PENGARUH PROFITABILITAS, LEVERAGE DAN LIKUIDITAS TERHADAP STRUKTUR MODAL PADA PERUSAHAAN CONSUMER GOODS

Abstract

This research aims to determine and analyze the effect of profitability, operating leverage, liquidity on the capital structure of the consumer goods companies that listed on the Indonesia Stock Exchange. The sample in this research was obtained through purposive sampling in the consumer goods companies listed on the Indonesia Stock Exchange during the period of 2012 to 2017. The analytical method was multiple linear regression analysis with SPSS tools. The results of this research indicated that the profitability variable has a negative and not significant effect on the value of capital structure. This shows that the greater level of profitability meant the greater the company's ability to finance operational activities within the company. Than the operating leverage had a positive and insignificant effect on capital structure which indicated greater level of operating leverage to the greater the company’s ability to increase profits that were obtained before interest and tax. While the variable liquidity had a negative and significant effect on capital structure showing the greater level of liquidity to the greater company's ability to fulfill its obligations in debt.

Keywords: profitability, leverage, liquidity, capital structure.