Antecedent Capital Structure and Its Effect on FirmValue: Case Study on Tourism Industry Sector Listed in Indonesia Stock Exchange

摘要

Research on the capital market in the tourism industry in Indonesia is still very limited, besides the results of research related to it each has not found consistent results. This research aims to assess empirically the antecedents of capital structure and its effect on firm value. The population of this study is a tourism industry sector in Indonesia listed on the Indonesia Stock Exchange active since 2007-2014 with sample research of 19 companies obtained by sampling total sampling technique. The variables analyzed in this study include profitability, growth Assets, capital structure and firm value. Hypothesis test using multiple linear regression analysis with data processing using SPSS program. The results show that profitability have a significant effect on capital structure whereas growth has no significant effect on capital structure. Profitability has significant effect to firm value, while growth and capital structure have no effect significant to firm value. While simultaneously variable profitability, growth, and capital structure have an effect on significant to firm value. Path analysis test shows that capital structure can't be an intervening variable that mediates the relationship between profitability with the firm value. But capital structure can be an intervening variable that mediates the relationship between Growth asset with the firm value