Faktor-Faktor Penentu Struktur Modal Dengan Ukuran Perusahaan Sebagai Variabel Moderasi

Abstract

Management policy in determining capital structure is one example of a vital policy in managing a company. Many companies expect to have an optimal capital structure to maximize the profits of shareholders. The purpose of this study is to examine the influence of several determinants of capital structure, such as business risk, growth opportunities, non-debt tax shields, sharia compliance, profitability and tangibility to corporate leverage moderated by company size. The population of this study were companies that have entered the IDX30 index criteria, with a purposive sampling method obtained by a sample of 14 companies. Test equipment used in this study uses panel data regression and Moderated Regression Analysis (MRA). The findings of this study in model I are profitability and non-debt tax shields have a significant negative effect on corporate leverage, firm size has a significant positive effect on company leverage, business risk has a significantly positive effect on firm leverage. Meanwhile, sharia compliance, growth opportunities and tangibility are not significant. The findings of model II found that only the variable non-debt tax shields and tangibility are able to be moderated by company size.

Influence of Company Internal Factors and Macroeconomics on Capital Structure Moderated by Firm Size

“…Therefore, the firm size of is considered to moderate impact of tangibility on capital structure. The result is correspond with research by Fitriyanto & Haryono [5] and Gunardi, et al [1] which states firm size is moderate the effect of tangibility on capital structure. H7: Firm size can moderate the effect of tangibility on capital structure.…”

“…This theory seeks the optimal proportion of debt and capital by accounting for tax benefits, bankruptcy costs, and agency costs [1]. Companies are allowed to allocate debt, but there is a limit when bankruptcy costs and tax savings costs are equivalent, and then the portion of debt must be stopped [5].…”