ANALISIS FAKTOR-FAKTOR PENENTU STRUKTUR MODAL BERDASARKAN PECKING ORDER THEORY, TRADE-OFF THEORY, DAN AGENCY THEORY

The objective of this study is to cmpirically whether capital structure decision of indoncsian firms follows pecking order theory, trade-off theory and agency theory. Sample in this study are 17 manufacturing companies listed in Jakarta Stock Exchange (JSX) from 2002 to 2006. The method of data collection is done by using purposive sampling method. The statistical method used in this studies is multiple regression. The result of this study are simultaneously, all independent (profitability, sales growth, size, managerial ownership, institutional ownership) variables can explain capital structure at Indonesian Capital Market. Profitability and size influence capital structure deeision significantly.