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This study aims to determine the effect of business risk, asset structure and sales growth against capital structure with profitability as a moderating variable. The population in this study is all property and real estate companies listed on the Indonesia Stock Exchange in 2018-2022. Sampling technique uses purposive sampling the sample is 31 companies with 5 years of observation for total data observations totaling 155 samples. Analysis techniques used in research this is a descriptive test, a classic assumption test consisting of a normality test, test multicollinearity, heteroscedasticity test, and autocorrelation test, multiple linear regression analysis and Moderated Regression Analysis (MRA) testing using a residual test approach.
The results show that business risk has no effect on capital structure, asset structure had a positive and significant effect on capital structure, sales growth has no effect on capital structure, profitability has a significant positive effect on capital structure in property and real estate companies listed on the Indonesian Stock Exchange period 2018-2022. Meanwhile, for Moderated Regression Analysis (MRA) testing the results obtained by profitability do not moderate the effect of business risk on debt policy, profitability does not moderate the effect of asset structure on debt policy, and profitability do not moderate the effect of growth sales to property and real estate companies listed on the Stock Exchange Indonesia for the 2018-2022 period.
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