PENGARUH KINERJA KEUANGAN, UKURAN PERUSAHAAN, DAN RISIKO BISNIS TERHADAP STRUKTUR MODAL

Abstract

As capital structure is funds proportion with company’s debts (debt financing), its structure becomes key of
productivity and company’s performance. While, this research aimed to examine the effect of financial
performance, firm size, and business risks on the capital structure. Moreover, the financial performance was
measured by natural logaritms total asset, business risks was measured by degree of operating leverage. The
research was quantitative. Furthermore, the data collection technique used purposive sampling, in which the
sample was based on criteria given. In line with, there were 45 companies as sample. In addition the data
analysis technique used multiple linear regression with SPSS 20. The research result concluded firm size and
business risks had positive effect on the capital structure. On the other hand, financial performance had
insignifficant effect on the capital structure. Meanwhile, regression model showed determination coefficient of
0.934. It meant, dependent variable had affected by all independent variables of 93.4%, and the rest of 6.6% had
affected by other variables which were not examined.
Keywords: financial performance, firm size, business risks, capital structure