Abstract
The aim of this researcher is to test and explain the significance of the effect of liquidity, non-debt tax shields, company size and sales growth on the capital structure of mining sector companies in the Indonesia Stock Exchange. In this study of the total population of 43 mining companies listed on the Indonesia Stock Exchange in 2013-2016 only 10 companies were selected as samples that met the requirements. The results showed that liquidity partially had a significant negative effect on the capital structure, non-debt tax shield has no significant effect on capital structure, firm size has a significant positive effect on capital structure and sales growth has a significant positive effect on capital structure. Based on these results, management needs to pay attention to the factors that influence the capital structure, especially liquidity, company size and sales growth because these factors have proven to have a significant effect, so it is expected to be able to create an optimal capital structure in order to achieve corporate objectives, namely to improve shareholder welfare.
 Keywords: capital structure, liquidity, non-debt tax shield
 
Highlights
The aim of this researcher is to test and explain the significance of the effect of liquidity, non-debt tax shields, company size and sales growth on the capital structure of mining sector companies in the Indonesia Stock Exchange
The results showed that liquidity partially had a significant negative effect on the capital structure, non-debt tax shield has no significant effect on capital structure, firm size has a significant positive effect on capital structure and sales growth has a significant positive effect on capital structure
Untuk melihat kondisi perusahaan apakah tepat untuk dipilih yaitu dengan melihat kondisi laporan keuangan perusahaan diantaranya dengan melihat seberapa besar tingkat struktur modal yang digunakan.Bagi peneliti selanjutnya diharapkan menambah variabel lainnya sebagai variabel independen seperti risiko bisnis, profitabilitas, pajak serta kondisi ekonomi makro seperti tingkat suku bunga dan inflasi yang dapat mempengaruhi struktur modal perusahaan karena hasil penelitian menunjukkan kecilnya pengaruh variabel independen terhadap variabel dependen yang ditunjukkan dengan koefisien determinasi sebesar 47,9 persen dan sisanya 52,1 persen dipengaruhi oleh variabel lain di luar penelitian.Selain itu, peneliti selanjutnya juga diharapkan dapat melakukan penelitian pada sektor perusahaan lain yang terdaftar di Bursa Efek Indonesia dan menambah jumlah periode penelitian
Summary
The aim of this researcher is to test and explain the significance of the effect of liquidity, non-debt tax shields, company size and sales growth on the capital structure of mining sector companies in the Indonesia Stock Exchange. (2013) yang meneliti pada perusahaan Oli dan Gas yang listing di Karachi Stock Exchange di Pakistan menemukan hasil bahwa pertumbuhan penjualan memiliki pengaruh yang negatif signifikan terhadap struktur modal karena semakin tinggi pertumbuhan penjualan perusahaan memiliki banyak pilihan dalam menggunakan sumber dana yang tidak beresiko sehingga lebih memilih pendanaan internal.
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