Abstract:
The research aim is to examine the influence of sales growth, tangibility asset,
business risk, liquidity and firm size to capital structure proxied by debt to equity
ratio, with additional profitability as moderating variable of business risk and firm
size influences capital structure in property and real estate companies listed in
Indonesia Stock Exchange. This is a quantitative research which taken data from
companies audited financial statement. There are five independent variables which
are being examined by descriptive statistical analysis, classical assumption test,
multiple linear regression and hypotheses testing. The population of this research is
property and real estate companies and took 12 samples of companies fulfilled
certain criteria in period of 2013-2018 annually. Technique used of multiple linear
regression on panel data is Random Effect Model. The outcomes reveal a value of
adjusted R-squared among dependent variable is 42.83% and the variables of
tangibility asset, business risk and firm size have significant influence on capital
structure partially in hypotheses testing. Simultaneously, sales growth, tangibility
asset, business risk, liquidity and firm size have significant influence on capital
structure in result of panel regression analysis. Profitability is not able to moderate
the influence of business risk on capital structure and able to moderate the influence
of firm size on capital structure.
