PENGARUH PROFITABILITAS, LIKUIDITAS, UKURAN PERUSAHAAN, STRUKTUR ASET DAN TINGKAT PERTUMBUHAN TERHADAP STRUKTUR MODAL

Abstract

This research aimed to examine the effect of profitability, liquidity, firm size, asset structure, and growth level on capital structure. Profitability was measured by Return On Assets, liquidity was measured by Current Ratio, firm size was measured by logarithm natural total asset, asset structure was measured by fixed asset ratio, and growth level was measured by sales growth. While the capital structure was measured by the Debt to Equity Ratio. The research was quantitative. The population was Food and Beverage companies listed on the Indonesia Stock Exchange (IDX). Moreover, the data collection technique used purposive sampling. In line with that, there were 92 samples from 23 Food and Beverage companies listed on IDX during 2019-2022. Furthermore, the data analysis technique used multiple linear regression with SPSS. The result of the data analysis and hypothesis test concluded that profitability did not affect capital structure. However, liquidity had a negative effect on capital structure. In contrast, firm size had a positive effect on capital structure. On the other hand, asset structure had a negative effect on capital structure. On the contrary, growth level did not affect capital structure.