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ANALISIS PENGARUH STRUKTUR AKTIVA, UKURAN PERUSAHAAN, PROFITABILITAS DAN LIKUIDITAS TERHADAP STRUKTUR MODAL PERUSAHAAN PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI ISSI PERIODE 2020-2025
The volatile global economic development following the COVID-19 pandemic has compelled manufacturing companies to adjust their capital structure policies more efficiently. This study aims to analyze the effect of asset structure, firm size, profitability, and liquidity on the capital structure of manufacturing companies listed on the Indonesian Sharia Stock Index (ISSI) for the period 2020–2025. The theoretical framework draws upon Modigliani-Miller Theory, Trade-Off Theory, and Pecking Order Theory, which collectively explain the financing decision dynamics of sharia-compliant firms. This study employs a quantitative approach using secondary data obtained from companies' annual financial statements accessed through the official website of the Indonesia Stock Exchange (IDX). The sample was selected using purposive sampling. Data were analyzed using panel data regression with the Fixed Effect Model (FEM) estimation, and the Robust Least Squares (RobustLS) method was applied to address violations of classical assumptions. The findings reveal that asset structure has a significant negative effect on capital structure, profitability has a significant negative effect on capital structure, and liquidity has a negative effect on capital structure. Meanwhile, firm size does not have a significant effect on capital structure. Overall, these findings affirm that sharia-based manufacturing companies tend to prioritize internal financing in determining their capital structure.
FAKULTAS EKONOMI DAN BISNIS ISLAM, UIN SUNAN KALIJAGA YOGYAKARTA
NIM.: 22108030041 Damai Shinta Puja Cahya Nanjelita
ANALISIS PENGARUH STRUKTUR AKTIVA, UKURAN PERUSAHAAN, PROFITABILITAS DAN LIKUIDITAS TERHADAP STRUKTUR MODAL PERUSAHAAN PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI ISSI PERIODE 2020-2025 (Text)
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