MODERASI KEPEMILIKAN INSTITUSIONAL : DAPATKAH MEMPENGARUHI FAKTOR KEUANGAN TERHADAP STRUKTUR MODAL
DOI:
https://doi.org/10.34128/jra.v6i1.182Kata Kunci:
Capital structure, institutional ownership, profitability, liquidity, asset tangibilityAbstrak
Penelitian ini dilakukan untuk mengetahui pengaruh profitabilitas, likuiditas, tangibilitas, dan tax shield non utang terhadap struktur modal dengan kepemilikan institusional sebagai moderasi yang dilakukan pada perusahaan manufaktur yang terdaftar di BEI periode 2017-2021. Sampel yang digunakan dalam penelitian ini dipilih dengan menggunakan metode purposive sampling berdasarkan beberapa kriteria yang telah ditentukan. Metode analisis data menggunakan analisis regresi data panel. Metode pengujian hipotesis menggunakan taraf signifikansi 5%. Hasil penelitian menunjukkan bahwa hanya variabel non debt tax shield yang terbukti berpengaruh negatif terhadap struktur modal, sedangkan variabel profitabilitas, likuiditas, dan tangibility tidak berpengaruh terhadap struktur modal. Kepemilikan institusional mampu meningkatkan pengaruh non-debt tax shields terhadap struktur modal. Kepemilikan institusional tidak mampu memoderasi pengaruh profitabilitas, likuiditas, tangibilitas terhadap struktur modal.
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