Analysis of Variables Affecting the Capital Structure of Manufacturing Companies in Indonesia

Siti Mutmainnah and Ely Siswanto ()
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Siti Mutmainnah: Universitas Negeri Malang, Faculty of Economics and Business
Ely Siswanto: Universitas Negeri Malang, Faculty of Economics and Business

A chapter in Proceedings of the BISTIC Business Innovation Sustainability and Technology International Conference (BISTIC 2022), 2023, pp 254-268 from Springer

Abstract: Abstract The purpose of this research is to examine the impact of company scale, tangibility, liquidity, profitability, business risk, dividend policy and marketing developments on capital structure. The research population includes consumer manufacturing companies listed on the Indonesia Stock Exchange for the 2016–2020 period. The criteria for the purposive sampling method resulted in 21 companies from a total population of 71 companies being the samples of the research conducted. This research was studied using multiple linear regression analysis techniques with the help of the SPSS application. The results of data processing prove that the variables of company scale, tangibility, liquidity, profitability, business risk, dividend policy, and marketing developments simultaneously affect the capital structure. While the partial test proves that business risk, company scale, dividend policy, and marketing developments have no effect on capital structure. Tangibility and profitability have a positive impact on capital structure, while liquidity has an impact on capital structure.

Keywords: Company scale; Tangibility; Liquidity; Profitability; Business Risk; Dividend Policy; Marketing Growth; Capital Structure (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-178-4_26

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DOI: 10.2991/978-94-6463-178-4_26

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