Abstract:

The aim of this research is to analyze the determinants of capital structure among manufacturing firms listed on Indonesia Stock Exchange from 2014-2018 with different age and size. The explanatory variables are growth, tangibility, profitability, size, liquidity, and age, meanwhile the dependent variables are total debt ratio and long-term debt ratio. The sample used in this research consists of 88 companies with 264 observation data. The results show that growth, tangibility, profitability, size, liquidity, and age have significant effects on capital structure by using data of all type company sizes or ages.  Using a sample of all companies, growth has a significant effect on capital structure. However, growth does not have significant effect among big and old companies. Differences can also be found in other independent variables, particularly size and liquidity with different variations as the companies got older and bigger.