FAKTOR-FAKTOR YANG MEMPENGARUHI HARGA SAHAM DENGAN STRUKTUR MODAL SEBAGAI VARIABEL MODERASI

Abstract

This research aims to prove the truth of the theory Modiglani-Miller that found no correlation between the value of the company (stock prices) and the cost of capital to the capital structure. To test the truth of this opinion, this study used three (3) variable exogenous namely the growth of sales (X1), the structure of assets (X2), profitability (X3) and the debt ratio (X4) to be measured influence on stock prices (variable Endogenous) using the capital structure as a moderating variable.
This study uses path analysis were divided into two (2) a structural equation. This study uses financial data from 2012 to 2014 of 11 (eleven) food and beverage company listed on PT. Indonesia stock exchange.
By using path analysis technique, the results obtained from this study: first, sales growth, asset structure, profitability and debt ratios have a significant effect on the capital structure. Second, the ratio among the four, only the profitability ratio and debt ratio signifkan partially affect the capital structure. Third, capital structure, have not significantly influence the stock price (enterprise value) so that it can be said that the capital structure can not act as a moderating variable. These results prove the theory Modiglani-Miller.
Keyword : modliglani, capital structure, path analysis