Electronic Theses and Dissertation

Penelitian ini bertujuan untuk menyelidiki dampak financial deficit, kecepatan penyesuaian utang, asset tangibility, dan suku bunga terhadap struktur modal yang diukur menggunakan persamaan regresi linear berganda. Metode pengumpulan sampel yang digunakan adalah purposive sampling. Sampel dalam penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2019-2024 sehingga diperoleh 74 perusahaan dengan 444 unit analisis. Hasil penelitian menunjukkan bahwa financial deficit dan kecepatan penyesuaian utang berpengaruh positif dan signifikan terhadap struktur modal. Selanjutnya, asset tangibility berpengaruh negatif dan signifikan terhadap struktur modal. Sementara itu, suku bunga berpengaruh negatif dan signifikan terhadap struktur modal. Hasil ini memberikan implikasi penting dalam memahami dinamika struktur modal pada sektor manufaktur di Indonesia, dimana menganut prinsip trade off theory dan pecking order theory secara bersamaan dan membuktikan bahwa kedua teori struktur modal tersebut tidak bersifat mutually exlusive. Selain itu, kondisi makroekonomi juga ikut mempengaruhi keputusan perusahaan dalam menambah porsi utangnya karena adanya cost of debt.

Kata kunci: Financial Deficit, Kecepatan Penyesuaian Utang, Asset Tangibility, Suku Bunga dan Struktur Modal
 

This study aims to investigate the effects of financial deficit, speed of adjustment toward target debt, asset tangibility, and interest rates on capital structure, as measured using multiple linear regression equations. The sampling method used was purposive sampling. The sample in this study consists of manufacturing companies listed on the Indonesia Stock Exchange from 2019 to 2024, resulting in 74 companies with 444 units of analysis. The results show that financial deficit and speed of adjustment toward target debt have a positive and significant effect on capital structure. Furthermore, asset tangibility has a negative and significant effect on capital structure. Meanwhile, interest rates have a negative and significant effect on capital structure. These results have important implications for understanding the dynamics of capital structure in Indonesia’s manufacturing sector, which adheres to both the trade-off theory and the pecking order theory simultaneously, thereby proving that these two capital structure theories are not mutually exclusive. Additionally, macroeconomic conditions also influence companies’ decisions to increase their debt share due to the cost of debt. Keywords: Financial Deficit, Speed of Adjustment toward Target Debt, Asset Tangibility, Interest Rate, and Capital Structure