FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL DALAM PERSPEKTIF PECKING ORDER THEORY PADA INDUSTRI MANUFAKTUR DI BEI

The purpose of this research to analyze the factors that affect the capital structure in pecking order theory perspective. Factors were examined as independent variables are profitability, liquidity, capital structure, sales growth and growth of assets. And the dependent variabel is capital structure. Technical analysis using the multiple regression analysis. Population in this study is the manufacturing companies listed on the Indonesian Stock Exchange 2009-2012. Sampling using purposive sampling method obtained a total sample of 106 companies. Result shows that profitability, liquidity, asset structure, sales growth and growth of assets significant effect to the capital structure. Partially variables that affect the capital structure is variable profitability, asset structure and sales growth, while the variables that do not significantly influence the capital structure is variable liquidity, and growth of assets. Key words : capital structure, profitability, liquidity, asset structure, sales growth, growth of asset, pecking order theory