PERTUMBUHAN PENJUALAN DAN UKURAN PERUSAHAAN TERHADAP STRUKTUR MODAL PERUSAHAAN BARANG KONSUMSI YANG TERDAFTAR PADA BURSA EFEK INDONESIA PERIODE 2018-2020
Keywords:
Capital Structure, Sales Growth, Company Size
Abstract
In research on sales growth and company measurements on the capital structure of goods companies, the aim is to identify the effect of the growth variable of each sales and the size variable in each company on the capital structure variable. This research is included in the type of causal and population research in the study, namely companies for consumer goods (Customer Good Industry) listed on the Indonesia Stock Exchange for the period 2018 - 2020 as many as 23 companies. The data used are secondary data using multiple regression analysis, and partial test (t test) using the SPSS (Statistical Package for the Social Sciences) 26 for windows program. The results of the study partially that the Sales Growth Variable has a significant positive effect on the Capital Structure Variable, the Size Variable in the company which has a significant effect on the Capital Structure Variable so that simultaneously on the sales growth variable and the Company Size Variable which affects the Capital Structure Variable.
References
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Dwi Vina Rahmawati, Akhmad Darmawan, Feti Setyarini, F. B. (2021). Profitability, Capital Structure and Dividend Policy Effect on Firm Value Using Company size as a moderating variable (In the Consumer Goods Industry Sector Companies listed on the Indonesia Stock Exchange (IDX) during 2015 - 2019 Periods). International Journal of Economics, Business and Accounting Research (IJEBAR), 5(1), 282– 292.
Dzikriyah, D., & Sulistyawati, A. I. (2020). Pengaruh Pertumbuhan Penjualan, Struktur Aktiva, Ukuran Perusahaan Dan Profitabilitas Terhadap Struktur Modal. Solusi, 18(3), 99–115.
https://doi.org/10.26623/slsi.v18i3.2612
Erawati, T., & Sari, S. A. (2021). Pengaruh Profitabilitas, Likuiditas Dan Kebijakan Dividen Terhadap Kualitas Laba. Jurnal Ilmiah Akuntansi, 12(April),80–94. http://ejournal.unibba.ac.id/index.php/AKURAT
Ghazouani, T. (2013). The Capital Structure Through the Trade-Off Theory: Evidence from Tunisian Firm. International Journal of Economics and Financial Issues, 3(3), 625–636.
Gunarsih, p. r. e. c. t. (2012). Pecking Order Theory and Trade-Off Theory of Capital Structure : Evidence from Indonesian
Stock Exchange. Journal The WINNERS, 13(1), 40–49.
Hairudin. Desmon. (2020). The Effect Of Capital Structure On Firm Value By Using Dividend Policy As an Intervening Variable ( Study on Pharmaceutical Sub Sector Companies ). 17, 70–87.
Halim, P. M., & Widanaputra, A. A. G. . (2018).
Pengaruh Ukuran Perusahaan,
Pertumbuhan Penjualan dan Risiko Bisnis pada Struktur Modal. E-Jurnal Akuntansi, 23, 2391. https://doi.org/10.24843/eja.2018.v23.i03. p29
Hamilah, H. (2020). The effect of commissioners, profitability, leverage, and size of the company to submission timeliness of the financial statements tax avoidance as an intervening variable. Systematic Reviews in Pharmacy, 11(1),
349–357. https://doi.org/10.5530/srp.2020.1.45
Hariningsih, E., & Harsono, M. (2019). Kajian Kritis Kontribusi Signaling Theory Pada Area. Jurnal Pendidikan Ekonomi Dan Kewirausahaan, 2(2), 241–257.
Imam Ghozali. 2004. Aplikasi Analisis Multivariate dengan Program SPSS. Semarang: Universitas Diponegoro
Jumono, S., Abdurrahman, & Amalia, L. (2011). Deteksi Praktis Aplikasi POT (Pecking Order Theory). Jurnal Ekonomi, 4(1), 13– 28.
Kenourgios, D. (2020). The capital structure dynamics of European listed SMEs. Journal of Small Business and Entrepreneurship, 32(6), 567–584. https://doi.org/10.1080/08276331.2019.1603946
Lindawati, A. S. L. (2021). The Effect of CSR Disclosure, Company Sizes and Sales Growth on Profitability of Customer Good Industry Registered in Indonesia Stock Exchange Period 2016-2018. In ACM International Conference Proceeding Series (pp. 185–192). https://doi.org/10.1145/3457640.3457644
Mira, & Wongsosudono, C. (2021). Pengaruh Price Earning Ratio, Debt to Equity Ratio, dan Return on Asset Terhadap Harga Saham (Studi Pada Perusahaan Food And Beverage Yang Terdaftar di Bursa Efek Indonesia Tahun 2009-2013). Jurnal Mutiara Akuntansi, 6(1), 67–77. http://ejournal.sarimutiara.ac.id/index.php/JMA/article/view/1895
Muzdalifah, S., Maslichah, & Afifudin. (2021). Perbandingan Harga Saham dan Volume Perdagangan Saham Sebelum dan Saat Covid-19 pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia.
E-Jra, 10(01), 22–31.
Nadzirah, Yudiaatmaja, F., & Cipta, W. (2016). Pengaruh Ukuran Perusahaan, Struktur Aktiva dan Profitabilitas terhadap Struktur Modal. E-Journal Bisma Universitas Pendidikan Ganesha, 4(1), 1–13.
Nguyen, C. H. (2021). The relationships between metacognition and reading Strategies: The case of English-Majored students at a Private University in Vietnam. European Journal of Educational Research, 10(3), 1561–1578.
https://doi.org/10.12973/Eujer.10.3.1561
Oktavina, M., & Manalu, S. (2018). Pecking Order and Trade-off Theory in Capital Structure Analysis of Family Firms in Indonesia. Jurnal Keuangan Dan Perbankan, 22(1), 73–82.
https://doi.org/10.26905/jkdp.v22i1.1793
Pramana, I. W. S., & Darmayanti, N. P. A. (2020). Profitabilitas, Struktur Aktiva, Dan Ukuran Perusahaan Berpengaruh Terhadap
Struktur Modal Perusahaan Otomotif. EJurnal Manajemen Universitas Udayana, 9(6), 2127.
https://doi.org/10.24843/ejmunud.2020.v0 9.i06.p04
Purba, M. N., Sinurat, E. K. B., Djailani, A., & ... (2020). The Effect of Current Ratio, Return on Assets, Total Asset Turnover and Sales Growth on Capital Structure in Manufacturing Company. Journal ofSocial https://ejournal.undiksha.ac.id/index.php/I JSSB/article/view/27958
Radjamin, I. J. P., & Sudana, I. M. (2014). Penerapan Pecking Order Theory dan Kaitannya dengan Pemilihan Struktur Modal Perusahaan pada Sektor Manufaktur di Negara Indonesia dan Negara Australia. Jurnal Manajemen Dan Bisnis Indonesia, 1(3), 451–468.
https://doi.org/10.31843/jmbi.v1i3.35
Reschiwati, R. (2020). Effect of liquidity, profitability, and size of companies on firm value. Utopia y Praxis Latinoamericana, 25, 325–332.
https://doi.org/10.5281/zenodo.3987632
Ria, Y., & Lestari, P. (2015). Pengaruh Risiko Bisnis, Ukuran Perusahaan Dan Pertumbuhan Penjualan Terhadap Struktur Modal. E-Jurnal Manajemen Universitas Udayana, 4(5), 241587.
Saif-Alyousfi, A. Y. H. (2020). Determinants of capital structure: evidence from Malaysian firmsSaif-Alyousfi, A. Y. H. (2020). Determinants of capital structure: evidence from Malaysian firms. Asia-Pacific Journal of Business Administration, 12(3), 283– 326. https://doi.org/10.1108/APJB. Asia-
Pacific Journal of Business Administration, 12(3), 283–326. https://doi.org/10.1108/APJBA-09-2019-0202
Shrotriya, V. (2019). Internal Sources of Finance for Business Organizations. International Journal of Research and Analytical Reviews (IJRAR), 6(2), 933– 940. https://www.researchgate.net/publication/337464829_Internal_Sources_of_Finance_for_Business_Organizations
Silvia, R., & Meti, Y. (2020). The Correlation of Sales Growth, Liquidity, and Asset Growth with Capital Structure in Food and Beverage Companies.Journal of Social
Science and Business.
https://ejournal.undiksha.ac.id/index.php/I JSSB/article/view/28911
Sugiyono, P. (2016). Metode Penelitian Manajemen (Pendekatan Kuantitatif, Kualitatif, Kombinasi (Mixed Methods), Penelitian Tindakan (Action Research, dan Penelitian …. In Bandung: Alfabeta Cv.
Suhardi, & Afrizal. (2019). Bagaimana PeckingOrder Theory Menjelaskan Struktur Permodalan Bank di Indonesia? Jurnal Ekonomi Dan Sosial, 10(1), 32–54. https://mpra.ub.unimuenchen.de/93963/
Sutrisno. (2016). Struktur Modal : Faktor
Penentu Dan. Jurnal Siasat Bisnis, 20(1),79–89. https://www.proquest.com/docview/2389791808/5A270C4733CB43D2PQ/3?accoun tid=49910
Verhoef, P. C., Broekhuizen, T., Bart, Y., Bhattacharya, A., Qi Dong, J., Fabian, N.,
& Haenlein, M. (2021). Digital transformation: A multidisciplinary reflection and research agenda. Journal of Business Research, 122(July 2018), 889– 901. https://doi.org/10.1016/j.jbusres.2019.09.022
Wijaya, I., & Utama, I. (2014). Pengaruh Profitabilitas, Struktur Aset, Dan
Pertumbuhan Penjualan Terhadap Struktur Modal Serta Harga Saham. E-Jurnal Akuntansi, 6(3), 514–530.
Wiratama, E., & Ardiansyah, D. (2021).
Faktor-Faktor Yang Mempengaruhi Cash Holding Perusahaan Manufaktur Yang Terdaftar Di Bei. Jurnal Multiparadigma Akuntansi, 3(2), 775–783. www.idx.co.id
Cekrezi, A. (2013). A literature review of the trade− off theory of capital structure. ILIRIA International Review.https://www.ceeol.com/search/articledetail?id=462066
Darma, G. S. (2017). Referensi Kusuma 2011. Jurnal Ilmiah Akuntansi & Bisnis, 2(2), 272–286.
Dewi, n. m. n. p. d. s. m. r. (2016). Pengaruh Pertumbuhan Penjualan, Struktu Aktiva, Dan Pertumbuhan aktifa terhadap Struktur Modal. Manajemen, 5(8), 5172–5199.
Dwi Vina Rahmawati, Akhmad Darmawan, Feti Setyarini, F. B. (2021). Profitability, Capital Structure and Dividend Policy Effect on Firm Value Using Company size as a moderating variable (In the Consumer Goods Industry Sector Companies listed on the Indonesia Stock Exchange (IDX) during 2015 - 2019 Periods). International Journal of Economics, Business and Accounting Research (IJEBAR), 5(1), 282– 292.
Dzikriyah, D., & Sulistyawati, A. I. (2020). Pengaruh Pertumbuhan Penjualan, Struktur Aktiva, Ukuran Perusahaan Dan Profitabilitas Terhadap Struktur Modal. Solusi, 18(3), 99–115.
https://doi.org/10.26623/slsi.v18i3.2612
Erawati, T., & Sari, S. A. (2021). Pengaruh Profitabilitas, Likuiditas Dan Kebijakan Dividen Terhadap Kualitas Laba. Jurnal Ilmiah Akuntansi, 12(April),80–94. http://ejournal.unibba.ac.id/index.php/AKURAT
Ghazouani, T. (2013). The Capital Structure Through the Trade-Off Theory: Evidence from Tunisian Firm. International Journal of Economics and Financial Issues, 3(3), 625–636.
Gunarsih, p. r. e. c. t. (2012). Pecking Order Theory and Trade-Off Theory of Capital Structure : Evidence from Indonesian
Stock Exchange. Journal The WINNERS, 13(1), 40–49.
Hairudin. Desmon. (2020). The Effect Of Capital Structure On Firm Value By Using Dividend Policy As an Intervening Variable ( Study on Pharmaceutical Sub Sector Companies ). 17, 70–87.
Halim, P. M., & Widanaputra, A. A. G. . (2018).
Pengaruh Ukuran Perusahaan,
Pertumbuhan Penjualan dan Risiko Bisnis pada Struktur Modal. E-Jurnal Akuntansi, 23, 2391. https://doi.org/10.24843/eja.2018.v23.i03. p29
Hamilah, H. (2020). The effect of commissioners, profitability, leverage, and size of the company to submission timeliness of the financial statements tax avoidance as an intervening variable. Systematic Reviews in Pharmacy, 11(1),
349–357. https://doi.org/10.5530/srp.2020.1.45
Hariningsih, E., & Harsono, M. (2019). Kajian Kritis Kontribusi Signaling Theory Pada Area. Jurnal Pendidikan Ekonomi Dan Kewirausahaan, 2(2), 241–257.
Imam Ghozali. 2004. Aplikasi Analisis Multivariate dengan Program SPSS. Semarang: Universitas Diponegoro
Jumono, S., Abdurrahman, & Amalia, L. (2011). Deteksi Praktis Aplikasi POT (Pecking Order Theory). Jurnal Ekonomi, 4(1), 13– 28.
Kenourgios, D. (2020). The capital structure dynamics of European listed SMEs. Journal of Small Business and Entrepreneurship, 32(6), 567–584. https://doi.org/10.1080/08276331.2019.1603946
Lindawati, A. S. L. (2021). The Effect of CSR Disclosure, Company Sizes and Sales Growth on Profitability of Customer Good Industry Registered in Indonesia Stock Exchange Period 2016-2018. In ACM International Conference Proceeding Series (pp. 185–192). https://doi.org/10.1145/3457640.3457644
Mira, & Wongsosudono, C. (2021). Pengaruh Price Earning Ratio, Debt to Equity Ratio, dan Return on Asset Terhadap Harga Saham (Studi Pada Perusahaan Food And Beverage Yang Terdaftar di Bursa Efek Indonesia Tahun 2009-2013). Jurnal Mutiara Akuntansi, 6(1), 67–77. http://ejournal.sarimutiara.ac.id/index.php/JMA/article/view/1895
Muzdalifah, S., Maslichah, & Afifudin. (2021). Perbandingan Harga Saham dan Volume Perdagangan Saham Sebelum dan Saat Covid-19 pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia.
E-Jra, 10(01), 22–31.
Nadzirah, Yudiaatmaja, F., & Cipta, W. (2016). Pengaruh Ukuran Perusahaan, Struktur Aktiva dan Profitabilitas terhadap Struktur Modal. E-Journal Bisma Universitas Pendidikan Ganesha, 4(1), 1–13.
Nguyen, C. H. (2021). The relationships between metacognition and reading Strategies: The case of English-Majored students at a Private University in Vietnam. European Journal of Educational Research, 10(3), 1561–1578.
https://doi.org/10.12973/Eujer.10.3.1561
Oktavina, M., & Manalu, S. (2018). Pecking Order and Trade-off Theory in Capital Structure Analysis of Family Firms in Indonesia. Jurnal Keuangan Dan Perbankan, 22(1), 73–82.
https://doi.org/10.26905/jkdp.v22i1.1793
Pramana, I. W. S., & Darmayanti, N. P. A. (2020). Profitabilitas, Struktur Aktiva, Dan Ukuran Perusahaan Berpengaruh Terhadap
Struktur Modal Perusahaan Otomotif. EJurnal Manajemen Universitas Udayana, 9(6), 2127.
https://doi.org/10.24843/ejmunud.2020.v0 9.i06.p04
Purba, M. N., Sinurat, E. K. B., Djailani, A., & ... (2020). The Effect of Current Ratio, Return on Assets, Total Asset Turnover and Sales Growth on Capital Structure in Manufacturing Company. Journal ofSocial https://ejournal.undiksha.ac.id/index.php/I JSSB/article/view/27958
Radjamin, I. J. P., & Sudana, I. M. (2014). Penerapan Pecking Order Theory dan Kaitannya dengan Pemilihan Struktur Modal Perusahaan pada Sektor Manufaktur di Negara Indonesia dan Negara Australia. Jurnal Manajemen Dan Bisnis Indonesia, 1(3), 451–468.
https://doi.org/10.31843/jmbi.v1i3.35
Reschiwati, R. (2020). Effect of liquidity, profitability, and size of companies on firm value. Utopia y Praxis Latinoamericana, 25, 325–332.
https://doi.org/10.5281/zenodo.3987632
Ria, Y., & Lestari, P. (2015). Pengaruh Risiko Bisnis, Ukuran Perusahaan Dan Pertumbuhan Penjualan Terhadap Struktur Modal. E-Jurnal Manajemen Universitas Udayana, 4(5), 241587.
Saif-Alyousfi, A. Y. H. (2020). Determinants of capital structure: evidence from Malaysian firmsSaif-Alyousfi, A. Y. H. (2020). Determinants of capital structure: evidence from Malaysian firms. Asia-Pacific Journal of Business Administration, 12(3), 283– 326. https://doi.org/10.1108/APJB. Asia-
Pacific Journal of Business Administration, 12(3), 283–326. https://doi.org/10.1108/APJBA-09-2019-0202
Shrotriya, V. (2019). Internal Sources of Finance for Business Organizations. International Journal of Research and Analytical Reviews (IJRAR), 6(2), 933– 940. https://www.researchgate.net/publication/337464829_Internal_Sources_of_Finance_for_Business_Organizations
Silvia, R., & Meti, Y. (2020). The Correlation of Sales Growth, Liquidity, and Asset Growth with Capital Structure in Food and Beverage Companies.Journal of Social
Science and Business.
https://ejournal.undiksha.ac.id/index.php/I JSSB/article/view/28911
Sugiyono, P. (2016). Metode Penelitian Manajemen (Pendekatan Kuantitatif, Kualitatif, Kombinasi (Mixed Methods), Penelitian Tindakan (Action Research, dan Penelitian …. In Bandung: Alfabeta Cv.
Suhardi, & Afrizal. (2019). Bagaimana PeckingOrder Theory Menjelaskan Struktur Permodalan Bank di Indonesia? Jurnal Ekonomi Dan Sosial, 10(1), 32–54. https://mpra.ub.unimuenchen.de/93963/
Sutrisno. (2016). Struktur Modal : Faktor
Penentu Dan. Jurnal Siasat Bisnis, 20(1),79–89. https://www.proquest.com/docview/2389791808/5A270C4733CB43D2PQ/3?accoun tid=49910
Verhoef, P. C., Broekhuizen, T., Bart, Y., Bhattacharya, A., Qi Dong, J., Fabian, N.,
& Haenlein, M. (2021). Digital transformation: A multidisciplinary reflection and research agenda. Journal of Business Research, 122(July 2018), 889– 901. https://doi.org/10.1016/j.jbusres.2019.09.022
Wijaya, I., & Utama, I. (2014). Pengaruh Profitabilitas, Struktur Aset, Dan
Pertumbuhan Penjualan Terhadap Struktur Modal Serta Harga Saham. E-Jurnal Akuntansi, 6(3), 514–530.
Wiratama, E., & Ardiansyah, D. (2021).
Faktor-Faktor Yang Mempengaruhi Cash Holding Perusahaan Manufaktur Yang Terdaftar Di Bei. Jurnal Multiparadigma Akuntansi, 3(2), 775–783. www.idx.co.id
Published
2022-03-15
How to Cite
Khairusy, M., Nugraha, N., Johan, A., & Mayasari, M. (2022). PERTUMBUHAN PENJUALAN DAN UKURAN PERUSAHAAN TERHADAP STRUKTUR MODAL PERUSAHAAN BARANG KONSUMSI YANG TERDAFTAR PADA BURSA EFEK INDONESIA PERIODE 2018-2020. Progress: Jurnal Pendidikan, Akuntansi Dan Keuangan, 5(1), 117-128. https://doi.org/10.47080/progress.v5i1.1622
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