FAKTOR-FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL (Studi Kasus Pada Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia)

Abstract

This research aimed to examine the effect of some factors affecting the capital structure of manufacturing companies which were listed on Indonesia Stock Exchange 2015-2019. The research was quantitative. Moreover, the population was all manufacturing companies which were listed on Indonesia Stock Exchange 20152019. Furthermore, the data collection technique used purposive sampling. In line with, there were 45 companies as the sample. Additionally, the data analysis technique used multiple linear regression with SPSS (Statistical Product and Service Solution). The research result concluded that profitability had a positive effect on capital structure. This meant, the higher the company's profit was, the higher the capital structure would be. On the other hand, Tangibility had a negative effect on capital structure. It meant, the more increased Tangibility was, the more decreased capital structure would be. Likewise, liquidity had a negative effect on capital structure. This meant, company which had a higher profitability would earn a lower capital structure. In contrast, firm size did not affect capital structure, On the other hand, the firm size could not become benchmarking of companies' capital structure. Likewise, dividend policy did not affect capital structure, as the policy was not always followed by the increase of companies' debts.
Keywords: profitability, tangibility, liquidity, firm Size, dividend policy