Analisis Pengaruh Tangibility, Firm Size, Growth Opportunities, Profitability, Earning Volatility, dan Non-Debt Tax Shield Terhadap Leverage pada Perusahaan Non Finansial yang Terdaftar di Bursa Efek Indonesia

Hetty, Hetty (2011) Analisis Pengaruh Tangibility, Firm Size, Growth Opportunities, Profitability, Earning Volatility, dan Non-Debt Tax Shield Terhadap Leverage pada Perusahaan Non Finansial yang Terdaftar di Bursa Efek Indonesia. Undergraduate thesis, Universitas Internasional Batam.

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Abstract

This study aims at examining the determinants of corporate leverage in Indonesia. The dependent variable used in this analysis is leverage, measured by ratio of total debt to total assets. The independent variables used in this analysis are tangibility, firm size, growth opportunities, profitability, earning volatility, and non-debt tax shield. The analysis was implemented on a sample of 97 non financial companies listed on the Indonesian Stock Exchange, for the period 2005-2009. The study excludes the financial sector companies, as their financial characteristics and use of leverage are substantially different from non financial companies. Statistic method used in this study is multiple regression method, and analyzed using Statistical Package for Social Science (SPSS) program. The results reveal that tangibility, firm size, and growth opportunities are positively related to leverage. Profitability has a negative effect on leverage. Earning volatility and non-debt tax shield have no significance effect on leverage. Keywords: Capital Structure, Leverage, Tangibility, Firm Size, Growth Opportunities, Profitability, Earning Volatility, Non-Debt Tax Shields

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