PENGARUH DIVERSIFIKASI OPERASIONAL TERHADAP STRUKTUR MODAL DENGAN KEPEMILIKAN PEMERINTAH SEBAGAI VARIABEL MODERASI (Studi pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2010-2012)
Abstract: The purposes of this
research are (1) to examine the influences of operational diversification on
capital structure of a firm, (2) to examine the influences of goverment
ownership based on the relation between operational diversification and capital
structure. Diversification level is measurd by Jacquemin – Berry entrophy
index, while capital structure is measure by book leverage, market leverage and
long – term market leverage. Goverment ownership as moderate variabel is
measured with dummy variabel. As control variabel, this reasearch used return
on Assets, non - current aset ratio, non-debt tax shield, Tobin’s Q, biggest
stock ratio, board ratio, size and age of firm.
Population of this reasearch consists of all listed non – financial firms
in Indonesia Stock Exchange in year 2010 – 2012. The sampling method used in
this research in purposive sampling. After doing sampling and processing datas,
147 firms randomly selected. This research use panel data regression to examine
the hypothesis.
The empirical evidence show that related diversification significant
positive influence on capital structure and unrelated diversification
significant negative on capital structure. The result of moderate variabel show
that debilitation of goverment ownership negative relation between related
diversification and capital structure. Meanwhile, debilitation of goverment
ownership positive relation between unrelated diversification and capital
structure.
Keywords: Related
diversification, unrelated diversification, capital structure, goverment
ownership
Penulis: Indu Prasetya Ning
Rahayu, Abdul Rohman
Kode Jurnal: jpakuntansidd141015
