Pengaruh Profitabilitas, Likuditas, Struktur Aktiva, terhadap Struktur Modal Perusahaan Manufaktur yang Terdaftar di Nbursa Efek Indonesia Periode 2019-2023

Abstract

This study aims to analyze the influence of profitability, liquidity, and asset structure on the capital structure of manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. Capital structure is a crucial decision in corporate financing that can be influenced by various internal factors. The method used in this study is quantitative with a multiple linear regression approach. Data were obtained from the annual financial reports of manufacturing companies selected through a purposive sampling method. The independent variables in this study include profitability as measured by Return on Assets (ROA), liquidity as measured by the Current Ratio (CR), and asset structure as measured by the proportion of fixed assets to total assets. Meanwhile, capital structure is the dependent variable, measured by the Debt to Equity Ratio (DER). The results show that partially, profitability and liquidity have a significant effect on capital structure, while asset structure has no significant effect. Simultaneously, all three independent variables significantly influence a company's capital structure. These findings provide important implications for company management in making optimal financing decisions.