Pengaruh Struktur Aset, Likuiditas, dan Profitabilitas terhadap Struktur Modal yang Dimoderasi Oleh Ukuran Perusahaan

Abstract

Penelitian ini bertujuan untuk mengetahui pengaruh struktur aset, likuiditas, dan profitabilitas terhadap struktur modal dimoderasi oleh ukuran perusahaan. Sampel penelitian ini adalah 59 perusahaan non-keuangan yang terdaftar tidak berturut-turut pada indeks LQ45 periode 2012-2017 di Indonesia. Model ini menggunakan data panel tidak berimbang dengan pendekatan Fixed Effect Model. Dikontrol oleh sales growth, hasil penelitian menunjukkan bahwa struktur asset dan likuiditas berpengaruh positif signifikan terhadap struktur modal. Profitabilitas berpengaruh positif tidak signifikan terhadap struktur modal. Size memoderasi pengaruh struktur aset dan likuiditas terhadap struktur modal. Size tidak memoderasi pengaruh profitabilitas terhadap struktur modal.

Analysis of Factors Affecting Capital Structure (Study of Food and Beverage Companies listed on the Indonesia Stock Exchange 2017-2019 Period)

“…This research is in line with the research conducted by (Dewiningrat & Mustanda, 2018) which states that liquidity has a significant negative effect on capital structure. In line with this, (Suherman et al, 2019) in his research stated that liquidity has a significant positive effect on capital structure.…”

“…High liquidity will reduce the company's capital structure, which means that companies with high liquidity have the ability to pay their short-term debt which tends to reduce debt so that the capital structure becomes smaller. In research (Suherman et al, 2019) it is said that liquidity affects the capital structure. Companies with high liquidity, the greater their ability to pay short-term obligations.…”

Determination of Islamic Capital Structure: A Literature Review

“…This contradicts the pecking order theory and accepts the trade off theory. Trade off theory states that companies use debt as a source of internal funds by considering profits (Suherman, 2019). Another study that proves that liquidity has a positive effect on capital structure is research conducted by (Bukair, 2014).…”

“…There is also research which shows that profitability has no effect on capital structure. This research was conducted by (Ambarwati & Hasib, 2018;Suherman, 2019) found that profitability has no significant effect on capital structure. The capital structure that has no significant effect on the company is due to the insufficient profits the company has, so that the company prefers to cover its obligations first rather than covering the capital.…”

“…The positive effect of asset structure on capital structure is obtained because the asset structure uses sales growth as a control variable. This indicates that the larger the asset structure the company has, the greater the debt the company has because the company has easier access to make loans when the asset structure is good (Suherman, 2019).…”