PENGARUH PROFITABILITAS, PERTUMBUHAN PENJUALAN DAN UKURAN PERUSAHAAN TERHADAP STRUKTUR MODAL PADA PERUSAHAAN PROPERTI DAN REAL ESTATE

Abstract

This research aimed to examine the effect of profitability, sales growth and firm size on capital structure. Moreover, the research was causal-comparative with a quantitative approach. The data were secondary, in the form of the annual financial report, and taken from the Indonesia Stock Exchange (IDX). The population was Property and Real Estate companies listed on IDX during 2019-2022. Furthermore, the data collection technique used purposive sampling, in which the sample was based on the criteria given. In line with that, there were 20 companies as the sample. In total, there were 80 data observations. Additionally, the data analysis technique used multiple linear regression. The result concluded that profitability had a negative effect on capital structure. It meant a higher profit made companies use internal funds before using the debts. However, sales growth did not affect capital structure. This meant the sales fluctuation did not affect the capital structure since the companies used profits from sales. In contrast, firm size had a positive effect on capital structure. In other words, bigger companies could gain more assets and have liabilities to add to debts.