PENGARUH CORPORATE CHARACTERISTICS TERHADAP STRUKTUR MODAL PADA PERUSAHAAN MULTINASIONAL SEKTOR CONSUMER NON-CYCLICAL

Abstract

This study aims to analyze the effect of corporate characteristics on capital structure in multinational companies in the non-cyclical consumer sector. The corporate characteristics studied include cash flow volatility, business risk, retained earnings, collateral assets, and agency problems. This study also uses company size and age as control variables. The data used are secondary data from the financial statements of non-cyclical consumer sector multinational companies listed on the stock exchange from 2018-2022. The analysis method used is multiple linear regression to test the relationship between independent and dependent variables. The study results indicate that cash flow volatility and agency problems have a significant positive effect on capital structure, while company age has a significant negative impact on capital structure. Meanwhile, business risk, retained earnings, and collateral assets variables do not affect capital structure. These findings provide insight for financial managers in making decisions related to capital structure and contribute to the corporate finance literature.