DAFTAR PUSTAKA
Brigham, Eugene F dan Joel F. Houston. 2001. Fundamentals of financial management. Edisi 7. Florida: The Dryaen Press. Brealey, Richard A., Stewart C Myers, Alan J. Marcus. 2006. Dasar-dasar manajemen keuangan perusahaan, Alih bahasa :Yelvi Ansdri Saimur. Editor: H. Wibi Hardani, Adi Maulana, Erlangga, Jakarta. Dwiwinarno, Titop. 2010. Faktor-faktor yang mempengaruhi struktur modal (studi kasus pada perusahaan-perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia). Jurnal Bisnis dan Ekonomi. Vol. 1. No. 1. Juni. hlm. 54-66. Elim, Meyulinda Aviana dan Yusfarita. 2010. Pengaruh struktur aktiva, tingkat pertumbuhan penjualan, dan return on assets, terhadap struktur modal pada perusahaan manufaktur di Bursa Efek Jakarta. Jurnal Bisnis dan Ekonomi. Vol. 1. No. 1. Juni. hlm. 88-103 Ghozali, Imam. 2006. Aplikasi analisis multivariate dengan program SPSS. Edisi 4. Semarang: Badan Penerbit Universitas Diponegoro. Gitman, Lawrence. J. 2009. Principles of managerial finance. Edisi 12. New York: Prentice Hall. Hadianto, Bram. 2008. Pengaruh struktur aktiva, ukuran perusahaan, dan profitabilitas terhadap struktur modal emiten sektor telekomunikasi Indonesia periode 2000-2006: sebuah pengujian hipotesis pecking order. Jurnal Manajemen. Vol. 7. No. 2. Ikatan Akuntan Indonesia. 2009. Standar akuntansi keuangan. Jakarta: Salemba Empat. Joni dan Lina. 2010. Faktor-faktor yang mempengaruhi struktur modal. Jurnal Bisnis dan Akuntansi. Vol. 12. No. 2. Maret. hlm.81-96. Kesuma, Ali. 2009. Analisis faktor yang mempengaruhi struktur modal serta pengaruhnya terhadap harga saham perusahaan real estate yang go public di Bursa Efek Indonesia. Jurnal Manajemen dan Kewirausahaan. Vol. 11. No. 1. Maret. hlm. 38-45. Miawan, Andiyas dan Ignatia Sri Seventi. 2008. Analisis faktor-faktor yang mempengaruhi struktur modal pada perusahaan manufaktur di Bursa Efek
59
Jakarta tahun 2003-2006. Jurnal PERSPEKTIF EKONOMI. Vol . 1. No. 2. Oktober. hlm. 135-148. Prabansari, Yuke dan Hadri Kusuma. 2005. Faktor-faktor yang mempengaruhi struktur modal perusahaan manufaktur yang go public di Bursa Efek Jakarta. SINERGI. Kajian Bisnis dan Manajemen. hlm. 1-15.
Rani,
Dianita. 2011. Struktur modal perusahaan. http://dianitaraniblog.blogspot.com/2011/10/struktur-modal-perusahaan.ht ml.
Seftianne dan Ratih Handayani. 2011. Faktor-faktor yang mempengaruhi struktur modal pada perusahaan publik sektor manufaktur. Jurnal Bisnis dan Akutansi. Vol. 13. No. 1. April. hlm. 39-56. Tarigan, Sony Abimanyu dan Hasan Sakti Siregar. 2010. Analisis faktor-faktor yang mmpengaruhi struktur modal pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2005-2007. Jurnal Akuntansi 9. http://akuntansi.usu.ac.id/jurnal-akuntansi-9.html. Utami, Endang Sri. 2009. Faktor-faktor yang mempengaruhi struktur modal perusahaan manufaktur. FENOMENA. VOL. 7. No. 1. Maret. hlm. 39-47. Wijaya, M. Sienly Veronika dan Bram Hadianto. 2008. Pengaruh struktur aktiva, ukuran, likuiditas, dan profitabilitas terhadap struktur modal emiten sektor ritel di Bursa Efek Indonesia: sebuah pengujian hipotesis pecking order. Jurnal Ilmiah Akuntansi. Vol. 7. No.1. Mei. hlm. 71-84. www.idx.co.id www.google.com
Lampiran 1 : Data Perusahaan yang Menjadi Penelitian No
Kode
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35.
AISA AKKU ALMI AMFG ARNA ASII AUTO BATA BRAM BRNA BTON BUDI CEKA CPIN DLTA DVLA DYNA EKAD ETWA FASW GGRM HMSP IGAR IKBI IMAS INAF INDF INDS INTP JPFA JPRS KAEF KBLI KBLM KDSI
NAMA PERUSAHAAN PT Tiga Pilar Sejahtera Food Tbk (PT. Asia Inti Selera Tbk) PT Argha Karya Prima Industry Tbk PT Alumindo Light Metal Industry Tbk PT Asahimas Flat Glass Tbk PT Arwana Citramulia Tbk PT Astra International Tbk PT Astra Otoparts Tbk PT Sepatu Bata Tbk PT Indo Kordsa Tbk (PT. Branta Mulia Tbk) PT Berlina Tbk PT Betonjaya Manunggal Tbk PT Budi Acid Jaya Tbk PT Cahaya Kalbar Tbk PT Charoen Pokphand Indonesia Tbk PT Delta Dunia Makmur Tbk (PT. Delta Petroindo Tbk) PT Darya Varia Laboratoria Tbk PT Dynaplast Tbk PT Ekadharma Internasional Tbk PT Eterindo Wahanatama Tbk PT Fajar Surya Wisesa Tbk PT Gudang Garam Tbk PT Hanjaya Mandala Sampoerna Tbk PT champion Pacific Indonesia Tbk (PT. Kageo Igar Jaya Tbk) PT Sumi Indo Kabel Tbk PT Indomobil Sukses International Tbk PT Indofarma Tbk PT Indofood Sukses Makmur Tbk PT Indospring Tbk PT Indocement Tunggal Prakarsa Tbk PT JAPFA Comfeed Indonesia Tbk PT Jaya Pari Steel Tbk PT Kimia Farma Tbk PT KMI Wire and Cable Tbk (PT. GT Kabel Indonesia Tbk) PT Kabelindo Murni Tbk PT Kedawung Setai Industrial Tbk
No
Kode
36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61.
KIAS KLBF LION LMPI LMSH LPIN MAIN MASA MERK MLBI MRAT MYOR NIPS PICO PSDN PYFA RDTX SCCO SIAP SIPD SKLT SMCB SMGR SMSM SOBI SQBI
62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72.
SRSN STTP TCID TOTO TRST TSPC ULTJ UNIT UNVR VOKS YPAS
NAMA PERUSAHAAN PT Keramika Indonesia Asosiasi Tbk PT Kalbe Farma Tbk PT Lion Metal Works Tbk PT Langgeng Makmur Industry Tbk PT Lionmesh Prima Tbk PT Multi Prima Sejahtera Tbk (PT. Lippo Enterprise Tbk) PT Malindo Feedmill Tbk PT Multi Strada Arah Sarana Tbk PT Merck Tbk PT Multi Bintang Indonesia Tbk PT Mustika Ratu Tbk PT Mayora Indah Tbk PT Nipress Tbk PT Pelangi Indah Canindo Tbk PT Prasidha Aneka Niaga Tbk PT Pyridam Farma Tbk PT Roda Vivatex Tbk PT Supreme Cable Manufacturing & Commerce Tbk PT Sekawan Inti Pratama PT Sierad Produce Tbk PT Sekar Laut Tbk PT Holcim Indonesia Tbk PT Semen Gresik (Persero) Tbk PT Selamet Sempurna Tbk PT Sorini Agro Asia Corporation Tbk (Sorini Corporation) PT Taisho Pharamaceutical Indonesia Tbk (PT. Bristol Myers Squibb Indonesia Tbk) PT Indo Acidatama Tbk (PT. Sarana Nugraha Tbk) PT Siantar TOP Tbk PT Mandom Indonesia Tbk (PT. Tancho Indonesia Tbk) PT Surya Toto Indonesia Tbk PT Trias Sentosa Tbk PT Tempo Scan Pacific Tbk PT Ultra Jaya Milk & Trading Company Tbk PT Nusantara Inti Corpora Tbk PT Unilever Indonesia Tbk PT Voksel Electric Tbk PT Yanaprima Hastapersada
Lampiran 2 : Data Tahun 2008 KODE AISA AKPI ALMI AMFG ARNA ASII AUTO BATA BRAM BRNA BTON BUDI CEKA CLPI DLTA DVLA DYNA EKAD ETWA FASW GGRM HMSP IGAR IKBI IMAS INAF INDF INDS INTP JPFA JPRS KAEF KBLI KBLM KDSI KIAS KLBF LION LMPI LMSH LPIN MAIN
STR MDAL .6155 .5225 .7337 .2488 .6089 .4974 .2991 .3204 .2871 .5331 .2166 .6181 .5917 .7423 .2496 .3771 .5813 .3526 .4026 .6483 .3553 .5010 .1561 .2031 .9140 .6929 .6676 .8815 .2450 .7438 .3245 .3444 .6572 .5095 .5303 .8530 .2383 .2052 .2985 .3886 .5482 .9482
STR TIVA .5502 .5043 .2751 .4388 .6612 .2321 .1763 .3459 .3868 .4621 .1246 .5717 .3076 .3200 .1785 .2421 .5837 .0876 .0170 .7047 .2745 .2683 .0971 .1922 .1220 .0924 .2421 .2245 .6731 .2915 .0464 .2753 .0818 .5235 .3857 .5365 .2327 .0744 .2976 .1482 .0075 .3079
ROA .0521 .0566 .0033 .1708 .1074 .1903 .1939 .5692 .0962 .0670 .4237 .0209 .0697 .0725 .1686 .1713 .0067 .0490 1.4837 .0095 .1103 .3593 .1983 .2228 .0302 .0102 .0657 .0514 .2067 .0640 .1827 .0665 .0794 .0031 .0266 .0203 .2065 .2254 .0073 .2267 .0436 .0174
LOG (TA) 12.0073 12.2160 12.2140 12.2995 11.8669 13.9071 12.6000 11.6041 12.2234 11.6361 10.8482 12.2301 11.7815 12.7142 11.8440 11.8046 12.0917 11.1485 11.6207 12.5704 13.3815 13.2077 11.5409 11.8037 12.7465 11.9849 13.5976 11.9630 13.0526 12.7615 11.6013 12.1601 11.7834 11.6619 11.6864 11.9195 12.7562 11.4034 11.7482 10.7923 11.2623 11.9345
KODE MASA MERK MLBI MRAT MYOR NIPS PICO PSDN PYFA RDTX SCCO SIAP SIPD SKLT SMCB SMGR SMSM SOBI SQBI SRSN STTP TCID TOTO TRST TSPC ULTJ UNIT UNVR VOKS YPAS
STR MDAL .4599 .1273 .6343 .1442 .5632 .6206 .7436 .5255 .2980 .2576 .6806 .3724 .2538 .4992 .6693 .2291 .3671 .4650 .2720 .5087 .4201 .1039 .6478 .5195 .2211 .3470 .1847 .5224 .7293 .6746
STR TIVA .6818 .1461 .4283 .1648 .3526 .4300 .3564 .4089 .5745 .8505 .1700 .3192 .3463 .4557 .7294 .3121 .3856 .3154 .2379 .2767 .5188 .4249 .3968 .6402 .2241 .4403 .6477 .3935 .1709 .4882
ROA .0027 .3813 .3335 .0898 .0938 .0129 .0340 .1465 .0370 .1301 .0223 .0485 .0318 .0367 .0395 .3385 .1545 .2196 .4703 .0320 .0059 .1850 .0880 .0116 .1486 .1544 .0040 .5301 .0091 .1450
LOG (TA) 12.3764 11.5741 11.9738 11.5500 12.4658 11.5119 11.7698 11.4578 10.9941 11.7641 12.0518 11.1529 12.1414 11.3032 12.8851 13.0254 11.9684 12.0458 11.4694 11.5943 11.7971 11.9594 12.0133 12.3342 12.4723 12.2407 11.4596 12.8132 12.0664 11.2566
Lampiran 3 : Data Tahun 2009 KODE AISA AKPI ALMI AMFG ARNA ASII AUTO BATA BRAM BRNA BTON BUDI CEKA CLPI DLTA DVLA DYNA EKAD ETWA FASW GGRM HMSP IGAR IKBI IMAS INAF INDF INDS INTP JPFA JPRS KAEF KBLI KBLM KDSI KIAS KLBF LION LMPI LMSH LPIN MAIN
STR MDAL .5902 .4765 .6881 .2246 .5766 .4498 .2718 .2768 .1666 .6032 .0739 .5101 .4697 .4482 .2115 .2918 .5621 .4615 .5057 .5684 .3249 .4093 .1911 .1243 .8722 .5897 .6163 .7333 .1937 .6096 .2324 .3644 .5320 .3694 .5666 .8367 .2609 .1605 .2620 .4546 .3270 .8660
STR TIVA .3496 .4715 .3361 .5800 .7313 .2467 .1500 .3738 .4782 .4224 .1017 .6598 .3306 .3151 .1569 .1951 .5770 .4036 .0374 .6947 .2578 .2433 .1566 .2180 .1174 .1387 .2673 .2954 .5855 .2973 .0542 .2568 .0791 .6710 .3299 .5932 .2157 .0723 .2983 .3321 .0052 .3298
ROA .0315 .0934 .0034 .0464 .1105 .1844 .2039 .1720 .0992 .0462 .1847 .1116 .1233 .4039 .2341 .1456 .0905 .1390 .0244 .1056 .1773 .4072 .1618 .0724 .0454 .0136 .1006 .1287 .2859 .2059 .0077 .0637 .0665 .0038 .0300 .0223 .2269 .1658 .0146 .0534 .0956 .1269
LOG (TA) 12.1956 12.2008 12.1707 12.2950 11.9152 13.9491 12.6670 11.6198 12.1302 11.7052 10.8438 12.2038 11.7548 12.7283 11.8811 11.8941 12.1108 11.2178 11.7290 12.5648 13.4351 13.2484 11.5022 11.7497 12.7070 11.8622 13.6062 11.7932 13.1231 12.7832 11.5489 12.1947 11.6908 11.5500 11.7409 12.1207 12.8117 11.4336 11.7328 10.8623 11.1396 11.9471
KODE MASA MERK MLBI MRAT MYOR NIPS PICO PSDN PYFA RDTX SCCO SIAP SIPD SKLT SMCB SMGR SMSM SOBI SQBI SRSN STTP TCID TOTO TRST TSPC ULTJ UNIT UNVR VOKS YPAS
STR MDAL .4244 .1839 .8940 .1346 .4999 .5961 .6986 .5086 .2693 .1803 .6366 .3640 .2818 .4216 .5436 .2033 .4220 .4135 .1740 .4721 .2628 .1144 .4770 .4043 .2512 .3106 .2323 .5045 .6965 .3530
STR TIVA .6674 .1542 .4236 .1774 .3951 .4522 .4049 .3314 .5408 .7620 .1878 .2793 .3944 .5073 .7516 .3099 .3625 .5133 .2025 .2425 .5939 .4020 .3894 .6817 .2191 .4668 .6484 .4056 .1732 .5236
ROA .0908 .4791 .4756 .0790 .1552 .0225 .0340 .1656 .0543 .1823 .0193 .0464 .0373 .0633 .1785 .3594 .1974 .2010 .5707 .0882 .0726 .1771 .2521 .0916 .1473 .0567 .0050 .5676 .0611 .1362
LOG (TA) 12.4042 11.6375 11.9972 11.5630 12.5114 11.4976 11.7345 11.5485 10.9997 11.8137 12.0182 11.1686 12.2152 11.2927 12.8613 13.1123 11.9739 12.1012 11.5037 11.6168 11.7394 11.9977 12.0047 12.2837 12.5136 12.2387 11.4914 12.8742 12.0927 11.2813
Lampiran 4 : Data Tahun 2010 KODE AISA AKPI ALMI AMFG ARNA ASII AUTO BATA BRAM BRNA BTON BUDI CEKA CLPI DLTA DVLA DYNA EKAD ETWA FASW GGRM HMSP IGAR IKBI IMAS INAF INDF INDS INTP JPFA JPRS KAEF KBLI KBLM KDSI KIAS KLBF LION LMPI LMSH LPIN MAIN
STR MDAL .6954 .4692 .6637 .2233 .5246 .4800 .2654 .3154 .1902 .5935 .1851 .5921 .6370 .3124 .1626 .2500 .6242 .3877 .4319 .5972 .3065 .5023 .1561 .1804 .7986 .5759 .4743 .7049 .1463 .5004 .2702 .3278 .5111 .4355 .5418 .7949 .1792 .1447 .3403 .4017 .2915 .7352
STR TIVA .3201 .4715 .3455 .4372 .6511 .2159 .1763 .3466 .4855 .4481 .0789 .5680 .2319 .2963 .1608 .2078 .6147 .3303 .0768 .6847 .2409 .1991 .0971 .1870 .0997 .1321 .2483 .2398 .5019 .3187 .0428 .2493 .0660 .5779 .3182 .6025 .2283 .1074 .3020 .2980 .0110 .4349
ROA .0486 .0909 .0399 .1850 .1234 .1774 .2496 .1746 .1433 .0858 .1264 .0365 .0474 .4324 .2723 .1802 .0833 .1647 .0886 .0848 .1832 .4262 .1983 .0127 .0453 .0173 .1149 .1363 .2768 .2059 .0940 .1078 .1122 .0145 .0348 .0058 .2518 .1654 .0075 .1319 .1227 .2327
LOG (TA) 12.2871 12.1133 12.1773 12.3752 11.9411 14.0525 12.7471 11.6851 12.1740 11.7411 10.9534 12.2939 11.9297 12.8141 11.8504 11.9315 12.1910 11.3106 11.7270 12.6527 13.4877 13.3123 11.5409 11.7787 12.9023 11.8657 13.6746 11.8868 13.1860 12.8438 11.6141 12.2194 11.7742 11.6055 11.7464 12.1025 12.8471 11.4827 11.7846 10.8932 11.1788 11.9851
KODE MASA MERK MLBI MRAT MYOR NIPS PICO PSDN PYFA RDTX SCCO SIAP SIPD SKLT SMCB SMGR SMSM SOBI SQBI SRSN STTP TCID TOTO TRST TSPC ULTJ UNIT UNVR VOKS YPAS
STR MDAL .4638 .1650 .5855 .1264 .5362 .5611 .6921 .5333 .2323 .1619 .6298 .3430 .4003 .4066 .3460 .2200 .4673 .5429 .1593 .3729 .3110 .0943 .4220 .3900 .2632 .3516 .2387 .5347 .6573 .3453
STR TIVA .7024 .1542 .4651 .1769 .3386 .4607 .3647 .2838 .5252 .5868 .1627 .2475 .3945 .4865 .7563 .4924 .3531 .4131 .2340 .2532 .4914 .3789 .3317 .6229 .2119 .4694 .6484 .4768 .1872 .5247
ROA .0748 .3618 .5225 .0853 .1497 .0522 .0293 .0946 .0560 .2229 .0715 .0478 .0336 .0310 .1100 .3035 .1919 .0706 .3895 .0390 .0694 .1657 .2382 .0864 .1754 .1011 .0056 .5216 .0151 .1428
LOG (TA) 12.4826 11.6383 12.0558 11.5870 12.6434 11.5284 11.7561 11.6176 11.0025 11.9307 12.0636 11.1787 12.3130 11.2997 13.0186 13.1921 12.0282 12.2192 11.5052 11.5611 11.8124 12.0200 12.0381 12.3074 12.5550 12.3025 11.4914 12.9396 12.0517 11.3029
Lampiran 5 : Statistik Deskriptif Descriptive Statistics N
Minimum
Maximum
Mean
Std. Deviation
STR_MDAL
216
,0739
,9482
,432603
,1971877
STR_TIVA
216
,0052
,8505
,350415
,1866114
ROA
216
,0027
1,4837
,141816
,1555556
Log_TA
216
10,7923
14,0525
12,046382
,6307974
Valid N (listwise)
216
Lampiran 6 : Uji Normalitas Data
One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual
N
Asymp. Sig (2-tailed)
216
0,198
Lampiran 7 : Uji Multikolinieritas Model
Collinearity Statistics Tolerance
VIF
(Constant) STR_TIVA
,943
1,060
ROA
,935
1,069
,958
1,044
1 Log _TA a. Dependent Variable: STR_MDAL
Lampiran 8 : Uji Autokorelasi
Model
Durbin Watson
1
2,179
Lampiran 9 : Uji Heteroskedastisitas Model
Unstandardized
Standardized
Coefficients
Coefficients
B
Std. Error
t
Sig.
Beta
(Constant)
,060
,133
,454
,650
STR_TIVA
-,045
,038
-,083
-1,181
,239
,055
,046
,084
1,198
,232
,009
,011
,053
,769
,443
1 ROA Log_TA a. Dependent Variable: STR_MDAL
Lampiran 10 : Uji Koefisien Determinasi (Adjusted R Square) b
Model Summary Model
R
R Square
a
1
,324
Adjusted R
Std. Error of the
Square
Estimate
,105
,092
Durbin-Watson
,1878535
2,179
a. Predictors: (Constant), Log_TA, STR_TIVA, ROA b. Dependent Variable: STR_MDAL
Lampiran 11 : Uji Signifikan Simultan (Uji F) a
ANOVA Model
Sum of Squares Regression
1
df
Mean Square
,879
3
,293
Residual
7,481
212
,035
Total
8,360
215
a. Dependent Variable: STR_MDAL b. Predictors: (Constant), Log_TA, STR_TIVA, ROA
F 8,299
Sig. b
,000
Lampiran 12 : Uji Parsial ( t test) Model
Unstandardized
Standardized
Coefficients
Coefficients
B
Std. Error
(Constant)
-,285
,246
STR_TIVA
,044
,071
-,343 ,062
t
Sig.
Beta -1,159
,248
,041
,618
,537
,085
-,271
-4,029
,000
,021
,200
3,006
,003
1 ROA Log_TA a. Dependent Variable: STR_MDAL
