PENGARUH PROFITABILITAS, LIKUIDITAS, DAN STRUKTUR AKTIVA TERHADAP STRUKTUR MODAL PADA PTPN X

Abstract

Capital structure becomes very important since a company use it as profitable funds. While, by considering cost of capital, the funds sources can be taken from its internal and external. This research aimed to find out the effect of profitability (Return On Asset), Liquidity (Current Ratio), and asset structure (Fixed Asset Ratio) on capital structure of PTPNX.The data collection technique used non-purposive sampling, with 4 subsidiary as sample. Moreover, the data were taken from financial statement of PTPN X 2003-2017.The research result concluced as follow: (1) Profitability had positive but insignificant effect on the capital structure. It meant, the higher the company’s profitability, the more its capital structure, (2) Liquidity had negative but significant effect on the capital structure. In the words, the higher the company’s liquidity, the lower its capital structure,(3) Asset structure had positive and significant effect on the capital structure. This happened as there was similar tendency between asset and capital structure. Futhermore, the score of adjusted R square was 0,703. It meant, the movement of capital structure on independent variables was 70,03 % , with the rest of 30.07 % was affected by other factors outside the research.
Keywords :return on asset, current ratio, fixed asset ratio, capital structure.