Pengaruh Profitabilitas, Struktur Aktiva, Dan Ukuran Perusahaan Terhadap Struktur Modal
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Abstract
Funding in a company is one of the benchmarks to be successful in the company. Because of this, decisions in the company's capital structure must be taken with a lot of consideration. In determining the capital structure, there is profitability, asset structure, and company size as factors that influence capital structure. These factors are measured using financial ratios, namely Return on Asset as a measure of profitability, Fixed Asset to Total Asset as a measure of asset structure, natural logarithm of total assets as a measure of company size and Debt Equity Ratio as a measure of capital structure. This research was conducted on property and real estate sector companies listed on the IDX (Indonesia Stock Exchange) for the period of 2014-2017. The method used in this study was a multiple regression analysis of panel data tested using software eviews 9.0. The results of this study are that profitability has a significant negative effect and firm size has a significant positive effect on capital structure. While the asset structure has no influence on the capital structure
Pendanaan dalam suatu perusahaan merupakan salah satu tolak ukur dalam keberhasilan dalam perusahaan. Karena hal tersebut, keputusan dalam struktur modal perusahaan harus diambil dengan penuh pertimbangan yang ada. Dalam menentukan struktur modal tersebut, terdapat profitabilitas, struktur aktiva, dan ukuran perusahaan sebagai faktor yang mempengaruhi struktur modal. Faktor tersebut diukur menggunakan rasio keuangan yaitu Return on Asset sebagai alat ukur profitabilitas, Fixed Asset to Total Asset sebagai alat ukur struktur aktiva, logaritma natural dari total aset sebagai alat ukur ukuran perusahaan dan Debt Equity Ratio sebagai alat ukur struktur modal. Penelitian ini dilakukan pada perusahaan sektor property dan real estate yang terdaftar dalam BEI (Bursa Efek Indonesia) periode 2014- 2017. Metode yang digunakan dalam penelitian ini adalah analisis regresi berganda data panel yang diuji menggunakan software eviews 9.0. Adapun hasil penelitian ini adalah profitabilitas memiliki pengaruh negatif signifikan dan ukuran perusahaan memiliki pengaruh positif signifikan terhadap struktur modal. Sedangkan struktur aktiva tidak memiliki pengaruh terhadap struktur modal.
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