THE EFFECT OF CAPITAL STRUCTURE AND SALES GROWTH ON PROFITABILITY WITH ASSET STRUCTURE AS A MODERATING VARIABLE: A STUDY OF RETAILING SUBSECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE FOR THE 2020–2025 PERIOD

Devani Restu Anjarsukma, Moh. Ubaidillah, Muhamad Agus Sudrajat

Abstract


This study examines the relationship between capital structure and sales growth and profitability, as well as the role of asset structure in moderating these relationships in retailing subsector companies listed on the Indonesia Stock Exchange during the 2020–2025 period. A quantitative approach was employed using secondary data obtained from companies’ annual reports and financial statements. The population consisted of 31 retailing subsector companies. Based on purposive sampling criteria, 177 observations were initially obtained, of which 141 observations were ultimately used in the analysis after data processing. The analysis involved descriptive statistics, classical assumption tests, multiple linear regression, t-test, F-test, coefficient of determination, and Moderated Regression Analysis (MRA). The results indicate that capital structure, measured by the Debt to Equity Ratio (DER), has a positive and significant effect on Return on Equity (ROE). Meanwhile, sales growth has a positive relationship with ROE, but its effect is not statistically significant. The moderation analysis demonstrates that asset structure strengthens the relationship between capital structure and profitability, whereas it does not significantly moderate the relationship between sales growth and profitability. These findings suggest that the effectiveness of debt utilization in enhancing profitability is associated with the availability and support of fixed assets owned by the company.

Keywords: capital structure, sales growth, profitability, asset structure, retailing


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