FAKTOR–FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL PADA PERUSAHAAN MANUFAKTUR

Abstract

This research aimed to examine the factors that influenced the capital structure of manufacturing companies that listed on the Indonesia Stock Exchange (IDX) 2013-2017. The research was quantitative. While, the sampling technique used purposive sampling which based on predetermined criteria, Furthermore, there were 34 companies as sample with 170 observations. However, the total data was 148 as they were done by outliers. Moreover, the data analysis technique used multiple linier regression analysis with IBM SPSS 23. Based on the results of hypothesis testing, it concluded profitability had negative effect on capital structure. Likewise, asset structure had negative effect on capital structure. Moreover, sales growth did not affect on the capital structure. While, growth rates had positive effect on capital structure. As sames as growth rate, company size and business risk had positive effect on capital structure. On the other hand, liquidity had negative effect on capital structure. As well as liquidity, dividend policy did not affect on the capital structure.
Keywords: Financial Performace, Finacial Ratio, Capital Structure.