Faktor – Faktor Yang Mempengaruhi Struktur Modal Pada Perusahaan Manufaktur
Main Article Content
Abstract
The purpose of this research is to examine the effect of profitability, firm size, business risk, and tangibility on capital structure of manufacturing company listed on Indonesia Stock Exchange (IDX) during period 2017 – 2019. The sample used are 116 data based on purposive sampling techniques. The result showed that profitability variable has significant positive impact on capital structure, firm size variable has significant negative impact on capital structure, business risk variable has insignificant negative impact on capital structure, and tangibility variable has insignificant positive impact on capital structure.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
This work is licensed under a Jurnal Komunikasi Creative Commons Attribution-ShareAlike 4.0 International License.
References
Abdillah, A.N., Ikhsan, S., & Mutia, I. (2018). Factors Affecting Capital Structure of Go Public Manufacturing Companies in BEI (Indonesia Stock Exchange). International Journal of Accounting Research, 6(1), 1-4.
Alnajjar, M. I. M. (2015). Business Risk Impact on Capital Structure: A Case of Jordan Industrial Sector. Global Journal of Management and Business Research, 15(1), 1-8.
Brigham, E. F. & Houston, J. F. (2019). Fundamentals of Financial Management Fifteenth edition. Boston: Cengage.
Dewa, D. F. H., Mahsuni, A. W., & Junaidi (2019). Pengaruh Free Cash Flow, Struktur Aset, dan Risiko Bisnis terhadap Kebijakan Hutang Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2012-2018. E-JRA, 8(9), 87-103.
Harjito, A., & Martono. (2008). Manajemen Keuangan Edisi 1. Yogyakarta: Ekonisia.
Modigliani, F., & Millar, M. H. (1958). The Cost of Capital, Corporate Finance, and The Theory of Investment. American Economic Review, 47(3), 261-297.
Myers, S. C. (1984). Capital Structure Puzzle. National Bureau of Economic Research, 1393, 1-33.
_____ (2001). Capital Structure. Journal of Economic Perspectives, 15(2), 81-102.
Riyanto, B. (2011). Dasar – Dasar Pembelanjaan Perusahaan. Yogyakarta: BPFE.
Sangeetha, M. (2013). Factors Determining Capital Structure: A Case Study of Listed Companies in Sri Lanka. Research Journal of Finance and Accounting, 4(6), 236-247.
Sarlija, N., & Harc, M. (2016). Capital Structure Determinants of Small and Medium Enterprises in Croatia. Managing Global Transitions, 14(3), 251-266.
Sofat, R. & Singh, S. (2017). Determinants of Capital Structure: An Empirical Study of Manufacturing Firms in India. International Journal of Law and Management, 59(6), 1029-1045.
Watung, A. K. S., Saerang, I. S., & Tasik, H. H. D. (2016). Pengaruh Rasio Likuiditas, Aktivitas, Profitabilitas, dan Struktur Aktiva terhadap Struktur Modal Industri Barang Konsumsi di Bursa Efek Indonesia. Jurnal EMBA, 4(2), 726-737.
Yunita, S., & Aji, T. S. (2018). Pengaruh Likuiditas, Tangibility, Growth Opportunity, Risiko Bisnis, dan Ukuran Perusahaan terhadap Struktur Modal. Jurnal Ilmu Manajemen, 6(4), 409-416.
www.idx.co.id