Pecking Order Theory as a Strengthening Capital Structure

The purpose of this study is to determine the pecking order theory as a reinforcement of capital structure based on consumption sector companies that are listed on the IDX. This research uses dividend policy moderation which influences growth on capital structure. The 2014-2017 research period collected data using documentation techniques with a sample of 122 consumption sector companies listed on the IDX, data analysis using WarpPLS. The results of ROE and Current Ratio have a significant positive effect on capital structure, growth has a positive but not significant impact on the capital structure, and dividend policy cannot moderate the growth of capital structure.