Pengaruh Proporsi Kepemilikan Saham Dan Pertumbuhan Terhadap Leverage Melalui Profitabilitas Sebagai Variabel Intervening

PENGARUH PROPORSI KEPEMILIKAN SAHAM DAN PERTUMBUHAN TERHADAP LEVERAGE MELALUI PROFITABILITAS SEBAGAI VARIABEL INTERVENING

Ayu Juwita Puspitasari
PT. Domusindo Perdana
E-mail: ayujuwitap@gmail.com

ABSTRACT

This research analysed the influence of profitability (ROI, ROE, ROA), Growth (Asset & Sales), and Ownership (Managerial Ownership & Institutional Ownership) to Debt equity Ratio. It analysed the influence of Growth and Ownership to profitability.  Moreover, this research find-out the differences of determining effect of profitability, growth and ownership to leverage between  Multinational and Domestic Companies. The population were 458 companies listed in Indonesian Stock Exchange (IDX) at 2009-2011. There was 36 companies, 9 Multinational Company and 27 National Company. The sample technique used purposive  sampling. Data analysis was Structural Equation Model. Furthermore, to examine the difference determining profitability, growth  and ownership to leverage between Multinational Company and National Companies was Chow Test regression analysis. The  results showed that profitability, growth and ownership had positive influenced to leverage. The growth and ownership had positive influenced to leverage profitability. Chow Test result indicated that there were not differentiation between Multinational Company  and National Companies in determining profitability, growth and ownership to leverage.

Key Words: leverage, profitability, growth, ownership