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Abstract
Penelitian ini bertujuan untuk menguji pengaruh likuiditas, ukuran perusahaan, struktur aktiva dan profitabilitas terhadap struktur modal. Metode pengambilan sampel dalam penelitian ini menggunakan metode purposive sampling, yaitu mengambil sampel berdasarkan kriteria. Penelitian ini berkonsentrasi pada satu industry manufaktur yang terdaftar di Bursa Efek Indonesia (IDX) pada tahun 2020-2022. Dalam penelitian ini menggunakan analisis regresi linier berganda. Hasil penelitian membuktikan bahwa variabel likuiditas dan struktur aktiva berpengaruh negatif dan signifikan terhadap struktur modal, sedangkan variabel ukuran perusahaan berpengaruh positif terhadap struktur modal, dan variabel profitabilitas tidak berpengaruh signifikan terhadap struktur modal.
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Copyright (c) 2023 Muhammad Izzul Muna, Kartini
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
References
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References
Brigham, E.F. dan Houston, J.F. (2019) Fundamentals of Financial Management. 15 ed. Boston: Cengage Learning, Inc.
Cevheroglu-Acar, M.G. (2018) “Determinants of Capital Structure: Empirical Evidence from Turkey,” Journal of Management and Sustainability, 8(1), hal. 31–45. Tersedia pada: https://doi.org/10.5539/jms.v8n1p31.
Chasanah, N. dan Sucipto, A. (2019) “Liquidity Ratio, Profitability, And Solvency On Stock Returns With Capital Structure As An Intervening Variable (Study On Food And Beverage Sub Sector Listed In Indonesia Stock Exchange (IDX) Period 2013-2017),” Ekspektra: Jurnal Bisnis dan Manajemen, 3(1), hal. 52–68. Tersedia pada: https://ejournal.unitomo.ac.id/index.php/manajemen/article/view/1476.
Dakua, S. (2019) “Effect of determinants on financial leverage in Indian steel industry: A study on capital structure,” International Journal of Finance & Economics, 24(1), hal. 427–436. Tersedia pada: https://doi.org/doi.org/10.1002/ijfe.1671.
Goh, C.F. et al. (2018) “The Determinants of Capital Structure: Evidence from Malaysian Companies,” International Journal of Supply Chain Management, 7(3), hal. 225–230. Tersedia pada: https://core.ac.uk/download/pdf/230748617.pdf.
Husaeni, U.A. (2018) “Determinants of Capital Structure in Companies Listed in The Jakarta Islamic Index,” nternational Journal of Economics, Management and Accounting, 26(2), hal. 443–456. Tersedia pada: https://journals.iium.edu.my/enmjournal/index.php/enmj/article/view/504.
Li, L. dan Islam, S.Z. (2019) “Firm and industry specific determinants of capital structure: Evidence from the Australian market,” International Review of Economics & Finance, 59, hal. 425–437. Tersedia pada: https://doi.org/10.1016/j.iref.2018.10.007.
Meilani, U. dan Wahyudin, A. (2021) “Pengaruh Struktur Aset, Risiko Bisnis, dan Pertumbuhan Penjualan Terhadap Struktur Modal Dengan Profitabilitas Sebagai Variabel Moderating,” Jurnal Akuntansi Bisnis, 19(1), hal. 46–63. Tersedia pada: https://journal.unika.ac.id/index.php/jab/article/view/3513.
Oktavina, M., Manalu, S. dan Yuniarti, S. (2018) “Pecking Order and Trade-off Theory in Capital Structure Analysis of Family Firms in Indonesia,” Jurnal Keuangan dan Perbankan, 22(1), hal. 73–82. Tersedia pada: https://doi.org/10.26905/jkdp.v22i1.1793.
Prieto, A.B.T. dan Lee, Y. (2019) “Internal and external determinants of capital structure in large Korean firms,” Global Business and Finance Review, 24(3), hal. 79–96. Tersedia pada: https://doi.org/10.17549/gbfr.2019.24.3.79.
Purnasari, N. et al. (2020) “Pengaruh Ukuran Perusahaan, GPM, Risiko Bisnis terhadap Struktur Modal pada Perusahaan Manufaktur di BEI,” Owner: Riset dan Jurnal Akuntansi, 4(2), hal. 640–647. Tersedia pada: https://doi.org/10.33395/owner.v4i2.309.
Rani, N., Yadav, S.S. dan Tripathy, N. (2020) “Capital structure dynamics of Indian corporates,” Journal of Advances in Management Research, 17(2), hal. 212–225. Tersedia pada: https://doi.org/10.1108/JAMR-12-2017-0125.
Reschiwati, R., Syahdina, A. dan Handayani, S. (2020) “Effect of Liquidity, Profitability, and Size of Companies on Firm Value,” Utopia y Praxis Latinoamericana, 25(Esp.6), hal. 325–331. Tersedia pada: https://www.redalyc.org/journal/279/27964115031/html/.
Roscoe, J.T. (1975) Fundamental Research Statistics for the Behavioral Sciences, Volume 2. Ann Arbor: Holt, Rinehart and Winston.
Rozet, A.Y.D.P. dan Kelen, L.H.S. (2022) “Analisis Pola Struktur Modal Perusahaan-Perusahaan Manufaktur di Bursa Efek Indonesia Selama Masa Pandemi Covid-19,” Jurnal Ilmiah Manajemen Bisnis dan Inovasi (JMBI UNSRAT), 9(1), hal. 336–351. Tersedia pada: https://ejournal.unsrat.ac.id/v3/index.php/jmbi/article/view/39712.
Salim, M.N. dan Susilowati, R. (2019) “The Effect of Internal Factors on Capital Structure and Its Impact on Firm Value: Empirical Evidence From the Food and Baverages Industry Listed on Indonesian Stock Exchange 2013-2017,” International Journal of Engineering Technologies and Management Research, 6(7), hal. 173–191. Tersedia pada: https://doi.org/10.29121/ijetmr.v6.i7.2019.434.
Sari, I.A.G.D.M. dan Sedana, I.B.P. (2020) “Profitability and liquidity on firm value and capital structure as intervening variable,” InternationalResearch Journal of Management, IT & Social Sciences, 7(1), hal. 116–127. Tersedia pada: https://doi.org/10.21744/irjmis.v7n1.828.
Sartono, S. dan Ratnawati, T. (2020) “Faktor-Faktor Penentu Struktur Modal,” DiE: Jurnal Ilmu Ekonomi dan Manajemen, 11(1), hal. 35–44. Tersedia pada: https://doi.org/10.30996/die.v11i01.3403.
Sekaran, U. dan Bougie, R. (2017) Metode Penelitian Bisnis. 6 ed. Jakarta: Salemba Empat.
Sutomo, S. et al. (2020) “The determinants of capital structure in coal mining industry on the Indonesia Stock Exchange,” Investment Management and Financial Innovations, 17(1), hal. 165–174. Tersedia pada: https://doi.org/10.21511/imfi.17(1).2020.15.
Yıldırım, D. dan Çelik, A.K. (2021) “Testing the pecking order theory of capital structure: Evidence from Turkey using panel quantile regression approach,” Borsa Istanbul Review, 21(4), hal. 317–331. Tersedia pada: https://doi.org/10.1016/j.bir.2020.11.002.
Yousef, I. (2019) “The Determinants of Capital Structure: Evidence from GCC and UK Real Estate Sectors,” Real Estate Management and Valuation, 27(2), hal. 108–125. Tersedia pada: https://doi.org/10.2478/remav-2019-0019.