PENGARUH RISIKO BISNIS DAN PERTUMBUHAN PERUSAHAAN TERHADAP STRUKTUR MODAL DAN NILAI PERUSAHAAN

Abstract

This study aims to ï¬ nd out the infl uence of business risk and ï¬ rm growth
toward capital structure and the value of the ï¬ rm. The population of this study was
all go public of industrial companies registered at The Indonesian Capital Market
from 2008 up to 2010. We use the path analisys technic to evaluate the relations
among variables of non ï¬ nancial industrial companies. While the direct and indirect
impact of these variables were also observed.
The result shows that business risk and ï¬ rm growth have different impact toward
both capital structue and value of the ï¬ rm. The ï¬ rst regression shows that business
risk has negatively signiï¬ cant infl uence on capital structure and ï¬ rm growth has
positively signiï¬ cant infl uence on capital structure. The second regression shows
that bussiness risk has negatively signiï¬ cant infl uence and ï¬ rm growth has positively
signiï¬ cant infl uence on ï¬ rm value. This study also conï¬ rm that capital structure has
positively signiï¬ cant infl uence on the ï¬ rm value.