THE EFFECT OF PROFITABILITY AND LIQUIDITY ON CAPITAL STRUCTURE WITH FIRM SIZE AS MODERATING VARIABLE
Article Sidebar
Main Article Content
Abstract
This study aimed to obtain the empirical evidence of the effect of profitability and liquidity on capital structure with firm size as a moderating variable. The study was conducted on manufacturing companies listed on Indonesia Stock Exchange for the 2018-2020 period and sample obtained through purposive sampling technique were 58 companies after outlier being eliminated. Data analysis method used in this study were multiple regression and moderated analysis regression. The statistical tool used for data processing in this research was EViews 9. The results of this study were (1) profitability had a negative and significant effect on capital structure, (2) liquidity had a negative and significant effect on capital structure, (3) firm size was not able to moderate the effect of profitability on capital structure, (4) firm size was not able to moderate the effect of liquidity on capital structure.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
This journal provides immediate open access to its content on the principle that making research freely available to the public supports a greater global exchange of knowledge.
IJAEB by Graduate Program of Universitas Tarumanagara is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.. Permissions beyond the scope of this license may be available at https://journal.untar.ac.id/index.php/ijaeb
References
Hasanah, U. (2021). Apa itu Perusahaan Manufaktur: Sistem, Proses, dan Karakteristik. Accessed on 11 Agustus 2022, from https://greenpermit.id/2021/11/23/apa-itu-perusahaan-manufaktur/
Idris, M. (2021). Apa itu Perusahaan Manufaktur: Pengertian, Sistem Kerja, dan from https://money.kompas.com/read/2021/07/16/235100926/apa-itu-perusahaan-manufaktur--pengertian-sistem-kerja-dan-contohnya
Alipour, M., Mohammadi, M. F. S., & Derakhshan, H. (2015). Determinants of Capital Structure: An Empirical Study of Firms in Iran. International Journal of Law and Management, 57(1): 53-83.
Dewi, C. R., & Fachrurrozie. (2021). The Effect of Profitability, Liquidity, and Asset Structure on Capital Structure with Firm Size as Moderating Variable. Accounting Analysis Journal, 10(1): 32-38.
Khafid, M., Prihatni, R., & Safitri, I. E. (2020). The Effects of Managerial Ownership, Institutional Ownership, and Profitability on Capital Structure: Firm Size as the Moderating Variable. International Journal of Financial Research, 11(4): 493-501.
Laisa, A. (2019). Apa yang Anda Ketahui Tentang Pecking Order Theory. Accessed on
Agustus 2022, form https://www.dictio.id/t/apa-yang-anda-ketahui-tentang-pecking-order-theory/120198
Astriyani, P., Yohanes, S., & Marwan, A. (2021). The Influence of Liquidity Toward Capital Structure. E-Jurnal Akuntansi, 31(11): 2800-2811.
Wiagustini, N. L. P., Ramantha, I. W., Sedana, I. B. P., & Rahyuda, H. (2017). Indonesia’s Capital Structure: Pecking Order Theory or Trade-Off Theory. International Journal of Applied Business and Economic Research, 15(16): 119-131.
Hartoyo, A. K. W., Khafid, M, & Agustina, L. (2014). Faktor-Faktor yang Mempengaruhi Struktur Modal Perusahaan Tekstil dan Garmen di BEI. Accounting Analysis Journal, 3(2): 247-254.
Pratama, H., & Susanti, M. (2019). Pengaruh Profitabilitas, Likuiditas, Struktur Aktiva, Pertumbuhan Aktiva, Ukuran Perusahaan Terhadap Struktur Modal. Jurnal Multiparadigma Akuntansi, I(4): 1076-1084.
Mujiatun, S., Rahmayati, & Ferina, D. (2021). Effect of Profitability and Asset Structure on Capital Structure (In Sharia Based Manufacturing Companies in Indonesia Stock Exchange in 2016-2019 Periode). Proceeding international Seminar on Islamic Studies, 2(1): 4-15.
Darto. (2021). Determinan Struktur Modal BUMN Konstruksi. Jurnal Penelitian Universitas Muhammadiyah Jakarta, 26(2): 59-68.
Claudia, B. F. (2017). Pengaruh Profitabilitas, Likuiditas Dan Ukuran Perusahaan Terhadap Struktur Modal Pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia Periode 2014-2016. Simki-Economic, 1(5): 3-18.
Kurniasari, E., & Listiawati. (2021). Pengaruh Likuiditas, Profitabilitas, dan Struktur Aset terhadap Struktur Modal Perusahaan, Jurnal Cafetaria. 2(2): 1-14.
Ryando. (2021). Pengaruh Profitabilitas Terhadap Struktur Modal pada Perusahaan Pertambangan Sub Sektor Batu Bara yang Terdaftar di Bursa Efek Indonesia Tahun 2012-2017. Jurnal Ilmiah Manajemen Surya Pasca Scientia, 10(1): 31-42.
Rahmiyanti, S., & Nugroho, A. S. (2020). The Effect of Profitability and Liquidity Against Capital Structure (Case Study in Registered Property and Real Estate Sector Companies on The Indonesia Stock Exchange (IDX) Period 2014-2018). Primanomics: Jurnal Ekonomi dan Bisnis, 18(1): 1-13.
Hidayat, V. S., & Debbianita. (2020). The Effect of Profitability and Liquidity Towards the Capital Structure on Retail Companies That Are Listed in Indonesia Stock Exchange in The Period 2014-2015. Competitive Jurnal Akuntansi dan Keuangan, 4(1): 106-116.
Nisfianti. R., & Handayani, N. (2017). Pengaruh Struktur Aktiva dan Profitabilitas terhadap Struktur Modal: Ukuran Perusahaan sebagai Pemoderasi. Jurnal Ilmu dan Riset Akuntansi, 6(2): 667-682.
Mukaromah, D. U., & Suwarti, T. (2022). Pengaruh Profitabilitas, Likuiditas, dan Struktur Aset terhadap Struktur Modal dengan Ukuran Perusahaan sebagai Variabel Moderating. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Universitas Pendidikan Ganesha, 13(1): 222-232.
Astriawati, N. (2016). Penerapan Analisis Regresi Linier Berganda untuk Menentukan Pengaruh Pelayanan Pendidikan terhadap Efektifitas Belajar Taruna di Akademi Maritime Yogyakarta. Bahari Jogja, XIV(23): 22-37.