FAKTOR PENENTU STRUKTUR MODAL DAN DAMPAKNYA TERHADAP NILAI PERUSAHAAN (STUDI PADA PERUSAHAAN YANG TERDAFTAR DI BEI)

This study aims to examine determinant factors of capital structure and
their effect on firm value. Those factors consisted of stock return, firm size,
volatility, expected growth, and profitability. Based on simple random sampling
method, this research gathered 60 firms (120 observation) as sample. The Data
were analized by using multiple regression analysis.
This research found that profitability, expected growth, volatility, and
stock return influence significant negatively on capital structure/debt ratio. Firm
size influenced significant positively on capital structure/debt ratio and debt ratio
influence significant positively on firm value. The results of this research
indicated that the higher profitability, the higher equity proportion, and the lower
payable proportion. Firm size indicated that large firms were tend to have less risk
for going bankrupt than the small one. Thus, large firms were easily used external
fund/debt.