ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL PADA PERUSAHAAN MANUFACTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA

Abstract

In the era of globalization, growing competition compels companies to adapt to current developments by managing key internal functions in order to excel against competitors. This study examines the influence of firm size, profitability, asset structure, liabilities, and business risk on the capital structure of manufacturing companies listed on the Indonesia Stock Exchange (IDX) between 2018 and 2023. In this research, capital structure serves as the dependent variable, while firm size, profitability, asset structure, liabilities, and business risk are the independent variables. The study population consists of manufacturing companies that were listed and remained listed on the IDX during 2018–2023. Using purposive sampling, 30 companies were selected from a total population of 180, with an observation period of six years (2018–2023). Data were analyzed through multiple linear regression and hypothesis testing. The findings reveal that firm size negatively affects capital structure (p-value = 0.179 > 0.05), profitability negatively affects capital structure (p-value = 0.503 > 0.05), asset structure positively affects capital structure (p-value = 0.056 < 0.05), liabilities negatively affect capital structure (p-value = 0.509 > 0.05), and business risk positively affects capital structure (p-value = 0.045 > 0.05).