BAB V
SIMPULAN SARAN
5.1 Simpulan
Tujuan dari penelitian ini adalah untuk menganalisis pengaruh struktur modal dan struktur kepemilikan terhadap capital structure pada industri manufaktur yang tercatat di Bursa Efek Indonesia (BEI). Berdasarkan hasil analisis dan pembahasan, dapat ditarik kesimpulan sebagai berikut:
1) Leverage
Leverage berpengaruh positif terhadap Efficiency pada model Efficiency.
2) Efficiency
Efficiency berpengaruh positif terhadap Leverage pada model Leverage.
3) Profitability
- Profitability berpengaruh positif terhadap efficiency pada model
efficiency
- Proftability berpengaruh negative terhadap Leverage pada model
Leverage
4) Size
- Size berpengaruh positif terhadap efficiency pada model efficiency - Size berpengaruh negatif terhadap Leverage pada model Leverage
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5) Growth
- Growth berpengaruh positif terhadap efficiency pada model efficiency - Growth berpengaruh negatif terhadap Leverage pada model Leverage 6) OWNC
- OWNC berpengaruh positif terhadap Efficiency pada model
Efficiency
- OWNC berpengaruh positif terhadap Leverage pada model Leverage
B. Implikasi Manajerial
Hasil penelitian ini diharapkan dapat diterapkan oleh manajer keuangan perusahaan dan juga oleh investor. Adapun implikasi manajerial dari penelitian ini adalah sebagai berikut:
1. Manajer keuangan perlu mempertimbangkan faktor leverage, profitability, firm
size, growth dan ownership concentration dalam mengambil keputusan struktur
modal. Hal ini ditunjukkan oleh adanya pengaruh struktur modal dan struktur kepemilikan terhadap kinerja perusahaan yang ditunjukkan melalui efisiensi pada perusahaan manufaktur yang tercatat di Bursa Efek Indonesia (BEI). 2. Hasil penelitian ini memberikan informasi kepada para investor, bahwa saat
melakukan investasi ke dalam suatu perusahaan sebaiknya memperhatikan faktor Leverage, firm size, profitability, growth dan Ownership concentration. Hal ini disebabkan karena variabel-variabel tersebut mempunyai pengaruh
terhadap Efficiency pada perusahaan manufaktur yang tercatat di Bursa Efek Indonesia (BEI).
5.2 Keterbatasan Penelitian
Peneliti menyadari bahwa dalam penelitian ini masih memiliki beberapa keterbatasan, yaitu:
1. Penelitian ini hanya terbatas pada kelompok perusahaan manufaktur, sehingga hasil kesimpulan kurang dapat digeneralisasikan untuk perusahaan perusahaan pada sektor yang lain.
2. Efisiensi perusahaan hanya diukur dengan nilai ROE, ROE, fixed assets dan jumlah karyawan yang dianalisis menggunakan metode data envelopment
analysis sehingga hasil efisiensi yang diperoleh terbatas terhadap ketersediaan
data.
5.3 Saran
Berdasarkan keterbatasan penelitian sebelumnya, maka perlu dilakukan penyempurnaan terhadap penelitian yang akan dilakukan selanjutnya. Adapun saran untuk peneliti selanjutnya adalah sebagai berikut:
1. Dalam penelitian selanjutnya disarankan untuk menggunakan jumlah sampel yang lebih banyak dan sebaiknya dikembangkan penggunaan sampel pada
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2. Pada penelitian selanjutnya diharapkan analisis dilakukan secara terpisah berdasarkan ukuran perusahaan sehingga dapat dilihat perbedaan hasil antara perusahaan dengan ukuran yang berbeda untuk mendapatkan perbandingan efisiensi antara ukuran perusahaan .
3. Berdasarkan keterbatasan penelitian bahwa metode DEA mengakibatkan
perusahaan yang diteliti jumlahnya sedikit, oleh karena itu pada penelitian selanjutnya sebaiknya dilakukan penambahan variable bebas yang lain sehingga dapat menjelaskan variabel efisiensi dalam kisaran yang lebih tinggi.
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