Harmono_abstract_1422010

PENGUJIAN STRUKTUR MODAL OPTIMAL MELALUI
POLA HUBUNGAN ANTAR VARIABEL LEVERAGE, PROFITABILITAS, DAN NILAI PERUSAHAAN

Harmono
Lembaga Penelitian dan Pengabdian kepada Masyarakat
Universitas Merdeka Malang
Jl. Terusan Raya Dieng No.62-64 Malang, 65146

Korespondensi dengan Penulis:
Harmono: Telp./ Fax. +62 341 581 056
E-mail: harmono_ptigasep@yahoo.co.id

Abstract
These research reviewed theoretical and empirical literature compared among the capital structure theory, Modigliani and Miller model, traditional model, and combined with ROE framework by Evans (2000) for testing optimum capital structure related with corporate value concepts. The research design of this study used descriptive and co-relational model with population which were some industries which had been published in Indonesia Stock Exchange, and purposive sampling for fulfillment of the capital structure assume, and relationship with leverage concept. The finding of this research based on the descriptive and co-relational analysis was that, first, the average of capital structure for industries at level 55% consisted of; food and beverage 51%, automotive 51%, textile 68%, property 44%,  and selected by descriptive analysis, the optimum capital structure analysis, in which debts to total assets indicated at level 40%. The second, results of multiple regressions indicated that financial performance had any significant to corporate values, but not significant to financial leverage, and then the effect of leverage variable to firm value was significant.  Thus, the theoretical framework of optimum capital structure was testable having any correlation and significant with corporate value.

Key words:  optimum capital structure, leverage, profitability, corporate value

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