Electronic Theses and Dissertation

Penelitian ini bertujuan untuk menguji pengaruh Struktur Aset, Growth Opportunity, dan Likuiditas terhadap Struktur Modal dengan Ukuran Perusahaan sebagai variabel moderasi pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2020–2024. Sampel penelitian terdiri dari 139 perusahaan manufaktur yang dipilih melalui metode purposive sampling, sehingga diperoleh 695 data observasi selama lima tahun pengamatan. Analisis data dilakukan dengan regresi data panel menggunakan pendekatan fixed effect model berdasarkan hasil uji chow dan uji hausman. Pengujian hipotesis dilakukan melalui uji simultan, uji parsial, dan Moderated Regression Analysis (MRA). Hasil penelitian menunjukkan bahwa growth opportunity dan likuiditas berpengaruh signifikan terhadap struktur modal, sedangkan struktur aset tidak berpengaruh signifikan. dalam pengujian moderasi, ukuran perusahaan tidak terbukti memoderasi pengaruh struktur aset dan growth opportunity terhadap struktur modal, namun mampu memoderasi pengaruh likuiditas terhadap struktur modal. Temuan ini menunjukkan bahwa kebijakan struktur modal perusahaan manufaktur lebih ditentukan oleh peluang pertumbuhan dan kondisi likuiditas perusahaan, serta diperkuat oleh skala perusahaan dalam menentukan fleksibilitas pendanaan.

Kata Kunci: Struktur Modal Struktur Aset, Growth Opportunity, Likuiditas, Ukuran Perusahaan.

This study aims to examine the effect of Asset Structure, Growth Opportunity, and Liquidity on Capital Structure with Firm Size as a moderating variable in manufacturing companies listed on the Bursa Efek Indonesia during the 2020–2024 period. The sample consists of 139 manufacturing companies selected through purposive sampling, resulting in 695 observations over five years. Data were analyzed using panel data regression with the fixed effect model approach based on the results of the chow test and hausman Test. Hypothesis testing was conducted through simultaneous testing, partial testing, and Moderated Regression Analysis (MRA). The results indicate that growth opportunity and liquidity have a significant effect on capital structure, while asset structure does not have a significant effect. In the moderating analysis, firm size is not proven to moderate the effect of asset structure and Growth Opportunity on capital structure; however, it is able to moderate the effect of liquidity on capital structure. These findings suggest that the capital structure policy of manufacturing companies is primarily influenced by growth prospects and liquidity conditions, and is further strengthened by firm size in determining financing flexibility. Keywords: Capital Structure, Asset Structure, Growth Opportunity, Liquidity, Firm Size.