PENGARUH UKURAN PERUSAHAAN, PROFITABILITAS DAN PERTUMBUHAN ASSET TERHADAP STRUKTUR MODAL

Abstract

Capital structure is an important matters for every companies, because the fluctuation of capital structure of the company will give direct effect to the financial. Optimum capital structure is the capital structure which has been predicted will generate the lowest measured average capital cost which has been expected can enhance the firm value. The research is meant to test the influence of firm size, profitability, and asset growth to the capital structure on cement companies which are listed in Indonesia Stock Exchange. The research samples are 3 cement companies i.e. PT Indocement Tunggal Prakarsa Tbk (INTP), PT Holcim Indonesia Tbk (SMCB), PT Semen Indonesia (Persero) Tbk (SMGR), because these companies have met the predetermined sample criteria. The data is 2011-2015 financial statement. The analysis has been done by using multiple linear regressions, classic assumption test, model feasibility test, and hypothesis test (t test). The result of the research shows that profitability and asset growth give significant influence to the capital structure whereas firm size give insignificant influence to the capital structure.

Keywords : firm size, profitability, asset growth, capital structure