CAPITAL STRUCTURE POLICY IN CONSUMER GOODS INDUSTRY COMPANIES ON THE INDONESIA STOCK EXCHANGE

Dwi Murti Dyastuti, Mutamimah Mutamimah

Abstract


This study aims to analyze the influence of Return on Assets, company size, and growth on capital structure, both directly and indirectly through the Dividend Payout Ratio. The population used in this study was all consumer goods companies listed on the Indonesia Stock Exchange. The sampling technique used purposive sampling, using various criteria to obtain a sample size or observational data of 134 company financial reports. The data used is secondary data obtained through documentation. Data analysis for discussion purposes will be processed and presented using descriptive statistics, while for hypothesis testing, Partial Least Squares (PLS) analysis will be used. The analysis results indicate that Return on Assets has a significant effect on the Dividend Payout Ratio, company size does not have a significant effect on the Dividend Payout Ratio, and growth does not have a significant effect on the Dividend Payout Ratio. Return on Assets has a significant effect on capital structure, company size has a significant effect on capital structure, growth has no significant effect on capital structure, and the Dividend Payout Ratio has a significant effect on capital structure. The results of the mediation test indicate that the Dividend Payout Ratio can mediate the effect of Return on Assets on capital structure, but the Dividend Payout Ratio cannot mediate the effect of firm size and growth on capital structure.


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