PENGARUH PROFITABILITAS, RISIKO BISNIS DAN STRUKTUR ASET TERHADAP STRUKTUR MODAL

Abstract

This research aims to determine the effect of profitability, business risks, and asset structure on the capital structure of Food and Beverage companies listed on the Indonesia Stock Exchange (IDX) during 2019-2023. Capital structure was referred to as Debt to Equity Ratio (DER), profitability was referred to as Return On Asset (ROA), business risks were referred to as Degree of Operating Leverage (DOL), and asset structure was referred to as Fixed Asset Ratio (FAR). The research was causal-comparative. Furthermore, the population consists of 26 Food and Beverage companies listed on the Indonesia Stock Exchange (IDX) during 2019-2023. The data collection technique used purposive sampling. In line with that, there were 15 companies as the sample. Moreover, the data were secondary, in the form of companies’ financial statements. The data analysis technique used multiple linear regression with SPSS. The result shows that profitability has a negative and significant effect on capital structure. Likewise, business risks have a negative and significant effect on capital structure. However, asset structure does not have an insignificant effect on the capital structure of Food and Beverage companies listed on IDX.