Analisa Penentuan Pemilihan Struktur Modal Pada Perusahaan Yang Bergerak Di Sektor Properti Dan Real Estat Di Indonesia

This study is intended to examine empirically factors that affect capital structure of companies using Static Trade-off and Pecking Order theory. The variables analyzed was assets structure, profitability, growth opportunity, liquidity, company size, product uniqueness, business risk, non-debt tax shield, ownership structure and effective tax rate. The samples of this study are property and real estate companies listed in Indonesia Stock Exchange (BEI) for period of 2004-2008, using a purposive sampling method and resulting as much as 117 observations. Multiple regression was performed to examine the hypothesis. The result of the statistical F test show that all the independent variables are collectively affect the capital structure variables, while the partial test show that only assets structure, profitability and business risk that have impact on the capital structure. The results also mean that the applicability of the Static Trade-Off Theory or the pecking order theory can�t be determined