Analisis Faktor-Faktor yang Mempengaruhi Kebijakan Hutang dan Pengaruhnya terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2007-2010)

Abstract

The purpose of this research is to analyze the tnJluence of the variables firm size (SIZE), business risk (BRISK), liquidity (cR), profitability (pRoFIT), corporate tax rate Grry and non-debt tax shield (Nr$ on leverage @rO and to analyze the in/luence of the variable leverage (DTA) on the uilrc of the firm (PBV) on manufacturers listed in the Indonesia Stock Exchange ZO-OZ - )OtO period. The population in this research is all manufacturers listed in the Indonesia Stock Exchange during the years 2007-201a, amounting to 123 companies. By using purposive sampling method, the sample that meet the critiria of 30 companies during 4 years from 2007 to 2010 and obtaining the total obseryations in this research amounts to I20 observation. Analysis technique used is multiple regression analysis. The data used is secondary data from financial statements. Hypothesis testing is done by using F and t statistical tesi of which significant value is less than 5% of Alpha value. F statistical test shows that firm size, bustness risk, liquidity, profitability, corporate tax rate and non-debt tax shield significantly inJluence simultaneously on leverage. And based on the t statistical test, it partially indicates that liquidity and non-debt tax shield significantly inJluence the leverage. on the contrary, firm size, business risk, profitability and corporate tax rate di not have any slgiiJicant influence on the leverage and leverage does not have any significant-inltieice on the value of the firm. Result of analysis shows that prediciiie abitity of the six independent variables (/irm size, business risk, ltquiiity, profitability, iorporate tac rote and non-debt tax shield) is 45.3% and it is shown by adjusied*-value, remaining 54.7% is influenced by other variables outside the model. Meanwhile, for dependent variable value of the firm, adjusted R2 value is 2.2% and it meqns that the variation of the variable value of the firm which can show by le;verage is 2.2o% and the remaining 97.8% is inJluenced by other variables outsidi the model.