PENGARUH CORPORATE GOVERNANCE TERHADAP CAPITAL STRUCTURE PADA SEKTOR CONSUMER GOODS INDUSTRY YANG TERCATAT DI BEI PERIODE 2012-2016
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Abstract
Abstrak- Penelitian ini bertujuan untuk meneliti pengaruh corporate governance terhadap capital structure. Variabel yang digunakan adalah total debt ratio, board size, managerial ownership, profitability, liquidity dan asset tangibility. Penelitian ini menggunakan pendekatan kuantitatif dengan model analisis regresi linier berganda. Target populasi dalam penelitian ini adalah sektor consumer goods industry yang terdaftar di Bursa Efek Indonesia periode 2012-2016 yang berjumlah sebanyak 125 tahun observasi. Pada penelitian ini juga dilakukan uji sensitivitas dengan mengelompokkan target populasi, berdasarkan ukuran perusahaan yaitu kelompok perusahaan besar dan perusahaan kecil. Temuan dari penelitian ini adalah bahwa board size, liquidity berpengaruh insignifikan negatif terhadap capital structure. Sedangkan managerial ownership, profitability berpengaruh signifikan negatif terhadap capital structure. Dan asset tangibility berpengaruh signifikan positif terhadap capital structure.
Kata Kunci: Total debt ratio, board size, managerial ownership, profitability, liquidity, asset tangibility.
Abstract- This study aims to investigate the determinants of corporate dividend policy. Variabel used in this research is total debt ratio, board size, managerial ownership, profitability, liquidity dan asset tangibility. This Study uses the quantitative approach and multiple linear regression. The sample of this research is the sector consumer industry that listed in BEI (Bursa Efek Indonesia) for periode of 2012-2015. Final samples which are used in this research are equal to 125 year observation. Subsequently, the robustness test is performed by clustering the target populations by company size, that is large company groups and small company groups. The study finds that board size, liquidity have a negative insignificant effect on capital structure. While managerial ownership, profitability has a significant negative effect on capital structure. And asset tangibility have a significant positive effect on capital structure.
Keywords: Total debt ratio, board size, managerial ownership, profitability, liquidity, asset tangibility.
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