PENGARUH PROFITABILITAS, LIKUIDITAS, DAN RISIKO BISNIS TERHADAP STRUKTUR MODAL PADA PERUSAHAAN PERTAMBANGAN SEKTOR BATUBARA

Abstract

Coal mining company is one of crucial economy sector in Indonesia since it gives big contribution export. This make some investors are interested to invest their money to the coal mining company. This research aimed to examine the effect of profitability, liquidity, and business risks on the capital structure through annual financial statement of coal mining companies which were listed on Indonesia Stock Exchange 2013-2017. The research was quantitative. Moreover, the population was 22 mining coal companies. Furthermore, the data collection technique used purposive sampling. In line with, there were 7 samples of companies. In addition, the data analysis technique used multiple linear regression. The research result, based on proper test model, concluded profitability, liquidity, and business risks had simultaneously and significant effect on the capital structure. On the other hand, based on hypothesis test, profitability had negative and insignificant effect on the capital structure. Besides, business risks did not affect the capital structure. Meanwhile, liquidity had negative and significant effect on the capital structure.
Keyword: profitability, liquidity, business risks, capital structure