DETERMINAN DAN KECEPATAN PENYESUAIAN STRUKTUR MODAL PADA PERUSAHAAN SEKTOR PROPERTY, REAL ESTATE, DAN KONSTRUKSI BANGUNAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2014-2019
Keywords:
Capital Structure, Lagged Leverage, Tangibility of Assets, Growth of Sales, Profitability, Speed of Capital Structure AdjustmentAbstract
This study aims to examine the determinants of capital structure and the speed of capital structure adjustment towards the company's optimal capital structure. This research is a quantitative research uses secondary data. This data was taken from financial reports that obtained from Indonesian Stock Exchange official website which can be accessed at www.idx.co.id and the official websites of the companies concerned. The population of this study was the Property, Real Estate, and Building Construction Sector Companies listed in Indonesian Stock Exchange from 2014 to 2019. The samples of this study were 49 companies taken by saturated sampling technique. This data was analyzed using multiple linear regression analysis which was processed with Eviews 8.0 software. The results of this study indicated that lagged leverage had a positive and significant effect on capital structure; tangibility of assets had a positive and significant effect on capital structure; growth of sales had a positive and significant effect on capital structure; and profitability had a negative and significant effect on capital structure. The speed of adjustment towards the optimal capital structure in this company was 46.5104% per year, which means that it was still in an underleveraged condition.
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