PENGARUH PROFITABILITAS, GROWTH OPPORTUNITY, STRUKTUR AKTIVA DAN KEBIJAKAN DIVIDEN TERHADAP STRUKTUR MODAL

Abstract

This research aimed to find out the effect of profitability, growth opportunity, asset structure, and dividend policy
on capital structure. The population was Food and Beverage companies listed on the Indonesia StockExchange
2016-2021. The data collection technique used purposive sampling, in which the samplewas based on the criteria
given. In line with that, there were 9 companies in the sample. Moreover, the data analysistechnique used multiple
linear. The result concluded that (a) profitability had a positive effect on capital structure.Itshowed that companies
with higher profitability, could easily get debts, (b) growth opportunities did not affect capital structure. This
showed that there were internal funds or assets available within the company. Therefore, external funds in the
form of debts were not necessarily needed, (c) asset structure had a positive effect on capital structure. It showed
that companies with higher asset structure, could easily get debts, in which most of the assets in the form of fixed
assets would still be used to fulfill the debts needed with debts, (d) dividend policydid not affect capital structure.
This meant dividend incline won’t be in line with capital structure. As the companies had stable cash flow, they
tended to use their internal funds in paying the dividend and investment before using external funds.