PENGARUH STRUKTUR MODAL DAN KEPUTUSAN INVESTASI TERHADAP PROFITABILITAS ANGGOTA HOLDING PT PUPUK INDONESIA (PERSERO)

KOKO SUDIRO
041514353012
Dosen Pembimbing
Dr. Rahmat Setiawan, SE., MM., CFP.

ABSTRACT

The change in strategy of the Ministry of SOE in anticipating global competition has an impact on the change in holding management on PT Pupuk Indonesia (Persero). The centralization of funding becomes one of synergy to obtain more cost-effective fund. The strategy has been responded by holding members to be more expansive in improving their performance by adding both working capital and fixed assets. This expansion is expected to be able to support increasing profitability, which is measured by ROA and ROE.
This research was conducted by using quantitative approach to assess the effect of capital structure variables, working capital investment variable, and fixed asset investment variable on company profitability variables. Data were obtained from financial reports quarterly during period 2011-2016.
The results showed that the capital structure variables as measured by the Debt to Assets Ratio (DAR) ratio and Short Term Loan to Total Assets had a significant negative effect on ROA and ROE. The Long Loan Term to Total Assets variable has a negative significant effect on ROE and an insignificant effect on ROA. Investment in working capital, as measured by the ratio of Current Assets / Total Assets, has a significant positive effect on ROA and ROE. Investment in fixed assets, as measured by the ratio of Fixed Assets / Total Assets, has a significant negative effect on ROA.

Keywords: capital structure, working capital investment, fixed asset investment, ROA, ROE.

Sumber : http://mm.feb.unair.ac.id/id/kemahasiswaan/artikel/artikel-ilmiah/857-pengaruh-struktur-modal-dan-keputusan-investasi-terhadap-profitabilitas-anggota-holding-pt-pupuk-indonesia-persero.html