PENGARUH PROFITABILITAS, LIKUIDITAS, DAN UKURAN PERUSAHAAN TERHADAP STRUKTUR MODAL PADA PERUSAHAAN LQ45

Abstract

This study aims to examine the effect of profitability, liquidity, and firm size on the capital structure of LQ45 companies. This study uses one dependent variable capital structure and three independent variables profitability, liquidity, and firm size. Capital structure is measured by Long Term Debt to Equity Ratio. Profitability is measured by Return On Equity. Liquidity is measured by the Current Ratio. Company size is measured by the Natural Logarithm of Total Assets. There were 19 samples obtained from a total population of 45 LQ45 companies in 2018-2021 using purposive sampling technique. The criteria used in the sampling of this research are LQ45 companies that consistently publish financial reports and which generate profits during 2018-2021. This study uses a quantitative approach and data collection techniques using secondary data taken from the company's financial statements and the company's annual report. The data analysis method used was Penel data regression with data analysis tools using Eviews 9 (Econometric Views) software. The results showed that profitability had no effect on capital structure, liquidity no effect on capital structure, and firm size had a positive effect on capital structure. For companies to always pay attention to the factors that affect the capital structure optimally to increase the level of welfare of shareholders and for investors it is expected to be taken into consideration in making decisions when making investments.