PENGARUH PROFITABILITAS, PERTUMBUHAN ASET, DAN LIKUIDITAS TERHADAP STRUKTUR MODAL (STUDI KASUS DI BEI SEKTOR PERTAMBANGAN TAHUN 2018-2022)

Abstract

Capital structure is an important financial decision because it determines the proportion of debt and equity used to support a company’s operations and investment activities. This study aims to examine the effects of profitability, asset growth, and liquidity on the capital structure of mining companies listed on the Indonesia Stock Exchange during the 2018–2022 period. This study employed a descriptive quantitative approach using secondary data obtained from annual reports. The sample was selected through purposive sampling and consisted of 21 companies, resulting in 105 observations. Profitability was measured using Return on Assets, asset growth was calculated based on changes in total assets, liquidity was measured using the Current Ratio, and capital structure was measured using the Debt to Equity Ratio. Data were analyzed using multiple linear regression with SPSS. The results show that profitability has a negative and significant effect on capital structure, asset growth has no significant effect on capital structure, and liquidity has a negative and significant effect on capital structure.