PENGARUH STRUKTUR MODAL TERHADAP KINERJA KEUANGAN PERUSAHAAN : STUDI KASUS PADA PERUSAHAAN SEKTOR PERTAMBANGAN YANG TERCATAT DI BURSA EFEK INDONESIA, 2005-2011

Authors

  • Ansoriyah Fadilah Badan Kebijakan Fiskal, Kementerian Keuangan

DOI:

https://doi.org/10.31685/kek.v16i1.20

Keywords:

Capital Structure, Financial Performance, Descriptive Analysis, Regression Analysis of Panel Data

Abstract

The purpose of this study was to analyze the impact of capital structure on financial performance of mining sector companies listed in the Indonesia Stock Exchange (BEI). This study employed the descriptive analysis and a regression analysis of panel data. This study covered annual data of 30 mining sector companies listed in the BEI in a 7-year time horizon (20052011). The descriptive analysis showed that most of companies applied a low-leverage policy in their capital structure. In average, the companies generate a good financial performance, in terms of profitability ratios and market based ratios. The regression analysis of panel data showed that capital structure has a significant impact on the company's fnancial performance based on ROA, ROE, and PER, but have insignificant effect on the company's financial performance based on market-to-book value ratio.

References

Gitman, Lawrence J. 2009. Principles of Managerial Finance. Pearson Prentice Hall. 1128 him. Ross, Stephen A., Randolph W. Westerfield, and Bradford D. Jordan. 2008. Corporate Finance Fundamental. Eighth Edition. McGraw-Hill Companies, Inc. New York. 864 him. Atmaja, Lukas Setia. 2008. Teori dan Praktik Manajemen Keuangan. Penerbit Andi. Yogyakarta. Brealey, Richard A., Stewart C. Myers, and Alan J. Marcus. 2007. Fundamentals of Corporate Finance. Fifth Edition. McGraw-Hill Companies, Inc. New York. 798 him. Keown, Arthur J., John D. Martin, J. William Petty, and David F. Scott, Jr. 2005. Financial Management: Principles and Applications. Tenth Edition. Pearson Prentice Hall. 801 him. McGuigan, James R, William J. Kretiow, and R. Charles Moyer. 2009. Contemporary Corporate Finance. Eleventh Edition. South-Western, Cengage Learning. Pratomo, Wahyu Ario and Abdul Ghafar Ismail. 2006. Islamic bank Performance and Capital Structure. Munich Personal RePEc Archive (MPRA) Paper No. 6012 (http://mpra.ub.uni-muenchen.de/6012/. diakses pada tanggal September 2010). David, Dare Funso and Sola Olorunfemi. 2010. Capital Structure and Corporate Performance in Nigeria Petroleum Industry: Panel Data Analysis. Journal of Mathematics and Statistics, Vol.6, No.2, pp.168-173. Gleason, Kimberly C., Lynette Knowles Mathur, and Ike Mathur. 2000. The Interrelationship between Culture, Capital Structure, and Performance: Evidence from European Retailers. Journal of Business Research 50, pp. 185191. Tian, Gary Gang and Rami Zeitun. 2007. Capital Structure and Corporate Performance: Evidence from Jordan. Australasian Accounting, Business, and Finance Journal. University of Wollongong. Rao, Narendar V., Khamis Hamed Mohamed Al-Yahyaee, and Lateef A.M. Syed. 2007. Capital Structure and Financial Performance: Evidence from Oman. Indian Journal of Economics and Business. Ginting, Syafruddin Sugihen. 2003. Pengaruh Struktur Modal Terhadap Produktivitas Aktiva dan Kinerja Keuangan serta Nilai Perusahaan Industri Manufaktur Terbuka di Indonesia. Disertasi, Program Pascasarjana Universitas Airlangga. (http://repositorv.usu.ac.id. diakses pada tanggal 26 September 2010). Kodrat, David Sukardi. 2009. Peranan Struktur Modal Terhadap Profitabilitas. Eksekutif6 (1): 143-154. Yappy, Stella Maris. 2008. Analisis Pengaruh Struktur Modal Terhadap EVA (Economic Value Added) Studi Kasus Pada Perusahaan-perusahaan Sektor Pertambangan di Bursa Efek Indonesia. Tesis, Institut Teknologi Bandung (http://digilib.itb.ac.id. diakses pada tanggal 10 Agustus 2010). Fadhilah, Ansoriyah. 2011. Pengaruh Struktur Modal Terhadap Kinerja Keuangan Perusahaan: Studi Kasus Pada Perusahaan-perusahaan Sektor Pertambangan yang Tercatat di Bursa Efek Indonesia, 2005-2009. Tesis, Institut Pertanian Bogor. Gujarati, Damodar, N. 2003. Basic Econometrics. Fourth Edition. McGrawhill. NewYork. 1002 him. Hsiao, Cheng. 2003. Analysis of Panel Data. Second Edition. Cambrigde University Press. 366 him. Baltagi, Badi H. 2005. Econometric Analysis of Panel Data. Third Edition. John Wiley & Sons, Ltd. England. 302 him. Ford, J.L., D. Kelsey, and W. Pang. 2008. Information and Ambiguity: Herd and Contrarian Behaviour in Financial Markets. (http://people.exeter.ac.uk/dk210/herd.pdf. diakses pada tanggal 8 Mei 2012).

Downloads

Published

2015-11-09

Issue

Vol. 16 No. 1 (2012)

Section

Articles

License

STATEMENT OF AUTHENTICITY AND COPYRIGHT RELEASE

I hereby certify that:

  1. The article (Article title) is authentic and never being published previously or will be published in other publication as well as not a plagiarism in any form.
  1. The article does not have any issue with other parties, regarding of the publication copyright.
  1. All the authors have read this statement and agree with the name and sequence.
  1. Hereby, I transfer the copyright of my article (Article title) to the KEK Editorial Board . this copyright transfer includes a right to reproduce a photograph for the similar article and its translation. This is also including a right to upload the article into a computer system which disseminated widely on the internet.
  1. Hereby, I agree with my article (Article title) to be published by KEK Volume (xx) Edition (x), under Creative Common Attribution- NonCommercial-ShareAlike 4.0 licensing. This is also including a right to upload the article into a computer system which disseminated widely on the internet.

Name : (Full Name)
Date : (Signing date)