pengaruh profitabilitas, struktur aktiva, dan …repository.upnvj.ac.id/4099/2/awal.pdf · pengaruh...
Post on 08-Nov-2020
7 Views
Preview:
TRANSCRIPT
PENGARUH PROFITABILITAS, STRUKTUR AKTIVA,
DAN LIKUIDITAS TERHADAP STRUKTUR MODAL
PERUSAHAAN MANUFAKTUR YANG TERDAFTAR
DI BURSA EFEK INDONESIA PERIODE 2014-2016
SKRIPSI
SAFIRA BERLINA SUARDI
1310111040
PROGRAM STUDI MANAJEMEN S1
FAKULTAS EKONOMI DAN BISNIS
UNIVERSITAS PEMBANGUNAN NASIONAL “VETERAN” JAKARTA
2017
PENGARUH PROFITABILITAS, STRUKTUR AKTIVA,
DAN LIKUIDITAS TERHADAP STRUKTUR MODAL
PERUSAHAAN MANUFAKTUR YANG TERDAFTAR
DI BURSA EFEK INDONESIA PERIODE 2014-2016
SKRIPSI
Diajukan Sebagai Salah Satu Syarat Untuk Memperoleh Gelar
Sarjana Ekonomi
SAFIRA BERLINA SUARDI
1310111040
PROGRAM STUDI MANAJEMEN S1
FAKULTAS EKONOMI DAN BISNIS
UNIVERSITAS PEMBANGUNAN NASIONAL “VETERAN” JAKARTA
2017
iii
PERNYATAAN ORISINALITAS
iv
PERNYATAAN PERSETUJUAN PUBLIKASI
SKRIPSI UNTUK KEPENTINGAN AKADEMIS
v
PENGESAHAN
vi
BERITA ACARA UJIAN SKRIPSI
vii
Pengaruh Profitabilitas, Struktur Aktiva dan Likuiditas
Terhadap Struktur Modal Perusahaan Manufaktur yang
Terdaftar di Bursa Efek Indonesia Periode 2014-2016
Oleh
Safira Berlina Suardi
Abstrak
Penelitian ini dilakukan untuk menguji pengaruh Profitabilitas, Struktur
Aktiva, dan Likuiditas terhadap Struktur Modal perusahaan manufaktur yang
terdaftar di Bursa Efek Indonesia periode 2014-2015. Penelitian ini menggunakan
perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia sebagai sampel.
Teknik penentuan sampel menggunakan metode purposive sampling. Pemilihan
sampel dari 145 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia
menghasilkan 67 perusahaan yang dapat diterima. Pengujian hipotesis dalam
penelitian ini menggunakan Analisis Regresi Data Panel dengan program Eviews
9.0 dan tingkat signifikan 5% (0.05). Hasil dari pengujian diperoleh (1)
Profitabilitas tidak berpengaruh terhadap struktur modal, (2) struktur aktiva tidak
berpengaruh terhadap struktur modal, (3) likuiditas berpengaruh signifikan negatif
terhadap struktur modal.
Kata Kunci: Profitabilitas, Struktur Aktiva, Likuiditas, dan Struktur Modal.
viii
The Influence of Profitability, Structure Assets and Liquidity to
Capital Structure of manufacturing companies listed on the
Indonesian Stock Exchange the period 2014-2016
By
Safira Berlina Suardi
Abstract
This research was conducted to examine the influence of the Profitability,
Structure of Assets, , Liquidity and Capital Structure towards manufacturing
companies listed on the Indonesia stock exchange period 2014-2015. This
research uses the manufacturing companies listed on the Indonesia stock
exchange as samples. The selection of the samples was done using a purposive
sampling technique, after determining the numbers of samples that can be
accepted, namely 67 companies from the total number of manufacturing
companies registered in BEI. Hypothesis testing in this study using a Panel Data
regression analysis with Eviews 9.0 and a significant level of 5% (0.05). The
results of the test are obtained (1) there is no influence on the profitability of
capital structure, (2) there is no influence of the structure of assets against the
capital structure, (3) there is a significant negative influence on the liquidity of
the capital structure.
Keyword: Profitability, Structure Assets, Liquidity, and Capital Structure.
ix
PRAKATA
Puji dan syukur penulis panjatkan kehadirat Allah SWT DAN Nabi
Muhammad SAW atas segala karunia, rahmat serta hidayah-Nya sehingga usulan
penelitian ini berhasil dijalankan. Judul yang diplih dalam skripsi ini adalah
“Pengaruh Profitabilitas, Struktur Aktiva, dan Likuiditas Terhadap Struktur Modal
Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2014-
2016”. Terimakasih penulis ucapkan kepada Bapak Dr. Prasetyo Hadi, S.E.,
M.M.,CFMP, selaku Dekan Fakultas Ekonomi dan Bisnis, Bapak Wahyudi,
S.E.,M.M., selaku Ka. Prodi S1 Manejemen, Bapak Yul Tito Permadhy, M.M.,
selaku Dosen Pembimbing I, dan Ibu Tri Siswantini, S.E.,M.M., selaku Dosen
Pembimbing II, serta dosen-dosen Fakultas Ekonomi dan Bisnis yang telah
banyak memberikan kesempatan, arahan dan saran yang sangat bermanfaat bagi
penulis.
Disamping itu, ucapan terima kasih juga disampaikan kepada Bapak Asep
Edward Suwardi dan Ibu Rositawati selaku kedua orang tua tercinta, Reza
Dewantara Suwardi selaku kakak tercinta, Bunga Putri Aulia Suardi selaku adik
tercinta, Ibu Sevilla Herliana selaku tante tercinta yang tidak henti hentinya
memberikan penulis semangat dan doa dalam menyelesaikan tugas akhir ini.
Penulis juga sampaikan terima kasih kepada teman-teman terdekat yang
sangat berjasa dalam penelitian ini yaitu Yussi Aprillia, Imalia Sugiarahma, Aruni
Laras, Siti Masyitoh, Irvan Adi Saputra, Ria, Dea, Ayu, Vina, Icha, Farah, Indah,
Tita, Chindy, Keluarga besar Lokal A, serta teman-teman seperjuangan S1
Manajemen 2013 yang penulis tidak bisa sebutkan satu persatu tanpa mengurangi
rasa hormat yang telah membantu dalam penulisan skripsi ini.
Jakarta, 19 Juni 2017
Safira Berlina Suardi
x
DAFTAR ISI
HALAMAN SAMPUL ...................................................................................... i
HALAMAN JUDUL ......................................................................................... ii
PERNYATAAN ORISINALITAS ................................................................... iii
PERNYATAAN PERSETUJUAN PUBLIKASI ............................................ iv
PENGESAHAN ................................................................................................. v
BERITA ACARA UJIAN SKRIPSI ................................................................ vi
ABSTRAK ......................................................................................................... vii
ABSTRACT ........................................................................................................ viii
PRAKATA ......................................................................................................... ix
DAFTAR ISI ...................................................................................................... x
DAFTAR TABEL ............................................................................................. xiii
DAFTAR GAMBAR ......................................................................................... xiv
DAFTAR LAMPIRAN ..................................................................................... xv
BAB I PENDAHULUAN ...........................................................................
Error! Bookmark not defined.
I.1 Latar Belakang .................................................................................
Error! Bookmark not defined. I.2 Perumusan Masalah..........................................................................
Error! Bookmark not defined. I.3 Tujuan Penelitian..............................................................................
Error! Bookmark not defined. I.4 Manfaat Hasil Penelitian ..................................................................
Error! Bookmark not defined.
BAB II TINJAUAN PUSTAKA .................................................................
Error! Bookmark not defined.
II.1 Penelitian Sebelumnya .....................................................................
Error! Bookmark not defined. II.2 Landasan Teori .................................................................................
Error! Bookmark not defined. II.2.1 Teori Sinyal (Signalling Theory) .....................................................
Error! Bookmark not defined. II.2.2 Agency Theory .................................................................................
Error! Bookmark not defined. II.2.3 Struktur Modal .................................................................................
Error! Bookmark not defined. II.2.3.1 Pengertian Struktur Modal ...............................................................
Error! Bookmark not defined. II.2.4 Teori Struktur Modal ........................................................................
Error! Bookmark not defined. II.2.4.1 Trade-Off Theory .............................................................................
Error! Bookmark not defined. II.2.4.2 Pecking Order Theory ......................................................................
Error! Bookmark not defined.
xi
II.2.4.3 Teori Struktur Modal Tradisional ....................................................
Error! Bookmark not defined. II.2.4.4 Teori Struktur Modal Modern ..........................................................
Error! Bookmark not defined. II.2.5 Sumber Pembiayaan .........................................................................
Error! Bookmark not defined. II.2.6 Struktur Pembiayaan ........................................................................
Error! Bookmark not defined. II.2.7 Struktur Modal Optimal ...................................................................
Error! Bookmark not defined. II.2.8 Faktor-Faktor yang Mempengaruhi Struktur Modal ........................
Error! Bookmark not defined. II.2.9 Rasio Struktur Modal .......................................................................
Error! Bookmark not defined. II.2.10 Profitabilitas .....................................................................................
Error! Bookmark not defined. II.2.10.1 Pengertian Profitabilitas ...................................................................
Error! Bookmark not defined. II.2.10.2 Tujuan Profitabilitas .........................................................................
Error! Bookmark not defined. II.2.10.3 Rasio Profitabilitas ...........................................................................
Error! Bookmark not defined. II.2.11 Struktur Aktiva .................................................................................
Error! Bookmark not defined. II.2.11.1 Pengertian Struktur Aktiva ...............................................................
Error! Bookmark not defined. II.2.11.2 Komponen Struktur Aktiva ..............................................................
Error! Bookmark not defined. II.2.11.3 Rasio Struktur Aktiva .......................................................................
Error! Bookmark not defined. II.2.12 Likuiditas ..........................................................................................
Error! Bookmark not defined. II.2.12.1 Pengertian Likuiditas........................................................................
Error! Bookmark not defined. II.2.12.2 Rasio Likuiditas................................................................................
Error! Bookmark not defined. II.3 Kerangka Pemikiran .........................................................................
Error! Bookmark not defined. II.4 Pengembangan Hipotesis .................................................................
Error! Bookmark not defined. II.4.1 Pengaruh Profitabilitas Terhadap Struktur Modal ...........................
Error! Bookmark not defined. II.4.2 Pengaruh Stuktur Aktiva Terhadap Struktur Modal ........................
Error! Bookmark not defined. II.4.3 Pengaruh Likuiditas Terhadap Struktur Modal ................................
Error! Bookmark not defined.
xii
BAB III METODE PENELITIAN ..............................................................
Error! Bookmark not defined.
III.1 Definisi Operasional dan Pengukuran Variabel ...............................
Error! Bookmark not defined. III.1.2 Pengukuran Variabel ........................................................................
Error! Bookmark not defined. III.2 Penentuan Populasi dan Sampel .......................................................
Error! Bookmark not defined. III.2.1 Populasi ............................................................................................
Error! Bookmark not defined. III.2.2 Sampel ..............................................................................................
Error! Bookmark not defined. III.3 Teknik Pengumpulan Data ...............................................................
Error! Bookmark not defined. III.3.1 Jenis Data .........................................................................................
Error! Bookmark not defined. III.3.2 Sumber Data .....................................................................................
Error! Bookmark not defined. III.3.3 Pengumpulan Data ...........................................................................
Error! Bookmark not defined. III.4 Teknik Analisis dan Uji Hipotesis ...................................................
Error! Bookmark not defined. III.4.1 Teknik Analisis ................................................................................
Error! Bookmark not defined. III.4.1.1 Statistik Deskriptif Data ...................................................................
Error! Bookmark not defined. III.4.1.2 Metode Analisis Regresi Data Panel ................................................
Error! Bookmark not defined. III.4.2 Uji Hipotesis .....................................................................................
Error! Bookmark not defined. III.4.2.1 Uji Signifikansi Simultan (Uji F) .....................................................
Error! Bookmark not defined. III.4.2.2 Uji Koefisien Determinasi R
2 ...........................................................
Error! Bookmark not defined. III.4.2.3 Uji Parsial (Uji T) .............................................................................
Error! Bookmark not defined. III.5 Kerangka Model Penelitian ..............................................................
Error! Bookmark not defined.
BAB IV HASIL DAN PEMBAHASAN ......................................................
Error! Bookmark not defined.
IV.1 Deskripsi Objek Penelitian ...............................................................
Error! Bookmark not defined. IV.2 Deskripsi Data Penelitian .................................................................
Error! Bookmark not defined. IV.2.1 Variabel Struktur Modal (DER) .......................................................
Error! Bookmark not defined.
xiii
IV.2.2 Variabel Profitabilitas (ROA) ..........................................................
Error! Bookmark not defined. IV.2.4 Variabel Struktur Aktiva ..................................................................
Error! Bookmark not defined. IV.2.5 Variabel Likuiditas (CR) ..................................................................
Error! Bookmark not defined. IV.3 Teknik Analisis dan Uji Hipotesis ...................................................
Error! Bookmark not defined. IV.3.1 Statistik Dekriptif .............................................................................
Error! Bookmark not defined. IV.3.1.1 Pemilihan Model Regresi Data Panel...............................................
Error! Bookmark not defined. IV.3.1.2 Model Regresi Data Panel yang Digunakan ....................................
Error! Bookmark not defined. IV.3.2 Uji Hipotesis .....................................................................................
Error! Bookmark not defined. IV.3.2.1 Uji Signifikansi Simultan (Uji F) .....................................................
Error! Bookmark not defined. IV.3.2.2 Uji Koefisien Determinasi (R
2) ........................................................
Error! Bookmark not defined. IV.3.2.3 Uji Individu atau Parsial (Uji t) ........................................................
Error! Bookmark not defined. IV.4 Pembahasan ......................................................................................
Error! Bookmark not defined. IV.4.1 Pengaruh Profitabilias Terhadap Struktur Modal.............................
Error! Bookmark not defined.
IV.4.2 Pengaruh Struktur Aktiva Terhadap Struktur Modal .......................
Error! Bookmark not defined. IV.4.3 Pengaruh Likuiditas terhadap Struktur Modal .................................
Error! Bookmark not defined. IV.5 Keterbatasan Penelitian ....................................................................
Error! Bookmark not defined.
BAB V SIMPULAN DAN SARAN ............................................................
Error! Bookmark not defined.
V.1 Simpulan...........................................................................................
Error! Bookmark not defined. V.2 Saran .................................................................................................
Error! Bookmark not defined.
DAFTAR PUSTAKA ........................................................................................
Error! Bookmark not defined.
RIWAYAT HIDUP
LAMPIRAN
xiv
xv
DAFTAR TABEL
Tabel 1.Data ROA, SA, CR, dan DER PT. Astra Otoparts Tbk (AUTO) ..........
Error! Bookmark not defined. Tabel 2. Matriks Penelitian Sebelumnya ............................................................
Error! Bookmark not defined. Tabel 3. Kriteria Pemilihan Sampel ....................................................................
Error! Bookmark not defined. Tabel 4. Daftar Perusahaan yang Menjadi Objek Penelitian ..............................
Error! Bookmark not defined. Tabel 5. Debt to Equity Ratio (DER) ..................................................................
Error! Bookmark not defined. Tabel 6. Return on Asset (ROA) .........................................................................
Error! Bookmark not defined. Tabel 7. Struktur Aktiva ......................................................................................
Error! Bookmark not defined. Tabel 8. Current Ratio (CR) ...............................................................................
Error! Bookmark not defined. Tabel 9. Statistik Deskriptif ................................................................................
Error! Bookmark not defined. Tabel 10. Hasil Uji F Restricted .........................................................................
Error! Bookmark not defined. Tabel 11. Hasil Uji Haussman ............................................................................
Error! Bookmark not defined. Tabel 12. Random Effect Model ..........................................................................
Error! Bookmark not defined. Tabel 13. Hasil Uji F ...........................................................................................
Error! Bookmark not defined. Tabel 14. Koefisien Determinasi.........................................................................
Error! Bookmark not defined. Tabel 15. Hasil Uji t ............................................................................................
Error! Bookmark not defined.
xiv
DAFTAR GAMBAR
Gambar 1. Kerangka Pemikiran .........................................................................
Error! Bookmark not defined. Gambar 2. Kerangka Penelitian .........................................................................
Error! Bookmark not defined.
xv
DAFTAR LAMPIRAN
Lampiran 1 Kriteria Sampel Perusahaan Manufaktur
Lampiran 2 Perhitungan Debt to Equity Ratio (DER)
Lampiran 3 Perhitungan Return On Assets (ROA)
Lampiran 4 Perhitungan Struktur Aktiva
Lampiran 5 Perhitungan Current Ratio (CR)
Lampiran 6 Perhitungan LK USD DER
Lampiran 7 Perhitungan LK USD ROA
Lampiran 8 Perhitungan LK USD Struktur Aktiva
Lampiran 9 Perhitungan LK USD CR
Lampiran 10 Laporan Keuangan
Lampiran 11 Hasil Olah Data Eviews
Lampiran 12 Daftar Tabel F
Lampiran 13 Daftar Tabel t
top related