Pengaruh Financial Leverage Terhadap Kinerja Keuangan (Studi Pada Perusahaan Properti dan Real Estate yang Terdaftar di Bursa Efek Indonesia Periode 2011-2015)
Article Sidebar
Main Article Content
Abstract
The main objective of this study is to determine the effect of financial leverage on financial performance of the 39 selected property and real estate companies listed in Indonesia Stock Exchange over a period of five years (2011-2015). This work employed two financial leverage for the independent variables such as: debt ratio (DR) and debt to equity ratio (DER) in determining their effect on financial performance such as return on equity (ROE), sales growth and price earning ratio (PER) as a dependent variable. The secondary data were obtained from the financial statement (comprehensive income statement and statement of financial position) of the selected companies quoted from the Indonesia Stock Exchange (IDX). Descriptive statistical test, simple linear regression test and hypothesis test are used to analyze the data of this research. The results of the analysis show that there is a positive and insignificant influence between financial leverage on the financial performance of 39 companies, proven by hypothesis testing of t-value (1.610) < t-table (1.65481) and P-value of 0.109, while the value of regression coefficient of financial performance of 0.008.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
a. Authors retain copyright and grant the journal right of first publication, with the work after publication simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
b. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
c. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
References
Dewi, I. J. (2004). Aksi teori Dalam Praktik Manajeman Keuangan. Yogyakarta: Asmara Books.
Enekwe, C. I., Ikechukwu, A. C., & Nnagbogu, E. K. (2014). The Effect of Jurnal Riset Bisnis & Investasi Vol. 3, No. 3, Desember 2017 56 ISSN 2460-8211 Financial Leverage on Financial Performance: Evidence of Quoted Pharmaceutical Companies in Nigeria. OSR Journal of Economics and Finance (IOSR-JEF)Volume 5, Issue 3. (Sep.-Oct. 2014), PP 17-25.
Fahmi, I. (2013). Analisis Laporan Keuangan, Cetakan ketiga. Bandung: Alfabeta.
Gitman, J. L. (2006). Principles of Managerial Finance, eleven edition. Massachusetts: Addison-Wesley Publishing Company.
Hanafi, M. (2013). Manajemen Keuangan. Edisi Pertama.
Handayani S. R., Ludjianto, S. E., & Hidaya, R. R. (2014). Pengaruh Analisis Leverage Terhadap Kinerja Keuangan Perusahaan. (Studi pada Perushaan Properti dan Real estate yang Listing di BEI tahun 2010-2012. Jurnal Administrasi Bisnis (JAB) 8 (1):1-8.
Kompas.com. (2016, 22 November 2016). BI Prediksi Pertumbuhan Ekonomi 2017 Sebesar 5 - 5,4 Persen. EKONOMI. Retrieved 28 Februari 2017, 2017, from http://bisniskeuangan.kompas.com/read/2016/11/22/205638926/bi.prediksi.pertumbuhan.ekonomi.2017.sebesar.5.-.5.4.persen.
Priharyanto, B. (2009). Analisis Pengaruh Current Ratio, Inventory Turnover, Debt to Equity Ratio dan Size Terhadap Profitabilitas. Tesis.Program Pasca Sarjana. Universitas Diponegoro. Semarang.
Ratnawati, T. (2007). Pengaruh Langsung dan Tidak Langsung Faktor Ekstern, Kesempatan Investasi dan Pertumbuhan Assets Terhadap Keputusan Pendanaan Perusahaan yang Terdaftar Pada Bursa Efek Jakarta (Studi pada Industri Manufaktur Masa Sebelum Krisis dan Saat Krisis). Vol. 9, No.2 (2007). The Institute of Research & Community Outreach-Petra Christian University.
Sartono, A. (2001). Manajemen Keuangan: Teori dan Aplikasi. Edisi ke Empat. Yogyakarta: BPFE.
Sartono, A. (2010). Manajemen Keuangan Teori dan Aplikasi. Edisi ke Empat, Cetakan ke Tujuh. Yogyakarta: BPFE.
SindoNews.com. (2016, Kamis, 17 November 2016 − 20:33 WIB). Pertumbuhan Ekonomi Indonesia Termasuk Tertinggi di Dunia. Ekonomi Bisnis. Retrieved 28 Februari, 2017, from https://ekbis.sindonews.com/read/1156211/33/sri-mulyani-pertumbuhan-ekonomi-indonesia-termasuk-tertinggi-di-dunia-1479389615.
Srimindarti, C. (2006). Balanced Scorecard Sebagai Alternatif untuk Mengukur Kinerja. Semarang: STIE Stikubank. Sudana, I. M. (2011). Manajemen keuangan perusahaan (Teori dan Praktek). Surabaya: Erlangga.
Syamsuddin, L. (2011). Manajemen Keungan Perusahaan. Jakarta : PT Rajagrafindo Persada.
Weston, J. F., & Copeland, T. E. (2010). Manajemen Keuangan Jilid I. Terjemahan oleh Jaka Wasana. Jakarta: Binarupa.
Zeitun, R., & Tian, G. G. (2007). Capital Structure and Corporate Performance: evidence from Jordan. Australasian Accounting, Business and Finance Journal, 1(4), PP 40-61.