FAKTOR-FAKTOR YANG MEMPENGARUHI CAPITAL STRUCTURE PADA PERUSAHAAN MANUFAKTUR
Article Sidebar
Read Counter : 136
Download : 102
Main Article Content
Abstract
The purpose of this study is to determine the effect of profitability, firm size, asset
tangibility, non-debt tax shield, and business risk on the capital structure of
manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2017-
2019 period. The sample selection technique used in this study was purposive sampling
with a total sample size of 198 samples. Data processing from this sample is assisted by
the Statistical Package for Social Science (SPSS) software version 23. The results
obtained from this study indicate that profitability has a significant negative effect on
capital structure, while firm size, asset tangibility, non-debt tax shield, and business risk
do not have a significant effect on the 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
Ahsan, T., Wang, M., & Qureshi, M. A. (2016). Firm, industry, and country level
determinants of capital structure: Evidence from Pakistan. South Asian Journal of
Global Business Research, 5(3), 362 – 384.
Andhini, N. F. (2017). Pengaruh Ukuran Perusahaan, Risiko Bisnis, NDTS, Asset
Tangibility terhadap Struktur Modal. Journal of Chemical Information and
Modeling, 53(9), 1689–1699.
Cahyani, N. I., & Handayani, N. (2017). Pengaruh Profitabilitas, Likuiditas, Size,
Kepemilikan Institusional, dan Tangibility Terhadap Struktur Modal. Jurnal Ilmu
Dan Riset Akuntansi, 6(2), 614–630.
Chandra, T., Junaedi, A. T., Wijaya, E., Suharti., Mimelientesa, I., & Ng, M. (2019).
The effect of capital structure on profitability and stock returns. Journal of Chinese
Economic and Foreign Trade Studies, 12(2), 74–89. https://doi.org/10.1108/jcefts11-2018-0042
Dao, B. T. T., & Ta, T. D. N. (2020). A meta-analysis: capital structure and firm
performance. Journal of Economics and Development, 22(1), 111–129.
https://doi.org/10.1108/jed-12-2019-0072
Gharaibeh, O. K., & AL-Tahat, S. (2020). Determinants of capital structure: Evidence
from Jordanian service companies. Investment Management and Financial
Innovations, 17(2), 364–376. https://doi.org/10.21511/imfi.17(2).2020.28
Ghozali, I. (2018). Aplikasi Analisis Multivariete dengan Program IBM SPSS 23 (Edisi
. Semarang: Badan Penerbit Universitas Diponegoro.
Ibrahim, H. (2019). THE DETERMINANTS OF FINANCIAL LEVERAGE FOR
SURVIVING LISTED COMPANIES IN MALAYSIA. 20(1), 75–94.
M’ng, J. C. P., Rahman, M., & Sannacy, S. (2017). The determinants of capital
structure: Evidence from public listed companies in Malaysia, Singapore and
Thailand. Cogent Economics and Finance, 5(1).
https://doi.org/10.1080/23322039.2017.1418609
Mayuri, T. (2019). Determinants of Capital Structure : Evidence from Listed
Manufacturing Companies in Sri Lanka. 43–57.
Munandar, A., Pratiwi, A., & Hasan, I. (2020). SULTANIST: Jurnal Manajemen dan
Keuangan. 2020(1), 53–61.
Nabayu, Y. P., Marbun, N., Ginting, H. F., Sebayang, N. A., & Sipahutar, T. T. U.
(2020). Pengaruh profitabilitas, struktur aktiva, dan likuiditas terhadap struktur
modal pada perusahaan makanan minuman yang terdaftar di Bursa Efek Indonesia
pada tahun 2014-2017. Jurnal Paradugma Ekonomika, 15(2), 147–162.
Nst, M. D. (2017). Pengaruh Likuiditas, Risiko Bisnis Dan Profitabilitas Terhadap
Struktur Modal Pada Perusahaan Textile Dan Garment Yang Terdaftar Di Bursa
Efek Indonesia. Jurnal Riset Akuntansi & Bisnis, 17(2), 1–19. Uniel4@yahoo.co.id
Rahman, M. T. (2019). Testing Trade-Off and Pecking Order Theories of Capital
Structure: Evidence and Arguments. International Journal of Economics and
Financial Issues, 9(5), 63–70. https://doi.org/10.32479/ijefi.8514
Saif-Alyousfi, A. Y. H., Md-Rus, R., Taufil-Mohd, K. N., Mohd Taib, H., & Shahar, H.
K. (2020). Determinants of capital structure: evidence from Malaysian firms. AsiaPacific Journal of Business Administration, 12(3–4), 283–326.
https://doi.org/10.1108/APJBA-09-2019-0202
Sekaran, U., & Bougie, R. (2013). Research Methods for Business. New York: John
Wiley & Sons, Inc.
Simatupang, H. J., Purwanti, L., & Mardiati, E. (2019). Determinants of capital
structures based on the Pecking Order Theory and Trade-off Theory. Jurnal
Keuangan Dan Perbankan, 23(1), 84–96. https://doi.org/10.26905/jkdp.v23i1.2579
Santoso, S. (2012). Aplikasi SPSS Pada Statistik Parametrik
Sutomo, S., Wahyudi, S., Pangestuti, I. R. D., & Muharam, H. (2020). The determinants
of capital structure in coal mining industry on the Indonesia Stock Exchange.
Investment Management and Financial Innovations, 17(1), 165–174.
https://doi.org/10.21511/imfi.17(1).2020.15
Szomko, N. (2020). Factors Associated with the Capital Structure of Polish Companies
in the Long and Short Term. Gospodarka Narodowa, 301(1), 55–74.
https://doi.org/10.33119/gn/116717
Thanh, L. T., & Huong, D. M. (2017). Determinants of capital structure: An empirical
study on Vietnamese listed firms. Serbian Journal of Management, 12(1), 77–92.
https://doi.org/10.5937/sjm12-10187
Zafar, Q., Wongsurawat, W., & Camino, D. (2019). Cogent Economics & Finance The
determinants of leverage decisions : Evidence from Asian emerging markets The
determinants of leverage decisions : Evidence from Asian emerging markets.
Cogent Economics & Finance, 7(1).