PENGARUH LIKUIDITAS, NON-DEBT TAX SHIELD, UKURAN PERUSAHAAN DAN PERTUMBUHAN PENJUALAN TERHADAP STRUKTUR MODAL

Abstract

The aim of this researcher is to test and explain the significance of the effect of liquidity, non-debt tax shields, company size and sales growth on the capital structure of mining sector companies in the Indonesia Stock Exchange. In this study of the total population of 43 mining companies listed on the Indonesia Stock Exchange in 2013-2016 only 10 companies were selected as samples that met the requirements. The results showed that liquidity partially had a significant negative effect on the capital structure, non-debt tax shield has no significant effect on capital structure, firm size has a significant positive effect on capital structure and sales growth has a significant positive effect on capital structure. Based on these results, management needs to pay attention to the factors that influence the capital structure, especially liquidity, company size and sales growth because these factors have proven to have a significant effect, so it is expected to be able to create an optimal capital structure in order to achieve corporate objectives, namely to improve shareholder welfare. Keywords: capital structure, liquidity, non-debt tax shield