Fadia Salsabila

Pengaruh Struktur Aktiva Likuiditas Dan Pertumbuhan Penjualan Terhadap Struktur Modal Pada Perusahaan Subsektor Transportasi

Introduction

Pengaruh struktur aktiva likuiditas dan pertumbuhan penjualan terhadap struktur modal pada perusahaan subsektor transportasi. Analisis pengaruh struktur aktiva, likuiditas, dan pertumbuhan penjualan terhadap struktur modal pada perusahaan subsektor transportasi di BEI 2019-2023. Temukan hasilnya di sini!

Abstract

This research aims to examine and analyze the influence of asset structure, liquidity and sales growth on the capital structure of transportation subsector companies listed on the Indonesia Stock Exchange for the period 2019 - 2023. Asset structure uses the Fixed Asset Ratio (FAR) measurement formula, liquidity uses the Current measurement formula Ratio and sales growth use the Sales Of Growth (SOG) measurement formula. The population used in this research was 36 transportation subsector companies listed on the Indonesia Stock Exchange. This research sample was obtained using a purposive sampling technique so that 10 companies were obtained with 50 financial report data. The research instrument used was SPSS version 30. The results of this research can conclude that asset structure has a significant effect on capital structure. Liquidity has no effect on capital structure. Sales growth has no effect on capital structure. As well as asset structure, liquidity and sales growth simultaneously influence the capital structure. Keywords: Asset structure, Liquidity, Sales Growth and Capital Structure

Review

This paper investigates the influence of asset structure, liquidity, and sales growth on the capital structure of transportation subsector companies listed on the Indonesia Stock Exchange between 2019 and 2023. The research clearly articulates its objective, aiming to analyze these relationships within a specific industry and geographical context, which is a pertinent area in corporate finance. The focus on the Indonesian transportation subsector offers valuable, localized insights into how these financial factors interact. Methodologically, the study employs a quantitative approach, operationalizing asset structure through the Fixed Asset Ratio (FAR), liquidity via the Current Ratio, and sales growth using the Sales Of Growth (SOG) formula. A population of 36 companies was identified, from which a purposive sample of 10 companies was selected, yielding 50 financial report data points. The analysis was conducted using SPSS version 30. The key findings indicate that asset structure individually has a significant effect on capital structure. Conversely, liquidity and sales growth were found to have no individual significant effect. Interestingly, the study concludes that asset structure, liquidity, and sales growth simultaneously influence capital structure. While the paper addresses a relevant topic with clear variable definitions, there are a few areas for refinement that would strengthen its contribution. Given the panel data structure (10 companies over 5 years), the abstract would benefit from specifying the *type* of panel data analysis employed (e.g., pooled OLS, fixed effects, or random effects models), as this is crucial for the validity and interpretation of results. Furthermore, the use of purposive sampling resulting in a relatively small sample of 10 companies, while providing focused insights, might limit the broader generalizability of the findings to the entire subsector; a more detailed justification of the sampling criteria would be beneficial. Finally, the abstract effectively summarizes the results but could be enhanced by offering a brief discussion of the theoretical or practical implications of these findings, particularly explaining why liquidity and sales growth lacked individual significance despite their collective impact on capital structure.

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