PENGARUH PROFITABILITAS, AKTIVITAS, LIKUIDITAS TERHADAP STRUKTUR MODAL PADA PERUSAHAAN ROKOK YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2012-2019

Abstract

This research aimed to analyze the effect of profitability, activity, and liquidity on the capital structure at Cigarette company listed on the Indonesia Stock Exchange (IDX) in the periods of 2012-2019. This research used a quantitative approach. Meanwhile, the simple collection technique of this research used a saturated sampling method with 4 companies which were PT. Gudang Garam Tbk (GGRM), PT. HM Sampoerna Tbk (HMSP), PT. Wismilak Inti Makmur Tbk (WIIM), and PT. Bantoel Internasional Investama Tbk (RMBA). Furthermore, the data analysis technique of this research used multiple linier regressions analysis. The result of the determination coefficient (R2) showed that profitability (ROA), activity (TATO), and liquidity (CR) have had an effect on the capital structure (DER) with the result were 85.2% and the rest was 14.8% affected by other variables. In addiction, the result of the hypothesis test showed that 2) Activity did not have any significant effect on the capita structure. 3) Liquidity had a significant effect on the capital structure at the cigarettes company listed on the Indonesia Stock Exchange (IDX).
Keywords: profitability, activity, liquidity, and capital structure