Pengaruh Struktur Modal Terhadap Harga Saham Dengan Ukuran Perusahaan Sebagai Variabel Moderasi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia

Abstract

Increased corporate debt will result in a decrease in stock prices. A capital structure thatexceeds 100 percent indicates that the company uses more debt than its capital. Althoughusing debt, companies can make tax savings, using high debt can pose a high risk for thecompany. The research was conducted with the aim of knowing whether capital structurehas an effect on stock prices moderated by company size. The research applies a quantitativeapproach to achieve the goal. Measurement of capital structure in this study used the Debtto Equity Ratio (DER) and Debt to Assets Ratio (DAR), stock price measurements used closeprice data and data analysis used moderated regression analysis (MRA). The results of thestudy show that the Debt to Asset Ratio (DAR) has a positive effect on stock prices. Debt toEquity Ratio (DER) has no positive effect on stock prices. Firm size strengthens therelationship between DAR and stock prices and weakens the relationship between DER andstock prices. This influence can affect companies that have large enough assets, thisinfluence can attract investors to invest in the company