The influence of asset structure, profitability, and liquidity towards capital structure of property and real estate companies listed in IDX for the year 2016-2018

Devina, Devina (2020) The influence of asset structure, profitability, and liquidity towards capital structure of property and real estate companies listed in IDX for the year 2016-2018. Bachelor thesis, Universitas Pelita Haratpan.

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Abstract

Indonesia’s property and real estate sector is influenced by the country’s economy. As Indonesia is a developing country with unpredictable economic growth, companies in this sector should have good management to ensure operational growth. One of the important things that a management should pay attention to is capital structure. Asset structure, profitability and liquidity are some of the factors that influence capital structure decision. Theory suggests that asset structure has a positive influence on capital structural profitability and liquidity has a negative influence. However, in reality, there are companies that show otherwise. The purpose of this research is to find out the influence those three factors have towards capital structure. This is a quantitative research and the sampling method used is purposive sampling method. Data obtained are secondary data accessed through Indonesia Stock Exchange. Total sample companies that fulfill the criteria is 34 companies, with the period of 2016-2018, resulting out of 102 samples. The result of this research is that partially, asset structure has a significant positive influence, while profitability and liquidity has an insignificant negative influence towards capital structure of property and real estate companies listed in IDX for the year 2016-2018. Simultaneously, the three independent factors have a significant influence on capital structure./Sektor property dan real estate Indonesia dipengaruhi oleh keadaan ekonomi negara tersebut. Indonesia merupakan negara berkembang dengan pertumbuhan ekonomi yang tidak stabil, oleh karena itulah perusahaan pada sektor ini membutuhkan manajemen yang baik untuk menjaga pertumbuhan operasional mereka. Salah satu hal penting yang perlu diperhatikan oleh manajemen adalah struktur kapital. Struktur asset, profitabilitas, dan likuiditas merupakan beberapa faktor yang mempengaruhi struktur kapital sebuah perusahaan. Teori-teori menyatakan bahwa struktur aset memberikan pengaruh positif terhadap struktur kapital, sedangkan profitabilitas dan likuiditas memberikan pengaruh negatif. Tetapi, dalam praktek, ada beberapa perusahaan yang tidak menunjukkan demikian. Tujuan penelitian ini adalah untuk mengetahui pengaruh ketiga faktor tersebut terhadap struktur kapital. Penelitian ini adalah penelitian kuantitatif yang menggunakan metode purposive sampling untuk memilih sampel. Data yang diperoleh merupakan data sekunder yang diakses melalui Bursa Efek Indonesia. Total perusahaan yang memenuhi kriteria berjumlah 34 perusahaan dengan periode penelitian 2016-2018, sehingga total sampel berjumlah 102 sampel. Hasil penelitian adalah secara parsial, struktur aset memberikan pengaruh positif yang signifikan, sedangkan profitabilitas dan likuiditas memberikan pengaruh negatif yang insignifikan terhadap struktur kapital perusahaan properti dan real estate selama yang terdaftar di BEI pada periode 2016-2018. Secara simultan, ketiga variabel independen memberikan pengaruh yang signifikan pada struktur kapital.

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