Pengaruh Profitabilitas, Likuditas, dan Struktur Aktiva terhadap Struktur Modal (Studi Kasus pada Perusahaan Manufaktur Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2018-2019)

Abstract

The goal of the company is to get the maximum profit. To obtain maximum profit, the company's
management must implement appropriate financial decisions, whether investment decisions,
funding decisions or dividend decisions. With the right decisions, of course the achievement of
company goals will be realized. Food and beverage companies are one of the industrial sector
categories on the Indonesia Stock Exchange (IDX) which have the ability to continue to exist in the
current economic conditions. Even during the pandemic, which occurred in early 2020 in
Indonesia, this industry was one of the industries that was able to survive in the midst of the
economic crisis that hit almost the entire world. The purpose of this study was to measure the
effect of Profitability, Liquidity, and Asset Structure on Capital Structure in Food and Beverage
Manufacturing Companies Listed on the Indonesia Stock Exchange for the 2018-2019 Period.
From the research results, it is known that Profitability, Liquidity and Asset Structure
simultaneously affect the Capital Structure. Profitability has no significant and positive effect on
capital structure, while liquidity and asset structure have no significant and negative effect on
capital structure. Adjusted R-squared of 0.655714 shows that variations in changes in independent
variables (Profitability, Liquidity, and Asset Structure) can explain changes in the dependent
variable (Capital Structure) of 65.58%, while the remaining 34.42% is explained by other
variables that not in the model.