intervening pada perusahaan manufaktur di Asia Tenggara. Penelitian ini merupakan penelitian statistik deskriptif dan sifat penelitian merupakan deskriptif explanatory. Metode pengumpulan data dilakukan melalui studi dokumentasi. Populasi penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek masing-masing negara di kawasan Asia Tenggara yaitu Indonesia, Malaysia, Singapura, Thailand dan Filiphina dan sesuai kedalam kriteria yang telah ditentukan yaitu sebanyak 211 perusahaan dan penarikan sampel digunakan adalah sampling jenuh sehingga seluruh data populasi sebanyak 211 perusahaan dijadikan sampel. Metode analisis data yang digunakan adalah menggunakan path analisis dengan menggunakan software Eviews7,0. Hasil penelitian substruktur pertama menunjukkan profitabilitas, asset tangibility, tingkat pertumbuhan, ukuran perusahaan, non-debt tax shield secara simultan berpengaruh negatif dan signifikan terhadap struktur modal pada perusahaan manufaktur di Asia Tenggara dengan koefisien determinasi (R2) sebesar 0,8632 atau 86,32%. Secara parsial profitabilitas berpengaruh negatif dan signifikan terhadap struktur modal, ukuran perusahaan berpegaruh positif dan signifikan terhadap struktur modal pada perusahaan manufaktur di Asia Tenggara. Hasil penelitian substruktur kedua menunjukkan profitabilitas, asset tangibility, tingkat pertumbuhan, ukuran perusahaan, non-debt tax shield dan struktur modal secara simultan berpengaruh positif dan signifikan terhadap nilai perusahaan pada perusahaan manufaktur di Asia Tenggara dengan koefisien determinasi (R2) sebesar 0,8822 atau 88,22%. Secara parsial asset tangibility, tingkat pertumbuhan, ukuran perusahaan berpegaruh positif dan signifikan terhadap nilai perusahaan pada perusahaan manufaktur di Asia Tenggara. Struktur modal bukan merupakan variabel intervening pengaruh profitabilitas, asset tangibility, tingkat pertumbuhan, ukuran perusahaan, non-debt tax shield terhadap nilai perusahaan.

Kata Kunci : Profitabilitas, Asset Tangibility, Tingkat Pertumbuhan, Ukuran Perusahaan, Non-Debt Tax Shield, Struktur Modal, Nilai Perusahaan.

AN ANALYSIS OF THE DETERMINANTS OF CAPITAL STRUCTURE

AND THEIR INFLUENCE ON FIRM VALUE

(A Case Study on Manufacturing Companies in Southeast Asia

in period 2013-2015)

ABSTRACT

Every firm desires that it has high value and can attract investors’

interests. In order to increase its value, a firm has to be able to maintain the

enabling factors of its value. The factors that are able to increase firm value are

how far the firm manages to maintain the determinants of capital structure such

as profitability ratio, tangibility asset, growth rate, firm size, and non-debt tax

shield of a firm. The objectives of the research were to find out and analyze the

influence of the determinants of capital structure, namely profitability ratio,

tangibility asset, growth rate, firm size, and non-debt tax shield on the firm value

with capital structure as the intervening variable on manufacturing companies in

Southeast Asia. This is a descriptive statistical research which is descriptive

explanatory. The data collecting method was document studies. The population

was 211 manufacturing companies listed in the Stock Exchange of each country in

Southeast Asia i.e. Indonesia, Malaysia, Singapore, Thailand, and the Philippines

which met the determined criteria, and the samples were taken by using saturated

sampling in order that the whole population was taken as the samples. The data

analysis method was path analysis, using the Eviews 7.0 software program. The

results of the first sub-structural research showed that, simultaneously, the

profitability ratio, tangibility asset, growth rate, firm size, and non-debt tax shield

had negative and significant influence on capital structure of the manufacturing

companies in Southeast Asia with determinant coefficient (R

2

) = 0.8632 or

86.32%. Partially, profitability had negative and significant influence on capital

structure, while firm size had positive and significant influence on capital

structure of the manufacturing companies in Southeast Asia. The second

sub-structural research results showed that, simultaneously, profitability ratio,

tangibility asset, growth rate, firm size, non-debt tax shield and capital structure

had positive and significant influence of firm value of the manufacturing

companies in Southeast Asia with determinant coefficient (R

2

) = 0.8822 or

88.22%. Partially, asset tangibility, growth rate, and firm size had positive and

significant influence on the firm value of the manufacturing companies in

Southeast Asia. Capital Structure was not the intervening variable that influenced

profitability ratio, tangibility asset, growth rate, firm size, and non-debt tax shield

on firm value.

Keywords: Profitability Ratio, Tangibility Asset, Growth Rate, Firm Size, and

Non-Debt Tax Shield, Firm Value