PENGARUH STRUKTUR AKTIVA, SIZE DAN SALES GROWTH TERHADAP STRUKTUR MODAL

Abstract

This research aimed to examine the effect of asset structure, firm size, and sales growth on capital structure.
While, the asset structure was measured by SA, firm size was measured by LN and sales growth was measured
by PP. Meanwhile, capital structure was measured by DER. The research was quantitative. Moreover, the
population was 12 Food and Beverages companies which were listed on Indonesia Stock Exchange 2015-2018.
Furthermore, the data collection technique used purposive sampling, in which the sample was based on criteria
given. In line with, there were 48 samples. In addition, the data analysis technique used multiple linear
regression with SPSS 21. The research result concluded asset structure had positive and significant effect on
capital structure. It meant, companies with bigger current asset would have bigger also in earning debt. In
contrast, firm size had negative and insignificant effect on capital structure. In other words, companies with
bigger size had its tendency to have their own capital rather than using debts. On the other hand, sales growth
had positive but insignificant effect on capital structure. This meant, by having higher sales growth, companies
would have bigger profit. As consequence, the company would prefer using internal to external fund.
Keywords: asset structure, firm size, sales growth, capital structure