PENGARUH UKURAN PERUSAHAAN, LIKUIDITAS, PERTUMBUHAN PENJUALAN DAN PERTUMBUHAN AKTIVA TERHADAP STRUKTUR MODAL DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING

(Studi Empiris pada Perusahaan Jasa Subsektor Perdagangan Eceran yang terdaftar pada Bursa Efek Indonesia Periode 2011-2017)

Abstract

Capital Structure is a comparison between long-term debt and own capital in the company. Capital structure describes the source of corporate funding. In making corporate funding decisions need to be done optimally and selectively, so that the risk taken is not too large by looking for the factors that influence it. In this study the capital structure is proxied using the Debt Equity Ratio (DER). The purpose of this study is to find out empirically the effect of Firm Size, Liquidity, Sales Growth and Asset growth on the capital structure and use intervening variables namely profitability. This research was conducted in the Services Companies Subsector of Retail Trade Listed on the Indonesia Stock Exchange Period 2011-2017.  Sample selection was done by purposive sampling, the number of samples used was 13 companies from a population of 25 companies. The data analysis technique in this study is multiple linear regression analysis and path analysis through the SPSS version 22.0 program. The results of this study show partially the results that, 1) firm size and liquidity have a significant positive effect on profitability, 2) sales growth and asset growth have no significant effect on profitability, 3) firm size, liquidity, and profitability have a significant negative effect on capital structure , 4) sales growth and asset growth have no significant effect on capital structure, 5) profitability cannot mediate the effect of firm size on capital structure, 6) profitability can mediate the effect of liquidity on capital structure.