PENGARUH UKURAN PERUSAHAAN, PERTUMBUHAN PENJUALAN DAN RETURN ON ASSET TERHADAP DEBT TO EQUITY RATIO

Abstract

Food and beverages companies are mostly wanted sector by investrors. Regarding its business development which grow consistently and significantly, it becomes self-attraction for both local and foreign business people in doing investment. While, this research aimed to analyze the effect of firm size, sales growth and Return On Asset on Debt to Equity Ratio of Food and Beverages companies which were listed on Indonesia Stock Exchange during 2015-2019. The research was quantitative. Moreover, the population was 31 Food and Beverages companies. Furthermore, the data collection technique used purposive sampling. In line with, there were 8 companies as sample with 5 years observation. Additionally, the data were secondary in form of companies’ financial statement. In addition, the data analysis technique used multiple linear regression. The research result concluded as follow: (1) firm size had negative and significant effect on Debt to Equity Ratio, (2) sales growth had positive and significant effect on Debt to Equity Ratio, (3) Return On Asset had positive and significant effect on Debt to Equity Ratio. Meanwhile, from the result of determination coefficient significance (R2), i.e. 0.413, it showed 41.3% of Debt to Equity Ratio was affected by firm size, sales growth and Return On Asset.
Keywords: firm size, sales growth, return on asset, capital structure.