MENENTUKAN STRUKTUR MODAL PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA

Abstract

The aim of this research is to test the effect of the sales growth, the asset structure and the
profitability on the capital structure. The population of this research is the manufacturing firms
listed on the Indonesia Stock Exchange (IDX) on the period of 2006 to 2008. The sampling
technique using a purposive sampling, while technical analysis using multiple regression analysis.
According to the research results showed that: (1) Tha sales growth has positive and
significant impact on firm’s capital structure. The higher the sales growth, the higher the firm’s
capital structure. (2) The structure of the asset does not affect the firm’s capital structure. Thus, the
determination of the allocation for each asset, either in current assets and fixed assets does not
affect the capital structure. (3) The profitability has negative and significant impact on the firm’s
capital structure. The higher the profitability, the lower the capital structure.
Key words: Sales Growth, Asset Structure, Profitability and Capital Structure.