Pengaruh Struktur Aktiva Dan Profitabilitas Terhadap Struktur Modal Pada Perusahaan Sektor Industri Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia

Abstract

Capital structure discusses the allocation in terms of funding, by looking at the amount of capital from loans with capital derived from the owner of the company. Asset structure may affect the capital structure because firms that have large fixed assets, will tend to get a loan because the asset can be used as collateral. With high profits then the company has adequate internal funds as a source of corporate funding. This study aims to determine the effect of asset structure and profitability on capital structure either partially or simultaneously. The object of this research are 22 companies of consumer goods industry sector listed in Indonesia Stock Exchange. Methods of data analysis using multiple linear regression analysis. The results showed that the asset structure has a positive effect on the capital structure, profitability has a negative effect on capital structure, asset structure and profitability simultaneously affect the capital structure.Keywords: asset structure, profitability, capital structure

The Indirect Impact of Profitability on Firm Value: Evidence Dividend Policy as Moderators and Capital Structure as Mediator

“…This finding is consistent with the theory proven by Frank and Goyal (2003), where profits and debt in the capital structure are negatively interrelated, which means that the greater the profit owned by the firm, the lower is the debt used by the firm in its capital structure. This is in line with research conducted by Tijow et al (2018) and Batubara et al (2017), which states that profitability has a negative and significant effect on capital structure.…”

Implementation of Invesment Based Sales Growth (IBSG) on Asset Improvement

“…H3 was accepted that positioning positively influenced and significant to the capital structure of food and beverages companies. This statement agreed with previous studies that have been done by (Akinyomi & A. Olagonju, 2013;Ichwan, 2015;Tijow et al, 2018). H3 can be accepted because the positioning in this study explained how high the company's sales growth position compared to industrial sales growth.…”

“…H1 was accepted that tangible assets positively influenced and significant to the capital structure of food and beverages companies. This statement agreed with previous studies that have been done by (Akinyomi & A. Olagonju, 2013;Ichwan, 2015;Tijow et al, 2018). This result is accepted because the tangible assets in this study compared the company's tangible assets with total assets which illustrates the amount of assets that the company can guarantee when making loans to creditors.…”

Kebijakan Hutang: Struktur Aset, Profitabilitas Dan Peluang Pertumbuhan

“…Apabila aset tetap yang dimiliki ternyata lebih banyak dibanding aset lancar, maka perusahaan akan cenderung menggunakan hutang jangka panjang. Hal ini dikarenakan aset jangka panjang bisa berlaku sebagai jaminan untuk memperoleh pendanaan dari hutang (Tijow et al 2018). Sebaliknya perusahaan yang mayoritas asetnya berupa aset lancar akan lebih tergantung pada hutang jangka pendek (Weston & Copeland, 2010).…”

“…Hal tersebut sesuai dengan penelitian yang telah dilakukan sebelumnya, yaitu struktur aset berpengaruh positif terhadap kebijakan hutang (Akoto & Awunyo-Vitor 2014;J. J. Chen 2004;Chung, 1993;Esperança et al 2003;Tijow et al 2018). Berdasarkan argumen diatas, maka dirumuskan hipotesis sebagai berikut: H1: Struktur aset berpengaruh positif signifikan terhadap kebijakan hutang.…”