MODERASI KEPEMILIKAN INSTITUSIONAL : DAPATKAH MEMPENGARUHI FAKTOR KEUANGAN TERHADAP STRUKTUR MODAL
DOI:
https://doi.org/10.34128/jra.v6i1.182Keywords:
Capital structure, institutional ownership, profitability, liquidity, asset tangibilityAbstract
Abstract
The aim of this research was to examine how profitability, liquidity, tangibility, and non-debt tax shield impact the capital structure of manufacturing companies listed on the IDX during the period of 2017-2021, with institutional ownership as a moderating factor. The sample was selected using purposive sampling based on predetermined criteria, and panel data regression analysis was used for data analysis. The hypothesis testing was conducted with a significance level of 5%. The findings revealed that only the variable of non-debt tax shield had a negative effect on the capital structure, while the variables of profitability, liquidity, and tangibility had no impact. The institutional ownership was found to enhance the influence of non-debt tax shields on capital structure, but it did not moderate the effect of profitability, liquidity, and tangibility on the capital structure.
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