PENGARUH STRUKTUR AKTIVA, UKURAN PERUSAHAAN DAN GROWTH OPPORTUNITY TERHADAP STRUKTUR MODAL

Abstract

This research aimed to examine the effect of asset structure, firm size, and growth opportunity on capital structure.
The asset structure was measured by fixed assets ratio, firm size was measured by Ln(total asset), and growth
opportunity was measured by comparing total assets in previous years (t-1) with the latest year (t). While, capital
structure was measured by debt to equity ratio. The research was quantitative. Moreover, the data collection
technique used purposive sampling, in which the sample was based on criteria given. In line with that, there were
16 Textile and Garment companies which were listed on Indonesia Stock Exchange during 5 years (2016-2020).
In total, there were 80 samples of companies. The research result concluded that asset structure which was referred
to fixed assets ratio had a positive effect on capital structure. The higher its assets were, the higher the capital
structure would be. Likewise, firm size which was referred to Ln(total asset) had a positive effect on capital
structure. The higher the firm size was, the higher the capital structure would be. On the other hand, growth
opportunity which was referred to growth formula,i.e. comparing total assets in the previous years and the latest
year did not affect capital structure. Higher or smaller the growth opportunity did not affect capital structure.