Pengaruh Struktur Aktiva, Risiko Bisnis, dan Ukuran Perusahaan terhadap Struktur Modal

Abstract

This research aims to analyze and prove empirically the influence of asset structure, business risk and company size on capital structure. This type of research is quantitative using secondary data taken from the IDX website and company websites. The population in this study uses sectors Property and Real Estate listed on the Indonesia Stock Exchange for five years from 2019 – 2023. Sector Property and Real Estate is a very attractive sector for investors as demand for houses and other property developments increases. The sample selection procedure used proportional sampling, and there were 17 companies that met the criteria. The data analysis technique used is panel data regression analysis using EViews 12. The results of this research show that asset structure, business risk and company size simultaneously influence capital structure with a probability value of F statistics of 0.00. Partially, asset structure has a negative effect on capital structure with a t statistical significance value of -2.57 and a probability value of 0.01, business risk has a negative effect on capital structure with a t statistical significance value of -2.36 and a probability value of 0.02, and company size also has a negative influence on capital structure with a t statistical significance value of -2.08 and a probability value of 0.04. Mark Adjust R-Squared is 0.96, meaning that Capital Structure can be explained well by Asset Structure, Business Risk and Company Size. The theoretical and practical implications of this research are based on Trade-off theory It has been proven that companies that have high assets and a fairly large company size should use little debt, because companies can maximize their assets to meet the funds needed, so they can also manage their business risks well

Keywords

Asset Structure; Business Risk; Company Size and Capital Structure