INFLATION AS A MODERATOR OF FINANCIAL RATIOS AND CAPITAL STRUCTURE IN MANUFACTURING COMPANIES
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Abstract
Penelitian ini bertujuan untuk menganalisa pengaruh rasio keuangan, seperti tangibility, likuiditas, pertumbuhan aset, dan volatilitas laba terhadap struktur modal dengan tingkat inflasi industri sebagai pemoderasi. Objek penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia dari tahun 2014 sampai dengan 2019. Jumlah sampel dalam penelitian ini adalah 122 perusahaan yang diperoleh menggunakan purposive sampling. Analisis data penelitian menggunakan uji regresi linier berganda dengan menggunakan E-Views versi 10. Hasil penelitian ini menunjukkan bahwa tangibility, likuiditas, pertumbuhan aset, volatilitas laba dan tingkat inflasi tidak berpengaruh signifikan terhadap struktur modal. Hasil penelitian ini juga menunjukkan tingkat inflasi sebagai pemoderasi memperlemah hubungan likuiditas terhadap struktur modal. Hal tersebut dikarenakan jika terjadi inflasi pada suatu negara, maka akan berdampak pada melemahnya ekonomi suatu negara dan dapat menyebabkan naiknya tingkat suku bunga. Oleh karena itu, perusahaan cenderung menghindari hutang karena tingginya bunga yang harus dibayarkan.
This research aims to analyze the influence of financial ratios, such as tangibility, liquidity, assets growth, and earnings volatility on capital structure with inflation rate as the moderation variable. The research object is manufacturing companies listed on Indonesian Stock Exchange from 2014 to 2019. The number of samples in this research was 122 companies selected with purposive sampling. Data analysis in this research used multiple regression linear analysis processed using E-Views version 10. The result of this research shows that tangibility, liquidity, assets growth, earnings volatility and inflation rate have no significant effect on capital structure. The results of this study also show that the inflation rate as a moderator weakens the relationship between liquidity and capital structure. This is because if inflation occurs in a country, it will have an impact on the weakening of a country's economy and can cause an increase in interest rates. Therefore, companies tend to avoid debt because of the high interest that must be paid.
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