THE INFLUENCE OF RETURN ON ASSETS, QUICK RATIO, FIRM SIZE, AND ASSET STRUCTURE ON CAPITAL STRUCTURE: AN EMPIRICAL STUDY OF RETAIL SUB-SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE IN 2020–2024
DOI:
https://doi.org/10.56127/ijme.v4i3.2240Keywords:
Return On Assets, Quick Ratio, Firm Size, Asset Structure, Capital StructureAbstract
This study examines the effect of return on assets, quick ratio, firm size, and asset structure on capital structure in retail sub-sector companies listed on the Indonesia Stock Exchange. Using panel data regression analysis, the findings indicate that return on assets has a positive and significant influence on capital structure, suggesting that higher profitability enhances the firm’s ability to optimize its financial structure. The quick ratio shows a negative and significant impact, reflecting that higher liquidity reduces the need for external debt. Firm size also contributes positively, implying that larger firms have broader access to funding sources. Meanwhile, asset structure demonstrates no significant relationship with capital structure, highlighting that retail companies are less dependent on fixed assets in financing decisions. These results offer insights for managers and investors in understanding the financial behavior of retail firms during the transition toward digital business environments.
References
Adinata, F. N., & Naryoto, A. (2024). The effect of firm size and asset growth on capital structure in retail sector companies. Jurnal Ekonomi dan Bisnis, 10(1), 51–60.
Anisa, R., Pratiwi, A., & Dewi, L. (2023). The effect of firm size on capital structure: Evidence from retail companies in Indonesia. Jurnal Manajemen dan Keuangan, 7(2), 118–127.
Aritonang, R. T., Sitompul, S. N., & Siregar, D. A. (2024). The impact of asset structure on capital structure in listed retail companies. Jurnal Ilmu Ekonomi dan Bisnis Islam, 8(1), 70–79.
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of financial management (14th ed.). Jakarta: Salemba Empat.
Destianti, S. P., Mulyani, S., & Puspita, B. (2024). Profitability, liquidity, and asset structure in determining capital structure: Evidence from telecommunications sector. Jurnal Pendidikan Tambusai, 8(1), 2485–2493.
Ghofir, A., & Yusuf, Y. (2020). Effect of firm size and leverage on earning management. Journal of Industrial Engineering & Management Research, 1(3), 218-225.
Ghozali, I. (2021). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Semarang: Badan Penerbit Universitas Diponegoro.
Hery. (2019). Analisis laporan keuangan: Pendekatan rasio keuangan. Jakarta: PT Grasindo.
Houston, J. F. (2019). Financial management principles. New York: Pearson.
Julimar, A., & Priyadi, M. P. (2024). External funding and firm value: The mediating role of capital structure. Jurnal Riset Keuangan dan Akuntansi, 9(2), 145–158.
Kasmir. (2019). Analisis Laporan Keuangan (Revised 11th ed.). Depok: Rajawali Pers.
Nainggolan, C. D., Butarbutar, N., & Putra, H. S. (2023). Liquidity and firm size: Their influence on capital structure in Jakarta Islamic Index. Jurnal Ilmu Sosial (JISOS), 2(6), 1853–1866.
Prasasti, Y., & Amin, M. (2024). Financial structure and performance: Case study of Indonesian consumer goods firms. Jurnal Ekonomi Modernisasi, 20(1), 99–110.
Sartono, R. A. (2020). Manajemen keuangan: Teori dan aplikasi. Yogyakarta: BPFE.
Setawan, I. G. N., Adi, I. N., & Sudarma, M. (2025). The effect of profitability and firm characteristics on capital structure in food and beverage companies. Jurnal Emas, 6(2), 328–345.
Srijono, A., Lestari, I., & Hidayat, A. (2023). The effect of profitability, liquidity, and company growth on capital structure. Jurnal Ekonomi dan Bisnis Asia, 5(1), 22–34.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.
Umam, D. C., & Yusuf, Y. (2024). Determinants of financial distress: Review of the aspects of profitability, liquidity, leverage, and activity. International Journal Multidisciplinary Science, 3(1), 36-44.
Yusuf, Y., Anthoni, L., & Suherman, A. (2022). Pengaruh Intelectual Capital, Good Corporate Governance Dan Audit Internal Terhadap Kinerja Keuangan Perusahaan Dengan Ukuran Perusahaan Dan Leverage Sebagai Variabel Mediasi. Eqien-Jurnal Ekon. dan Bisnis, 11(03), 973-982.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Imelia Aprilyanti, Astrid Dita Meirina Hakim
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
