Perilaku struktur modal dan pengaruhnya terhadap kinerja keuangan: studi empiris pada perusahaan pertambangan di bei periode 2011-2015

Hasanudin, Tubagus Maulana (2016) Perilaku struktur modal dan pengaruhnya terhadap kinerja keuangan: studi empiris pada perusahaan pertambangan di bei periode 2011-2015. Masters thesis, Institut Pertanian Bogor.

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Abstract

Mining sector is one of the business sector in Indonesia which impacted by global economic downturn. The stock return of mining sector in Indonesia Stock Exchange (IDX) has the worst performance than other sectors and this sector always have lower than Indonesia Composite Index (ICI). Beside that, mining sector contribution on Gross Domestic Product (GDP) decreased since 2012 which caused by the decreasing of mining commodities demand and commodity price as well. This conditions affect mining companies’ cash flow which also followed by the high Non Performing Loan (NPL) on bank loan. The decreasing of mining sector performance is showed by the decreasing of profitability ratio and market ratio while capital structure showed the positive trend in the period 2011 until 2015. Mining companies need to consider cost and benefit of debts that also concern on risks that must be faced. The previous researches of capital structure mostly discussed about determinants of capital structure which concerned on firm characteristics and macroeconomics. The impact of capital structure to financial performance is one of the important business decision of a firm (Sadeghian et al. 2012). Beside that, the previous researches also showed the impact of capital structure of financial performance (Abor 2005; V tavu 2015). Generally, these studies did separately but in this research the two main studies on capital structure will be discussed. This research based on two capital structure theories which are trade-off theory and pecking order theory. The trade-off theory is based on the proposition that capital structure is determined by a trade-off between benefits and costs of debts. On the other hand, the pecking order theory is based on a spesific hierarchy of financing which should have faces the asymmetric information and transactional costs by firm. Although these theories have different perspective of capital structure, these theories were the most influence theory on explaining firm characteristics (J eveer 2013). The study aims to investigate the behavior of capital structure which focused on determinants of capital structure analysis and impact of capital structure on financial performance of mining companies which listed in IDX in the period of 2011 until 2015. This research uses descriptive analysis and regression analysis with unbalanced panel data, either static panel data regression or dynamic panel data regression. The data which used in this research is secondary data such as firm’s financial reports which obtained from IDX and macroeconomic data which obtained from Bank Indonesia and World Bank. On the determinants of capital structure analysis, the dependent variable on this study is capital structure. Firms’ capital structure is represented by four variables which are short-term debt to total assets (STDTA), long-term debt to total assets (LTDTA), total debts to total assets (TDTA), and total debts tot total equity (TDTE). The independent variables that representing on determinants of capital

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