ANALISIS PENGARUH PROFITABILITAS (PROFITABILITY) DAN TINGKAT PERTUMBUHAN (GROWTH) TERHADAP STRUKTUR MODAL DAN NILAI PERUSAHAAN (STUDI PADA PERUSAHAAN REAL ESTATE AND PROPERTY YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2007-2011)
Abstract
Penelitian ini bertujuan untuk menganalisis dan menjelaskan: (1) pengaruh profitabilitas (profitability) terhadap struktur modal perusahaan, (2) pengaruh tingkat pertumbuhan (growth) terhadap struktur modal perusahaan, (3) pengaruh profitabilitas (profitability) terhadap nilai perusahaan, (4) pengaruh tingkat pertumbuhan (growth) terhadap nilai perusahaan, (5) pengaruh struktur modal terhadap nilai perusahaan. Populasi penelitian ini adalah perusahaan real estate and property yang terdaftar di Bursa Efek Indonesia (BEI) periode tahun 2007 sampai dengan tahun 2011 dengan total sampel sebanyak 25 perusahaan. Teknis analisis data dalam penelitian ini menggunakan analisis PLS (Partial Least Square). Hasil analisis data membuktikan bahwa: (1) variabel profitabilitas (profitability) berpengaruh tidak signifikan terhadap variabel struktur modal, (2) variabel tingkat pertumbuhan (growth) berpengaruh tidak signifikan terhadap variabel struktur modal, (3) variabel profitabilitas (profitability) berpengaruh signifikan terhadap variabel nilai perusahaan, (4) variabel tingkat pertumbuhan (growth) berpengaruh tidak signifikan terhadap variabel nilai perusahaan, (5) variabel struktur modal berpengaruh tidak signifikan terhadap variabel nilai perusahaan.
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Kata kunci: profitabilitas (profitability), tingkat pertumbuhan (growth), struktur modal, dan nilai perusahaan.
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The objectives of this research are to analyze and explain: (1) the effect of profitability on company’s capital structure, (2) the effect of growth on company’s capital structure, (3) the effect of profitability on company’s value, (4) the effect of growth on company’s value, (5) the effect of capital structure on company’s value. The population of this research are real estate and property companies listed on Indonesia Stock Exchange in period 2007-2011 with total sample of 25 companies. The data are analyzed by using PLS (Partial Least Square) method. Analysis result explain that: (1) profitability has no significant affect on capital structure, (2) growth has no significant affect on capital structure, (3) profitability has significant affect on company’s value, (4) growth has no significant affect on company’s value, (5) capital structure has no significant affect on company’s value.
Keywords: profitability, growth, capital structure, and company’s value.
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