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Abstrak :
[ABSTRAK
Tujuan dari penelitian ini adalah untuk mengeksplorasi faktor-faktor yang mempengaruhi struktur modal di Indonesia dengan mengunakan book leverage dan market leverage sebagai variabel dependen. Dengan menggunakan analisis regresi berganda, penelitian memakai perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2010-2014. Sampel akhir terdiri dari 112 perusahaan manufaktur. Hipotesis tentang keputusan leverage dirumuskan berdasarkan teori struktur modal, terutama teori trade-off, teori pecking order dan teori agency. Regresi dijalankan dengan mempertimbangkan delapan variabel penjelas yang meliputi ukuran perusahaan, profitabilitas, peluang pertumbuhan, aset tangible, pajak, risiko perusahaan, kondisi pasar saham, dan variabel makroekonomi. Hasil empiris menyajikan hubungan yang signifikan antara aset, umur perusahaan, profitabilitas, rasio market to book, aset tangible, macro economic grow, PDB dan variabel book leverage. Di sisi lain, faktor yang signifikan pada market leverage adalah umur perusahaan, profitabilitas, rasio market to book, pertumbuhan aset, capital expenditure, effective tax rate, macro industry growth dan PDB. ABSTRACT
The aim of this study is to explore the factors that affect the capital structure in Indonesia by taking book leverage and market leverage as the dependent variables. Using multiple regression analysis, listed manufacturing companies in Indonesian Stock Exchange was examined for the period of 2010-2014. The final sample consist of 112 manufacturing companies. Hypotheses about leverage decisions are formulated based on capital structure theories, mainly trade-off theory, pecking order theory and agency theory. Regression considers eight explanatory variables that include firm size, profitability, growth opportunity, tangibility, taxes, firm risk, stock market conditions, and macroeconomic variables. The empirical result presents the significant relationship between asset, age, profitability, market to book ratio, tangible asset, macro industry growth, GDP and book leverage variables. On the other hand, factors that have significant effect on market leverage are age, profitability, market to book ratio, asset growth, capital expenditure, effective tax rate, macro industry growth and GDP., The aim of this study is to explore the factors that affect the capital structure in Indonesia by taking book leverage and market leverage as the dependent variables. Using multiple regression analysis, listed manufacturing companies in Indonesian Stock Exchange was examined for the period of 2010-2014. The final sample consist of 112 manufacturing companies. Hypotheses about leverage decisions are formulated based on capital structure theories, mainly trade-off theory, pecking order theory and agency theory. Regression considers eight explanatory variables that include firm size, profitability, growth opportunity, tangibility, taxes, firm risk, stock market conditions, and macroeconomic variables. The empirical result presents the significant relationship between asset, age, profitability, market to book ratio, tangible asset, macro industry growth, GDP and book leverage variables. On the other hand, factors that have significant effect on market leverage are age, profitability, market to book ratio, asset growth, capital expenditure, effective tax rate, macro industry growth and GDP.]

Abstrak :
Penelitian ini menguji pengaruh faktor proprietary cost, agency cost, dan pembiayaan eksternal terhadap pengungkapan variasi pertumbuhan laba antar segmen pada 80 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2010. Hasil penelitian menunjukkan bahwa proprietary cost yang diproksikan dengan keuntungan abnormal berpengaruh negatif terhadap pengungkapan varisi pertumbuhan laba antar segmen. Sedangkan proprietary cost yang diproksikan dengan indeks Herfindhal tidak berpengaruh terhadap pengungkapan variasi pertumbuhan laba antar segmen. Agency cost yang diproksikan oleh free cash flow dan discretionary accrual juga ditemukan tidak memiliki pengaruh terhadap keputusan pengungkapan variasi pertumbuhan laba antar segmen. External financing ditemukan memiliki pengaruh yang berbeda dengan dugaan, yaitu terdapat pengaruh negatif antara pembiayaan eksternal dan tingkat pengungkapan variasi pertumbuhan laba antar segmen. ......This study investigates the effect of proprietary cost, agency cost, and external financing on disclosure of segment earnings growth rate of 80 manufacturing firms listed in Indonesian Stock Exchange in year 2010. This study finds that proprietary cost proxied by abnormal profitability is negatively associated. Meanwhile proprietary cost measured using Herfindahl index is not affecting manager?s disclosure of cross segment earnings growth variability. Agency cost proxied by free cash flow and discretionary accrual are not associated with reported earnings growth variability across segments. External financing, which has an opposite association with expectation, negatively associated with disclosed segment earnings growth rate variability.