THE EFFECT OF LIQUIDITY, SALES GROWTH, TANGIBILITY , FINANCIAL FLEXIBILITY, AND EFFECTIVE TAX RATE ON CAPITAL STRUCTURE WITH FIRM SIZE AND ASSET GROWTH AS A CONTROL VARIABLES
(Empirical Study on Companies in the Property and Real Estate Sector Listed in ASEAN for the 2023–2024 Period)
Keywords:
Liquidity, Sales Growth, Tangibility, Financial Flexibility, Effective Tax Rate, Capital Structure, Firm Size, Asset GrowthAbstract
This study aims to examine the effect of liquidity,
sales growth, tangibility, financial flexibility, and effective
tax rate (ETR) on capital structure, with firm size and asset
growth as control variables. Liquidity is measured using
the current ratio, sales growth is calculated as the
difference between current year sales and prior year sales
divided by prior year sales, tangibility is measured by the
proportion of fixed assets to total assets, financial
flexibilityis measured by retained earnings divided by total
assets, and the effective tax rate (ETR) is measured by the
ratio of tax expense to earnings before tax. Capital
structure is proxied by the debt-to-equity ratio. Firm size is
measured using the natural logarithm of total assets, while
asset growth is calculated as the change in total assets
divided by total assets in the previous year.
The population of this study consists of property
and real estate sector companies listed on ASEAN stock
exchanges during the 2023–2024 period. This research
employs a quantitative approach using a purposive
sampling technique. The data were analyzed using panel
data regression with the assistance of EViews version 9
and SPSS version 25 software.
The results indicate that liquidity, tangibility, and
financial flexibilityhave a negative effect on capital
structure. Meanwhile, sales growth and effective tax rate
do not have a significant effect on capital structure.
Simultaneously, all independent variables together with
the control variables have a significant effect on the capital
structure of property and real estate companies in ASEAN
countries.
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