PENGARUH PERTUMBUHAN PENJUALAN, PROFITABILITAS DAN LIKUIDITAS TERHADAP STRUKTUR MODAL DI BEI

Abstract

Tourism and hospitality companies had crucial role in economic activity. While, the development of Indonesia economic growth in Indonesia had increased business competition among the companies. Therefore, this research aimed to find out and examine the effect of sales growth, profitability, and liquidity on the capital structure of tourism and hospitality companies which were listed on Indonesia Stock Exchange 2014-2018. The research was quantitative, with causal-comparative as its approach. Meanwhile, the data were secondary, which In the form of financial statement of tourism and hospitality companies. Moreover, the population was tourism and hospitality companies which were listed on Indonesia Stock Exchange 2014-2018. Furthermore, the data collection technique used purposive sampling. In line with, there were 13 companies as sample. Additionally, the data analysis technique used multiple linear regression. The research result concluded sales growth had positive and significant effect on the capital structure. On the other hand, profitability and liquidity had negative and significant effect on the capital structure. In addition, from the research result, it showed coeffiecient determination (R2) of 0.362. This meant, 36,2% of capital structure was effected by sales growth, profitability and liquidity.
Keywords: capital structure, sales growth, profitability, liquidity