Pengaruh Profitabilitas, Ukuran Perusahaan dan Tingkat Pertumbuhan terhadap Nilai Perusahaan Manufaktur di Indonesia dengan Struktur Modal sebagai Variabel Moderating

Andrew Santoso

Abstract


Pengaruh profitabilitas, ukuran perusahaan, tingkat pertumbuhan dan struktur modal terhadap nilai perusahaan masih memiliki hasil yang tidak konsisten. Penelitian ini bertujuan untuk mengetahui pengaruh profitabilitas, ukuran perusahaan, tingkat pertumbuhan dan struktur modal terhadap nilai perusahaan. Penelitian dilakukan pada 77 perusahaan manufaktur di Indonesia pada tahun 2003-2013 dengan metode Structural Equation Modelling (SEM). Hasil penelitian ini adalah profitabilitas berpengaruh negatif dan signifikan terhadap struktur modal sedangkan ukuran perusahaan dan tingkat pertumbuhan berpengaruh positif signifikan pada struktur modal. Profitabilitas dan ukuran perusahaan berpengaruh positif dan signifikan terhadap nilai perusahaan sedangkan tingkat pertumbuhan dan struktur modal berpengaruh tidak signifikan terhadap nilai perusahaan.

 

Kata Kunci: Struktur Modal, Nilai Perusahaan, Profitabilitas, Ukuran Perusahaan, Tingkat Pertumbuhan

 

The influence of profitability, firm size, growth rate and capital structure on the firm value still have no consistent effect. This study aimed to determine the effect of profitability, firm size, growth rate and capital structure on the firm value. In this study, an observation will be conducted on 77 Indonesia based manufacturing companies from 2003-2013 using the Structural Equation Modelling (SEM). The result shows that profitability has significant negative effect to the capital structure while on the other hand, firm size and growth rate have positive and significant effect on it. Secondly, profitability and firm size have significantly positive effect on the firm value while growth rate and capital strucutre has negative effect on it.

 

Keyword : Capital Structure, Firm Value, Profitability, Firm Size, Growth Rate


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