The funding decision is one of the financial decisions that are made by the manager, in which its... more The funding decision is one of the financial decisions that are made by the manager, in which its determination appears in the composition of capital structure owned by the company. Changes in capital structure ratios can be attributed to several factors that are the focus of this research. This study aims to determine the effect of current ratio, asset structure, corporate growth, and price earning ratio (PER) and return on assets (ROA), to debt to equity ratio (DER). In gathering the study sample, purposive sampling method is used based on several predefined criteria with the research period is 2010-2015 and meanwhile, 50 observations of public companies categorized under food and beverage industry as the study object. Statistic descriptive and inferential as used as data analysis and the hypothesis is tested using multiple linear regressions. The results of this study indicate that the variable of current ratio, asset structure and ROA have a significant effect on DER while the growth of company and PER have no significant effect. The simultaneous test results show that the variables can be used in predicting the DER, thus, the model is said to be feasible to use. Further research can include external variables in the research model so that the broader scope of research will be obtained. PENDAHULUAN Salah satu keputusan penting dalam manajemen keuangan dalam kaitannya dengan kegiatan operasi perusahaan adalah keputusan pendanaan. Keputusan pendanaan yang baik dalam suatu perusahaan dapat dilihat dari struktur modal, yaitu keputusan keuangan yang berkaitan dengan komposisi hutang, baik hutang jangka panjang maupun hutang jangka pendek. Persaingan usaha yang ketat perusahaan harus memiliki keputusan pendanaan yang tepat, dimana perlu adanya peran manajer dalam menentukan struktur modal yang optimal. Struktur modal yang optimal dari perusahaan akan mampu meminimalkan biaya modal yang harus ditanggung perusahaan. Manajer keuangan di dalam operasinya perlu berusaha untuk memenuhi suatu sasaran tertentu mengenai perimbangan antara besarnya hutang dan jumlah modal sendiri yang tercermin dalam struktur modal perusahaan. Penentuan struktur modal optimal perlu diperhitungkan berbagai faktor – faktor yaitu faktor likuiditas, struktur aktiva, pertumbuhan (growth), PER (price earnings ratio), dan profitabilitas. Rasio likuiditas adalah rasio yang digunakan untuk mengukur kemampuan perusahaan didalam membayar hutang jangka pendek yang telah jatuh tempo. Struktur aktiva
The funding decision is one of the financial decisions that are made by the manager, in which its... more The funding decision is one of the financial decisions that are made by the manager, in which its determination appears in the composition of capital structure owned by the company. Changes in capital structure ratios can be attributed to several factors that are the focus of this research. This study aims to determine the effect of current ratio, asset structure, corporate growth, and price earning ratio (PER) and return on assets (ROA), to debt to equity ratio (DER). In gathering the study sample, purposive sampling method is used based on several predefined criteria with the research period is 2010-2015 and meanwhile, 50 observations of public companies categorized under food and beverage industry as the study object. Statistic descriptive and inferential as used as data analysis and the hypothesis is tested using multiple linear regressions. The results of this study indicate that the variable of current ratio, asset structure and ROA have a significant effect on DER while the growth of company and PER have no significant effect. The simultaneous test results show that the variables can be used in predicting the DER, thus, the model is said to be feasible to use. Further research can include external variables in the research model so that the broader scope of research will be obtained. PENDAHULUAN Salah satu keputusan penting dalam manajemen keuangan dalam kaitannya dengan kegiatan operasi perusahaan adalah keputusan pendanaan. Keputusan pendanaan yang baik dalam suatu perusahaan dapat dilihat dari struktur modal, yaitu keputusan keuangan yang berkaitan dengan komposisi hutang, baik hutang jangka panjang maupun hutang jangka pendek. Persaingan usaha yang ketat perusahaan harus memiliki keputusan pendanaan yang tepat, dimana perlu adanya peran manajer dalam menentukan struktur modal yang optimal. Struktur modal yang optimal dari perusahaan akan mampu meminimalkan biaya modal yang harus ditanggung perusahaan. Manajer keuangan di dalam operasinya perlu berusaha untuk memenuhi suatu sasaran tertentu mengenai perimbangan antara besarnya hutang dan jumlah modal sendiri yang tercermin dalam struktur modal perusahaan. Penentuan struktur modal optimal perlu diperhitungkan berbagai faktor – faktor yaitu faktor likuiditas, struktur aktiva, pertumbuhan (growth), PER (price earnings ratio), dan profitabilitas. Rasio likuiditas adalah rasio yang digunakan untuk mengukur kemampuan perusahaan didalam membayar hutang jangka pendek yang telah jatuh tempo. Struktur aktiva
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