PENGARUH FIRM SIZE TERHADAP LEVERAGE PADA PERUSAHAAN MANUFAKTUR PUBLIK INDONESIA PERIODE 2013-2017
Keywords:
Ukuran perusahaan, keputusan pendanaan, utang, profitabilitas, usia perusahaan, umur perusahaan, perusahaan manufaktur
Abstract
Keberlangsungan perusahaan memerlukan sistem pendanaan yang memadai dan struktur pendanaan untuk dapat menjaga aktivitas. Perusahaan yang berhasil mengelola struktur modal yang dapat mengelola biaya yang dikeluarkan dengan mampu menghasilkan laba perusahaan. Penelitian ini bertujuan untuk meneliti pengaruh firm size terhadap Leverage Perusahaan Manufaktur yang tercatat di Bursa Efek Indonesia periode 2013-2017. Sampel yang digunakan adalah 42 perusahaan manufaktur publik pada periode 2013-2017. Metode analisis data dilakukan dengan menggunakan regresi data panel dengan fixed effect model. Hasil penelitian ini menunjukan size dan profitabilitas memiliki pengaruh yang signifikan terhadap leverage perusahaan manufaktur yang tercatat di Bursa Efek Indonesia periode 2013-2017.Ukuran perusahaan,
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References
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Antoniou, A, Guney, Y. and Paudyal, K. (2002). Determinants of corporate capital structure: Evidence from European Countries. Working paper, University of Durham.
Brigham, E. F. & Houston, J.F. (2001). Manajemen Keuangan. Edisi Kedelapan Buku 2. Jakarta: Erlangga.
Brigham, E.F. (2006). Dasar-Dasar Manajemen Keuangan, Buku satu, edisi sepuluh. Jakarta: PT. Salem¬ba Empat. 1421-1460.
Beatty, R. P. (1989). Auditor Reputation and the Pricing of Initial Public Offerings. The Accounting Review, 693-709.
Chung, K. H. (1993). Asset characteristic & corporate debt policy: An empirical test. Journal of Business Finance & Accounting, 20(1), 83.
Crutchley, C.E. & Hansen, R.S. (1989), A test of the agency theory of managerial ownership, corporate leverage, and corporate dividends, Financial Management, 4, 36-46.
Cooley, T. F. and Quadrini, V. (2001). Finansial Markets and Firm Dynamics. American Economic Review, 91 (5): 1286-1310.
Deesomsak, R., Paudyal, K., & Pescetto, G. (2004). The Determinants of capital structure: Evidence from the Asia Pacific region. Journal of Multinational Financial Management. 14(4-5), 387–405.
Dittmar, A. (2004). Capital structure in corporate spin-offs. Journal of Business, 77 (1), 9-43.
Ezeoha, A.E, (2008). Firm size and corporate financial- leverage choice in a developing economy. Journal of Risk Finance, 9, 351–364.
Gitman, L. J. & Zutter, C.J. (2012). Principles of Managerial Finance.13th Edition. Global Edition: Pearson Eduation Limited.
Graham, J.R. & Harvey, C.R. (2002), How do CFOs make capital budgeting and capital structure decisions. Journal of Applied Corporate Finance, 15(1), 8-23
Haris, M., & Raviv, A. (1991). The theory of capital structure. Journal of Finance, 46, 297-356.
Harjanti, T. T. & Tandelilin, E. (2007). Pengaruh firm size, tangible asset, growth, oppurtunity, profitability dan business risk pada struktur modal perusahaan manufaktur di Indonesia studi kasus di BEJ. Jurnal Ekonomi dan Bisnis. 1(1), 1-10.
Huyghebaert, N. (2006). On the determinants and dynamics of trade credit use: empirical evidence from business start- ups. Journal of Business Finance & Accounting, 33, 305-328.
Kieso, D. E., Weygandt, J.J. & Warfield, T.D. (2007). Akuntansi intermediate. Terjemahan Emil Salim, Jilid 1, Edisi Kesepuluh, Penerbit Erlangga, JakartA
Myers, S.C. (1984), The capital structure puzzle. Journal of Finance, 34 (3), 575- 592.
Pandey, M. (2004). Capital structure, profitability and market structure: evidence from Malaysia. Asia Pacific Journal of Economics and Business, 8(2), 78-98
Petersen, M.F. (2006). Does the Source of Capital Affect Capital Structure. The Review of Financial Studies, 45–79. Tempo.co, 2013. Mi Instan Kontribusi Terbesar Laba Indofood. https://bisnis.tempo. co/read/533244/mi-instan- kontribusi-terbesar-laba-indofood/full&view=ok
Rajan, G.R. & Zingales, L. (1995). What do we know about capital structure: Some evidence from international data. The Journal of Finance, 50(5), 1421-1460.
Ross, S. A., Westerfield, R.W. & Jordan, B.D. (2013). Fundamentals of Corporate Finance. 10th Edition.McGraw-Hill.
Raviv, M. H. (1991). The Theory of Capital Structure. The Journal of Finance, 46(1), 297-355.
Sugiyono. (2009). Metode Penelitian Kuantitatif, Kualitatif dan R & D. Bandung: Alfabeta.
Seftianne & Handayani. (2011). Faktor–Faktor yang Mempengaruhi Struktur Modal pada Perusahaan Publik Sektor Manufaktur. Jurnal Bisnis dan Akuntansi, 13(1), 39–56.
Suhaila, M. K., Mahmood, W., & Mansor, W. (2008). Capital Structure and Firm Characteristics: Some Evidence from Malaysian Companies. MPRA paper 14616, University Library of Munich, Germany.
Saidi. (2004). Faktor-faktor yang Mempengaruhi Struktur Modal Perusahaan Manufaktur Go-public di BEJ tahun 2007-2012. Jurnal Bisnis dan Ekonomi, 11(1), 44-58.
Titman, S. & Wessels, R. (1988). The determinants of capital structure. Journal of Finance, 43, 1-19.
Tongurai, C. V. (2015). The effect of leverage on performance: Domestically oriented versus internationally oriented firms. Research in International Business and Finance, 34, 265-280
Viviani. (2008). Faktor-faktor yang mempengaruhi struktur modal (studi empiris pada perusahaan industri manufaktur) ditinjau dari filosofi hypotesis pecking order Simposium Nasional: Akuntansi SNA
Published
2020-09-14
How to Cite
Shanthana L., S., & Basana, S. R. (2020). PENGARUH FIRM SIZE TERHADAP LEVERAGE PADA PERUSAHAAN MANUFAKTUR PUBLIK INDONESIA PERIODE 2013-2017. International Journal of Financial and Investment Studies (IJFIS), 1(1), 53-66. https://doi.org/10.9744/ijfis.1.1.53-66
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