ANALISIS STRUKTUR MODAL SERTA PENGARUHNYA TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA TAHUN 2007-2010

Abstract

This research aims to examine asset growth, return on asset, current ratio, sales growth, and
company benchmark on capital structure, as well as their impact on company value. The sample
of this research is 79 companies with characteristic: (1) manufacture companies which are listed in
Indonesia Stock Exchange in the period of 2007-2010; (2) companies that publish financial statement
for four consecutive years in the period of 2007-2010; (3) companies which do not experience loss
in the period of 2007-2010. The analysis technique of this research uses multiple linear regression
analysis. The results show that the factors of asset growth, sales growth, and company benchmark
significantly bring positive impact on capital structure. Then, current ratio and sales growth significantly
bring negative impact on capital structure. However, capital structure brings no impact on company
value.
Keywords: Asset Growth, Return on Asset, Current Ratio, Sales Growth, company benchmark,
capital structure, company value.