THE EFFECT OF PROFITABILITY, ASSET STRUCTURE, SALES GROWTH, LIQUIDITY, FIRM SIZE TO THE CAPITAL STRUCTURE ( STUDY OF TRANSPORTATION COMPANIES ARE LISTED ON THE STOCK EXCHANGE IN THE PERIOD 2012-2015 )

Abstract

Capital structure is a balance between equity capital from internal company with capital from outside the company, so it will get the optimum capital structure results.There are many factors that affect to the capital structure of the companies so this study analyzes the influence of profitability, sales growth, liquidity, assetstructure, and firm size to the capital structure of transportation companies.The purpose of this study was to examine and determine the effect of profitability, asset structure, sales growth, liquidity, firm size to the capital structure of transportation companies are listed on the Stock Exchange in the period 2012-2015.
Sampling method used in this study is the method of purposive sampling is the sampling method based on certain criteria. The number of samples used in this study based on the criteria of a total of 33 transportation companies.The amount of sample matched with the criteria of the Stock Exchange are 23 transportation companies by using pooled data, so the sample of reasearch (n) is 92 obervation datas.The analysis used was multiple regression analysis, which is preceded by a test consisting of the assumption of classical test for normality, heteroscedasticity test, test of multicollinearity and autocorrelation. Hypothesis testing is using F test t test and R2 test.
The results of data analysis or regression results indicate that simultaneous profitability, assetstructure, liquidity, sales growth, firm size a affect the company's capital structure.While partial variable that significantly influence the liquidity and capital structure. The magnitude of the coefficient of determination (Adjusted R Square) is equal to 0.05.This means that the dependent variable is 5% of capital structure can be described by six independent variables, namely profitability, asset structure, sales growth, liquidity, asset growth, and firm size. While the rest of 95% is explained by the variables of capital structure or other causes outside the model.
Keywords: Capital structure, Profitability, Assetstructure, Sales growth, Liquidity, Asset growth, and Firm size.