PENGARUH VARIABEL-VARIABEL YANG BISA MERUBAH STRUKTUR MODAL PADA PERUSAHAAN MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

Abstract

Capital structure is a part of financial structure, that is a comparation between total debts and self-capital. The companies need to reach on optimum capital modal so that the average capital cost of the companies will be able to minimized or it can maximize it’s value consisted of maximizing the prosperity of stockholders by increasing the company’s stock price. The higher company’s value, the higher the prosperity of stockholders.

The objective of this study is to get an empirical evidence regarding the influence of cash structure, profitability, company size, sales growth, operating leverage, and investment opportunity to the capital structure in the food and beverage companies registered in Indonesia Stock Exchange.

The result of the study shows that profitability, company size, and sales growth has a significant influence to the capital structure, while cash structure, operating leverage, and investment opportunity does not have any significant influence to the capital structure of the food and beverage companies registered in Indonesia Stock Exchange.

The utility of the study is that it may give an input for finance managers to consider funding to the cash structure which is essential for achieving the degree of profil from the sales result expected and appropriate with the company size. In addition, it needs to condiser the use of debts carefully, because when the additional debts are too large it may decrease the company’s financial performance. The flow stability of sales growth must be considered, so it will give a contribution to the profitability.

Kata Kunci : Struktur Modal, Struktur Aktiva, Profitabilitas, Ukuran Perusahaan