BAB V SIMPULAN SARAN

Transkripsi

1 BAB V SIMPULAN SARAN 5.1 Simpulan Tujuan dari penelitian ini adalah untuk menganalisis pengaruh struktur modal dan struktur kepemilikan terhadap capital structure pada industri manufaktur yang tercatat di Bursa Efek Indonesia (BEI). Berdasarkan hasil analisis dan pembahasan, dapat ditarik kesimpulan sebagai berikut: 1) Leverage Leverage berpengaruh positif terhadap Efficiency pada model Efficiency. 2) Efficiency Efficiency berpengaruh positif terhadap Leverage pada model Leverage. 3) Profitability - Profitability berpengaruh positif terhadap efficiency pada model efficiency - Proftability berpengaruh negative terhadap Leverage pada model Leverage 4) Size - Size berpengaruh positif terhadap efficiency pada model efficiency - Size berpengaruh negatif terhadap Leverage pada model Leverage 73

2 74 5) Growth - Growth berpengaruh positif terhadap efficiency pada model efficiency - Growth berpengaruh negatif terhadap Leverage pada model Leverage 6) OWNC - OWNC berpengaruh positif terhadap Efficiency pada model Efficiency - OWNC berpengaruh positif terhadap Leverage pada model Leverage B. Implikasi Manajerial Hasil penelitian ini diharapkan dapat diterapkan oleh manajer keuangan perusahaan dan juga oleh investor. Adapun implikasi manajerial dari penelitian ini adalah sebagai berikut: 1. Manajer keuangan perlu mempertimbangkan faktor leverage, profitability, firm size, growth dan ownership concentration dalam mengambil keputusan struktur modal. Hal ini ditunjukkan oleh adanya pengaruh struktur modal dan struktur kepemilikan terhadap kinerja perusahaan yang ditunjukkan melalui efisiensi pada perusahaan manufaktur yang tercatat di Bursa Efek Indonesia (BEI). 2. Hasil penelitian ini memberikan informasi kepada para investor, bahwa saat melakukan investasi ke dalam suatu perusahaan sebaiknya memperhatikan faktor Leverage, firm size, profitability, growth dan Ownership concentration. Hal ini disebabkan karena variabel-variabel tersebut mempunyai pengaruh

3 75 terhadap Efficiency pada perusahaan manufaktur yang tercatat di Bursa Efek Indonesia (BEI). 5.2 Keterbatasan Penelitian Peneliti menyadari bahwa dalam penelitian ini masih memiliki beberapa keterbatasan, yaitu: 1. Penelitian ini hanya terbatas pada kelompok perusahaan manufaktur, sehingga hasil kesimpulan kurang dapat digeneralisasikan untuk perusahaan perusahaan pada sektor yang lain. 2. Efisiensi perusahaan hanya diukur dengan nilai ROE, ROE, fixed assets dan jumlah karyawan yang dianalisis menggunakan metode data envelopment analysis sehingga hasil efisiensi yang diperoleh terbatas terhadap ketersediaan data. 5.3 Saran Berdasarkan keterbatasan penelitian sebelumnya, maka perlu dilakukan penyempurnaan terhadap penelitian yang akan dilakukan selanjutnya. Adapun saran untuk peneliti selanjutnya adalah sebagai berikut: 1. Dalam penelitian selanjutnya disarankan untuk menggunakan jumlah sampel yang lebih banyak dan sebaiknya dikembangkan penggunaan sampel pada perusahaan di industri lain.

4 76 2. Pada penelitian selanjutnya diharapkan analisis dilakukan secara terpisah berdasarkan ukuran perusahaan sehingga dapat dilihat perbedaan hasil antara perusahaan dengan ukuran yang berbeda untuk mendapatkan perbandingan efisiensi antara ukuran perusahaan. 3. Berdasarkan keterbatasan penelitian bahwa metode DEA mengakibatkan perusahaan yang diteliti jumlahnya sedikit, oleh karena itu pada penelitian selanjutnya sebaiknya dilakukan penambahan variable bebas yang lain sehingga dapat menjelaskan variabel efisiensi dalam kisaran yang lebih tinggi.

5 DAFTAR PUSTAKA. Abor, J. & Biekpe, N. (2005). What Determines The Capital Structure of List Firm in Ghana. African Finance Journal 7(2): Afza, T., & Nazir, M. (2009). Impact of Aggressive Working Capital Management Policy on Firms' Profitability. The IUP Journal of Applied Finance, 15(8), Akhtar, S., The Determinants of Capital Structure for Australian Multinational and Domestic Corporations. Australian Journal of Management. Vol.30, No.2 pp Anderson, R.C., Reeb, D.M., A Founding Family Ownership and Firm Performance: Evidence from the S&P 500. Journal of Finance 58 (3), Argawal, R. & Elston, J.A., (2001). Bank-Firm Relationships Financing and Firm Performance in Germany. Economic Letters, 72 : Bathala, CT., K.P. Moon dan R.P. Pao (1994). Managerial Ownership, Debt policy, and the Impact of Institutional Holdings: an Agency Perspective. Financial Management. Vol. 23 pp Berger, A.N., Bonaccorsi di Patti, E., Capital Structure and Firm Performance: A New Approach to Testing Agency Theory and an Application to The Banking industry. Journal of Banking and Finance 30, Berle, A., Means, G., The Modern Corporation and Private Property. Harcourt, Brace and World, New York. Boateng, A. (2002). Determinants of Capital Structure: Evidence From International Joint Venture in Ghana. Journal of Social Economics. Vol. 31 pp Brigham, Eugene F. & Houston, Joel F. (2001). Fundamentals of Financial Management International. Second Edition. Prentice Hall. Brigham, E. F. & Louis, C.G., (1997). Financial Management Theory and Practice (8 th ed.). Orlando: The Dryden Press. Cassar, G. & Holmes, S., Capital Structure and Financing of SMEs: Australian evidence. Accounting and Finance, 43,

6 78 Chathoth, P.K. & Olsen, M.D., (2007). Does Corporate Growth Really Matter in The Restaurant Industry?. Hospitality Management, Vol. 26, 11 : Cooper, W.W., Seiford L.M. & Zhu, J., Data Envelopment Analysis: Models and Interpretations. Klower Academic Publisher. Boston. Ch 1, Cructhley C.E. and R.S. Hansen (1989). A Test of the Agency Theory of Managerial Ownership, Corporate Leverage, and Corporate Dividends. Financial Management. pp Deloof, M. (2003). Does Working Capital Management Affects profitability of Belgian Firms? Journal of Business Finance & Accounting. 30(3) & (4), X. Demsetz, H., Industry Structure, Market Rivalry, and Public Policy. Journal of Law and Economics 16 (1), 1 9. Demsetz, H., Lehn, K., The Structure of Corporate Ownership: Causes and Consequences. Journal of Political Economy 93 (6), Esperanca et al. (2003). Corporate Debt Policy of Small Firms: An Empirical (re)examination. Journal of Small Business and Enterprise Development. Vol. 10, No. 1, Fama, Eugene F. & Kenneth R. French, "The Equity Premium," Journal of Finance, American Finance Association, vol. 57(2), pages , 04. Fama, E., Jensen, M., Separation of Ownership and Control. Journal of Law and Economics, 26 (2) : Ferri, M. dan W. Jones, 1979, Determinants of Financial Structure: A New Methodological Approach, Journal of Finance 34(3) : Franco Modigliani and Merton Miller (1958), The Cost of Capital, Corporate Finance, and the Theory of Investment, American Economic Review, 48 (June), Friend and Hasbrouck, Irwin Friend and Joel Hasbrouck, Determinants of Capital Structure. In: A. Chen, Editor, Research in Finance Vol. 7, JAI Press (1988), pp Gitman, Lawrence J. (2009). Principles of Managerial Finance (12th ed.), New York : Addison Wesley.

7 79 Gleason, K., Marthur, I., Wiggins, R.A., (2000). Evidence of Value Creation in Financial Services industries Through The Use of Joint Venture and Strategic Alliances. Windsor Locks, Connecticut. Griner, E.H. and Gordon, L.A. (1995). Internal Cash Flow, Insider Ownership, and Capital Expenditure: a test of pecking order and managerial hypotheses. Journal of Business Finance and Accounting 22(2) : Grossman, S.J., Hart, O., Corporate Financial Structure and Managerial Incentives. In: McCall, J. (Ed.), The Economics of Information and Uncertainty. University of Chicago Press, Chicago. Harris, M. & Raviv, A. (1991). The Theory of Capital Structure, Journal of Finance, 46 : Hill, C., & Snell, S. (1989). Effects of Ownership Structure and Control on Corporate Productivity. Academy of Management Journal, 32(1), Indrawati, Titik dan Suhendro. (2006). Determinasi Capital Structure pada Perusahaan Manufaktur di Bursa Efek Jakarta : Periode Jurnal Akuntansi dan Keuangan Indonesia. Vol. 3 No.1 pp Jensen, M., Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review 76, Jensen, M., Meckling, W., Theory of the firm: Managerial Behavior, Agency Costs and Capital Structure. Journal of Financial Economics 3, Jiraporn, P., Gleason, K.C., Capital Structure, Shareholdings Rights, and Corporate Governance. Journal of Financial Research 30 (1), Keown, Arthur J. David F., Scott Jr. Jhon D. Martin, J. William Petty. (2004). Basic Financial Management. Ninth edition. USA: International Student Edition. King, M.R., Santor, E., Family Values: Ownership Structure, Performance and Capital Structure of Canadian firms. Journal of Banking and Finance 32, Kyereboah-Coleman, A., (2007). Corporate Governance and Firm Performance in Africa: A Dynamic Panel Data Analysis. Studies in Economics and Econometrics, Forthcoming. Leblebici, H., Salancik, G. R., Copay, A., & King, T Institutional Change and The Transformation of Interorganizational Fields: An Organizational History

8 80 of The U.S. Radio Broadcasting Industry. Administrative Science Quarterly, 36: Leibenstein, H., Allocative Efficiency vs. X-efficiency. American Economic Review 56, Margaritis, D. & Psillaki, M., Capital Structure and Firm Efficiency. Journal of Business Finance and Accounting 34 (9 10), Margaritis, D. & Psillaki, M., Capital Structure, Equity Ownership and Firm Performance. Journal of Banking an Finance 34, Modigliani, F. & Miller, M. (1958). The Cost of Capital,Corporate Finance and The Theory of Investment. American Economics Review 48 (3) : Modul Lab. Ekonomi Penerapan. Universitas Trisakti, Jakarta. Morck, R., Shleifer,, A., Vishny, R.W., Management Ownership and Market Valuation: An Empirical Analysis, Journal of Financial Economics 20, Munish, J. (1990). An Empirical Study of Determinants of Capital Structure. (diakses pada tanggal 4 January 2011) Myers, S., Determinants of Corporate Borrowing. Journal of Financial Economics 5, Stulz, R., Managerial discretion and optimal financing policies. Journal of Financial Economics 26, Myers, S. (1984). The Capital Structure Puzzle. The Journal of Finance 39 (3) : Myers, S. & Majluf, N., (1984). Corporate Financing and Investment Decision When Firms Have Information That Investor do not have. Journal of Financial Economics. Vol.13. No. 2 pp Nguyen, T.D.K. and N. Ramachandran (2006). Capital Structure in Small and Medium- Sized Enterprises: The Case of Vietnam. ASEAN Economic Bulletin, 23(2), Nicholson, Walter. (2004). Intermediate Microeconomics. Ninth edition. Thomson Learning America. Padron Y. G., Apololinario R. M. C., Santana O.M., Conception M., Martel V. and Sales L.J., Determinant Factors of Leverage: An Empirical Analysis of Spanish Corporation. Journal of Risk Finances, 6(1) :

9 81 Rajan, R.G. & Zingales, L., The Tyranny of Inequality. Journal of Public Economics, Elsevier. Vol. 76(3), pp Ross, S.A.; Westerfield, R. & Jaffe, D. (2008). Corporate Finance, Seventh edition, USA : Mc Graw Hill, International Edition. Sayilgan G., Karaback H. and Kucukkocaoglu, The Firm Spesifica Determinants of Corporate Capital Structure: Evidence From Turkish Panel Data. Shephard, R., Theory of Cost and Production Functions. Princeton University Press, Princeton. Shleifer, A., Vishny, R.W., Large Shareholders and Corporate Control. Journal of Political Economy 94, Smith, C. W. and Warner J.B., Bankruptcy, Secured Debt, and Optimal Capital Structure: Comment. The Journal of Finance. Vol.34, no.1. Stulz, R., Managerial Discretion and Optimal Financing Policies. Journal of Financial Economics 26, 3-27 Teruel P J G and Solan P M (2005), Effects of Working Capital Management on SME Profitability, International Journal of Managerial Finance, Vol. 3, No. 2, pp Titman, S., Wessels, R., The Determinants of Capital Structure Choice. Journal of Finance 43, Zeitun, R., Tian, G. (2007), "Capital Structure and Corporate Performance: Evidence from Jordan", Australasian Accounting Business and Finance Journal, Vol. 1 pp Zeng, G. (1993). Debt Use and Profitability: A reality Check For The Restaurant Industry. Journal of Food Service Systems, 7 :