STRUKTUR MODAL DAN KINERJA KEUANGAN PERUSAHAAN

Herbowo Herbowo; Budhi Purwantoro Jati; Ani Sri Murwani; Nanik Niandari

doi:10.33373/mja.v18i2.7121

STRUKTUR MODAL DAN KINERJA KEUANGAN PERUSAHAAN

Herbowo Herbowo, Budhi Purwantoro Jati, Ani Sri Murwani, Nanik Niandari

Abstract

Abstrak
This research was conducted with the aim of determining the effect of capital structure policy on financial performance. Association type research with a quantitative approach. The dependent variable used in this research is financial performance which is measured using Return on Assets (ROA), while the independent variable used is capital structure measured using Debt ratio (DR) and Debt to Equity Ratio (DER). The population used is all entities registered on the IDX, while the sample was selected using a purposive sampling technique, namely manufacturing companies for the 2015-2019 period. The number of samples used was 179 companies and the number of observations was 751. The data used was secondary data obtained through the official IDX website (www.idx.co.id). The data analysis technique in this research is multiple linear regression analysis. The results of this research show that the Debt ratio (DR) and Debt to Equity Ratio (DER) have a negative effect on Return on Assets (ROA). The research results strengthen empirical studies related to capital structure policy and its influence on company financial performance.
Keywords: Debt ratio, Debt to Equity Ratio, Capital Structure, Financial Performance, Return on Asset

Abstrak
Penelitian ini dilakukan dengan tujuan untuk mengetahui pengaruh kebijakan struktur modal terhadap kinerja keuangan. Penelitian berjenis asosiasi dengan pendekatan kuantitatif. Variabel dependen yang digunakan dalam penelitian ini yaitu kinerja keuangan yang diukur dengan menggunakan Return on Assets (ROA), sedangkan variabel independen yang digunakan yaitu struktur modal diukur dengan menggunakan Debt Ratio (DR) dan Debt to Equity Ratio (DER). Populasi yang digunakan yaitu seluruh entitas terdaftar di BEI, sedangkan sampel dipilih dengan menggunakan teknik purposive sampling yakni perusahaan manufaktur periode 2015-2019. Jumlah sampel yang digunakan berjumlah 179 perusahaan dan jumlah observasi sebanyak 751. Data yang digunakan merupakan data sekunder yang diperoleh melalui situs resmi IDX (www.idx.co.id). Teknik analisis data dalam penelitian ini yaitu analisis regresi linier berganda. Hasil dari penelitian ini menunjukkan bahwa Debt ratio (DR) dan Debt to Equity Ratio (DER) berpengaruh negatif terhadap Return on Assets (ROA). Hasil penelitian memperkuat kajian empiris terkait dengan kebijakan struktur modal dan pengaruhnya terhadap kinerja keuangan perusahaan.
Kata Kunci: Debt ratio, Debt to Equity Ratio Struktur Modal, Kinerja Keuangan, Return on Asset

Keywords

Debt ratio, Debt to Equity Ratio, Capital Structure, Financial Performance, Return on Asset

Full Text:

PDF

References

Amanda, R. I. (2019). The Impact Of Cash Turnover, Receivable Turnover, Inventory Turnover, Current Ratio And Debt to Equity Ratio On Profitability. Journal of Research in Management, 2(2), 14–22. https://doi.org/10.32424/jorim.v2i2.66

Arifin, A. H. (2021). “Pengaruh Struktur Modal terhadap Profitabilitas pada Perusahaan Farmasi di Bursa Efek Indonesia.” SEIKO: Journal of Management & Business, 4(2), 487–495. https://doi.org/10.37531/sejaman.v5i1.1587

Gunawan, R., Widiyanti, M., Malinda, S., & Adam, M. (2022). The Effect of Current Ratio, Total Asset Turnover, Debt To Asset Ratio, and Debt to Equity Ratio on Return on Assets in Plantation Sub-Sector Companies Listed on the Indonesia Stock Exchange. International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS), 2(1), 19–28. https://doi.org/10.54443/ijebas.v2i1.139

Hertina, D., Pranata, A. F., & Aulia, R. E. (2021). The Influence of Current Ratio, Debt to Equity Ratio and Company Size on Return on Assets. Turkish Journal of Computer and Mathematics Education, 12(8), 1702–1709.

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X

Manurung, S. D., Suhadak, & Nuzula, N. F. (2014). The Influence of Capital Structure on Profitability and Firm Value. Jurnal Administrasi Bisnis (JAB), 7(2), 1–8. https://doi.org/10.1177/0149206313508982

Panjaitan, D. K., & Muslih, M. (2019). MANAJEMEN LABA: UKURAN PERUSAHAAN, KEPEMILIKAN MANAJERIAL DAN KOMPENSASI BONUS. Jurnal Aset (Akuntansi Riset), 11(1), 1–20. https://doi.org/10.17509/jaset.v11i1.15726

Pradnyaswari, N. M. A. D., & Dana, I. M. (2022). Pengaruh Likuiditas, Struktur Modal, Ukuran Perusahaan, Dan Leverage Terhadap Profitabilitas Pada Perusahaan Sub Sektor Otomotif. E-Jurnal Manajemen Universitas Udayana, 11(3), 505. https://doi.org/10.24843/ejmunud.2022.v11.i03.p05

Ramadita, E. S., & Suzan, L. (2019). Pengaruh Biaya Produksi, Debt to Equity Ratio , dan Perputaran Persediaan Terhadap Profitabilitas. Jurnal ASET (Akuntansi Riset), 11(1), 159–168. https://doi.org/10.17509/jaset.v11i1.17440

Sari, P. R. P., & Dwirandra, A. A. N. B. (2019). Pengaruh Current Ratio Dan Debt to Equity Ratio Terhadap Profitabilitas Dengan Intellectual Capital Sebagai Pemoderasi. E-Jurnal Akuntansi, 26, 851. https://doi.org/10.24843/eja.2019.v26.i02.p01

Satria, R. (2022). Pengaruh Current Ratio (CR) Dan Debt to Equity Ratio (DER) Terhadap Return on Asset (ROA) Pada PT Mayora Indah Tbk Periode 2009 – 2020. SCIENTIFIC JOURNAL OF REFLECTION : Economic, Accounting, Management and Business, 5(2), 440-4 7. https://doi.org/10.37481/sjr.v5i2.479

Shubita, M., & Alswalhah, J. M. (2012). The Relationship between Capital Structure and Profitability. International Journal of Business and Social Science, 3(16), 104–112.

Sinarti, S., & Darmajati, J. (2019). Pengaruh Leverage, Diversifikasi Produk Dan Ukuran Perusahaan Terhadap Profitabilitas. Journal of Applied Managerial Accounting, 3(1), 96–106. https://doi.org/10.30871/jama.v3i1.966

Subramanyam, K. R. (2014). Financial Statement Analysis (11th ed.). McGraw-Hill Education.

Tantono, W., & Candradewi, M. R. (2019). Pengaruh Struktur Modal, Kebijakan Dividen Dan Likuiditas Terhadap Profitabilitas Perusahaan Perbankan Di Bursa Efek Indonesia. E-Jurnal Manajemen, 8(8), 4871–4898. https://doi.org/10.24843/ejmunud.2019.v08.i08.p06

Wardoyo, D. U., Aini, H. N., & Kusworo, J. S. P. (2022). Pengaruh Liabilitas Dan Struktur Modal Terhadap Profitabilitas. Jurnal Publikasi Ilmu Ekonomi Dan Akuntansi, 2(1), 23–29. https://doi.org/10.51903/jupea.v2i1.151

Wibowo, A., & Rahim, R. (2019). The Effect of Capital Structure on Profitability of Electricity Companies in Southeast Asia. Jurnal Organisasi Dan Manajemen, 15(1), 54–67. https://doi.org/10.33830/jom.v15i1.916.2019

Yusnita, R. T., & Fitriadi, B. W. (2019). Analisis Pengaruh Struktur Modal Terhadap Profitabilitas UMKM Di Kota Tasikmalaya. Jurnal Ekonomi, Bisnis, Dan Akuntansi, 21(2). https://doi.org/10.32424/jeba.v21i2.1321

DOI: https://doi.org/10.33373/mja.v18i2.7121