Struktur modal dan faktor yang mempengaruhinya (studi pada perusahaan food and beverages yang listing di Bursa Efek Indonesia)

This study aims to determine the effect of growth factors of sales, assets structur, profittability, operating leverage, an firm size, either simultaneously or in unision or partially on capital structure. Subsequent visits, the independent variables where the most dominant influence on capital structure. Object of this study were food and beverages companies are listing on the Indonesia Stock Exchange, in the study period 2004-2006. The sampling technique was purposive sampling, with a population of 14 companies food and beverages, and samples taken as many as 10 companies. Analysis tool is Ordinary Least Square, and for testing the hypotesis using the coefficient of determination (R2), F test and t test the result showed the R square of 0.62, meaning that the five independen variables used to explain the capital structure of 62.00%. F test results indicate that the sinificance level of 0.000 F <0.05, meaning that the variable sales growth, asset structure, profitability, operating leverage, and firmsize effect on capital structure simultaneously. T test result showed that the only variable profitability, operating leverage, and size of the company that has a value-t count <-t tabke, so it can be proved that the only variable profitability, operating leverage, and firm size partially affect the capital structure, while the variable growth sales and asset structure does not affect the capital structure. From the calculation of the beta coefficients, it is known that the variable profitability is the dominant influence of the independent variables on capital structure with a beta coefficient value of 0.845. these results indicate that only the first hypothesis are statistically acceptable. From the result above, then the company should pay attention to the variable profitability, operating leverage, and firm size in determining their capital structure. Companies need to put more emphasis on profitability in determining their capital structure in order to buffer the optimum capital structure is reached