Analysis of Factors Affecting Capital Structure on Listed Companies in Indonesia Stock Exchange 2017-2019 Period

Main Article Content

Della Ayu Sevira
Muhammad Azhari

Abstract

Achieve the objectives of companies requires financial decisions that include capital structure. Capital structures in food and beverage companies are relatively low, so it doesn't necessarily make capital structures optimal. This research is conducted to examine factors that influence the capital structure of food and beverage companies listed on the Indonesia Stock Exchange in the 2017-2019 periods. The purpose of this research is to test both simultaneously and partially the influence of profitability, tangibility, firm size, sales growth, asset growth, business risk, firm activity, and liquidity on the capital structure. 14 of 26 companies have been selected as research samples from food and beverage companies listed in Indonesia Stock Exchange in 2017-2019, so 42 observations have been obtained. The method of analysis that using in this research is the multiple regressions analysis technique. This research shows that simultaneously profitability, tangibility, firm size, sales growth, asset growth, business risk, firm activity, and liquidity have a significant influence on the capital structure. The result of partial research shows that firm size and liquidity significantly influence the capital structure. Meanwhile, profitability, tangibility, sales growth, asset growth, business risk, and firm activity have no significant influence on the capital structure.

Article Details

Section
Articles

References

Ariani, N. K. A., & Wiagustini, N. L. P. (2017). Faktor-Faktor yang Mempengaruhi Struktur Modal pada Perusahaan Property dan Real Estate yang Terdaftar di BEI. E-Jurnal Manajemen Unud, 6(6), 3168. https://doi.org/10.33087/jiubj.v20i1.821

Brigham, E. F., & Joel F, H. (2011). Dasar-Dasar Manajemen Keuangan (11th ed.). Erlangga.

Chandra, T. (2018). Faktor-Faktor Yang Memengaruhi Struktur Modal Pada Perusahaan Properti Dan Real Estate Di Indonesia. EKUITAS (Jurnal Ekonomi Dan Keuangan), 18(4), 507. https://doi.org/10.24034/j25485024.y2014.v18.i4.2187

Guna, M. A., & Sampurno, R. D. (2018). Analisis Faktor-Faktor yang Mempengaruhi Struktur Modal (Studi Kasus Pada Perusahaan Makanan dan Minuman yang Terdaftar di BEI Periode 2012 – 2016). Diponegoro Journal Of Management, 7(2), 236–247. http://ejournal-s1.undip.ac.id/index.php/dbr

Gunawan, A. (2011). Pengaruh Profitabilitas dan Perputaran Aktiva Terhadap Struktur Modal. Jurnal Ilmiah Manajemen Dan Bisnis UMSU, 11(1).

Ismaida, P., & Saputra, M. (2016). Pengaruh Pertumbuhan Penjualan, Profitabilitas, Ukuran, Dan Aktivitas Perusahaan Terhadap Struktur Modal Pada Perusahaan Property Dan Real Estate Yang Terdaftar Di Bei Periode 2012-2014. Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi (JIMEKA), 1(1), 221–229.

Kyissima, K. H., Xue, G. Z., Yapatake Kossele, T. P., & Abeid, A. R. (2019). Analysis of capital structure stability of listed firms in China. China Finance Review International, 10(2), 213–228. https://doi.org/10.1108/CFRI-05-2018-0044

Pramukti, A. (2019). Faktor -Faktor Yang Mempengaruhi Struktur Modal Perusahaan. ATESTASI : Jurnal Ilmiah Akuntansi, 2(1), 58–67. https://doi.org/10.33096/atestasi.v2i1.194

Putri, R. P. (2018). Faktor-Faktor Yang Mempengaruhi Struktur Modal Perusahaan Manufaktur Di Bursa Efek Indonesia. Jurnal Ilmu Dan Riset Akuntansi, 2. https://doi.org/10.22216/jbe.v1i2.1429

Ria, Y., & Lestari, P. (2015). Pengaruh Risiko Bisnis, Ukuran Perusahaan Dan Pertumbuhan Penjualan Terhadap Struktur Modal. E-Jurnal Manajemen Universitas Udayana, 4(5), 241587.

Sansoethan, D. K., & Suryono, B. (2016). Faktor – Faktor Yang Mempengaruhi Struktur Modal Pada Perusahaan Makanan Dan Minuman Di Bei. Jurnal Akuntansi : Transparansi Dan Akuntabilitas, 5(1), 1–10. https://doi.org/10.35508/jak.v8i1.2359

Sholikhadi, L. M. (2016). Faktor-Faktor yang Mempengaruhi Struktur Modal Perusahaan Kosmetik dan Keperluan Rumah Tangga di BEI. Jurnal Ilmu Dan Riset Manajemen, 5(7), 1–17.