PENGARUH LEVERAGE TERHADAP PROFITABILITAS PADA PERUSAHAAN-PERUSAHAAN DI INDUSTRI MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2007-2009
| Main Authors: | , Gabrilla Ilham, , Prof. Dr. Indra Wijaya Kusuma, MBA |
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| Format: | Thesis NonPeerReviewed |
| Terbitan: |
[Yogyakarta] : Universitas Gadjah Mada
, 2012
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| Subjects: | |
| Online Access: |
https://repository.ugm.ac.id/98857/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=54981 |
Daftar Isi:
- The literature on capital structure has provided two important and competing theories, the theory of pecking order and trade-off theory. Pecking order theory is a model of corporate financing structure starting from the cheapest to the stock as a last resource. Trade-off theory explains that optimal capital structure is reached when the tax advantage of borrowing is balanced by the cost of financial distress arising from the debt. This study aims to see how the effect of leverage on the profitability of firms in manufacturing industries in Indonesia, especially those that are listed on the Indonesia Stock Exchange in the period of 2007, 2008 and 2009 respectively. The model equations were estimated using the analysis tool SPSS (Statistical Package for Social Sciences). The findings and results of this thesis are showed that leverage has negative impact significantly on profitability of firms in the manufacturing industry. Financing behavior in Indonesia's manufacturing industry cannot be explained by the theory of trade-offs. This condition may occur due to an optimal capital structure that is hard to be obtained in Indonesia and thus this research can produce different results from previous research.