THE CAPITAL STRUCTURE DETERMINANTS IN FOOD AND BEVERAGE INDUSTRY
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Abstract
This study aims to determine the effect of sales growth, business risk, company size, profitability, and company age on the capital structure of food and beverage industry sub-sector companies listed on the Indonesia Stock Exchange for the period 2017-2021. This study used secondary data. Sampling used purposive sampling. The number of samples obtained were 38 companies with 190 data processed. Data analysis used multiple linear regression with SmartPLS 4 software. The conclusion was that firm size has a significant positive effect on capital structure. While sales growth, business risk, profitability, and company age do not have a significant effect on capital structure. The finding of this research is the large size of the company will increase the capital structure, which against the theory that the size of company will decrease the capital structure due to information shared to public is more disclose.
Keywords: Sales Growth, Business Risk, Company Size, Profitability, Company Age, Capital Structure
Penelitian ini bertujuan untuk mengetahui pengaruh pertumbuhan penjualan, risiko bisnis, ukuran perusahaan, profitabilitas, dan umur perusahaan terhadap struktur modal pada perusahaan subsektor industri makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2017-2021. Penelitian ini menggunakan data sekunder. Pengambilan sampel menggunakan purposive sampling. Jumlah sampel yang diperoleh sebanyak 38 perusahaan dengan 190 data yang diolah. Analisis data menggunakan regresi linier berganda dengan software SmartPLS 4. Kesimpulannya ukuran perusahaan berpengaruh positif signifikan terhadap struktur modal. Sedangkan pertumbuhan penjualan, risiko bisnis, profitabilitas, dan umur perusahaan tidak berpengaruh signifikan terhadap struktur modal. Temuan penelitian ini adalah semakin besar ukuran perusahaan akan meningkatkan struktur modal, hal ini bertentangan dengan teori yang menyatakan bahwa ukuran perusahaan akan menurunkan struktur modal karena informasi yang dibagikan kepada publik lebih terbuka.
Kata Kunci: Pertumbuhan Penjualan, Risiko Bisnis, Ukuran Perusahaan, Profitabilitas, Umur Perusahaan, Struktur Modal
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