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Pengujian struktur modal optimal melalui pola hubungan antar variable leverage, profitabilitas, dan menilai perusahaan

Jurnal Keuangan dan Perbankan, Volume 4, Nomor 2, Mei 2010
Journal from JIPTUNMERPP / 2011-12-19 07:00:12
Oleh : Harmono, Diploma 3 of Finance and Banking Merdeka University Malang (jurkubank@yahoo.com)
Dibuat : 2010-05-01, dengan 0 file

Keyword : Optimum capital structure, leverage, profitability, firmÂ’s value

These tresearch reviewed theoretical and empirical literature compared among the capital structure theory, Modigliani and Miller model, traditional model, and combined with ROE framework by Evans (2000) for testing optimum capital structure related with firmÂ’s value concepts. The research design of this study used descriptive and co-relational model with population which were some industries which had been published in Indonesia Stock Exchange, and purposive sampling for fulfillment of the capital structure assume, and relationship with leverage concept. The finding of this research based on the descriptive and co-relational analysis was that, first average of industries at level 55% consisted of; food and beverage 51%, automotive 51%, textile 68%, roerty 44%, and selected by descriptive analysis, the optimum capital structure analysis, in the which debts to total assets indicated at level 40%. The second, results of multiple regressions indicated that financial performance had any significant to firm values, but not significant to financial leverage, and then the effect of leverage variable to firm value was significant. Thus, the theoretical framework of optimum capital structure was testable having any correlation and significant with firmÂ’s value.

Deskripsi Alternatif :

These tresearch reviewed theoretical and empirical literature compared among the capital structure theory, Modigliani and Miller model, traditional model, and combined with ROE framework by Evans (2000) for testing optimum capital structure related with firmÂ’s value concepts. The research design of this study used descriptive and co-relational model with population which were some industries which had been published in Indonesia Stock Exchange, and purposive sampling for fulfillment of the capital structure assume, and relationship with leverage concept. The finding of this research based on the descriptive and co-relational analysis was that, first average of industries at level 55% consisted of; food and beverage 51%, automotive 51%, textile 68%, roerty 44%, and selected by descriptive analysis, the optimum capital structure analysis, in the which debts to total assets indicated at level 40%. The second, results of multiple regressions indicated that financial performance had any significant to firm values, but not significant to financial leverage, and then the effect of leverage variable to firm value was significant. Thus, the theoretical framework of optimum capital structure was testable having any correlation and significant with firmÂ’s value.

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PropertiNilai Properti
ID PublisherJIPTUNMERPP
OrganisasiDiploma 3 of Finance and Banking Merdeka University Malang
Nama KontakDra. Wiwik Supriyanti, SS
AlamatJl. Terusan Halimun 11 B
KotaMalang
DaerahJawa Timur
NegaraIndonesia
Telepon0341-563504
Fax0341-563504
E-mail Administratorperpus@unmer.ac.id
E-mail CKOwsupriyanti@yahoo.com

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  • Editor: Wiwik Supriyanti, Dra. SS.