PENGARUH STRUKTUR AKTIVA, LIKUIDITAS, PROFITABILITAS TERHADAP STRUKTUR MODAL PADA PERUSAHAAN FARMASI

Abstract

This research aimed to find out and examine the effect of asset structure, profitability (Return On Asset), and
liquidity (Current Ratio) on capital structure (Debt to Equity Ratio) of pharmaceutical companies which were
listed on Indonesia Stock Exchange (IDX). Moreover, the data analysis technique used purposive sampling, in
which the sample was based on criteria given. In line with that, there were 7 pharmaceutical companies as the
sample. The data were secondary. Furthermore, the data analysis technique used multiple linear analysis with
SPSS 25, in order to examine the effect of asset structure, profitability, and liquidity on capital structure.
According to the testing which used t-test, it concluded that asset structure had a negative and insignificant
effect on capital structure. Likewise, profitability (ROA) had a negative and insignificant effect on capital
structure. On the other hand, liquidity (CR) had a negative and significant effect on the capital structure of
pharmaceutical companies which were listed on IDX.