PENGARUH GROWTH OPPORTUNITY, UKURAN PERUSAHAAN, DAN KEBIJAKAN DIVIDEN TERHADAP STRUKTUR MODAL

Abstract

This research aims to examine the effect of growth opportunity, firm size, and dividend policy on the capital structure with profitability as the intervening variable. Furthermore, the growth opportunity was measured by assets growth, firm size was measured by Natural Logarithm from total assets, dividend policy was measured by dividend payout ratio, the capital structure was measured by debt to equity ratio and profitability was measured by return on assets. The research applies quantitatively. Moreover, the population consists of Food and Beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX). The data collection technique used purposive sampling i.e., a sampling selection with determined criteria. In line with that, 17 companies were chosen as samples. The data were taken for 4 years (2020-2023). Therefore, there were 68 processed data. Additionally, the data analysis technique used intervening regressions and path analysis. The result indicates that growth opportunity does not positively affect profitability. However, firm size and dividend policy have a negative effect on profitability. Meanwhile, growth opportunity does not positively affect capital structure. In contrast, firm size has a positive effect on capital structure. On the other hand, dividend policy does not positively affect capital structure. In addition, profitability cannot mediate the effect of growth opportunity on capital structure. On the contrary, profitability can moderate the effect of firm size and dividend policy on capital structure.