Pengaruh Struktur Aset, Risiko Bisnis, dan Pertumbuhan Penjualan Terhadap Struktur Modal Dengan Profitabilitas Sebagai Variabel Moderating

Abstract

This study aims to analyze and describe the effect of asset structure, business risk and sales growth on capital structure by using profitability as a moderating variable in property and real estate companies listed on the Indonesia Stock Exchange in 2017-2019. The sample of this research is 49 companies with 147 units of analysis. The sampling method used is purposive sampling. The data collection technique in this study uses the documentation technique in the form of company financial statement data. Data were analyzed using descriptive statistical analysis techniques and inferential statistical analysis with Moderated Regression Analysis (MRA). Data analysis was performed using IBM SPSS Statistics 23. The results of this study indicate that asset structure has a positive and significant effect on capital structure. Business risk and sales growth have no effect on the capital structure. Profitability is able to moderate the effect of asset structure and business risk on capital structure but is unable to moderate the effect of sales growth on capital structure. Business risk and sales growth have no effect on the capital structure. Profitability is able to moderate the effect of asset structure and business risk on capital structure but is unable to moderate the effect of sales growth on capital structure. Business risk and sales growth have no effect on the capital structure. Profitability is able to moderate the effect of asset structure and business risk on capital structure but is unable to moderate the effect of sales growth on capital structure.

The Effect of Profitability, Asset Structure, Business Risk, and Liquidity on Capital Structure in Health Sector Companies Listed on the Indonesia Stock Exchange

“…The first hypothesis which states "Business Risk has a negative effect on Capital Structure" is rejected because the results of this study are Business Risk has no significant effect on Capital Structure. The results in this study are supported by Meilani and Wahyudin (2021), namely that Business Risk does not significantly affect the Capital Structure. Where in this study contradicts the pecking order theory, namely that companies with large business risks will minimize the use of external funds in the form of debt.…”

Determinan Struktur Modal Dengan Ukuran Perusahaan Sebagai Variabel Moderasi

“…Dalam pecking order theory pendanaan internal misalnya depresiasi dan laba ditahan diutamakan terlebih dahulu dibandingkan pendaaan eksternal seperti hutang dan penerbitan saham (Sungkar & Deitiana, 2021). Struktur modal menurut trade off theory atau balancing theory mengemukakan bahwasanya pemanfaatan utang sebagai pendanaan akan menimbulkan manfaat dan pengorbanan (Meilani & Wahyudin, 2021).…”

Pengaruh Growth of Sales, Profitabilitas, Dan Likuiditas Terhadap Struktur Modal Dengan Ukuran Perusahaan Sebagai Variabel Moderasi

“…Hasil ini berlawanan dengan teori trade off yang menjelaskan bahwa teori ini menganjurkan perusahaan menggunakan utang dalam mencapai target jangka panjang perusahaan dikarenakan utang dianggap pendanaan yang fleksibel. Hasil penelitian ini sejalan dengan penelitian yang dilakukan oleh Meilani & Wahyudi (2021) dan Chandra et al (2019) dengan hasil bahwa growth of sales tidak memilliki pengaruh signifikan terhadap struktur modal.…”