Title: THE IMPACT OF CAPITAL STRUCTURE CHOICE ON COMPANY PERFORMANCE : EMPIRICAL STUDY IN INDONESIAN FIRMS, 2009-2012
Authors: MANDAIMINOGNO IDRYSS IVAN
Item Type : Thesis (Thesis)
Affiliations: Master of Management Science Study Program, Faculty of Economics and Business, Universitas Airlangga , Surabaya, Indonesia
Publisher: Universitas Airlangga
Abstract
This research aims to see the effect of capital structure (long-term debt on total assets) on company performance (return on equity (ROE), return on assets (ROA), Tobin Q) and to examine differences in the influence of capital structure on company performance between sub-districts. different sectors (agriculture, manufacturing, property, hotels and tourism services), using three control variables, namely: asset structure, company size and age. This research uses 100 non-financial companies listed on the Indonesia Stock Exchange (BEI) during the 2009-2012 period. The multiple linear regression analysis method using panel data has been used for data analysis. The results of this research show that during the 2009-2012 period, the impact of the comparison of long-term debt and total assets had a positive and significant influence on return on assets (ROA) and Tobin's Q but not significantly on return on equity (ROE). The asset structure variable has a negative and significant influence on return on equity (ROE) and return on assets (ROA) but is not significant on Tobin's Q. The variables age and company size have a positive influence on the company's performance. Capital structure on company performance differs between each sub-sector.
Keywords: Capital structure, Company performance, Asset structure, Size, Age, Return on equity (ROE), Return on assets (ROA), Tobin's Q, Panel data analysis, Indonesian Stock Exchange.
Sources: http://repository.unair.ac.id/39043/
