Peran Profitabilitas Sebagai Variabel Intervening dalam Menentukan Struktur Modal
DOI:
https://doi.org/10.33603/jibm.v4i2.3959Keywords:
Asset Structure, Business Risk, Capital Structure, Firm Size, Liquidity, ProfitabilityAbstract
Abstract: The purpose of this study is to examine profitability as an intervening variable in influencing the capital structure. This research conducted at mining companies listed on the Indonesia Stock Exchange for the period 2015-2018, with the sampling method using purposive sampling. The data used is panel data, which is a combination of time series and cross section data. Data analysis performed using path analysis. The analysis results show that liquidity a negative effect, while business risk a positive effect on profitability. However, the asset structure and company size don’t effect on profitability. Liquidity and firm size a positive effect, while profitability a negative effect on capital structure. However, asset structure and business risk don’t effect on capital structure.
Keywords: Asset Structure; Business Risk; Capital Structure; Firm Size; Liquidity; Profitability
Abstrak : Tujuan penelitian ini adalah menguji profitabilitas sebagai variabel intervening dalam mempengaruhi struktur modal. Penelitian ini dilakukan pada perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia periode 2015 – 2018, dengan metode pengambilan sampel menggunakan purposive sampling. Data yang digunakan adalah data panel, yang merupakan gabungan dari data time series dan cross section. Analisis data dilakukan dengan menggunakan analisis jalur. Hasil analisis menunjukkan bahwa likuiditas berpengaruh negatif, sedangkan risiko bisnis berpengaruh positif terhadap profitabilitas. Namun struktur aset dan ukuran perusahaan tidak berpengaruh terhadap profitabilitas. Likuiditas dan ukuran perusahaan berpengaruh positif, sedangkan profitabilitas berpengaruh negative terhadap struktur modal. Namun struktur aset dan risiko bisnis tidak berpengaruh terhadap struktur modal. Hasil uji Sobel menunjukkan bahwa profitabilitas memediasi hubungan antara risiko bisnis dengan struktur modal.
Kata Kunci : Likuiditas; Profitabilitas; Risiko Bisnis; Struktur Aset; Struktur Modal; Ukuran Perusahaan
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