The main goal of the company is to maximize profits. Macroeconomic factors such as inflation and interest rates are important factors that can influence a company's success in achieving these goals and its capital structure policy. The aim of this research is to analyze the relationship between macroeconomic factors and profitability, using capital structure as a mediator. The population of this research are companies listed in LQ 45 on the Indonesian Stock Exchange, and sampling uses purposive sampling with certain criteria. Research data period: 2018–2022. The analysis technique is panel data regression and the path analysis approach of the Sobel test with Eviews 10 as a tool. Model selection used the Chow test and the Hausman test, and the result was the most appropriate fixed effect model. The research results show no influence between inflation and interest rates on capital structure, and capital structure does not mediate the relationship between inflation and interest rates on company profitability. There is no significant influence of macroeconomic factors on capital structure. The insignificance of these results is possible because the research period was too short to see the impact of macroeconomic factors and because there are no extreme economic conditions in Indonesia, which are generally still in a fairly stable condition.

Perusahaan mempunyai tujuan utama yaitu memaksimalkan keuntungan. Makro ekonomi seperti inflasi dan suku bunga merupakan faktor penting yang dapat mempengaruhi keberhasilan perusahaan mencapai tujuan tersebut, begitu pula peranan kebijakan struktur modal di dalam perusahaan. Tujuan peneltian ini untuk menganalisis hubungan antara faktor makro ekonomi terhadap profitabilitas perusahaan yang dimediasi oleh kebijakan stuktur modal yang dijalankan perusahaan tersebut. Perusahaan yang terdaftar dalam LQ 45 pada Bursa Efek Indonesia menjadi populasi dan pengambilan sampel dengan teknik purposive sampling sesuai kriteria yang sudah ditentukan. Periode data penelitian dari tahun 2018-2022 (5 tahun terakhir). Data diolah dengan pendekatan analisis jalur dan menggunakan Uji Sobel Eviews 10 sebagai alat bantu. Sebelum melakukan analisis jalur terlebih dahulu dilakukan uji pemilihan model dengan Uji chow dan Uji Hausman dan diperoleh hasil menggunakan Fixed Effect Model yang paling tepat. Hasil penelitian menunjukkan bahwa tidak ada pengaruh antara inflasi dan suku bunga terhadap struktur modal, dan struktur modal tidak terbukti dapat memediasi hubungan antara inflasi dan suku bunga terhadap profitabilitas perusahaan. Hasil ini menunjukan bahwa hutang perusahaan tidak membuat pengaruh yang signifikan terhadap perolehan laba perusahaan, begitu pula faktor makro ekonomi (inflasi dan suku bunga) tidak signifikan terhadap hutang perusahaan. Hasil ini kemungkinan besar dipengaruhi oleh jangka waktu penelitian yang relatif pendek sehingga tidak terdapat kondisi ekonomi yang ektrim di Indonesia yang secara umum masih di kondisi yang cukup stabil.

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