HUBUNGAN STRUKTUR MODAL DAN KEPUTUSAN INVESTASI PADA PERUSAHAAN MANUFAKTUR
Fakultas Ekonomi dan Bisnis Universitas Ma Chung Malang
Villa Puncak Tidar N-01 Malang, 65151, Indonesia.
Korespondensi dengan Penulis:
Risa Rolita: Telp. +62 341 550 171; Fax. +62 341 550 175
The background of this study was begun with the manufacturing company needs capital to continually improve their performance and investors needs to look at the capital structure to determine their decision to invest. The purpose of this research was to know the relation between capital structure and investment decisions in manufacturing company listed on the Indonesia Stock Exchange during six years (2008-2013). This study was a causal research. Sampling technique used purposive sampling method. Adjusted R2 test was used to measure the model capability in explaining the variation of dependent variable. T-test was used to test the partial regression coefficient with a significance level of 5%. Capital structure was represented by Debt to Asset Ratio (DAR), Debt to Equity Ratio (DER), Long term Debt to Asset Ratio (LDAR), Long term Debt to Equity Ratio (LDER), Equity to Asset Ratio (EAR). Investment decision was represented by changes of Fixed Asset Ratio (∆AT Ratio). The result of this research was DAR and DER gave significant effect on investment decisions.
Keywords: capital structure, investment decisions, debt ratio