JURNAL MANAJEMEN MOTIVASI
Vol 21 No 2 (2025): Jurnal Manajemen Motivasi

Analysis of Factors Affecting Capital Structure with Profitability as a Moderating Variable in Consumer Non-Cyclicals Sector Companies

Prayogo, Richard Febrianto (Unknown)
Halawa, Yohanes Frans (Unknown)
Sho, Nelly (Unknown)

Article Info

Publish Date
06 Aug 2025

Abstract

This study investigates the effect of liquidity, sales growth, firm size, activity ratio, and business risk on capital structure, moderated by profitability. A sample of 60 consumer non-cyclicals companies listed on the Indonesia Stock Exchange (IDX) during 2021–2023 was selected using purposive sampling. Data were analyzed using multiple linear regression. The results show that liquidity, firm size, and activity ratio significantly influence capital structure, while sales growth and business risk do not. Profitability moderates the relationship between all variables and capital structure, except business risk. These findings offer insights for investors and corporate financial decision-makers.

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Journal Info
JURNAL MANAJEMEN MOTIVASI
Website

Abbrev

jm_motivasi

Publisher

Universitas Muhammadiyah Pontianak

Subject

Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

Description

Jurnal Manajemen Motivasi (JMM) adalah Jurnal Ilmiah Fakultas Ekonomi dan Bisnis Universitas Muhammadiyah Pontianak yang diterbitkan secara berkala 2 (dua) kali dalam satu tahun (Juni dan Oktober) sebagai sarana untuk menyebarluaskan hasil penelitian dan ilmu pengetahuan di bidang ilmu manajemen ...