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Budiawan, Budiawan
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Journal : Journal of Innovative and Creativity

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Liquidity and Profitability of Capital Structure in the Consumer Goods Industry on The Indonesia Stock Exchange Retnowati Jasa; Roy Rocky Suprapto Baan; Budiawan
Journal of Innovative and Creativity Vol. 5 No. 3 (2025)
Publisher : Fakultas Ilmu Pendidikan Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/joecy.v5i3.3989

Abstract

The study purpose was to analyze how liquidity (Quick Ratio) and profitability (Return on Assets, Return on Equity, and Net Profit Margin) affect the capital structure of consumer goods companies listed on the Indonesia Stock Exchange (IDX) from 2021 to 2023 and to provide empirical evidence regarding the applicability of capital structure theories, particularly the Pecking Order Theory, in the Indonesian consumer goods industry. This research employed a quantitative approach using secondary data from annual reports of consumer goods companies published on the IDX website. Out of a population of 57 firms, a purposive sampling method selected 10 companies operating in the food and beverage, cigarette, and pharmaceutical sub-sectors, based on the completeness and consistency of their financial statements. The data were analyzed using multiple linear regression, supported by classical assumption tests including normality, multicollinearity, autocorrelation, and heteroscedasticity to ensure the model's robustness. The data indicates that liquidity (Quick Ratio) and profitability (Return on Assets) have a negative and significant impact on capital structure, while Return on Equity shows a positive and significant effect. Net Profit Margin, however, does not significantly influence capital structure. Overall, liquidity and profitability account for 54.6% of the variation in capital structure, with the remaining influenced by other factors beyond the scope of this study. The findings highlight the importance of liquidity and profitability in guiding corporate financing decisions. They support the Pecking Order Theory and emphasize the need for firms to adopt a balanced financing approach that leverages both internal resources and external debt to promote financial stability and sustainable growth.
Co-Authors Abidah R Delu Adityo Fajar, Adityo Akbar, Rully Anggi Andu, Cristine Purnamasari Caroline Caroline DENGEN, ALVIANUS Dwi Waliyatul Azizah Erni Hastuti Fajar Kurniawan Firdaus, Fery Muhamad Hlaing, Nandar Isyanawulan, Gita Janianton Damanik Kartika Nuswantara Lista Litta, Lista Meydiansyah, M. Hamdy Muhammad Ni’amul Hanif Myint, Aung Obet Lumalan Bijang Puspitaningrum, Deby Qarnila Ridhaniah Rahman Ratna Rintaningrum, Ratna Retnowati Jasa Rina Widiastuti, Rina RR Roosita Cindrakasih Septia, Nur Septia Isma Gunarti setiawati, rahmi Sumanti Sumanti Surachmi Indirawati Tri Kuntoro Priyambodo