Analisis Pengaruh Struktur Aktiva, Profitabilitas, Likuiditas dan Ukuran Perusahaan Terhadap Struktur Modal Pada Perusahaan Sektor Farmasi Yang Terdaftar di Bursa Efek Indonesia Tahun 2020-2024

Abstract

This study aims to examine the effect of asset structure, profitability, liquidity, and firm size on the capital structure of pharmaceutical sector companies listed on the Indonesia Stock Exchange during the period 2020–2024. This research is an associative study, and the data used are secondary data obtained from financial statements and annual reports published on the official website of the Indonesia Stock Exchange (www.idx.co.id) as well as the respective company websites. The population of this study consists of all pharmaceutical sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period, totaling 34 companies. Based on the predetermined sampling criteria, 17 companies were selected as the research sample. The data analysis technique employed is panel data multiple linear regression analysis using the Fixed Effect Model approach. The results indicate that asset structure has a positive and significant effect on capital structure, profitability has a positive and significant effect on capital structure, liquidity has a negative and significant effect on capital structure, and firm size has a negative and significant effect on capital structure.