PENGARUH PROFITABILITAS, UKURAN PERUSAHAAN, PERTUMBUHAN PENJUALAN TERHADAP STRUKTUR MODAL DENGAN PENGHEMATAN PAJAK SEBAGAI VARIABEL PEMODERASI

Abstract

This study aims to examine the effect of profitability, firm size, sales growth, on the capital structure with tax saving as the moderating variable. The independent variable that is used in this research is profitability which is proxied by Return on Investment (ROI), firm size which is proxied by log total assets, sales growth is proxied by the difference between total sales this year and previous years divided by total sales of the previous year. Variable dependent proxied by Debt to Equity Ratio (DER). The moderating variable is tax saving which is proxied by tax rate x interest expenses. Data used in this study is secondary data. The population consist of food and beverage processing manufacturing companies listed on Indonesia Stock Exchange during 2014 – 2018. Samples are selected 150 companies by purposive sampling. Test analysis using multiple regression analysis and moderate regression analysis. Finding in this study indicates that firm size has a significant positive effect to the capital structure, profitability has a significant negative effect to the capital structure, and sales growth has not a significant positive effect to the capital structure. Then tax saving as moderating variable able to moderate the relationship between profitability, firm size, and sales growth with capital structure.