ANALISIS PENGARUH STRUKTUR MODAL TERHADAP KINERJA KEUANGAN PERUSAHAAN

Achmad Komara, Sri Hartoyo, Trias Andati

Abstract


Abstract
At this time, business growth requires proper companys financial strategy, especially by managing the capital
structure to meet funding need of business operations. This research describes the impact of capital structure on
financial performance of finance company listed on the Indonesia Stock Exchange during the years 2009-
2013. The dependent variable in this study is financial performance composed of return on assets ratio (ROA),
return on equity ratio (ROE) and price-to-earnings ratio (PER).While the independent variable in the form of
capital structure is the ratio of debt to total assets (DAR) and the ratio of debt to total equity (DER). The result
of panel data regression analysis showed that the capital structure has negative significant effect on financial
performance of ROA and ROE, but has positive significant effect on PER. Based on these results, the finance
companies should apply the precautionary principle in managing capital resources coming from debt financing,
because the increased component of excessive debt in the capital structure of the company could lead to an
increase in the financial burden that affects the reduction in companys profit.

Keywords


capital structure, financial performance, finance company, panel data regression analysis

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