The influence of asset structure and profitability on capital structure in IDX mining firms
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Abstract
This research aims to examine the influence of Asset Structure and Profitability on Capital Structure in Mining Sector Companies listed on the Indonesia Stock Exchange for the 2014-2023 period. Using a quantitative approach, the population consists of mining sector companies, with a sample of 20 data points from 2 different companies over 10 years. The data analysis methods include descriptive statistics, classical assumption tests, and multiple linear regression. The results show that both the Fixed Asset Ratio (FAR) and Return on Assets (ROA) significantly influence the Debt-to-Equity Ratio (DER). Specifically, the study finds that asset structure, as measured by FAR, has a negative but insignificant effect on capital structure, while profitability, measured by ROA, has a significant negative effect on capital structure. This implies that companies with a higher proportion of fixed assets and profitability tend to rely less on debt financing. The findings suggest that company management should utilize profits before seeking external financing and carefully assess the optimal mix of funding sources to maintain a healthy capital structure. For investors, this study provides insight into the influence of asset structure and profitability on capital structure, helping them make informed decisions when analyzing financial statements. Future research is recommended to expand the sample size, research period, and consider additional factors influencing capital structure for a more comprehensive understanding
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