Teori Pecking Order: Pilih Utang atau Ekuitas?

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Abstrak

Penelitian ini bertujuan untuk mengetahui seberapa jauh profitabilitas, likuiditas, dan pertumbuhan perusahaan berpengaruh terhadap struktur modal perusahaan publik di Indonesia. Menggunakan alat uji statistik dapat diketahui variabel manakah yang paling mempengaruhi oleh struktur modal perusahaan publik di Indonesia. Sampel yang digunakan adalah 173 perusahaan dengan menggunakan metode disproportionate stratified random sampling. Metode analisis yang digunakan yaitu analisis regresi menggunakan SPSS. Hasil penelitian menemukan bahwa (1) profitabilitas berpengaruh terhadap struktur modal, (2) likuiditas berpengaruh terhadap struktur modal, (3) pertumbuhan perusahaan tidak berpengaruh terhadap struktur modal.

Kata Kunci: teori pecking order, profitabilitas, likuiditas, pertumbuhan.

Abstract

This study aims to determine the extent of profitability, liquidity, and growth (growth) companies give effect to the capital structure of public companies in Indonesia. By using a statistical test is expected to be known which variables most affect the capital structure of public companies in Indonesia. The sample used is 173 (one hundred and seventy three) companies using disproportionate stratified random sampling method. The analytical method used is regression analysis using SPSS. The results found that (1) the profitability give significant effect on the capital structure so that the hypothesis is accepted, (2) liquidity give significant effect on the capital structure so that the hypothesis is accepted, (3) the company's growth no significant effect on the capital structure so that the hypothesis is not accepted.

Keywords: pecking order theory, profitability, liquidity, growth