0 Stimmen dafür0 Stimmen dagegen

6 Aufrufe17 SeitenSep 18, 2018

© © All Rights Reserved

PDF, TXT oder online auf Scribd lesen

© All Rights Reserved

Als PDF, TXT **herunterladen** oder online auf Scribd lesen

6 Aufrufe

© All Rights Reserved

Als PDF, TXT **herunterladen** oder online auf Scribd lesen

Sie sind auf Seite 1von 17

THE FIRM

Wholesale and Retail Companies Listed at Indonesia Stock Exchange 2008-2012

Shelly

Erman Munzir

Universitas Esa Unggul – Jakarta

Email : cshell1708@yahoo.com

ABSTRACT

Every year, wholesale and retail industry in Indonesia always grow positively, even in

the Asia Pasific region its the fastest. Therefore, investors see this as one of promising

investment but Indonesia Capital Market Directory data indicates that most of wholesale and

retail company is a high risk company, defined by company capital structure. Because of that

before making decision to investment, investor need to analyze financial report to know

determinants of capital structure and its influence to value of the firm.

Analysis was performed using financial statement data of 21 wholesale and retail

companies listed on Indonesia Stock Exchange in 2008-2012 using path analysis to see the

direct and indirect influence of independent variable ( liquidity, profitability and firm size) to

dependent variable (value of the firm and capital structure) and whether the capital structure

is an intervening variable . Results of analysis proved that independent variables

simultaneously and partially significant influence to capital structure but it doesn’t significant

t influence to value of the firm but if its through capital structure, then its partially and

simultaneously significant influence to value of the firm. Its means that capital structure is

proven as an intervening variable.

Key words : wholesale, retail, investment, capital structure, value of the firm, determinants, liquidity,

profitability, firm size, path analysis, intervening

The growth of wholesale and retail risk, therefore, before investing, investors

industry in Indonesia is increasing every must first do financial analysis to see how

year, even in the Asia Pacific region it is the company's financial position and

an industry with rapid growth. This growth performance. In financial analysis, investor

is supported by income per capita, people's will analyze financial statements. In the

lifestyles, people's purchasing power, ease financial statements, investors will find

and wholesale and retail infrastructure information about the company's capital

which always grow. Given the huge structure.

market growth, its reasonable if investors The capital structure is a source of

see this as a business opportunity and corporate funds and a combination of debt

wholesale and retail industry became one and equity in the company long term

of the promising investment from the financial structure. The Company which is

standpoint of investors. Data Indonesia operate use it’s debt greater than it’s equity

Capital Market Directory in the period means that the company is a high level risk

2008-2012 shows that wholesale and company. High-risk capital structure is a

1

Jurnal Manajemen Keuangan 2015

capital structure with debt to equity value The capital structure is divided into

is greater than 1. Data from Indonesia two essential parts, debt and equity, where

Capital Market Directory in the period the sum of debt and equity is create the

2011-2012 showed us that the wholesale value of the firm. The capital structure can

and retail company mostly has DER value be calculated through Debt to Equity Ratio

greater than 1. So the wholesale and retail (DER). Companies that have a high DER

company is consider as a company with a value means that doing it’s operation, the

high degree of risk. It is therefore company using debt and it’s means that the

necessary to analyze the determinants that company is not liquid and has a high level

influence to capital structure and how it’s of risk.

influence to the value of the firm with Capital structure theory explains the

determinant used is liquidity, profitability long-term expenditure policies that may

and firm size. influence the value of the firm, the cost of

capital of the company and the company's

LITERATURE REVIEW stock price as well as a combination of

Pecking order theory long-term debt and equity capital that can

Pecking order theory states that the make optimal capital structure. Optimal

Company with high level of profitability capital structure is a capital structure that

show a low levels of debt, because the maximizes the value of the firm or to

high profitability company has a abundant minimize the cost of capital of the

sources of internal funds (Breadley, company or to maximize the company's

Myers, & Marcus, 2007). Pecking order stock market price.

theory has two rules, the rule are using Capital structure theory is a theory

internal funds and issuing securities that that the most sophisticated and elegant in

have minimal risk. Pecking order theory finance. But none of the theory of capital

implies that if the source of funds from structure is able to evaluate the optimal

outside the company is required then capital structure for a company, so that in

firstly the company need to issue debt the determination of an optimal capital

before issuing shares. Only if the capacity structure, managers or economists need to

of the company to use debt reaches a take evidence exists in the real world.

maximum value then the company can The First capital structure theory is

consider to issue stock. Considering there known by Franco Modigliani and Merton

are various kinds of debt, the pecking Miller in 1958, called the theory of MM.

order theory also indirectly expressed the According to them, In the capital structure

company's managers should publish debt using funds from debt does not have any

with a minimum risk. influence on the value of the firm, but

when it began to consider to use the tax

Capital Structure factor, the use of debt will always be more

The capital structure is a permanent profitable and can increase the value of the

proportion spend to cover the needs of firm, assuming that when it used there is

corporate spending, using funds obtained no bankruptcy costs, no transaction fees

from a combination or sources that comes and interest on loans and deposits of the

from within and outside the company. It’s same deposit for individuals or companies.

should reflect the balance between debt Trade off theory saying that if

and equity. Sources of fund that comes companies use leverage, then the company

from outside is obtained from loans or debt would get benefit from tax savings, but in

(both short and long term) while the source the other side the company need to

of funds from the capital obtained from calculate a costs that would arise from the

equiy itself (share capital, retained use of leverage, such as bankruptcy costs

earnings and reserves). and agency costs increased as a result of

2

Jurnal Manajemen Keuangan 2015

the decline in the credibility of a company stock price. High stock price made the

(Keown, 2005). high value of the firm. The high value of

Signaling theory explains that when the company will make the market believe

the company is able to generate profits, its not only on the company's performance

tend to increase the amount of debt, due to today, but also on the company's prospects

the additional interest payments and in the future.

income before taxes. Companies that Shares are proof of ownership of a person

predict lower profits will tend to use low or entity against a company. Companies

debt levels. High corporate debt will that need funds in the form of equity can

increase the possibility that the company be acquired through the issuance of shares.

faced financial difficulties. The more The shares can be sold directly to the

successful a company, the possibility to owner of the funds or the investors or the

use more debt is increasing. Companies general public through the stock market.

can use the additional interest to reduce the Stock return is the rate of profit

bigger tax on corporate profits. The more earned by the owner or investor funds on

secure the company in terms of financing, short-term stock investments and long-

additional debt only slightly increase the term stock investment. A rational investor

risk of bankruptcy. Rational company would consider two things when making

would increase the debt if additional debt invesments, that is the expected return

can increase profits while rational investor and risk.

would see debt as a signal of an increase in

the value of the firm. Liquidity

Here are the factors that may have a Liquidity is the ability of a company

significant impact on the optimal capital to pay bills in the short term without

structure, the stability of sales, asset disrupting operations. In the balance sheet,

structure, operating leverage, growth rate, the company's liquidity is characterized by

profitability, tax, controll, management the division of current assets divided by

attitude, the attitude of lenders and short-term debt. A company that able to

credibility appraisal company, market pay all its financial obligations called

conditions, internal conditions corporate liquid company, and a company that has

and financial flexibility (Weston and no able to pay all its financial obligations

Brigham, 1997). called ilikuid company. A company rate of

liquid is when the value of the division of

The value of the Firm current assets value to short-term debt is

The Company is an organization that greater than 1. In general, investors in

combines and organizes various resources making investment also saw the company's

for the purpose of producing goods and liquidity so that liquidity is also affecting

services for sale (Salvatore, 2005). The the company's capital structure. Investors

company's main purpose according to who invest will increase long-term debt or

theory of the firm is to maximize the value short-term debt, and it changing the

of the firm. Maximizing the value of the capital structure of the company.

firm is very important for a company,

because with maximizing the value of the Profitability

company also means maximizing Profitability is a measure that

shareholder wealth. The company's value indicates the company's ability to generate

is the market value of enterprises securities profits for its shareholders over the assets.

(Keown, 2005) Profit distributed to shareholders called

The value of the firm is investor dividends will cause the company requires

perception level of success of the external funding thereby increasing

company and is often associated with the company long-term debt or short-term debt

3

Jurnal Manajemen Keuangan 2015

and retained earnings cause the company said that companies with large size have a

have additional funds capital resulting in a greater chance to win the competition or to

change of corporate capital and a reduction survive in the industry.

in the use of the loan / debt. Therefore, it Large companies have many

can influence the company capital advantages compared to small-sized

structure. companies. The Advantages of companies

Profitability is important in the with large size is it can determine the level

company's survival in the long term, of ease companies to obtain funds from the

because the profitability indicate whether capital market, the size of the company

the company has good prospects in the determines bargaining power in financial

future. Each company will always try to contracts, and there is a possible that a

improve its profitability, because the large size company have a scale of

higher the level of profitability of a influence in cost and can earn more much

company, the survival of the company will profit (Sawir, 2004).

be more secure. Increased profitability

indicates that the performance of PREVIOUS RESEARCH

management in managing operational Margaretha and Rizky (2010)

source of funding to generate net income conducted a study with dependent variable

increased and more efficient, so it can be used is capital structure and independent

said that in addition to the efficient variables used were firm size, tangibility,

management in managing the investments profitability, growth, non-debt tax shield,

of the company, investors also pay age and investment. The object of research

attention to the performance of was 40 manufacture companies listed on

management capable of managing the Stock Exchange in the period 2005-

resources. Growing profitability shows 2008, this research using multiple

the company's prospects are better due to regression analysis. The conclusion from

the potential for increased corporate these studies is generally profitability,

profits. This is captured by investors as a liquidity, growth and non-debt tax shield

positive signal of the companies that will has influence with capital structure, while

increase investor confidence and facilitate the the company size, tangibility, age and

the management of the company to attract investment had no influence. In this

capital in shares. If there is an increase research, Margaretha and Rizky (2010)

demand for shares of a company, then it measure the influence of independent

will indirectly raise the company's value in variables in short-term capital structure

the stock market. and long-term capital structure. In short-

term capital structure, the variables that

Firm Size have an influence is tangibility,

Firm size described the size of the profitability, liquidity, growth, non-debt

company, Firm size indicated by total tax shield and the age of the company ,

sales, total assets and the average level of while firm size and investment variable

sales (Seftianne, 2011). Total assets as the has no effect. In Long-term capital

use of funds affect the capital structure structure, the variables that have an

because it determines how a company influence firm size, tangibility and non-

should provide funds to finance its assets debt tax shield, while profitability,

which led to change the composition of the liquidity, growth, age and investment

debt and equity of the company. variable has no effect.

Companies with large size have Utami (2009 ) conducted a study

greater access and wide to obtain external with dependent variable used is capital

sources of financing, so condition to structure and independent variables used

obtain a loan would be easier because it is were firm size, business risk , growth rate,

4

Jurnal Manajemen Keuangan 2015

structure of asset and profitability. The while the other variables showed a positive

object of research was 10 manufacturing relation with leverage of firms.

companies listed on the Stock Exchange in Safitri, Sinarwati and Atmadja

the period 2003-2006, this research using (2015) conducted a study with dependent

multiple regression analysis. The variable used is stock returns and

conclusion from these studies is firm size , independent variables used are

business risk and growth rate have no profitability, liquidity and leverage. The

influence to capital structure while the object of research was 55 manufacture

structure of asset and profitability have companies listed on the Stock Exchange in

positive influence to capital structure. the period 2009-2013, this research using

Kartika (2009) conducted a study multiple regression analysis. The

with dependent variable used is capital conclusion from these studies is variable

structure and independent variables used profitability, liquidity and leverage

are business risk, structure of asset, simultaneously significant influence to

profitability, firm size. The object of stock returns

research was 71 manufacture companies

listed on the Stock Exchange in the period HYPOTHESIS

2004-2006, this research using multiple Liquidity Influence To Capital

regression analysis. The conclusion from Structure

these studies is business risk does not have Liquidity is the ability of a company

an influence to capital structure while to pay bills in the short term without

structure asset, profitability and firm size disrupting operations. In the balance sheet,

significant positive have an influence to the company's liquidity is characterized by

capital structure. the division of current assets divided by

Ganerse and Suarjaya (2014) short-term debt. A company that able to

conducted a study with dependent variable pay all its financial obligations called

used is stock returns and independent liquid company, and a company that has

variables used were liquidity, profitability no able to pay all its financial obligations

and firm size. The object of research was called ilikuid company. A company rate of

16 food and beverage companies listed on liquid is when the value of the division of

the Stock Exchange in the period 2008- current assets value to short-term debt is

2011, this research using multiple linear greater than 1. In general, investors in

regression analysis. The conclusion from making investment also saw the company's

these studies is variable profitability, liquidity so that liquidity is also affecting

liquidity and firm size simultaneously the company's capital structure. Investors

significant influence to stock returns, but who invest will increase long-term debt or

only variable profitability and firm size is short-term debt, and it changing the

partially significant influence to stock capital structure of the company. It is

returns. supported by research conducted by Farah

Sabir and Malik (2012) conducted a Margaretha and Rizky Aditya Ramadhan

study with dependent variable used is (2010). The result showed that the

leverage of firms and independent liquidity has influence to capital structure.

variables used are profitability, liquidity, Based on the description above, the first

firm size and tangibility. The object of hypothesis formulated in this study are as

research was 5 pakistan oil and gas follows

companies in the period 2005-2010, this H1: If liquidity has increased, then the

research using multiple regression capital structure will decreased

analysis. The conclusion from these

studies is profitability variable is

negatively influence to leverage of firms

5

Jurnal Manajemen Keuangan 2015

Structure active the higher level of demand for the

Profitability is a measure that indicates the company's stock. Under the laws of supply

company's ability to generate profits for its and demand, if an item has a high level of

shareholders over the assets. Profit demand for the goods it will increase the

distributed to shareholders called price. Based on the description above, it

dividends will cause the company requires can be formulated fourth hypothesis in this

external funding thereby increasing study is as follows

company long-term debt or short-term debt H4: If Liquidity has increased, then the

and retained earnings cause the company value of the firm will increase.

have additional funds capital resulting in a

change of corporate capital and a reduction Profitability Influence To Value of The

in the use of the loan / debt. Therefore, it Firm

can influence the company capital Pecking order theory states that the

structure. Endang Sri Utami (2009) in his Company with high level of profitability

research using variables profitability with show a low levels of debt, because the

the results of positive effect on the high profitability company has a abundant

profitability of the capital structure. Based sources of internal funds (Breadley,

on the description above, it can be Myers, & Marcus, 2007). Companies that

formulated the hypothesis in this study is have a low level of debt will attract

as follows investors to invest or increase investor

H2: If the profitability has increased, then confidence due to high profitability

the capital structure will increase. demonstrate the effectiveness and

efficiency of corporate management in

Firm Size Influence To Capital running the operation. Increased investor

Structure confidence that could raise the company's

Firm size described the size of the value in the stock market. Based on the

company, Firm size indicated by total description above, it can be formulated

sales, total assets and the average level of fifth hypothesis in this study is as follows

sales (Seftianne, 2011). Total assets as the H5: If the profitability has increased, then

use of funds affect the capital structure the value of firm will increase.

because it determines how a company

should provide funds to finance its assets Firm Size Influence To Value of The

which led to change the composition of the Firm

debt and equity of the company. Andi The size of the company is an

Kartika (2009) conducted a study which important factor in the formation of the

has the result of firm size significantly company's value. Larger companies can

influence the capital structure. Based on generate earnings greater and getting a

the description above, it can be formulated higher return than smaller companies. This

third hypothesis in this study is as follows is supported by research conducted

H3: If the size of the company has Ganerse and Suarjaya (2014) which result

increased, then the capital structure will be show that the size of the company partially

increased. positive significant effect on stock returns,

if the size of the company large then the

Liquidity Influence To Value of The stock returns generated will be higher.

Firm Based on the description above, it can be

An an investor would see the level of formulated sixth hypothesis in this study is

liquidity of the company when as follows

investments. The liquidity of the company H6: If the company firm size increases,

reflect the level of activity of a stock then the value of the firm will increase.

6

Jurnal Manajemen Keuangan 2015

the Firm (2012) which has the result that the capital

The capital structure is divided into structure negatively affect the value of the

two essential parts, debt and equity, where company. Based on the description above,

the sum of debt and equity is create the it can be formulated seventh hypothesis in

value of the firm. The capital structure can this study is as follows

be calculated through Debt to Equity Ratio H7: If the structure of the capital increase,

(DER).. Currently there are no rules that then the value of the firm will decline.

determine the fair value of DER, but

generally DER value should be less than 1, The relationship between the

because the DER value more than 1 variables in this study illustrates the

indicates that the company is running their dependency relationship of dependent

operation using debt higher than the variable with independent variables. Its

equity. It’s means that the company is high show one to one relation from independent

level risk. Investors when seeing a high variables to dependent variable and

lever risk ofthe company will reconsider describes the intervening variable. Here is

whether the risk taken is balanced with the a picture of the research model

rate of return earned. This is supported by

H6

H1 H3

Liquidity

(X1)

Capital H2 H4

Profitability Value of The

Structure

(X2) Firm (Z)

(Y)

Firm Size

(X3)

H3 H5

Research Design 2010-2013 containing financial data from

This research using clause design, period 2008-2012.

which is looking for direct and indirectly The sampling technique using

relationship or influence between the purposive sampling method. It is a method

variables of liquidity , profitability and of sampling with particular consideration

firm size to capital structure and value of based on interests or research purposes.

the firm. The criteria used in sampling is a company

engaged in wholesale and retail industry

Data Collection Techniques and listed in Indonesia Stock Exchange in the

Sampling period 2008-2012 and has a value of DER,

This study using secondary data ROE, current ratio, and total assets

financial report of 21 wholesale and retail positive.

companies. The sources of secondary data

is Indonesia Capital Market Directory

7

Jurnal Manajemen Keuangan 2015

Measurement of Variables Liquidity is the ability of a company to

Capital Structure pay bills in the short term without

The capital structure is a combination of disrupting operations. To measure liquidity

debt and equity in the company long term variables, researchers used a current ratio

financial structure. To measure the value which indicates the company's ability to

of the capital structure, the researchers repay current liabilities using current

used the Debt to Equity Ratio (DER), assets. Current ratio chosen as a

which shows the proportion of funds from measurement variable with the

debt to finance the company's activities. consideration that current ratio involve

Companies that have a high DER value inventory in it, given that the company's

means that the company is running their main activity is selling goods produced by

operation using debt higher than the manufacturers with the amount of great

equity. It’s means that the company is high stuff, so that this ratio can be used to

level risk. determine the extent to which the ability of

Debt Equity Ratio = (3.1) the company need to meet the demands of

short-term creditors by using the assets are

expected to be cash. Moreover, the current

Value of The Firm ratio can be used to predict the extent to

The company's value is the market value which the company's ability to pay its

of enterprises securities (Keown, 2005). obligations. The greater the current ratio,

The value of the company is investor the better the position of creditors, as it

perception of the level of success of the will give a good signal where the

company and is often associated with the possibility of the company to pay its

stock price. To measure the value of obligations on time is enormous.

companies, researchers used stock return

that shows the level of profit earned by the

owner or investor funds on short-term current ratio = (3.4)

stock investments and long done.

Firm Size

Share Return = (3.2) Firm size id describe a large or small a

company. To measure the variable size

companies, researchers used a total

Profitability

nominal asset.

Profitability is the company's ability to

earn income from business activities. To

measure the variables of profitability,

Table 1 Reseatch Variables

researchers used a Return on Equity

Variabel Pengukuran Skala

(ROE), which indicates the company's

Liquidity Current Ratio Ratio

ability to generate profit after tax by using Profitability ROE Ratio

their own equity of the company. The Firm Size Total Asset Nominal

higher ROE value indicates that the use of Capital DER Ratio

equity capital committed by the Structure

management company more efficient. Value of The Stock Return Ratio

Increased profitability indicates that Firm

improved performance management in

managing operational financing sources of

funds effectively to produce a net profit. Analysis Method

ROE = (3.3) This study will be using two stage

least squares (TSLS) analysis method to

determine the effect, directly or indirectly

8

Jurnal Manajemen Keuangan 2015

between liquidity, profitability and the size obligations so that the company is a liquid

of the company to the value of the firm companies.

with capital structure as an intervening The lowest value of return on equity

using path analysis techniques. from 81 data is 0,002 and the highest is

In the statement of financial position, 0,81. The lowest value achieved by PT Inti

it illustrates the pattern of financing assets Perkasa Sigmagold in 2008 and the highest

as use of fund from liabilities as the source value achieved by PT Matahari Putra

of funds. Financing patterns show Prima in 2010. The average value of the

interplay relationship, where the value of ROE is 0,14 with standard deviation value

current liabilities and long-term debt will is 0,13. This value indicates wholesale and

be amended if there is a change in the retail company have an average rate of

value of current assets, and long-term debt return on equity about 13-14% pa. The

with equity would change if the value of average value and standard deviation

fixed assets changed. If the composition of showed no major fluctuations in the

the liabilities change, then the company's wholesale and retail company.

capital structure will change, because the The lowest value of total assets from

composition of liabilities and equity 81 data is 0,04 and the highest value is

formed a company's capital structure. 11,42. The lowest value achieved by PT

The interplay is one to one relation Millennium Pharmacon International Tbk

that can be drawn into a structural equation in 2012 and the highest value achieved by

follows: PT Matahari Putra Prima in 2010. The

average value of total assets is 2,15 with

Y = α + β1X1 + β2X2 + β3X3 + ε (3.6) standard deviation value is 2,49.

Z = α + β4X1 + β5X2 + β6X3 + ε (3.7) The lowest value of debt equity ratio

Z = α + β7Y + ε (3.8) from 81data is 0,10 and the highest value

is 23,94. The lowest value achieved by PT

Ace Hardware in 2009 and the highest

Where : value achieved by PT Permata Sakti Prima

Z = Value of the Firm Tbk in 2008. The average value of DER is

Y = Capital Structure 2,46 with standard deviation value is 3,83.

α = Constanta The average value of DER showed that

βi = Path coefficient wholesale and retail companies is a

X1 = Liquidity company with high level of risk because of

X2 = Profitability DER value greater than 1.

X3 = Firm Size The lowest value of stock return

ε = Error from 81 data is 0,81 and the highest value

3,31. The lowest value achieved by PT

RESULT Triwira Insan Lestari Tbk in 2009 and the

Descriptive Analysis highest value achieved by PT Mitra Adi

The lowest value of current ratio Perkasa Tbk in 2010. The average value of

from 81 data is 0,68 and the highest is return is 0,33 with standard deviation

10,2. The lowest value achieved by PT value is 0,77. Standard deviation value is

Hero Supermarket in 2012 and the highest greater than the average value, this

value achieved by PT Triwira Insanlestari indicates that there is fluctuations in

in 2009. The average value of the current wholesale and retail companies stock

ratio is 2,17 with standard deviation value returns.

is 1,9 . It means that wholesale and retail

company have average ability to pay short-

term obligations 2 times greater than their

9

Jurnal Manajemen Keuangan 2015

Normality test heteroscedasticity problem.

Normality test used to determine

whether the data used normally distributed Multicollinearity

or not. Parametric analysis such as linear Multicollinearity test aims to test

regression requires that data should be whether there is strong or high regression

normally distributed. One method used to correlation was found between the

test for normality is the Kolmogorov- independent variables, this test is using the

Smirnov Z method. Decision-making value of VIF (Variance Inflation Factors)

method to this test is, if the significance and tolerance.

value > 0.05 then the data were normally Rules in this test is if VIF > 10 and

distributed and if the significance < 0.05 the value of tolerance < 0.1, then there is

then the data were not normally multicollinearity between independent

distributed. The Result of normality test variables in regression models and if VIF

for independent and dependent variable in < 10 and tolerance values > 0.1, then there

this research has significant value of 0,2. is no multicollinearity between

The significant value is greater than 0.05 independent variables in the regression

so the conclusions is sample of data from model.

this research is normal distributed. Multicollinearity test conducted on

the three equations have results tolerance

Classical Assumption Test value greater than 0.1 and VIF smaller

Heteroscedasticity than 10, so that the conclusions drawn are

Heteroscedasticity test aims to there is no multicollinearity in the third

determine whether there are similarities in equation.

the regression model residual variance

from one observation to another Table 2 : Result of Multicollinearity

observation. Method for detecting the Test

presence or absence of heteroscedasticity Multicollinearity

is looking at the graph plot between the Capital Value of The

Variable

Structure Firm

predicted value of the dependent variable

Tole VIF Tol VIF

(ZPRED) with residual (SRESID), the Liquidity 0,918 1,089 0,935 1,070

point spread with no clear pattern above Profitability 0,826 1,211 0,790 1,266

and below the number 0 on the Y axis Total Asset 0,895 1,118 0,839 1,192

Test Heteroskidastity of the capital Capital

1,000 1,000

structure by looking at the graph plot Structure

between the predicted value of the

dependent variable (ZPRED) with residual Autocorrelation

(SRESID) has the result that the dots Autocorrelation is the correlation

spread pattern is unclear above and below between observations in a single variable.

the number 0 on the Y axis so that it can how to detect the presence of

be concluded that the regression model did autocorrelation is using Durbin Watson

not happen heteroscedasticity problem. (DW) statistics. To help concluding the

Test Heteroskidastity of value of the relationship autocorrelation, DW has a

firm by looking at the graph plot between table that is used as a rule of comparison

the predicted value of the dependent test conducted DW.

variable (ZPRED) with residual (SRESID) DW table consists of two values, the

has the result that the dots spread pattern is lower limit (dL) and the upper limit (dU).

unclear above and below the number 0 on dL and dU value obtained through Table

the Y axis so that it can be concluded that DW to see how many samples as well as

many independent variables used. dL and

10

Jurnal Manajemen Keuangan 2015

dU used as a comparison test DW, with the variable. For linear regression model that

rules if the value DW < dL and DW > 4- uses three or more independent variables,

dL means that there is a correlation, if the to analyze the coefficient of determination

value of dL <DW <dU or 4-dU <DW <4- will use the adjusted R Square while for

dL means no definite decision and if value the linear regression model that uses 1

dU <DW <4- dU means no correlation independent variables, to analyze the

occurs. coefficient of determination will use the

The result of autocorrelation test value of R Square.

conducted on equation 3.6 using the Adjusted R Square of equation 3.6 is

Durbin-Watson is 1,938. Based on the 0.37, the conclusion drawn is that the

table with a significant DW 0.05 with a effect of variable liquidity, profitability

value of k = 3 (number of independent and the size of the company to variable

variables) and N = 40 (amount of data), the capital structure is 37.2% and the influence

obtained values of dL = 1.3384 and dU = of other factors not examined was 62.8%

1.6589. If the results of DW inserted into Adjusted R Square of equation 3.7 is

the test table, it can be concluded that the 0.111, the conclusion drawn is that the

Durbin-Watson value of 1.938 is located ia effect of variable liquidity, profitability

the area dU<DW<4-dU which means there and company size on the variable value of

is no autocorrelation in the equation 3.6. the company was 11.1% and the influence

The result of autocorrelation test of other factors not examined was 88.9%

conducted on equation 3.7 using the Adjusted R Square of equation 3.8 is

Durbin-Watson is 1,245. Based on the 0,211, the conclusion drawn is that the

table with a significant DW 0.05 with a effect of variable capital structure to the

value of k = 3 (number of independent variable value of the company is 21.1%

variables) and N = 21 (amount of data), the and the influence of other factors not

obtained values of dL = 1.0262 and dU = examined was 78.9%

1.6694. If the results of the DW inserted

into the test table, it can be concluded that Test F (ANOVA)

the Durbin-Watson value of 1,245 located Test F was used to test the influence

in the area dL<DW<dU which means no of independent variables together on the

definite decision on the equation 3.7. dependent variable. Decision making is

The result of autocorrelation test based on the significance value, if

conducted on equation 3.8 using the Sig>0.05 then H0 is accepted and if

Durbin-Watson is 1,464. Based on the Sig<0.05 then H0 is rejected. H0 is the null

table with a significant DW 0.05 with a hypothesis which state that there is no

value of k = 1 (the number of independent simultanly influence on the dependent

variables) and N = 21 (amount of data), the variable form independent variables.

obtained values of dL = 1.2212 and dU = Test F on equations 3.6 and 3.8 show

1.4200. If the results of DW inserted into the Sig value less than 0.05, the conclusion

the test table, it can be concluded that the drawn in the equation 3.6 is variable

Durbin-Watson value of 1.464 is located in liquidity, profitability and the size of the

the area dU<DW<4-dU which means there companies simultantly influence the

is no autocorrelation in the equation 3.8. capital structure and the conclusions drawn

in the equation 3.8 is a variable structure

Hypothesis Testing capital simultanly influence the value of

Analysis of Coefficient Determination the firm.

R2 Analysis - R Square or the coefficient Test F in equation 3.7 shows the Sig

of determination used to know how big the greater than 0.05, the conclusion drawn in

donation presentation independent the equation 3.7 is variable liquidity,

variables together on the dependent profitability and the size of the companies

11

Jurnal Manajemen Keuangan 2015

simultantly does not influence the value of capital structure is an intervening variable

the firm. to value is the firm is by looking the sum

value of indirect influence. If the amount

Test T - Partial Significant of the indirect influence is greater than the

Test T was used to test the influence direct influence of value of the firm, then

of partially independent variables to the intervening variables proved

dependent variable. Decision making is influential.

based on the significance value, if Based on the table 2 below, the

Sig>0.05 then H0 is accepted and when amount of indirect influence is greater than

Sig<0.05 then H0 is rejected. H0 is the null the direct influence of value of the firm, so

hypothesis which state that there is no that the study was able to prove that the

partially influence from the independent capital structure is an intervening variable

variables to the dependent variable. that is able to give effect to the relationship

Test T at each independent variable between the variables of liquidity,

in the equation 3.6 and 3.8 show the Sig profitability and the size of the company to

value less than 0.05, the conclusion drawn the value of the Firm

in the equation 3.6 is variable liquidity, .

profitability and company size Table 4 Direct and Indirect Influence

significantly influence the capital structure

and the conclusions drawn in the equation Variabel

DER Return Saham

3.8 is a variable capital structure PL PL PTL

significantly influence the value of the A B C D = B x -0,459

Firm. Current Ratio -0,315 0,389 0,145

ROE 0,314 -0,017 -0,144

TA -0,532 0,316 0,244

Table 3 Value of T DER -0,459

t

0,245

Capital Value of The

Variable

Structure Firm

t Sig. t Sig Discussion

Liquidity -2,377 0,23 1,786 0,092 Based on the results of the analysis

Profitability 2,248 0,31 -0,074 0,942 above, relationship between independent

Total Asset -3,968 0,00 1,374 0,187 variables and dependent variable in the

Capital

Structure

-2,253 0,036 equation 3.6 - 3.8 can be described as a

path diagram analysis. Below is a

structural equation formed from the

Intervening Analysis coefficients in our model

From individual relationships

between independent variables on the Y = 3003 – 0,689 X1 + 2,949 X2 –

dependent variable there is an intervening 0,285X3 (4.1)

variable that needs to be analyzed its

influence in the research model. Through Z = -0,345 + 0,591 X1 – 0,155 X2 + 0,101

multilevel regression analysis, we get X3 (4.2)

coefficient path directly connecting the

variable liquidity, profitability and firm Z = 1270 – 0,306 Y (4.3)

size variable value of the firm and capital Significant value equation 4.1 and

structure and we get coefficient path 4.3 is smaller than 0.05, while significant

directly connecting capital structure to value equation 4.2 is greater than 0.05

value of the firm. To see whether the

12

Jurnal Manajemen Keuangan 2015

-0,306

-0,689 0,591

Liquidity

(X1)

Profitability Value of The

Structure

(X2) Firm (Z)

(Y)

Firm Size

(X3)

-0,285 0,101

it can be explained as follows: structure. Results of this study are not

Capital structure significantly influence consistent with results of previous studies

to value of the firm by Mahvish Sabir and Qaisar Ali Malik

Statistical tests showed that the (2012) which states that the liquidity has a

capital structure has a negative coefficient positive influence to the capital structure

0.306 unit and significant value 0.036, of the oil and gas company in pakistan

which means that if there is a value added because the results of this study stated that

to capital structure 1 unit, then the value of liquidity has a negative influence to the

the firm will decrease 0.306 units. capital structure.

Significant value of capital structure is

smaller than 0.05 so the conclusions drawn Profitabilitysignificantly influence to

are capital structure significantly influence capital structure

the value of the firm. This proves H7 Statistical tests showed that the

proposed by the researchers, that the profitabilit has a positive coefficient 2.949

investor will consider investing in the unit and significant value 0.031, which

company's capital structure, when the means that if there is a value added to

company increased its capital structure due profitability 1 unit then the capital

to the use of debt increases, investors will structure will be increase 2,949 units.

consider it when buying shares of the Significant value of profitability is smaller

company. The results are consistent with than 0.05 so the conclusions drawn are

results of previous studies Okky Safitri, profitability significantly influence capital

Sinarwati and Anantawikrama Tungga structure. The results are consistent with

Atmadja (2015) which states that the results of previous studies by Endang Sri

variable leverage positive effect on firm Utami (2009) which states that the

value. profitability has positive influence to

capital structure. Profitability is the most

Liquidity significantly influence to dominant factor influencing capital

capital structure structure.

Statistical tests showed that the

liquidity has a negative coefficient of Firm size significantly influence to

0.689 unit and the significant value of capital structure

0.023, which means that if there is a Statistical tests showed that firm size

liquidity value added 1 unit then the has a negative coefficient 0.285 unit and

capital structure will decrease 0.689 units. significant value of 0.000, which means

Significant value of liquidity is smaller that if there is a value added to firm size 1

than 0.05 so the conclusions drawn are unit, then the capital structure will

13

Jurnal Manajemen Keuangan 2015

firm size is smaller than 0.05 so the Profitability doesn’t have influence to

conclusions drawn are firm size value of the firm

significantly influence to capital structure Statistical tests showed that the

variables. Results of this study are not profitability has a negative coefficient of

consistent with results of previous studies 0.155, which means that if the value of

by Andi Kartika (2009) which states profitability rose 1 unit then the value of

variables firm size has positive influence the firm will be reduced 0.155 units but the

to capital structure because the result of significant value is 0.942, so its mean that

this research is firm size negatively the profitability variable does not influence

influence to capital structure. to value of the firm.

value of the firm value of the firm

Statistical tests showed that the Statistical tests showed that the

liquidity has a positive coefficient of firm size has a positive coefficient 0.101,

0.591, which means that if the value of which means that if the value of the size of

liquidity rose 1 point then the value of the the company rose 1 point, then the value of

firm will increase 0.591 units but liquidity the company's value will increase by 0.101

significant value is 0.092, so its mean that units but the significant value is 0.187, it

the liquidity variables does not influence means that firm size does not influence to

the value of firm. value of the firm

Hypothesis Result Desctiption

H1 If liquidity has increased, then the Retain Liquidity has a negative

capital structure will decreased influence to capital

structure

H2 If the profitability has increased, then Retain Profitability has a positive

the capital structure will increase influence to capital

structure

H3 If the size of the company has Reject Firm size has a negative

increased, then the capital structure influence to capital

will be increased structure

value of the firm will increase significantly influence to

value of firm

H5 If the profitability has increased, then Reject Profitability is not

the value of firm will increase significantly influence the

value of firm

H6 If the company firm size increases, Reject Firm size is not

then the value of the firm will significantly influence to

increase value of firm

H7 If the structure of the capital Retain capital structure has a

increase, then the value of the firm negative influence to the

will decline value of firm

Companies must pay attention to the research that capital structure has influence

company's capital structure. Capital to value of the firm. If the company made

structure must be made and managed

14

Jurnal Manajemen Keuangan 2015

additional debt, the level of risk the The company in addition assets must

company will be increased as well. pay attention to the return on assets, good

Increasing value of the firm could assets are assets that can add company's

happen if the company stock is often revenues so the company does not need

traded, therefore all activities must be additional loans to manage. In there is an

centered to increase value of the firm. One absence of additional debt then there is no

of the way to increase value of the firm is additional risk level.

by investment decisions and funding Based on these results, the

decisions. Investment and funding fundamental analysis directly does not

decisions must be planned carefully significantly influence the value of the

because the investment decisions taken firm but if through the capital structure,

will affect the left side of the balance sheet the fundamental analysis indirectly

and funding decisions taken will affect the significantly influence the value of the

right side of the balance sheet. An increase firm, so the company must always

in the value of the firm will lead to an maintain the company's financial

increase in all financial aspects like fundamentals and the composition of the

profitability. debt and equity of the company. For

The dominant factors affecting investors and prospective investors in

capital structure is profitability, so the making investment should have to pay

company must improve profitability, attention to the information contained in

improvement of profitability will made the financial statements in this liquidity,

company performance increasing. If profitability and the size of the company as

profitability increase, the company can consideration in making the right

also consider to obtain internal financing investment decisions and profitable.

through retained earnings so it can reduce

external financing from debt. A decrease CONCLUSION & SUGGESTION

from external financing will reduce value Conclusion

of debt to equity, causing the company's The conclusion drawn by this study

risk level is reduced. In conducting its are variable of liquidity, profitability, and

operations, the company also firm size simultantly and partially proved

recommended to more effective and significantly influence capital structure

efficient, therefore the value of variables. Partially, the variable of

profitability will increase. Increasing value liquidity has negative influence to capital

of profitability does not guarantee an structure variables, the variable of

increase in value of firm but it still needs profitability has positive influence to

to be done because of the value of capital structure variables and the variable

profitability is a guarantee to investors that of firm size hasnegative influence to

the company has a future. capital structure variables. Variable of

Liquidity is the ability of a company liquidity, profitability, firm size

to pay bills in the short term without simultantly and partially proved

disrupting operations. In general, investors significantly not influence to the variable

in making investment will see whether a value of firm. Variable of capital structure

company is liquid or not, a company with is proven as an intervening variable that

good value of liquidity in running its influence the relationship between the

operation does not require additional debt variables of liquidity, profitability, and

so it will lower capital structure and firm size to value of the firm variable.

reduced the level of risk, therefore the Variable of profitability is the most

company must always maintain value of dominant variable influencing capital

liquidity and must increase the value of structure variable followed by liquidity

liquidity. variable and firm size variable.

15

Jurnal Manajemen Keuangan 2015

Research Limitation Mempengaruhi Struktur Modal.

Test results of value of the firm can Jurnal Bisnis dan Akuntansi , 81-96.

not be verified due to lack of data, in the Kartika, A. (2009). Faktor-Faktor Yang

period 2008-2012 the stock value of Mempengaruhi Struktur Modal Pada

wholesale and retail company is not Perusahaan Manufaktur Yang Go

significant change. When doing data Public di BEI. Dinamika Keuangan

analysis, some data does not pass outliers dan Perbankan , 105-122.

testing so the amount of data was Keown. (2005). Manajemen Keuangan :

shrinkage. Researchers can’t obtain Prinsif-Prinsif Dasar Dan Aplikasi.

financial statement data after 2012 so Jakarta: PT Indeks Kelompok

analysis doing in this research not in Gramedia.

updated period Kim, C. S., Mauer, D. C., & Sherman, A.

E. (1998). The Determinants Of

Suggestion Corporate Liquidity : Theory And

For further research , it is Evidence. Journal of Financial and

recommended to use a longer period in Quantitative Analysis , 335-359.

order to increase the number of samples Margaretha, F., & Ramadhan, A. R.

and it is recommended to choose another (2010). Faktor-Faktor Yang

variable to be studied considering the Mempengaruhi Struktur Modal Pada

coefficient of determination variable from Industri Manufaktur Di Bursa Efek

this study only affects the capital structure Indonesia. Jurnal Bisnis dan

of 37.2 % and affects value of the firm of Akuntansi , 119-130.

11.1 %. When doing a selection of the Maytariana, D., Suhadak, & Kertahadi.

object of study make sure that object of (2013). Faktor-Faktor Fundamental

study is issuing financial statements for 10 Yang Memperngaruhi Struktur

years, so that the sample data is bigger. Modal Perusahaan.

Object of study is recommended to Niztiar, G. (2013). Analisis Faktor Yang

selected company that is often traded on Mempengaruhi Struktur Modal.

the stock exchange. Noor, J. (2014). Analisis Data Penelitian

Ekonomi & Manajemen. Jakarta: PT

BIBLIOGRAPHY Gramedia Widiasarana Indonesia.

Breadley, R. A., Myers, S. C., & Marcus, Priyatno, D. (2010). Teknik Mudah Dan

A. J. (2007). Dasar-Dasar Cepat Melakukan Analisis Data

Manajemen Perusahaan Jilid 1. Penelitian dengan SPSS.

Jakarta: Erlangga. Yogyakarta: Gava Media.

Brigham, E. F., & Gapenski, L. C. (2004). Retherford, R. D., & Choe, M. K. (1993).

Financial Management : Theory And Statistical Models For Causal

Practice. Florida: Harcourt College. Analysis. New York: John Wiley &

Febriminato, R. D. (2012). Analisis Sons, Inc.

Faktor-Fakor Yang Mempengaruhi Riyanto, B. (2001). Dasar-Dasar

Struktur Modal Pada Perusahaan Pembelanjaan Perusahaan.

Yang Terdaftar Di Bursa Efek Yogyakarta: BPFE.

Indonesoa Periode 2001-2010. Rodoni, A., & Ali, H. (2010). Manajemen

Ganerse, I. M., & Suarjaya, A. A. (2014). Keuangan. Jakarta: Mitra Wacana

Pengaruh Profitabilitas, Likuiditas Media.

dan Ukuran Perusahaan Terhadap Ross, S. A., Westerfield, R. W., & Jordan,

Return Saham Perusahaan F&B. The B. D. (2009). Pengantar Keuangan

Indonesian Publication Index , 1620- Perusahaan. Jakarta: Salemba

1632. Empat.

16

Jurnal Manajemen Keuangan 2015

& Jordan, B. D. (2008). Modern Manufaktur. Jurnal Bisnis dan

Financial Management (Vol. 8). Akuntansi , 39-56.

New York: McGraw Hill. Sudana, I. M. (2011). Manajemen

Sabir, M., & Malik, Q. A. (2012). Keuangan Perusahaan Teori &

Determinants of Capital Structure - Praktik. Jakarta: Erlangga.

A Study of Oil and Gas Sector of Syah, T. Y., & Ruswanti, E. (2015).

Pakistan. Interdisciplinary Journal Pedoman Penyusunan Tugas Akhir

of Contemporary Research in Program Magister Manajemen.

Business , 395-400. Jakarta: Universitas Esa Unggul.

Safitri, O., Sinarwati, & Atmadja, A. T. Umar. (2008). Metode Penelitian Untuk

(2015). Analisis Pengaruh Skripsi dan Tesis Bisnis. Jakarta:

Profitabilitas, Likuiditas, Dan Raja Grafindo Persada.

Leverage Terhadap Return Saham Usman, Y. (2004). Analisis Pengaruh

Pada Perusahaan Manufaktur Yang EVA, MVA Dan Kinerja Keuangan

Terdaftar di BEI Tahun 2009-2013. Konvensional Terhadap Return

e-journal S1 Ak Universitas Saham Di Bursa Efek Jakarta.

Pendidikan Ganesha . Utami, E. S. (2009). Faktor-Faktor Yang

Salvatore, D. (2005). Ekonomi Manajerial Mempengaruhi Struktur Modal

Dalam Perekonomian Global. Perusahaan Manufaktur. Fenomena ,

Jakarta: Salemba Empat. 39-47.

Sari, P. I., & Abundanti, N. (2012). Weston, F. J., & Copeland, T. E. (1995).

Pengaruh Pertumbuhan Perusahaan Manajemen Keuangan. Jakarta:

dan Leverage Terhadap Profitabilitas Binapura Aksara.

dan Nilai Perusahaan. The Weston, J. F., & Brigham, E. F. (1997).

Indonesian Publication Index , 1427- Dasar-Dasar Manajemen Keuangan

1441. (9 ed., Vol. 2). Jakarta: Erlangga.

Sawir, A. (2004). Kebijakan Pendanaan Winahyuningsih, P., Kertati, S., &

dan Resrukturisasi Perusahaan. Prasetyo, H. (2011). Analisis Faktor-

Jakarta: PT. Gramedia Pustaka Faktor Yang Mempengaruhi Struktur

Utama. Modal Pada Perusahaan Manufaktur

Seftianne. (2011). Faktor-Faktor Yang Yang Go Public Di Bursa Efek

Mempengaruhi Struktur Modal Pada Indonesia.

17

## Viel mehr als nur Dokumente.

Entdecken, was Scribd alles zu bieten hat, inklusive Bücher und Hörbücher von großen Verlagen.

Jederzeit kündbar.