Analisis Faktor-Faktor yang Mempengaruhi Struktur Modal, Pembayaran Dividen, dan Peluang Investasi pada Perusahaan yang Terdaftar di Bursa Efek Indonesia

Kasno, Kasno (2011) Analisis Faktor-Faktor yang Mempengaruhi Struktur Modal, Pembayaran Dividen, dan Peluang Investasi pada Perusahaan yang Terdaftar di Bursa Efek Indonesia. Undergraduate thesis, Universitas Internasional Batam.

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Abstract

The purpose of this study is to analyze of the factors that determine capital structure, paying dividend and the investment opportunity. The proportion of the use of internal funds and external sources to meet the needs of enterprise fund known as the capital structure. Company's capital structure needs to be taken is one of the challenges for the company because it can cause the company's financial position. One of the objectives to be achieved by the financial managers try to minimize capital costs incurred and to maximize the welfare of the shareholders. Of the existing theories, which dominate the company is the Static Trade-Off Theory and the Pecking Order Theory. Indonesian companies are also one of the dominant use Pecking Order Theory to finance an investment or dividend payments. The population of this research is all publicly traded companies listed in Indonesia Stock Exchange. The number of publicly traded companies listed in Indonesia Stock Exchange by the year 2009 as many as 416 companies. Companies that meet the criteria in this study amounted to 60 companies. After the outlier test, the company that can be tested to be numbered 266 data. The research concluded that influence significant between profitability, earning volatility, size, tangibility, tax, slack and dividend to leverage, while growth and non-debt tax shield are not. Factors that significantly influence to dividend payment are profitability, earning volatility, leverage and slack, while the influence is not significant are size, growth and tax. And factors that significantly influence to investment opportunity are leverage and paying dividend, while profitability, earning volatility and size are not. Key words: Static Trade-Off Theory, Pecking Order Theory, Capital Structure, Paying Dividend and Investment Opportunity

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