Pengaruh Likuiditas Dan Pertumbuhan Penjualan Pada Struktur Modal Yang Dimoderasi Oleh Ukuran Perusahaan

Abstract

Indonesia Stock Exchange (IDX) plays an important role in national economic growth by providing long-term funding sources for companies. Companies listed on the IDX have access to various financing alternatives, thus decisions regarding capital structure are very crucial. Factors that can affect a company's capital structure are liquidity and sales growth which are inseparable from the size of a company. This study was conducted on energy sector companies on the IDX from 2022-2024 because every process of producing goods or services will always require support for the provision of energy, thus the economic growth of a country is depend on the availability of energy. This study aims to provide more comprehensive view of the effect of liquidity and sales growth on capital structure with company size as a moderation variable. This study uses a purposive sampling method with a sample of 47 companies. The data analysis technique uses Moderated Regression Analysis (MRA). The results of the study found that liquidity and sales growth partially had no effect on capital structure. The moderating variable of company size is able to moderate the effect of liquidity on capital structure but is unable to moderate the effect of sales growth on capital structure.