The Effects of Profitability and Liquidity on Capital Structure
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Liquidity,
Capital Structure
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Abstract
This study aims to analyze the effects of profitability and liquidity on the capital structure of real estate companies listed on the Indonesia Stock Exchange. This study employs a quantitative approach with an explanatory research design. The data used consists of secondary data in the form of companies’ annual financial statements for the study period. The sample was selected using purposive sampling based on predetermined criteria. Profitability was measured using Return on Assets (ROA), liquidity was measured using the Current Ratio (CR), and capital structure was measured using the Debt-to-Equity Ratio (DER). Data analysis was performed using multiple linear regression with the aid of IBM SPSS. The results indicate that profitability has a negative and significant effect on capital structure, and liquidity also has a negative and significant effect on capital structure. These findings indicate that companies with strong profit-generating capabilities and good liquidity tend to prioritize internal funding sources, thereby reducing their reliance on debt.
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