STUDI EKSISTENSI DYNAMIC TRADE-OFF CAPITAL STRUCTURE PADA PERUSAHAAN NON-FINANSIAL DI BEI PERIODE 2002-2009
ABSTRACT: This research aims
to analyze the factors which affect capital structure and also discover the
existence of dynamic trade-off capital structure. Variables which use are
profitability, tangibility, size, growth, non-debt tax shields, and operating
risk. This research use quantitative approach by using multiple linier
regression. This research use samples in the form of non-financial company
which are listed in Indonesian Stock Exchange on 2002-2009. Final samples which
are utilized in this research are equal to 375 observation. Research finding
indicates that profitability, tangibility, and size doesn’t affect
significantly to capital structure. Growth, non-debt tax shields, and operating
risk give significantly negative effect to capital structure. This research
also finds that the company doing adjustment exceeds the level required to
achieve the optimum debt (over-adjustment) so that the company’s capital
structure are not optimum.
Keywords: capital structure,
profitability, tangibility, size, growth, non-debt tax shields, and operating
risk
Penulis: Leo Atansil
Kode Jurnal: jpmanajemendd120719
