ABSTRACT

Wahyuni. 2017. The Effect of Liquidity, Company Size, Sales Growth, and Asset Structure
Toward Capital Structure with Profitability as a Moderating Variable. Final Project. Accounting
Department. Faculty of Economy. State University of Semarang. Advisor I. Linda Agustina, S.E.,
M.Si. II Dr. Muhammad Khafid, S.Pd., M.Si.
Keywords: Capital Structure, Liquidity, Company Size, Sales Growth, Asset Structure,
Profitability.
Companies need to pay attention to adequate funding to support the continuity of the companys
operational activities. Funding decisions or capital structure decisions depend on the financial
management policy in determining the sources of funding thet can be met from internal sources
and external sources. Capital structure can be influenced by various factors, including liquidity,
firm size, sales growth, asset structure, and profitability. This study aims to determine the effect
of liquidity, firm size, sales growth, and asset structure toward capital structure with profitability
as variabel moderating.
The population of this research are 151 manufacturing company listed in Indonesian Stock
Exchange year 2012-2015. This research used purposive sampling method as the method on
collecting samples, the results is 83 companies with 332 unit analyses. Data collection
techniques is documentary studies with collecting data that published by others. Data were
analyzed using descriptive statistical analysis technique and inferential statistical analysis with
regression analysis of moderation with a test of absolute difference value.
The result shows that liquidity and asset structure have significant effect toward capital structure,
while firm size and sales growth have not significant effect toward capital structure. Profitability
is be able to moderate the influence of firm size and asset structure toward capital structure, but
not be able to moderate the influence of liquidity and sales growth toward capital structure.
The conclusion of the research is from the eight hypotheses tested there are only four hypotheses
that accepted, there are liquidity, asset structure, profitability that moderate the size of the
company, and profitability that moderate the structure of assets. Suggestions for further research
is to add more independent variables such as market conditions and internal conditions of the
company.