PENGARUH PROFITABILITAS, UKURAN PERUSAHAAN, LIKUIDITAS, DAN KEBIJAKAN DIVIDEN TERHADAP STRUKTUR MODAL

Abstract

This research is aimed to examine the influence of profitability, firm size, liquidity, and dividend policy to the capital structure. The research has been conducted on property and real estate companies which are listed in Indonesia Stock Exchange in 2013-2015 periods. The sample collection technique has been done by using purposive sampling. Based on the predetermined criteria of 39 property and real estate companies have been selected as samples. The data analysis technique has been done by using multiple linear regressions analysis. The results show that (1) profitability gives negative influence to the capital structure. This shows that companies with high levels of profitability have a lot of internal funds so companies will use their internal funds first before they decide to use debt. (2) firm size give positive influence to the capital structure. This shows the size of the company is getting large, it will be easy for the company to get the debt. (3) liquidity gives negative influence to the capital structure. This shows that companies which can fulfill their short-term obligations, have bigger internal funds than the debt which have to be paid. (4) dividend policy does not give any influence to the capital structure. This indicates that stable companies in performing dividend payments have to provide funds in a certain amount. But companies which have a lot of debt will choose to reduce their amount of dividends or not to share it.
Keywords: profitability, firm size, liquidity, dividend policy, capital structure.