DAFTAR ISI
HALAMAN PENGESAHAN HALAMAN PERNYATAAN KATA PENGANTAR ......................................................................................... i DAFTAR ISI ........................................................................................................ iv DAFTAR TABEL ............................................................................................... ix DAFTAR GAMBAR ............................................................................................ x DAFTAR LAMPIRAN ....................................................................................... xi INTISARI ...........................................................................................................xii ABSTRACT .......................................................................................................xiii BAB I PENDAHULUAN ..................................................................................... 1 1.1 Latar Belakang ........................................................................................... 1 1.2 Identifikasi & Perumusan Masalah ............................................................ 9 1.3 Maksud & Tujuan Penelitian ..................................................................... 9 1.4 Kegunaan Penelitian................................................................................. 10 1.5 Metode Penelitian..................................................................................... 11 1.6 Kerangka Pemikiran dan Hipotesis .......................................................... 11 1.6.1. Kerangka Pemikiran ................................................................ 11 1.6.2. Hipotesis .................................................................................. 18 BAB II TINJAUAN PUSTAKA........................................................................ 19 2.1 Tinjauan Umum Kebijakan Struktur Modal ............................................ 19 iv
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2.1.1 Pengertian Struktur Modal....................................................... 19 2.1.2 Teori Struktur Modal ............................................................... 20 2.1.3 Komponen Struktur Modal ...................................................... 27 2.1.4 Kebijakan Struktur Modal ....................................................... 33 2.1.5 Debt to Equity Ratio (DER)..................................................... 35 2.1.6 Faktor yang Mempengaruhi Kebijakan Struktur Modal.......... 36 2.2 Tinjauan Umum Kebijakan Dividen ........................................................ 38 2.2.1. Pengertian Dividen .................................................................. 38 2.2.2. Jenis-jenis Dividen .................................................................. 39 2.2.3. Kebijakan Dividen ................................................................... 40 2.2.4. Teori Kebijakan Dividen ......................................................... 41 2.2.5. Dividen Payout Ratio (DPR) ................................................... 43 2.2.6. Faktor yang Mempengaruhi Kebijakan Dividen ..................... 46 2.3 Tinjauan Umum Tarif Pajak..................................................................... 50 2.3.1. Pengertian Pajak ...................................................................... 50 2.3.2. Fungsi Pajak ............................................................................ 51 2.3.3. Tarif Pajak ............................................................................... 52 2.4 Tinjauan Umum Weighted Average Cost of Capital (WACC) ................ 53 2.4.1. Pengertian Biaya Modal .......................................................... 53 2.4.2. Asumsi Model Biaya Modal .................................................... 54 2.4.3. Weighted Average Cost of Capital (WACC) ........................... 55 2.4.4. Faktor yang Mempengaruhi Biaya Modal ............................... 57 v
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2.5 Hubungan Variabel Independen dengan Variabel Dependen .................. 58 2.5.1. Hubungan Debt to Equity Ratio (DER) dengan Weighted Average Cost of Capital (WACC) ........................................... 58 2.5.2. Hubungan Dividend Payout Ratio (DPR) dengan Weighted Average Cost of Capital (WACC) ........................................... 59 2.5.3. Hubungan Tarif Pajak dengan Weighted Average Cost of Capital ...................................................................................... 59 2.6 Ringkasan Teori ....................................................................................... 60 BAB III METODA PENELITIAN ................................................................... 61 3.1 Objek Penelitian ....................................................................................... 61 3.2 Populasi dan Sampel Penelitian ............................................................... 61 3.2.1. Populasi ................................................................................... 61 3.2.2. Sampel ..................................................................................... 62 3.3 Jenis dan Sumber Data ............................................................................. 63 3.4 Teknik Pengumpulan Data ....................................................................... 64 3.5 Variabel dan Operasionalisasi Variabel ................................................... 64 3.5.1 Variabel Independen ................................................................ 65 3.5.2 Variabel Dependen .................................................................. 67 3.5.3 Operasionalisasi Variabel ........................................................ 68 3.6 Teknik Analisis Data ................................................................................ 70 3.6.1 Uji Asumsi Klasik ................................................................... 71 3.6.2 Analisis Regresi Linier Berganda ............................................ 74 vi
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3.6.3 Uji Koefisien Determinasi ....................................................... 75 3.6.4 Uji Hipotesis ............................................................................ 76 3.6.4.1 Uji Parsial (T-Test) ..................................................... 76 3.6.4.2 Uji Simultan (F-Test).................................................. 77 BAB IV HASIL PENELITIAN DAN PEMBAHASAN.................................. 79 4.1 Perkembangan Faktor Internal dan Faktor Eksternal ............................... 79 4.1.1 Perkembangan Debt to Equity Ratio (DER) ............................ 79 4.1.2 Perkembangan Dividend Payout Ratio (DPR) ........................ 84 4.1.3 Perkembangan Tarif Pajak....................................................... 89 4.2 Perkembangan Weighted Average Cost of Capital (WACC) .................. 92 4.3 Pengaruh Faktor Internal dan Faktor Eksternal Terhadap Weighted Average Cost of Capital (WACC) ........................................................... 96 4.3.1 Uji Asumsi Klasik ................................................................... 96 4.3.2 Analisis Regresi Linier Berganda .......................................... 102 4.3.3 Analisis Koefisien Determinasi ............................................. 105 4.3.4 Uji Hipotesis .......................................................................... 106 4.3.4.1 Uji Parsial (T-Test) ................................................... 106 4.3.4.2 Uji Simultan (F-Test)................................................ 109 4.3.5 Interpretasi Hasil dan Pembahasan ....................................... 112 4.3.5.1 Pengaruh Debt to Equity Ratio (DER) Terhadap Weighted Average Cost of Capital (WACC) ............. 112
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4.3.5.2 Pengaruh Dividend Payout Ratio (DPR) Terhadap Weighted Average Cost of Capital (WACC).............. 112 4.3.5.3 Pengaruh Tarif Pajak Terhadap Weighted Average Cost of Capital (WACC) ........................................... 113 BAB V KESIMPULAN DAN SARAN ........................................................... 115 5.1 Kesimpulan ............................................................................................ 115 5.2 Saran ....................................................................................................... 116 DAFTAR PUSTAKA LAMPIRAN
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DAFTAR TABEL
Tabel 1.1 Penelitian Terdahulu ............................................................................. 6
Tabel 3.1 Daftar Sampel Penelitian ...................................................................... 63 Tabel 3.2 Tabel Operasionalisasi Variabel ........................................................... 68
Tabel 4.1 Perkembangan Debt to Equity Ratio (DER) ......................................... 80 Tabel 4.2 Perkembangan Dividend Payout Ratio (DPR) ...................................... 85 Tabel 4.3 Perkembangan Tarif Pajak .................................................................... 89 Tabel 4.4 Perkembangan Weighted Average Cost of Capital (WACC) ............... 93 Tabel 4.5 Hasil Uji Normalitas ............................................................................. 97 Tabel 4.6 Hasil Uji Multikolineritas ..................................................................... 99 Tabel 4.7 Hasil Uji Autokorelasi .......................................................................... 100 Tabel 4.8 Hasil Analisis Linier Berganda ............................................................. 103 Tabel 4.9 Hasil Analisis Koefisien Determinasi ................................................... 105 Tabel 4.10 Hasil Uji Parsial (T-Test) .................................................................... 107 Tabel 4.11 Hasil Uji Simultan (F-Test) ................................................................ 111
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DAFTAR GAMBAR
Gambar 1.1 Bagan Kerangka Pemikiran ............................................................... 17 Gambar 1.2 Alur Kerangka Pemikiran.................................................................. 18
Gambar 4.1 Hasil Uji Heteroskedastisitas ............................................................ 102
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DAFTAR LAMPIRAN
Lampiran 1 Daftar Sampel Perusahaan Lampiran 2 Perkembangan Debt to Equity Ratio (DER) periode 2008-201 Lampiran 3 Perkembangan Dividend Payout Ratio (DPR) periode 2008-2012 Lampiran 4 Perkembangan tarif pajak periode 2008-2012 Lampiran 5 Perkembangan Weighted Average Cost of Capital (WACC) periode 2008-2012 Lampiran 6 Hasil Uji Normalitas Lampiran 7 Hasil Uji Multikolineritas Lampiran 8 Hasil Uji Autokorelasi Lampiran 9 Hasil Uji Heteroskedastisitas Lampiran 10 Hasil Analisis Regresi Linear Berganda Lampiran 11 Hasil Analisis Koefisien Determinasi Lampiran 12 Hasil Uji Simultan Lampiran 13 Hasil Uji Parsial
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