PENGARUH PERTUMBUHAN PERUSAHAAN, RISIKO BISNIS TERHADAP STRUKTUR MODAL DAN NILAI PERUSAHAAN PADA INDUSTRI PERBANKAN DI BURSA EFEK INDONESIA SEBELUM DAN SESUDAH KRISIS GLOBAL
The study aims In the current era of the modern economy, the world economy is not only influenced by the real sector, but also financially, even more money is circulating in the financial sector. This then makes the modern economic system so fragile, where the process of economic crisis will occur periodically. Where the determination of its own capital structure takes into account several factors such as company growth and business risk, in addition to being a determinant of capital structure, these two components can also have an impact on firm value.The purpose of this study was intended to determine the significance of the effect of company growth and business risk on capital structure, as well as the significance of the effect of company growth, business risk and capital structure on the value of the company in the pre-crisis phase of 2007-2008 and after the 2008-2009 global crisis.The results showed that in the period before the global crisis corporate growth and business risk had a significant effect on capital structure, but not significantly on firm value. Capital structure as a form of financial decision in this study was found to have a non-significant effect on firm value. The results of the study in the period after the global crisis showed that company growth had no significant effect on capital structure, and also not significantly on firm value. Business risk has no significant effect on capital structure, but it is significant on firm value Capital structure is also found to have insignificant influence on firm value.
Keywords: Global Crisis, Corporate Growth, Business Risk, Corporate Value, Banking Industry.