PENGARUH PROFITABILITAS, STRUKTUR AKTIVA DAN UKURAN PERUSAHAAN TERHADAP STRUKTUR MODAL

Abstract

This research aimed to analyze and find out the effect of profitability, asset structure, and firm size on capital structure. Profitability was measured by Return On Asset (ROA), asset structure was measured by Fixed Asset Ratio (FAR), firm size was measured by Logarithm Natural (Ln) Total Asset, and capital structure was measured by Debt to Equity Ratio (DER). Moreover, the population was 9 Pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) for 5 years (2017-2021).The research was quantitative. Furthermore, the data collection technique used purposive sampling, in which the sample was based on the criteria given. In line with that, there were 7 companies as the sample. Additionally, the data analysis technique used multiple linear regression, classical assumption test, coefficient test (R2), F-test, and t-test with SPSS. The result concluded that profitability (ROA) had a negative and significant effect on capital structure. Likewise, asset structure (FAR) had a negative and significant effect on capital structure. However, firm size (SIZE) had a positive but insignificant effect on capital structure.