Beberapa Variabel yang Mempengaruhi Debt to Equity Ratio Perusahaan Manufaktur yang Terdaftar di Pasar Modal Indonesia
Keywords:
Operating Leverage, Likuiditas, Struktur Aktiva, Growth; Price Earning Ratio, Profitabilitas, Debt To Equity RatioAbstract
This study aims to examine and analyze the effect of operating leverage, liquidity, asset structure, company growth, price-earning ratio (PER), and profitability on capital structure (Debt to Equity Ratio/DER). This quantitative research uses secondary data in the form of financial statements of manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2019-2023 period. Data analysis was conducted using multiple linear regression. The results prove that partially, all independent variables, namely operating leverage, liquidity, asset structure, company growth, PER, and profitability, have a significant negative effect on DER. Simultaneously, these six variables have a significant effect on the capital structure with a coefficient of determination of 45.8%. These findings empirically confirm the application of the Pecking Order Theory in the manufacturing industry, where companies with high liquidity, strong assets, good market performance, and high profitability tend to significantly reduce their debt proportions by prioritizing the use of internal funds for their operations and expansions.
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