PENGARUH STRUKTUR MODAL TERHADAP KINERJA PERUSAHAAN KONSTRUKSI DAN PROPERTY DI INDONESIA

Abstract

Construction and property is the engine for the economy and has a very important position in the growth and development of a country. This study aims to analyze the effect of capital structure on the performance of construction and property companies, especially in Indonesia with the observation year period from 2007 to 2010. The independent variable used is Total Debt to Total Assets (TDTA), Short Term Debt to Total Assets (STDTA), Long Term Debt to Total Assets (LTDTA), and Total Debt to Total Equity (TDTE). Those Independent variables will be analyzed the effect on accounting-based performance, that are Return on Assets (ROA), Return on Equity (ROE) and market based, that are Market Value of Equity to the Book Value of Equity (MBVR) and the ratio of Tobin's Q. This study uses a quantitative approach with a model of linear regression analysis. Data which is the object of this study were taken from the annual financial statements of 38 construction and property companies listed on the Indonesia Stock Exchange during the period 2007 to 2010. The results showed that ROA is affected negative and significant by STDTA and LTDTA, positively insignificant influenced by TDTA and negatively insignificant influenced by TDTE. ROE is affected negatively significant by TDTE, negatively insignificant by STDTA, LTDTA and positively insignificant by TDTA. MBVR affected negatively significant (significancy 10%) by TDTA, positively significant by STDTA, TDTE and positively insignificant by LTDTA. Tobin's Q ratio is negatively insignificant affected by TDTA and TDTE and positively insignificant by STDTA and LTDTA.