PENGARUH STRUKTUR ASET, PROFITABILITAS, DAN PERTUMBUHAN PENJUALAN TERHADAP STRUKTUR MODAL PERUSAHAAN FOOD AND BEVARAGE

Abstract

This research aimend to examine the effect of asset structure, profitability which was referred to Return On Asset (ROA), and sales growth on the capital structure which was measured by Debt to Equity Ratio (DER) through financial statement of Food and Beverages companies which were listed on Indonesia Stock Exchange (IDX). The population was 26 Food and Beverages companies which were listed on Indonesia Stock Exchange (IDX) 2015-2018. While, the data were secondary. Moreover, the data collection technique used purposive sampling. In line with, there were 11 companies as sampel, whith the total data of 44. Furthemore, the data analysis technique used multiple regression with SPSS (Statistical Product and Service Solution). The research result, from hypothesis test, concluded asset structure had significant effect on the capital structure of Food and Beverages companies. On the other hand, profitability and sales growth did not affect the capital structure of Food and Beverages companies. That way the results of this study support the existence of the pecking order theory associated with prioritizing the use of new internal funds using external funds at the company.
Keywords: aset structure, profitability, sales growth