PENGARUH SENSITIVITAS MAKROEKONOMI, PROFITABILITAS DAN LIKUIDITAS TERHADAP STRUKTUR MODAL PERUSAHAAN

Abstract

The research aimed in determine the effect of the macroeconomy factor’s sensitivity, profitability, and liquidity on the capital structure. Furtheremore, this research population used companies in property, real estate, and building construction sectors listed in Indonesia Stock Exchange (IDX) during the 2014-2019. This research used a quantitative method with purposive sampling as the sample collection and multiple linear regressions analysis as the data analysis technique. Therefore it obtained 222 companies data from 37 companies. This research showed that the macroeconomy variable, such as the US Dollar exchange rate, had a negative effect but insignificant on the capital structure. It meant the US Dollar fluctuation did not affect the capital structure; meanwhile, inflation had a negative effect but insignificanton the capital structure. This meant that the fluctiation of inflation did not affect the capital structure; moreover, the interest rate had a negative effect but insignificant on the capital structure. This meant that the fluctuation of the interest rate dis not affect the capital structure; besides, profitability (ROA) had a negative effect on the capital structure, which meant that the higher the profitability produced, the lower the capital structure which came from debt; and additionally, liquidity (CR) had a negative effect on the capital structure. This meant that high liquidity would decrease the company’s capital structure.
Keywords: macroeconomics, profitability, liquidity, and capital structure