Pengaruh Variabel Khusus Makro Ekonomi dan Variabel Spesifik Internal Perusahaan terhadap Struktur Modal pada Perusahaan Consumer Non-Cyclicals Sub Sektor Food & Beverage yang Terdaftar di Bursa Efek Indonesia

Abstract

External and internal factors can influence capital structure in a province. Macro-economic component in external factor cannot be limited by a manager whereas internal factor and its effects can be controlled by a company. The objective of the research is to find out the effects of special variable of macro economy such as interest rate, inflation. PDB, and specific variable of company's internal such as Return on Asset (ROA), Tangible Asset (TAN), and Firm Size (SIZE) on Capital Structure (DER) in Consumer Non-Cyclicals in the Food & Beverage companies listed on IDX (Indonesian Stock Exchange) The research employs associative researc research method with quantitative data which are obtained from the financial statement audited on IDX during the period of the research. The gathered data are analyzed by using descriptive analysis and panel data regression analysis. The population was 72 Consumer Non-Cyclical companies in Food & Beverage sub-sector listed on IDX in the period from 2017 to 2021, with a sample size of 27 companies. The result of the research shows that, simultaneously, interest rate, inflation, PDB. ROA, TAN, and SIZE have significant effects on DER in Consumer Non-Cyclical companies in Food & Beverage sub-sector in BEI during the period 2017-2021. Partially, the variable of interest rate and TAN have positive but insignificant effects on DER. The variable of inflation has positive and significant effects on DER at a-0.0. The variable of SIZE has positive and significant effects on DER. The variable of PDB has negative and insignificant effects on DER while the variable of ROA has negative and significant effects on DER at a-0.1 in Consumer Non-Cyclical companies in the Food & Beverage sub-sector listed on IDX.