Dampak Pertumbuhan Penjualan, Resiko Bisnis, Struktur Aktiva Dan Ukuran Perusahaan Terhadap Struktur Modalpada Perusahaan Sub Sektor Makanandan Minuman Yang Terdaftar Di Bursa Efek Indonesia Periode 2013-2017

Abstract

This study aims to analyze: 1) the impact of sales growth on capital structure, 2) the impact of business risk on capital structure, 3) the impact of asset structure on capital structure, 4) the impact of company size on capital structure, 5) the effect of sales growth, business risk , Asset Structure and Company Size, together on Capital Structure. When this research was conducted in December 2020. The type of research used in this research is associative research. The population of this research is the food and beverage sub-sector companies listed on the Indonesia Stock Exchange (BEI) in 2013-2017, namely 18 companies. The number of samples in this study was 35. The sampling technique used the fixed effect method. The data analysis technique used is descriptive analysis technique and panel data regression test, with the help of the Eviews8 program. The results show that: (1) Sales growth has a negative and significant impact on the capital structure. Sales growth has a coefficient value of -0.583818 and is significant due to changes in sales growth of the most impactful companies, namely ICBP companies with a coefficient value of -2,100,783 while CEKA companies are still the highest with a coefficient of 8,217,007. (2) Business risk has an insignificant impact on the capital structure. Business risk has a coefficient value of 104.6439 and is insignificant due to changes in the company's business risk which have the most impact, namely ICBP company with a coefficient value of -2,100,783 while CEKA company is still the highest with a coefficient of 9,263,447. (3) Asset structure has no significant impact on capital structure. Asset structure has a coefficient value of 121.4982 and is insignificant due to changes in asset structure, the most impactful company is ICBP company with a coefficient value of -2,100,783 while CEKA company is still the highest with a coefficient of 9,431,990. (4) The size of the company has no significant impact on the structure. Company size has a coefficient value of 82.84055 and it is not significant due to changes in company size, the most impactful company is ICBP company with a coefficient value of -2,100,783 while CEKA company is still the highest with a coefficient of 16,501,063. (5) The growth in sales of business risk and company size together have a significant impact on the capital structure. The results of the analysis of the coefficient of determination obtained the R square value of 0.337930. This means that 33.79% of the capital structure on the Indonesia Stock Exchange is influenced by sales growth, business risk, asset structure, and company size, while the remaining 66.21% is influenced by other variables that are outside of this study.