Andrew Sihar Ferlendus Siahaan
Andrew Sihar Ferlendus Siahaan. Pengaruh struktur modal terhadap
profitabilitas perusahaan industri. Alas kaki tang tercatat di Bursa
Efek Jakarta (dibimbing oleh Dr.Isfenti sadalia, SE, ME, Drs. Amlys
S.Silalahi,Msi, dan Dra.Marhaini,MS) The usage of debt is much greater
in capital structure, so ROE(Return on Equity) of a company will
progresively increase according to free cash flow theory. This argument
is higly contradictive with Pecking Order Theory which states that a
company which has an investment rate of return (profitability) will have
small debt in number. High rate of return can be used as a capital in
retained earning. Base on this thing so the researcher made a research
to find empirical evidance of influence of capital structure to
profitability. Net Income approach assumes that investor assess the
profit of company with constant cost of equity and the company can
improve the mount of its debt with the level cost of constant debt The
more debt wich is used will effect the cost of mean capital deliberated
get smaller. If the cost of mean capital deliberated can be minimalized
so the current deviden can maximized and it can maximize the price of
share in stock exchange. This research used secondary data processed and
provided by company through out the publication in JSX by using
quantitive data wich consists of statement of all company in footgear
industry which is noted in JSX of year 2001 until 2002. This research
used SPSS. The result of this research indicates that capital structure
has a positive effect and significant to profitability because the
capital structure that company used for operasional determines the
profit that is expected by the company and this result also indicates
that debt which is represented by LDAR has expected dominant among
capital structure variable. So that this research proves that debt is
able to increase profitability.
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