STRUKTUR MODAL OPTIMAL DALAM MENGHASILKAN LABA UNTUK USAHA KECIL MENENGAH DI KOTA MALANG

Abstract

This study aims to find out more about the policy of the existing capital
structure at the Small and Medium Enterprises (SMEs), the influence
of the ratio of debt to assets, the ratio of sales to assets, the loan term
to the benefit of business, types of financial institutions, and the loan
term to profitability which measures the continuity of their business.
This study is a combination of quantitative research by using
statistical tests. The qualitative research through general least square
(GLS) to test the variable sales to total assets and the ratio of debt to
total assets.
The object of research is SMEs spread across the city of Malang by
viewing the source of funding and the type of financial institution that
is accessible related to profitability. The sample selection using
purposive sampling technique with the SME population in the city of
Malang, gained as much as 62 SMEs as the sample population collected
as many as 36 SMEs. The sample is an SME that is included in the
population sample that met the selection criteria.
The results of the analysis to model 1 shows that the profitability of
SMEs in Malang influenced by the explanatory variables used in the
capital structure research by 74.20% and only range of approximately
25% is influenced by other factors. Based on the analysis models II,
line of business and the type of financial institution that became the
source of acquisition of capital is not a major factor of financial
performance or profitability of SMEs in Malang.