Faktor Yang Mempengaruhi Struktur Modal Pada Perusahaan Manufaktur Di BEI Periode 2017-2019

Article Sidebar

PDF
Published: Jul 31, 2022
DOI: https://doi.org/10.24912/jpa.v4i3.20013
Keywords:
Capital Structure, Profitability, Assets Structure, Firm Size, Sales Growth.

Main Article Content

Vanessa May
Fakultas Ekonomi Universitas Tarumanagara Jakarta
Lukman Surjadi
Fakultas Ekonomi Universitas Tarumanagara Jakarta

Abstract

This study aims to further examine the factors that affect the capital structure of manufacturing companies listed on the Indonesia Stock Exchange for the period 2017 - 2019. This study will use secondary data obtained from information in the company's financial statements. The sample selection in this study was carried out by purposive sampling technique with a total sample obtained based on predetermined criteria were 68 manufacturing companies with a total of 204 companies over a three-year period. The tools used in this study for data collection were Microsoft Excel 2010 and for data processing using E-views 10. The results of this study indicate that the profitability and sales growth variables have no significant effect on the capital structure. Meanwhile, the asset structure and sales growth variables have a significant effect on the capital structure. This research is expected to help companies to reconsider the factors that influence the formation of capital structures.

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

Vanessa May, Fakultas Ekonomi Universitas Tarumanagara Jakarta

vanessa.125170199@stu.untar.ac.id

Lukman Surjadi, Fakultas Ekonomi Universitas Tarumanagara Jakarta

LukmanSurjadi@gmail.com

References

Ariani, N. K., & Wiagustini, N. L. (2017). Faktor-faktor yang Mempengaruhi Struktur Modal Perusahaan Property & Real Estate yang Terdaftar di BEI. E-Jurnal Manajemen Unud,Vol. 6, 3168-3195.

Ariyani, H. F., Pangestuti, I. R., & Raharjo, S. T. (2018). The Effect Of Asset Structure, Profitability, Company Size and Company Growth On Capital Structure. Jurnal Bisnis Strategi, 123-136.

Brigham, & Houston. (2010). Dasar-Dasar Manajemen Keuangan. Jakarta: Salemba Empat.

Chen, L.-J. (2010). How the Pecking-Order Theory Explain Capital Structure. Taiwan.

Christian, & Yanuar. (2019). Pengaruh Hubungan Antara Profitabilitas, Pertumbuhan Penjualan, dan Struktur Aset Terhadap Struktur Modal. Jurnal Manajemen Bisnis dan Kewirausahaan Volume 4, 75-80.

Denziana, A., & Yunggo, E. D. (2017). Pengaruh Profitabilitas, Struktur Aktiva, dan Ukuran Perusahaan Terhadap Struktur Modal Perusahaan Pada Perusahaan Real Estate dan Property yang Terdaftar Di Bursa Efek Indonesia Tahun 2015. JURNAL Akuntansi & Keuangan, 51-67.

Dewiningrat, A. I., & Mustanda, I. K. (2018). Pengaruh Likuiditas, Profitabilitas, Pertumbuhan Penjualan, dan Struktur Aset Terhadap Struktur Modal. E-Jurnal Manajemen Unud, Vol 7, 3471-35-1.

Djazuli, A. (2019). The Impact of Company Size, Asset Structure and Profitability on Capital Structure of the Automotive Sector Companies Listed in Indonesia Stock Exchange. Journal of Management Research, 56-62.

Handayani, K. A., Maradona, A. F., & Darma, G. S. (2018). Firm Size, Business Risk, Asset Structure, Profitability, and Capital Structure. Jurnal Manajemen dan Bisnis , 48-57.

Hartati, M. S., & Mukhibad, H. (2018). The Influence Of Profitability, Liquidity, Business Risk, Firm Size, and Sales Growth in The Property and Real Estate Companies Listed in the Idx During 2013 - 2016. Accounting Analysis Journal 7(2), 103-110.

Hartoyo, A. K., Kafid, M., & Agustina, L. (2014). Faktor-Faktor yang Mempengaruhi Struktur Modal Perusahaan Tekstil dan Garmen di BEI. Semarang: Accounting Analysis Journal.

Indrajati, M. D., Sugiarto, E., & Yuniarwati. (2014). Analisis Tingkat Kemandirian Perusahaan dan Persepsi Investor yang Berkaitan dengan Struktur Modal Perusahaan Manufaktur di Bursa Efek Indonesia 2010-2012. Universitas Tarumanagara.

Ivander, J., & Iskak, J. (2019). Faktor yang Mempengaruhi Struktur Modal Perusahaan Manufaktur. Jurnal Multiparadigma Akuntansi, volume I, 767-777.

KP, H. N. (2008). Pengaruh Profitabilitas, Fixed Asset Ratio, Kontrol Kepemilikan, dan Struktur Aktiva Terhadap Struktur Modal pada Perusahaan Manufaktur di Indonesia. Sinergi Kajian Bisnis dan Manajemen, 11-18.

Lim, T. C. (2012). Determinants of Capital Structure Empirical Evidence from Financial Services Listed in China. International Journal of Economics and Finance, 191-203.

Mai, M. U. (2019). Determinants of capital structure in Sharia criteria manufacturing firms on the Indonesia Stock Exchange. Jurnal Keuangan dan Perbankan, 23(3), 418-429.

Marfuah, S. A., & Nurlaela, S. (2017). Pengaruh Ukuran Perusahaan, Pertumbuhan Aset, Profitabilitas dan Pertumbuhan Penjualan Terhadap Struktur Modal Perusahaan Cosmetics and Household di Bursa Efek Indonesia. Surakarta: Jurnal Akuntansi dan Pajak, Vol. 18.

Nasution, A. A., & Ismail, M. (2017). Factors Affecting Capital Structure of Go Public Manufacturing Companies In BEI. Sumatera Utara: Advances in Economics, Business and Management Research (AEMBR) .

Oktavina, M., Manalu, S., & Yuniarti, S. (2018). Pecking Order and Trade-off Theory in Capital Structure Analysis of Family Firms in Indonesia. Jurnal Keuangan dan Perbankan, 22, 73-82.

Riswan, & Sari, N. P. (2015). Factors Affecting Capital Structure in Manufacturing Companies Go-Public In Indonesia Stock Exchange in the Year 2011-2013. Jurnal Akuntansi & Keuangan, 177-201.

Sahabuddin, Z. A. (2017). Asset Structure Impact on Capital Structure of Capital Structure of Capital Market Listed Firms in Indonesia and Malaysia. Jurnal Keuangan dan Perbankan, 21, 376-386.

Simatupang, H. J., Purwanti, L., & Mardiati, E. (2019). Determinants of Capital Structure based on the Pecking Order Theory and Trade-off Theory. Jurnal Keuangan dan Perbankan,23, 90-102.

Tasir, M., Andini, R., & Pranaditya, A. (2016). The Effect of Profitability, Asset Structure, Sales Growth, Liquidity, Firm Size to the Capital Structure.

Titman, S., & R.Wessels. (1988). The Determinants of Capital Structure Choice. Journal of Finance, 1-19.

Triyono, Kusumastuti, A., & Palupi, I. D. (2019). The Influence of Profitability, Assets Structure, Firm Size, Bussiness Risk, Sales Growth and Dividend Policy on Capital Structure. Jurnal Riset Akuntansi dan Keuangan Indonesia, 101-111.

Viandy, & Dermawan, E. S. (2020). Pengaruh Profitabilitas, Struktur Aset, Likuiditas, dan Pertumbuhan Penjualan terhadap Struktur Modal. Jurnal Multiparadigma Akuntansi Tarumanagara Vol.2, 556-565.

Waryuhni, I., & Ardini, L. (2017). Pengaruh Growth Opportunity, Profitabilitas, dan Kebijakan Dividen Terhadap Struktur Modal. Jurnal Ilmu dan Riset Akuntansi Volume 6, 1307-1325.

Weston, J. F., & E.Copeland, T. (1997). Manajemen Keuangan. Edisi 9. Jakarta: Bina Rupa Aksara.

Yudiandari, C. I. (2018). Pengaruh Profitabilitas, Operating Leverage, Ukuran Perusahaan dan Pertumbuhan Penjualan pada Struktur Modal. E-Jurnal Akuntansi Universitas Udayana, 408-437.