ANALISIS FAKTOR ESTERNAL TERHADAP FINANCIAL LEVERAGE DAN NILAI PERUSAHAAN

Indonesia

Abstract

These research tests and analyzes the influence of eksternal factor on capital structure, the
influence of eksternal factor on value of the firm, the influence of capital structure on value of
the firm.
The population of this study is the manufacture companies that listed in Indonesia Stock
Exchange and 37 companies used for the sample. Using data from 2012 to 2015, this research
use analysing of descriptive and inference statistics with Structural Equation Modelling (SEM).
The result of analysis shows that : eksternal factor has not significant effect on capital structure,
eksternal factor has not significant effect on value of the firm, capital structure has positive
significant effect on value of the firm. Contribution of this research is support to financing
decision theory, trade-off model capital structure theory, and pecking order theory while the
result didn’t support agency theory and dividen policy theory : information content or signaling
hypothesis because there are differences in characteristics and setting the companies as the
sample in Indonesia stock exchange