The purpose of the research is to explain profitability toward return stock, influencing toward the life of company. The population and the sample are manufacturing companies in Semarang. The type of the research is descriptive with secondary data in the form of financial report from 2013 until 2017. The findings show profitability influences return stock and the life of company.

Tujuan dari penelitian ini adalah melakukan pengujiann empiris mengenai pengaruh antara profitabilitas dan likuiditas terhadap struktur modal. Objek penelitian dilakukan pada perusahaan-perusahaan yang telah go public dan termasuk dalam industri Manufaktur. Pengambilan data menggunakan penggabungan metode by firm dan by years, dan diperoleh 589 data. Hasil pengujian membuktikan bahwa secara parsial,profitabilitas dan likuiditas berpengaruh negatip dan signifikan terhadap struktur modal. Saran yang dapat direkomendasikan bagi para akademisi dapat dijadikan acuan sebagai pengembangan pengujian terhadap pecking order theory. Bagi para pihak yang ada di jajaran manajerial perusahaan, menjadi rambu-rambu dalam pengambilan keputusan dalam menyusun struktur modalnya. Bagi calon investor dan investor, hasil penelitian ini dapat dijadikan sebagai salah satu bahan pertimbangan dari aspek fundamental dalam pengambilan keputusan investasi.   The purpose of this study is to conduct an empirical test of the effect between profitability and liquidity on capital structure. The object of research is conducted on companies that have gone public and are included in the Manufacturing industry. Retrieval of data using a combination of methods by firm and by years, and obtained 589 data. The test results prove that partially, profitability and liquidity have a negative and significant effect on capital structure. Suggestions that can be recommended for academics can be used as a reference as the development of testing of pecking order theory. For the parties in the managerial level of the company, they become the guidelines in making decisions in preparing their capital structure. For potential investors and investors, the results of this study can be used as a material consideration from the fundamental aspects of investment decision making.