FAKTOR-FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA

The objective of this research is to find out and examine the effect of
growth opportunities (GO), asset structure (TANG), tax shields effect (EFT),
Non-debt tax shields (DEP), profitability (ROA), size, free cash flows (FCF),
and capital structure (DER) toward the capital structure of manufacturing
company listed on Indonesian Stock Exchange (BEI) from 2007 to 2010.
The samples were 150 manufacturing companies listed on Indonesian
Stock Exchange. The sampling method utilized in this research was
purposive sampling. The number of samples that fitted the criteria set was 69
companies. The data were analyzed by using multiple regression test and
preceded by classic assumption test consisted of normality test,
multicollinearity test, autocorrelation test, and heteroscedasticity test. The
hypothesis was tested by using F test and t-test.
The findings indicated that simultaneously growth opportunities (GO),
assets structure (TANG), tax shields effect (EFT), Non-debt tax shields
(DEP), profitability (ROA), size , free cash flows (FCF) affect capital
structure (DER). On the other hand, the variables that partially affect capital
structure is non-debt tax shields (DEP), while the variables like growth
opportunities (GO), assets structure (TANG), Tax Shields effect and (EFT),
profitability (ROA), free cash flows (FCF) and company’s size (size)
partially do not affect capital structure (DER).