PERTUMBUHAN PERUSAHAAN, STRUKTUR AKTIVA, DAN PERTUMBUHAN PENJUALAN SERTA PENGARUHNYA TERHADAP STRUKTUR MODAL

Abstract

This research is meant to find out the influence of company growth, assets structure and sales growth to the
capital structure. The data is the secondary data of PT. Gudang Garam, Tbk which is listed in Indonesia Stock
Exchange (IDX). This research does not use sample because the characteristic of this research is case study so
that the data only uses one company which is PT. Gudang Garam, Tbk in the form of quarterly financial
statement in 2012-2015 periods. The data analysis technique has been carried out by using multiple linear
regressions. The result of the research shows that sales growth does not have any significant influence to the
capital structure because high level of sales growth does make the company to make loan and enlarge its capital
structure. This statement is supported by the result of the research of Sa’adah (2015). Meanwhile, assets
structure and company growth give positive and significant influence to the capital structure since a company
with fixed assets position will have the convenience in making loan and the company which experiences growth
will need more capital to expand its business. This statement is supported by the result of the research of Putri
and Fadhlia (2014) and Mahjati (2013).

Keywords: company growth, asset structure, sales growth, capital structure.