Pengaruh motivasi dan kepuasan kerja terhadap kinerja dosen stie xyz

The capital structure is a financing option derived from debt financing or equity financing. Funding in the agricultural sector still has constraints and obstacles in its development. Trends in the contribution of the agricultural sector to Gross Domestic Product declined year-over-year, in addition to lower economic growth in food product exports when compared to growth in food product imports. In other words, economic growth in food product exports has declined in performance. One obstacle for companies in the agricultural sector is the difficulty of accessing credit from financial institutions and investors. This is a problem considering that the agricultural sector is the main sector that plays an important role in employment. The agricultural sector requires large amounts of land as a capital asset in its operations, which means that most of the investment used in this sector is met by purchasing land required for operational purposes and for expansion. In buying land in general companies in the agricultural sector using long-term liabilities. To meet the large capital needs, the company uses foreign financing in the form of debt (debt financing), internal funding by using corporate profits and external equity financing. The role of financial managers plays an important role in the fulfillment of corporate capital structure. There are several determinants that allegedly influence the decision of the company's capital structure. The determinants used in this study were tested using internal factor indicators ie SA, GRW, PROF, LIQ, NDTS and AGE. While on external factors ie INF, GDP and IR. This study uses annual published financial reports on companies in the food crop, plantation, fishery, and other sectors listed on the Indonesia Stock Exchange in the period 2005 - 2010. while inflation data are taken from central agency statistic Indonesia, interest rate data are taken from Bank of Indonesia and GDP data are taken from World Bank. Data were analyzed using panel data. This study shows that the company's internal growth factor (GRW), profitability (PROF), liquidity (LIQ) and company’s age (AGE) have a significant and significant impact on long-term liabilities. While external factor inflation (INF), GDP and interest rate (IR) have no effect and significant to long term obligation. This study shows that along with rising interest rates and inflation, there is a tendency that agricultural companies continue to decide to choose debt as a source of funding. This is because the agricultural sector is the main sector in GDP contribution. In addition, the study found that firms with high profitability prefer internal funds to be used because the company has abundant internal funding sources. This result is in accordance with pecking order theory which explains about companies that have high profitability level has low debt level. This study recommends to assists financial managers in making decisions in company funding policies. Financial managers can look at and consider several determinant factors tested in this study to support the company's funding internal yang melimpah. Hasil ini telah sesuai dengan teori pecking order yang menjelaskan tentang suatu perusahaan yang memiliki tingkat profitabilitas yang tinggi memiliki tingkat utang yang rendah. Penelitian ini merekomendasikan untuk membantu manajer keuangan dalam pengambilan keputusan dalam kebijakan pendanaan perusahaan. Manajer keuangan dapat melihat dan mempertimbangan beberapa faktor penentu yang diteliti dalam penelitian ini dalam menunjang keputusan pendanaan perusahaan. Serta untuk investor diharapkan dapat mempertimbangkan faktor-faktor yang diuji dalam penelitian ini sebelum memutuskan untuk berinvestasi