DETERMINAN STRUKTUR MODAL PERBANKAN DI BURSA EFEK INDONESIA

Abstract

This paper aims to analyze the relationships between the determinants of bank capital
structure to it’s leverage. This study focuses on the use of decomposional analysis to its leverage
by applying two main theories of capital structure that are the trade off theory and the pecking
order theory. A decomposional analysis divided leverage into four type indicators of latent
variables that each of these variables calculated again based on the book value and the market
value. A decompotional analysis aims to measure the sensitivity of the different measurements of
the definition of leverage.This study was conducted on 31 banking companies listed in Indonesia
Stock Exchange from 2007 to 2012 by purposive sampling method. The nalysis tool used is
Structural Equation Model (SEM) with LISREL program. SEM analysis is used to observe the
effect of the policy determinants of capital structure to banking decompositional leverage which is
a complex variable, and to obtain an overall picture of the overall models.The results showed that
factors into the determinants of the capital structure of Indonesia banking industries are
tangibility, agency cost, size, and growth were found to significantly affect the decomposition of
leverage. While profitability is proven not significantly affect the decomposition leverage except
for leverage-adjusted debt-to-adjusted capital. This study also shows the change in preferred
stock, tax rate, and intangible assets as part of leverage can change the significance and direction
of the relationship between the factors become determinant of capital structure and leverage
levels.