Macroeconomic Developments And Microeconomic Effects In Determinants Of Consumer Goods Industry^s Capital Structures Listed On The Indonesian Stock Exchange
Silvana Syah, I Gusti Ketut Agung Ulupui, Agung Dharmawan Buchdadi

Universitas Negeri Jakarta

Abstract

This study aimed to investigate the factors that influence the capital structure policies of Indonesia Stock Exchange Consumer Goods Companies. Conceptually, there are two factors that determine capital structure: macroeconomics and microeconomics. Uncontrollable macroeconomic factors are represented in this study by Inflation, Interest Rates, and Economic Growth. Controllable microeconomic factors are represented in this study by profitability, firms size, Intangible Assets, and Retained Earnings. According to statistical test results, all indicators of macroeconomic factors influence capital structure policy, whereas indicators of microeconomic factors do not all influence capital structure.

Keywords: Capital Structure, Macroeconomics, Microeconomics

Topic: Financial