PENGARUH RISIKO BISNIS, LIFE CYCLE DAN DIVERSIFIKASI TERHADAP STRUKTUR MODAL SERTA HUBUNGANNYA DENGAN NILAI PERUSAHAAN MANUFAKTUR DI INDONESIA
ABSTRACT: This study aims to
examine the factors that affect the capital structure. The task of the financial
manager is to determine the amount of capital structure to enhance shareholder value.
Since the capital structure associated with firm value , this study also aimed
to examine the effect of capital structure on firm value by considering the
company's diversification strategy and corporate life cycle stages . By using
the data obtained from the OSIRIS period 2009-2012, researchers used multiple
regression test and path analysis to test the hypothesis. From the test results
stated that only companies which are in the start-up phase which has a
significant positive effect on the capital structure , as well as the diversification
strategy has an influence on the capital structure of the company's capital structure
with a sequence of related diversification > unrelated diversification >
single segment. But when regressed diversification strategy with corporate
values, only a single segment strategy and related diversification which
significantly affect the value of the company, as well as the positive effect
of capital structure on firm value. Most of the results of this study can be
explained by the signaling effect and the pecking order theory.
Keywords: Risiko Bisnis, Firm
Life Cycle, Diversifikasi, Struktur Modal, Nilai Perusahaan
Penulis: Septi Diana Sari
Kode Jurnal: jpmanajemendd161225
