Capital structure is a balance or comparison between foreign capital and own capital. The optimal capital structure is the capital structure that optimizes the balance between risk and returns so as to maximize the share price. For this reason, in determining the capital structure of a company, it is necessary to consider various variables that influence it. The purpose of this study was to determine the effect of independent variables consisting of profitability, company growth, and liquidity on the dependent variable of capital structure in cigarette companies listed on the Stock Exchange. The type of research used is explanatory research by looks for the relationship between the variables studied through hypothesis testing. The population in this study were all cigarette companies listed on the Indonesia Stock Exchange in 2013-2020 using the purposive sampling method and the analysis method used was multiple regression analysis. The results of this study indicate that profitability and liquidity have no effect on capital structure. The company's growth has a significant effect on the capital structure. Profitability, company growth, and liquidity simultaneously affect the capital structure.
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