PENGARUH LIKUIDITAS, PROFITABILITAS DAN UKURAN PERUSAHAAN TERHADAP STRUKTUR MODAL PADA PERUSAHAAN FARMASI

Abstract

This research aims to test and determine the influence of liquidity, profitability, and firm size on capital structure. The sample in this research amounted to 7 pharmaceutical companies which is listed in the Indonesia Stock Exchange. The sampling technique uses a puposive sampling method. Sources of data used are secondary data through annual pharmaceutical company financial statements in the period 2012-2016 processed with using SPSS 24 software. Capital structure is measured by using debt to equity ratio (DER). Data analysis used is multiple linear analysis. The results of this research indicates that the liquidity (CR) variable has a negative and insignificant influence on the capital structure because the more liquid companies tend to reduce their long-term debt. Profitability as measured by return on assets (ROA) has a negative and significant influence on capital structure because high profitability can reduce the use of debt. Company size has positive and insignificant influence on capital structure due to increase of company size followed by capital structure increase.
Keywords: liquidity, profitability, company size and capital structure.