PENGARUH LIKUIDITAS, PROFITABILITAS, TANGIBILITY ASSETS, UKURAN PERUSAHAAN DAN PAJAK TERHADAP STRUKTUR MODAL

ABSTRAK Penelitian ini bertujuan untuk mengetahui efek likuiditas, profitabilitas, tangibility assets, ukuran perusahaan dan pajak terhadap struktur modal. Penelitian dilakukan pada perusahaan property dan real estate yang terdaftar di Bursa Efek Indonesia (BEI) pada periode 2008 hingga 2012 dengan 20 perusahaan yang digunakan sebagai sampel. Metode purposive sampling merupakan metode penentuan sampel yang digunakan. Teknik analisis yang digunakan adalah analisis regresi linier berganda. Struktur modal diproksikan dengan Debt to Equity Ratio (DER), likuiditas diproksikan dengan Current Ratio (CR), tangibility assets diproksikan dengan tangibility assets ratio, ukuran perusahaan diproksikan dengan logaritma total aktiva dan pajak diproksikan dengan dengan logaritma pajak natural perusahaan. Hasil analisis diperoleh bahwa likuiditas dan profitabilitas berefek negatif dan signifikan terhadap struktur modal, sedangkan tangibility assets, ukuran perusahaan dan pajak berefek positif dan signifikan terhadap struktur modal. Kata kunci: likuiditas, profitabilitas, tangibility assets, ukuran perusahaan dan pajak ABSTRACT This study aims to determine the effect of liquidity, profitability, asset tangibility, firm size and the tax on capital structure. Research done on the property and real estate companies listed on the Indonesia Stock Exchange (BEI) in the period 2008 to 2012 with 20 companies that are used as samples. Purposive sampling is a sampling method in this study. Analytical technique used is multiplier linear regression analysis. Capital structure is proxied by Debt to Equity Ratio (DER), liquidity is proxied by Current Ratio (CR), asset tangibility is proxied by tangibility asset ratio, firm size is proxied by logarithm of total assets and tax is proxied by logarithm of natural tax of firm. That the result obtained by the analysis of liquidity and profitability significantly and negatively related to capital structure, while the asset tangibility, firm size and tax positive and significant impact on the capital structure. Keyword: liquidity, profitability, asset tangibility, firm size and tax