PENGARUH LIKUIDITAS, PROFITABILITAS DAN STRUKTUR AKTIVA TERHADAP STRUKTUR MODAL (STUDI PADA PERUSAHAAN FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2014-2018)

Abstract

       The purpose of this study was to determine the effect of Liquidity, Profitability and Asset Structure on Capital Structure as a factor considered in the decision making of optimal capital structure of pharmaceutical companies on the Indonesia Stock Exchange in 2014-2018.

       The research method used is multiple linear regression. Based on the established criteria, 8 companies were selected from 53 pharmaceutical sector companies listed on the Indonesia Stock Exchange in 2014-2018 as samples. This sampling is done by purposive sampling technique.

        The results of the study indicate that the independent variables:

1. Liquidity has an effect on the capital structure with a significance of 0.001 <α = 0.05.
2. Profitability affects the capital structure with a significance of 0.034 <α = 0.05.
3. The asset structure does not affect the capital structure with a significance of 0.224> α = 0.05.