Article Per Year (5 Year)
p-Index From 2021 - 2026
0.23
P-Index
This Author published in this journals
All Journal Wawasan : Jurnal Ilmu Manajemen, Ekonomi dan Kewirausahaan
Bunga Fahma Amalia
Universitas Singaperbangsa Karawang
Decision Sciences, Operations Research & Management

Published : 1 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 1 Documents
Search

 1 
Pengaruh Struktur Aset, Profitabilitas dan Likuiditas terhadap Struktur Modal pada Perusahaan Farmasi yang Terdaftar di Bursa Efek Indonesia Periode 2021-2025 Bunga Fahma Amalia; Kosasih Kosasih
Wawasan : Jurnal Ilmu Manajemen, Ekonomi dan Kewirausahaan Vol. 4 No. 4 (2026): Oktober: Wawasan : Jurnal Ilmu Manajemen, Ekonomi dan Kewirausahan
Publisher : Fakultas Teknik Universitas Maritim AMNI Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58192/wawasan.v4i4.5228

Abstract

This study aims to examine the effects of asset structure, profitability, and liquidity on the capital structure of pharmaceutical companies listed on the Indonesia Stock Exchange during the 2021–2025 period. The research is motivated by fluctuations in the Debt-to-Equity Ratio (DER), indicating instability in corporate financing decisions amid operational challenges arising from dependence on imported raw materials. This study employed a quantitative approach using secondary data obtained from the annual financial statements of pharmaceutical companies. The sample was selected through purposive sampling, resulting in seven companies with a total of 35 observations. Data were analyzed using multiple linear regression with SPSS version 26, incorporating classical assumption tests, partial (t-test), simultaneous (F-test), and coefficient of determination analyses. The findings reveal that asset structure and liquidity have a negative and significant effect on capital structure, whereas profitability has no significant effect on capital structure. Simultaneously, asset structure, profitability, and liquidity significantly influence capital structure, with an Adjusted R² of 0.829, indicating that 82.9% of the variation in capital structure is explained by these three variables. These findings suggest that financing decisions in pharmaceutical companies are more strongly influenced by asset management and short-term liquidity than by profitability. This study provides practical implications for corporate management in formulating optimal financing policies and offers valuable insights for investors in assessing the financing risk and financial condition of pharmaceutical companies.
Co-Authors Kosasih