PENENTU UTANG PADA PERUSAHAAN LQ45 DI BURSA EFEK INDONESIA Telah Diterbitkan di Jurnal Bisnis dan Akuntansi “Analisis”, Volume 21, No.02, Mei 2022 (ISSN : 1978 – 9750, Program Studi Manajemen ASMI Santa Maria Yogyakarta), Halaman 61. http://repository.asmistmaria.ac.id/id/eprint/76 Indri Erkaningrum F. Dosen Program Studi Manajemen ASMI Santa Maria Yogyakarta Abstract: Determination of capital structure is a decision making about the combination of debt and company equity. Companies need to analyze a number of factors to identify factors that can affect the capital structure. This research uses multiple linear regressions to empirically verify the factors influencing debt. The data used are 115 of 23 companies constantly included in the LQ45 Index for the period of February 2015 to August 2019. The factors affecting debt are verified using eight determinants, namely investment, business risk, profitability, sales growth, dividends, earnings variability, structure assets, and company size. The results of hypothesis testing show that investment, business risk, and firm size have a positive effect on debt; profitability, dividends, and asset structure have a negative effect on debt; and sales growth and earnings variability have no effect on debt. Keywords: debt, investment, business risk, company size. A. Pendahuluan Penetapan struktur modal berkaitan dengan keputusan pendanaan yang dilakukan perusahaan. Pengambilan keputusan mengenai seberapa besar utang dan modal sendiri dalam struktur modal merupakan salah satu kebijakan penting yang dibuat perusahaan. Keputusan yang diambil akan mempengaruhi risiko, tingkat pengembalian yang dikehendaki, dan harga saham perusahaan. Perusahaan perlu berhati-hati dalam mengambil keputusan pendanaan karena kesalahan dalam membuat keputusan pendanaan