PENGARUH DIVERSIFIKASI PRODUK TERHADAP STRUKTUR MODAL DENGAN VARIABEL MODERATING KEPEMILIKAN ASING

Abstract

The objectives of this research are to examine the influence of related and unrelated diversification to capital structure, and also to examine moderation of foreign ownership to the relationship of related and unrelated diversification to capital structure on listed firms in Indonesia Stock Exchange. The results of this research show related diversification has negative influence to capital structure, unrelated diversification has positive influence to capital structure, foreign ownership strengthen relationship of related diversification to capital structure, foreign ownership fails to moderate unrelated diversification to capital structure.

Keywords: capital structure. foreign ownership, related diversification, unrelated diversification, product diversification

Tujuan penelitian ini adalah untuk menguji pengaruh related diversification, dan unrelated diversification terhadap struktur modal serta menguji moderasi kepemilikan asing terhadap hubungan related diversification dan unrelated diversification terhadap struktur modal pada perusahaan-perusahaan yang terdaftar di Bursa Efek Indonesia. Hasil dari penelitian ini menunjukkan related diversification berpengaruh negatif terhadap struktur modal, unrelated diversification berpengaruh positif terhadap struktur modal, kepemilikan asing memperkuat hubungan related diversification terhadap struktur modal, kepemilikan asing tidak berhasil memoderasi hubungan unrelated diversification terhadap struktur modal.

Kata kunci: struktur modal, kepemilikan asing, related diversification, unrelated diversification, product diversification