Analisis Pengaruh Pertumbuhan Penjualan, Struktur Aset, dan Profitabilitas terhadap Struktur Modal

Miswanto Miswanto(1*), Aditia Yusuf Setiawan(2), Aprih Santoso(3),

(1) Sekolah Tinggi Ilmu Ekonomi YKPN Yogyakarta, Sleman, Yogyakarta Special Region
(2) Sekolah Tinggi Ilmu Ekonomi YKPN Yogyakarta, Sleman, Yogyakarta Special Region
(3) Universitas Semarang, Semarang, Central Java
(*) Corresponding Author


The purpose of this study is to examine the effect of sales growth, asset structure, and profitability on the company's capital structure. The sample used was 119 manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2012 to 2015. The determination of the sample data in this study used a purposive sampling method, while the data used were panel data. The findings in this study indicate that sales growth and asset structure have a significant and positive effect on capital structure. On the other hand, profitability has a significant and negative effect on capital structure. With these findings, this study supports the results of previous research and shows that theories to explain the capital structure and the factors that influence it are not mutually exclusive.


Asset structure; Capital structure; Profitability; Sales growth

Full Text:



Algifari, A. (2013). Statistik Induktif untuk Ekonomi dan Bisnis. Edisi Ketiga. Yogyakarta, Indonesia: UPP STIM YKPN.

Ariyani, H. F., Pangestuti, I. R. D., & Raharjo, S. T. (2019). The Effect of Asset Structure, Profitability, Company Size, and Company Growth on Capital Structure (The Study of Manufacturing Companies Listed on the IDX for the Period 2013-2017). Jurnal Bisnis Strategi, 27(2), 123–136.

Arnold, G. (2013). Corporate Financial Management. Fifth Edition. Harlow, Essex, England: Pearson Education Limited.

Betavia, A. E. (2019). Analysis of Profitability, Liquidity, Dividend Policy, Growth and Asset Structure toward Capital Structure and Firm Value. 97(Piceeba), 47–57.

Brealey, R. A., Myers, S. C., & Marcus, A. (2012). Fundamentals of Finance Management. 7th edition. New York, USA: McGraw-Hill Irwin.

Brigham, E. F., & Houston, J. F. (2014). Essentials of Financial Management. Third Edition. New Tech Park, Singapore: Cengage Learning Asia, Pte. Ltd.

Chen, S-. Y., & Chen, L-. J. (2011). Capital Structure Determinants: An Empirical Study in Taiwan. African Journal of Business Management, 5(27), 10974–10983.

Dharmawan, D., Susanti, S., & Fauzi, A. (2021). Pengaruh Struktur Aktiva, Profitabilitas, dan Pertumbuhan Penjualan terhadap Struktur Modal pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Indonesian Journal of Economy, Business, Entrepreneuship and Finance, 1(2), 128–140.

Dzikriyah, D., & Sulistyawati, A. I. (2020). Pengaruh Pertumbuhan Penjualan, Struktur Aktiva, Ukuran Perusahaan dan Profitabilitas terhadap Struktur Modal. Solusi, 18(3), 99–115.

Febriana, D., & Yulianto, A. (2017). Pengujian Pecking Order Theory di Indonesia. Management Analysis Journal, 6(2), 153–165.

Frank, M. Z., & Goyal, V. K. (2009). Capital Structure Decisions around the World: Which Factors are Reliably Important? Financial Management, 38, 1–37.

Hamidah, H., Iswara, I., & Mardiyati, U. (2016). The Effect of Profitability, Liquidity, Growth Sales, Operating Leverage and Tangibility on Capital Structure (Evidence from Manufacture Firm Listed on Indonesia Stock Exchange in 2011-2014). JRMSI - Jurnal Riset Manajemen Sains Indonesia, 7(1), 96–116.

Hanafi, M. M. (2008). Manajemen Keuangan. Yogyakarta, Indonesia: BPFE.

Hanafi, M. M. (2016). Manajemen Risiko. Edisi Ketiga. Yogyakarta, Indonesia: UPP STIM YKPN.

Haron, R. (2014). Capital Structure Inconclusiveness: Evidence from Malaysia, Thailand, and Singapore. International Journal of Managerial Finance, 10(1), 23–38.

Horne, J. C. V., & Wachowicz, J. M. (2009). Fundamentals of Financial Management. Thirteenth Edition. Edinburgh, UK: Prentice-Hall.

Malinić, D., Denčić-Mihajlov, K., & Ljubenović, E. (2013). The Determinants of Capital Structure in Emerging Capital Markets: Evidence from Serbia. European Research Studies Journal, 16(2), 98–119.

Manurung, A. H. (2021). Keuangan Perusahaan. Edisi Pertama. Jakarta, Indonesia: PT Adler Manurung Press.

Miswanto, M. (2017). Equity Market Price and Its Effect on Capital Structure and Equity Issue. Advanced Science Letters, 23(9), 8056–8059.

Miswanto, M. (2018). Equity Issue and a Long-Term Effect of Equity Market Timing on Capital Structure. International Journal of Engineering and Technology (UAE), 7(3), 82–88.

Modigliani, F., & Miller, M. H. (1958). Corporate Finance and The Theory of Investment. The American Economic Review, 48(3), 261–297.

Moyo, V. (2015). What Drives Security Issuance Decisions of Firms Listed on the Johannesburg Stock Exchange: Market Timing or Dynamic Trade-off Theory or Both? Journal of Applied Business Research, 31(6), 2047–2068.

Myers, S. C. (1984). Capital Structure Puzzle. The Journal of Finance, 39(3), 1–33.

Nurrohim, H. K. P. (2008). Pengaruh Profitabilitas, Fixed Asset Ratio, Kontrol Kepemilikan, dan Struktur Aktiva terhadap Struktur Modal pada Perusahaan Manufaktur di Indonesia. Sinergi Kajian Bisnis dan Manajemen, 10(01), 11–18.

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.

Pamungkas, W. S., & Surwanti, A. (2021). Non-Mutually Exclusive Trade-off and Pecking Order Theories: A Study in Indonesia. Jurnal Manajemen Bisnis, 12(1), 71–87.

Purnamasari, I., & Hendrawati, E. (2015). Faktor-Faktor yang Mempengaruhi Struktur Modal pada Perusahaan Properti dan Real Estate yang Terdaftar di Bursa Efek Indonesia. Equilibrium, 13(1), 62–96.

Rasiah, D., & Kim, P. K. (2011). A Theoretical Review on the Use of the Static Trade-off Theory, the Pecking Order Theory, and the Agency Cost Theory of Capital Structure. International Research Journal of Finance and Economics, 63(63), 150–159.

Ross, S. A., (1977). The Determination of Financial Structure: The Incentive-Signalling Approach. The Bell Journal of Economics, 8(1), 23–40.

Ross, S. A., Westerfield, R. W., & Jaffe, J. (2015). Corporate Finance. Tenth Edition. New York, USA: McGraw-Hill Education.

Saif-Alyousfi, A. Y. H., Md-Rus, R., Taufil-Mohd, K. N., Taib, H. M., & Shahar, H. K. (2020). Determinants of Capital Structure: Evidence from Malaysian Firms. Asia-Pacific Journal of Business Administration, 12(3–4), 283–326.

Supriyanto, E., & Falikhatun. (2008). Pengaruh Tangibility, Pertumbuhan Penjualan, dan Ukuran Perusahaan terhadap Struktur Keuangan. Jurnal Bisnis dan Akuntansi, 10(1), 13–22.

Thausyah, N. F., & Suwitho, S. (2015). Pengaruh Pertumbuhan Penjualan, Struktur Aktiva dan Profitabilitas terhadap Struktur Modal. Jurnal Ilmu dan Riset Manajemen, 4(9), 1–15.

Tijow, A. P., Sabijono, H., & Tirayoh, V. Z. (2018). Pengaruh Struktur Aktiva dan Profitabiitas terhadap Struktur Modal pada Perusahaan Sektor Industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia. Jurnal Riset Akuntansi Going Concern, 13(3), 477–488.


Article Metrics

Abstract view : 2775 times
PDF - 18 times


  • There are currently no refbacks.

Copyright (c) 2022 Miswanto Miswanto, Aditia Yusuf Setiawan, Aprih Santoso

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Creative Commons License
Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship is licensed under a Creative Commons Attribution 4.0 International License.
Based on a work at

Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship has been indexed/archived by:

DOAJGoogle Scholar Crossref Sinta EBSCO Essentials Garuda IOS Microsoft Academic ROAD Dimensions WorldCat ResearchBib Scilit logo OpenAIRE CORE Semantic Scholar EuroPub Publons

Journal of Maksipreneur: Management, Cooperative, and Entrepreneurship (JMP)

Organized by Management DepartmentUniversitas Proklamasi 45, Yogyakarta, Indonesia

Published by Universitas Proklamasi 45, Yogyakarta, Indonesia

Email: |

ISSN (electronic): 2527-6638  ISSN (printed): 2089-550X