Impact of Activity Ratio, Profitability, Liquidity, and Asset Structure on Capital Structure in Food and Beverages Companies Listed On Indonesia Stock Exchange Period 2015-2019

Abstract

This study has an objective to examine the effect form activity ratio (TATO), liquidity (CR), profitability (ROA), and asset structure on capital structure (DER). Data processing uses financial reports from seventeen (17) F&B companies that listed on the Bursa Efek Indonesia (BEI) from period 2015 to 2019. A total of 425 data were used as samples using purposive sampling technique. Data panel regression used to analyze data and testing hypotheses. Results showed the simultaneous influence between the activity, liquidity, profitability, and asset structure to capital structure. Partially, activity ratio and asset structure variable do not affect capital structure. This study also proved that profitability affects capital structure in positive and significant relationship, while liquidity has a negative and significant effect to capital structure. Further findings are discussed in this study.
 
 Keywords – activity ratio, asset structure, capital structure, liquidity, profitability

The Effect of Profitability and Liquidity on Capital Structure in Manufacturing Sub-Sector Companies in 2019-2022

“…Large companies tend to have a lower level of liquidity than small companies, so that large companies need to seek additional external funding. In line with Martini et al (2021), his research shows that there is a simultaneous influence between activity, liquidity, profitability, and asset structure on capital structure. Likewise with Qur'ani & Purwaningsih (2022) simultaneously there is the influence of capital structure, liquidity, company size, and inventory turnover variables on Profitability.…”

Determinan Struktur Modal Pada Perusahaan Manufaktur Periode 2018-2020

“…Sejalan dengan penelitian Putri & Laily (2020) bahwa activity ratio berpengaruh negatif dan signifikan terhadap struktur modal, sedangkan penelitian Napitupulu, Kaur, Sari, & Sinaga (2021) menyatakan activity ratio berpengaruh positif dan signifikan terhadap struktur modal. Berbeda dengan penelitian Martini et al (2021) yang menunjukkan activity ratio berpengaruh tidak signifikan terhadap struktur modal. Pertumbuhan Aset dengan Struktur Modal.…”

Asset Structure , Profitability And Business Risk on Capital Structure

“…Perusahaan memiliki dana internal yang cukup untuk sumber pembiayaan perusahaan dan dengan laba yang tinggi akan menarik perhatian investor untuk menanamkan sahamnya. Berdasarkan penelitian dari Intan Apsari & Dana, (2018), Rosmawati & Anggraini (2021), dan Mujiatun et al, (2021) menyatakan bahwa profitabilitas berpengaruh positif terhadap struktur modal. berbeda dengan Tijow et al, (2018), Andayani & Suardana, (2018, Deviani & Sudjarni, (2018), dan Firnanti (2018) menyatakan bahwa profitabilitas berpengaruh negatif terhadap struktur modal.…”

“…Struktur modal yaitu perbandingan antara jumlah utang jangka panjang dengan ekuitas perusahaan (Damayanti & Dana, 2017). Perusahaan dengan struktur modal yang optimal menjadi landasan yang kokoh saat melakukan kegiatan produktif dan dapat menghasilkan laba yang optimal bagi perusahaan dan pemegang saham (Rosmawati & Anggraini, 2021). Proksi yang digunakan dalam mengukur struktur modal adalah sebagai berikut : DER = (Total Hutang) / (Total Ekuitas) Sumber: (Oktavia et al, 2021)…”