Elok Faiqoh Himmah 

Universitas Airlangga 

Sedianingsih 

Universitas Airlangga 

DOI: https://doi.org/10.19184/jauj.v15i2.7252

ABSTRACT 

This study aims to examine the factors that affect the capital structure. This  research use independent variable that is multinational, managerial  ownership, tax uncertainty, while the control variable is effective tax rate,  profit growth, return on asset, firm size, current ratio, capital intensity, and  inventory intensity. The population of this study consists of all non-financial  companies listed on the Indonesia Stock Exchange from 2012-2016. The  sample of this research is multinational company which means having  subsidiaries outside Indonesia. Statistical method used in this research is  multiple linear regression analysis. The results of this study indicate that  multinationality, managerial ownership, and uncertainty tax have no  significant effect on capital structure. while for control variable, return on  asset and firm size that have significant influence to capital structure. 

Keywords: capital structure, multinational company, multiple regression 

ABSTRAK

Penelitian ini bertujuan untuk menganalisis faktor-faktor yang mempengaruhi struktur modal. Penelitian ini menggunakan variabel independen berupa multinasionalitas, kepemilikan manajerial, dan ketidakpastian pajak, sementara variabel kontrolnya meliputi tarif pajak efektif, pertumbuhan laba, return on asset, ukuran perusahaan, rasio lancar, intensitas modal, dan intensitas persediaan. Populasi penelitian ini terdiri dari semua perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia periode 2012-2016. Sampel penelitian ini adalah perusahaan multinasional, yang berarti memiliki anak perusahaan di luar Indonesia. Metode statistik yang digunakan dalam penelitian ini adalah analisis regresi linier berganda. Hasil penelitian ini menunjukkan bahwa multinasionalitas, kepemilikan manajerial, dan ketidakpastian pajak tidak memiliki pengaruh signifikan terhadap struktur modal. Sementara itu, untuk variabel kontrol, laba atas aset dan ukuran perusahaan memiliki pengaruh signifikan terhadap struktur modal. 

Keywords: struktur modal, perusahaan multinasional, regresi berganda 

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