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All Journal JSE: Jurnal Sharia Economica
Archenia, Shellfin Iqlima
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Economics, Econometrics & Finance

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PENGARUH STRUKTUR ASET, RISIKO BISNIS, DAN PERTUMBUHAN PENJUALAN TERHADAP STRUKTUR MODAL DENGAN MODERASI PROFITABILITAS Archenia, Shellfin Iqlima; Habibie, Azwansyah; Novietta, Liza
JSE: Jurnal Sharia Economica Vol. 4 No. 3 (2025): Juli
Publisher : LPPM STAI Muhammadiyah Probolinggo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46773/jse.v4i3.2858

Abstract

This researd aims to analyze the effect of asset structure, business risk, and sales growth on capital structure, and to test the role of profitability as a moderating variable in goods and consumer companies listed on the Indonesia Stock Exchange (IDX) for the 2019–2023 period. Capital structure in this study is measured by the Debt to Equity Ratio (DER), asset structure by the ratio of fixed assets to total assets, business risk by the Basic Earning Power ratio, sales growth by annual sales growth, and profitability by Return on Assets (ROA). This study uses a quantitative method with a causality approach. Data were obtained from the annual financial reports of 39 goods and consumer sector companies selected through purposive sampling techniques. Data analysis was carried out using multiple linear regression and residual tests to test the moderating effect of profitability which was tested using SPSS 25. The results of the researd indicate that asset structure, business risk, and sales growth have a significant effect on capital structure. In addition, profitability has been shown to moderate the effect of asset structure, business risk, and sales growth on capital structure. These findings reinforce the importance of asset management, risk control, and growth strategies supported by strong profitability in forming an optimal capital structure in goods and consumer sector companies.
Co-Authors Azwansyah Habibie, Azwansyah Liza Novietta