PENGARUH PROFITABILITAS, KEBIJAKAN DIVIDEN, STRUKTUR AKTIVA, DAN UKURAN PERUSAHAAN TERHADAP STRUKTUR MODAL PADA PERUSAHAAN FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA

Abstract

This research aims to determine the effect of profitability, dividend policy, asset structure, and firm size on capital structure. The research applies quantitatively. Furthermore, the population was Pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) during 2019-2023. The data collection technique used purposive sampling, in which the sample was based on the criteria given. In line with that, there were 6 companies in the sample. Moreover, the data were secondary, which were taken from companies’ financial statements for 5 years (2019- 2023). Therefore, there were 30 data samples. The data analysis technique used multiple linear regression with SPSS 27. The result of the hypothesis test (t-test) shows that profitability (Return On Asset), asset structure (fixed asset ratio), and firm size (logarithm natural) has a negative and significant effect on the capital structure of Pharmaceutical companies. However, dividend policy (dividend payout theory) has a negative and insignificant effect on the capital structure of Pharmaceutical companies. In addition, from the determinant coefficient test (R- Square), it shows that 86.4% of profitability (ROA), dividend policy (dividend payout ratio), asset structure (fixed asset ratio), firm size (logarithm natural) can explain capital structure. Meanwhile, the rest of 13.6% is explained by other variables.