Hadi Samanto


The analysis result shows that sales positively affect the capital structure, it means that more sales increase is financed by debt. The asset structure does not positively affect the capital structure, it means that additional current assets are more financed from debt.Profitability has no negative effect on capital structure, it means that profits earned by the company can be partially replanted into the company to increase their own capital. Growth does not negatively affect the capital structure, it means a declining growth rate from year to year due to limited own capital, so asset growth is still financed by debt.Based on the F tests, it shows the sales, asset structure, profitability, growth affects the capital structure simultaneously. Coefficient of determination R², Adjusted R Square value is obtained which shows sales, asset structure, profitability, and growth can explain the structure of capital, the remainder is explained by the residual variable or outside of this study.

Keywords: sales, asset structure, profitability, growth, and regression linear multiple.

Full Text:



Atmaja, Lukas.S, 2003, Manajemen Keuangan(edisi revisi), Andi, Yogyakarta.

Brigham, Arnoud W.A, and Anjan V.Thakor, 2002, Disagreement and Flexibility: A Theory of Optimal Security Issurance And Capital Stucture, Colorado Summer Conference, Colorado.

Brigham, Eugene.F, and Joel F Houtson, 2004, Fundamental of Financial Management(tenth edition), Thomson South Western, Florida.

Djumahir, 2005, Pengaruh Tax Shield dan Non Tax Shield terhadap struktur modal dan Nilai Perusahaan, Unibraw Malang.

Garrett, Gregory, A; William, C. Pursch, 2006, Building High Performance Buying and selling Team, Contract Management, Vol 46, No pp 52-59.

Gitosudarmo, Indriyo, dan Basri, 2002, Manajemen Keuangan, BPFE-Yogyakarta, Yogyakarta.

Gujarati, Damodar.N, 2003, Basic Econometric(Fourth Edition), Mac.Graw Hill, Singapore.

Laundsten David, 2006, Improve Your Profitability and Cash Flow: Critical Step toExpedite Government Payment, Contract Management, Vol 46, No 5, pp 20-24.

Ramezani, A.,Cyrus, Luc Soenen, 2002, Growth, Corporate Probability, and Value Creation, Financial Analysis Journal, Vol 58, No 6, pp 56-57.

Setiaji, Bambang, 2006, Panduan Riset Dengan Pendekatan Kuantitatif, Muhammadiyah University Press, Surakarta.

Scott, Jonathan, A., 2006, Loan Officer Turnover and Credit Availability for Small Firms, Journal of Small Bussiness Management, Vol 44, No 4, pp 544-562.

Sekaran, Uma, 2003, Research Method( A Skill – Building Approach), Fourth edition, John Willey& Sons, Inc, Southern Illinois.

Sundjaja, Ridwan, S., Inge Barlian, 2003, Manajemen Keuangan Dua, Literata Lintas Media, Jakarta.

DOI: http://dx.doi.org/10.29040/ijebar.v1i01.263


  • There are currently no refbacks.

International Journal of Economics, Business and Accounting Research (IJEBAR), E-ISSN 2454-1362

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.