Faktor-Faktor Yang Memengaruhi Struktur Modal

Article Sidebar

PDF
Published: Jul 31, 2022
DOI: https://doi.org/10.24912/jpa.v4i3.19989
Keywords:
Liquidity, Profitability, Firm Size, Leverage Operation, Capital Structure

Main Article Content

Cindy Andriani
Fakultas Ekonomi dan Bisnis Universitas Tarumanagara Jakarta
Liana Susanto
Fakultas Ekonomi dan Bisnis Universitas Tarumanagara Jakarta

Abstract

The purpose of this study is to analyze and obtain empirical evidence regarding the effect of liquidity, profitability, firm size, leverage operation, and sales growth on capital structure on companies listed on the Indonesia Stock Exchange during the periode of 2017-2019. This research was conducted by taking 37 samples of companies, using purposive sampling technique and processed using Eviews version 11. Based on the reseacrh the results show that the liquidity has a negative influence and significant effect on capital structure, while the profitability, firm size, leverage operation and firm size do not have a significant effect on capital structure. The implicationof this research is the impotance of capital structure which aims to finance operations and company expansion.

Article Details

Issue
Vol. 4 No. 3 (2022): Juli 2022
Section
Articles
Creative Commons License

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.

Author Biographies

Cindy Andriani, Fakultas Ekonomi dan Bisnis Universitas Tarumanagara Jakarta

cindyandriani29@gmail.com

Liana Susanto, Fakultas Ekonomi dan Bisnis Universitas Tarumanagara Jakarta

LianaSusanto@gmail.com

References

Ahmed, S. N, & Waang. (2011). Determinants of Capital Structure: An Empirall Study of Firms in Manufacturing Industry of Pakistan. Journal Managerial Finance. 37(2), 117-133.

Brigham, E. F., & Houston, J. F. (2012). Fundamentals of Financial Management. Boston: Cengage.

Deviani, M. Y., & Luh, K. S. (2018). Pengaruh Tingkat Pertumbuhan, Struktur Aktiva, Profitabilitas, dan Likuiditas Terhadap Struktur Modal Perusahaan Pertambangan di BEI. Journal of Economy. 7(3), 1222-1254..

Hamidah, D, I, & Umi, M. (2016). The Effect of Profitability, Liquidity, Growth Sales, Operating Leverage, and Tangibility on Capital Structure. Jurnal Riset Manajemen Sains Indonesia. 7(1), 96-116.

Harjito, A. (2010). Manajemen Keuangan. Yogyakarta: Ekonosia.

Harahap, S. (2013). Analisa Kritis atas Laporan Keuangan. Jakarta: PT Raja Grafindo Persadass

Ibrahim, A. (2010). Teori dan Konsep Pelayanan Publik serta Implementasinya. Bandung: Mandar Maju.

Jensen, M. C., & Meckling. W. H. (1976). The Theory of The Firm: Manajerial Behaviour, Agency Cost, and Ownership Structure. Journal of Financial and Economics. 1(3), 305-360.

Junita, M., Azwir, N., & Elfi, I. (2014). Pengaruh Profitabilitas, Pertumbuhan Aset, Operating Leverage, dan Ukuran Perusahaan Terhadap Struktur Modal Studi Empiris Pada Perusahaan Food and Beverages yang Terdaftar di Bursa Efek Indonesia Periode 2010-2012. Journal of Economics. 1(2), 1-16.

Kasmir. (2013). Bank dan Lembaga Keuangan Lainnya. Jakarta: PT Raja Grafindo Persada.

Liestyasih, L. P., & I Putu, Y. (2016). Pengaruh Operating Leverage, NDTS, Struktur Aktiva, dan Growth Opportunity Terhadap Struktur Modal. Journal of Economy. 2(3), 607-621.

Lestari, S. (2015). Determinan Struktur Modal Dalam Perspektif Pecking Order Theory dan Agency Theory. Jurnal Wahana Riset Akuntansi. 3(1), 571-590.

Masnoon & Abiha, S. (2014) Capital Structure Determinants of Kse Listed Automobile Companies. European Scientific Journal. 10(13), 451-461.

Marlina, N. F., & Dahlia, P. (2020). Effect of Liquidity, Profitability, and Sales Growth on Capital Structure. International Humanities and Applied Sciences Journal. 3(2), 1-10.

Marfuah, S. A., & Siti, N. (2017). Pengaruh Ukuran Perusahaa, Pertumbuhan Asset, Profitabilitas, dan Pertumbuhan Penjualan Terhadap Struktur Modal Perusahaan Cosmetics and Household Di Bursa Efek Indonesia. Jurnal Akuntansi dan Pajak. 18(1), 16-30.

Maulina, G. N. F. N., & Ferina, N. (2018). Pengaruh Faktor-Faktor Penentu Struktur Modal Terhadap Struktur Modal. Jurnal Administrasi Bisnis. 58(1), 156-165.

Modigliani, F., & Miller, M. H. (1963). The Cost of Capital Corporation Finance and The Theory of Investment. Journal American Economic. 53(2), 433-453.

Munawir, S. (2014). Analisis Laporan Keuangan. Yogyakarta: Liberty.

Nugroho, N. (2014). Analisis Pengaruh Profitabilitas, Pertumbuhan Penjualan, Ukuran Perusahaan, dan Umur Perusahaan Terhadap Struktur Modal Usaha Mikro Kecil dan Menengah Kerajinan Kuningan di Kabupaten Pati. Management Analysis Journal. 3(2), 1-5.

Nuryanto, & Pambuko, Z. B. (2018) Eviews Untuk Analisis Ekonometrika Dasar: Aplikasi dan Interpretasi. Magelang: Unimma Press.

Sartono, A. (2010). Manajemen Keuangan Teori dan Aplikasi. Yogyakarta: BPFE.

Syamsudin, L. (2010). Manajemen Keuangan Perusahaan (Konsep Aplikasi Dalam Perencanaan, Pengawasan, dan Pengambilan Keputusan). Jakarta: PT Raja Grafindo Persada.

Sari, N. I. K., Kartika, & Nurlaela, S. (2018). The Effect Structure of Assets, Liquidity, Firm Size, and Profitability of Capital Structure. Journal of International Conference on Technology, Education, and Social Science. 1(1), 107-117.

www.idx.co.id/