DETERMINAN STRUKTUR MODAL PERUSAHAAN MANUFAKTUR DI INDONESIA
Abstract
Penelitian ini bertujuan menganalisis pengaruh likuiditas (LK), struktur aset (SA), risiko bisnis (RB), ukuran perusahaan (UP), dan set kesempatan investasi (SKI) terhadap struktur modal (SM). Motivasi melakukan penelitian ini karena pada tahun 2020 dan 2021 terjadi pandemi Covid-19 mengakibatkan perekonomian secara global termasuk di Indonesia mengalami penurunan. Penelitian ini menggunakan sampel perusahaan yang bergerak di sektor manufaktur tahun 2018-2022. Teknik pengambilan sampel menggunakan purposive sampling dengan kriteria yaitu perusahaan menyampaikan laporan keuangan ke Bursa Efek Indonesia (BEI) dalam mata uang rupiah. Banyaknya observasi yang digunakan uji hipotesis 561 unit. Penelitian menemukan bahwa LK dan RB tidak berpengaruh terhadap SM, SA dan SKI berpengaruh positif, dan UP berpengaruh negatif. Temuan ini menggambarkan bahwa perusahaan membiayai aset tetap dan kesempatan investasi menggunakan hutang namun perusahaan besar cenderung memiliki hutang yang rendah.
References
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Khaki, A. R., & Akin, A. (2020). Factors Affecting the Capital Structure: New Evidence from GCC Countries. Journal of International Studies, 13(1), 9–27. https://doi.org/10.14254/2071-8330.2020/13-1/1
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Nurhayati, A. (2023). Pengaruh Risiko Bisnis, Pertumbuhan Penjualan dan Set Kesempatan Investasi Terhadap Struktur Modal pada Perusahaan Manufaktur yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ilmiah Sains, Teknologi, Ekonomi, Sosial Dan Budaya, 7(1), 52–59. http://journal.umuslim.ac.id/index.php/ltr2/article/view/1870
Nurwulandari, A., Wibowo, Y., & Hasanudini. (2021). Effect of Liquidity, Profitability, Firm Size on Firm Value with Capital Structure as Intervening Variable. ATESTASI: Jurnal Ilmiah Akuntansi, 4(2), 257–271. https://doi.org/10.33096/atestasi.v4i2.835
Oktavia, E. (2021). Pengaruh Investment Opportunity Set dan Likuiditas Terhadap Leverage Pada Perusahaan Manufaktur yang Terdaftar di BEI. Jurnal Pundi, 5(1), 361–375. https://doi.org/10.31575/jp.v5i1.338
Pamungkas, W. S. (2024). The Consequence Of Investment Opportunity Set In Strengthening Investment Policy On Profitability In Indonesia. Indonesian Journal of Innovation Studies, 25(1), 6–12.
https://doi.org/10.21070/ijins.v26i1.998
Pamungkas, W. S., & Surwanti, A. (2021). Non-Mutually Exclusive Trade-off and Pecking Order Theories: A Study in Indonesia. Jurnal Manajemen dan Bisnis, 12(1), 71–87. https://doi.org/10.1016/0304-405X(76)90026-X
Panda, A. K., & Nanda, S. (2020). Determinants of Capital Structure; a Sector-Level Analysis for Indian Manufacturing Firms. International Journal of Productivity and Performance Management, 69(5), 1033–1060. https://doi.org/10.1108/IJPPM-12-2018-0451
Primantara, A. A. N. A. D. Y., & Dewi, M. R. (2016). Pengaruh Profitabilitas, Risiko Bisnis, Ukuran Perusahaan, dan Pajak Terhadap Struktur Modal. E-Jurnal Manajemen Unud, 5(5), 2696–2726. https://doi.org/10.33373/mja.v16i1.4057
Purnasari, N., Simanjuntak, A., Sultana, A., Manik, L. M., & Halawa, S. R. (2020). Pengaruh Ukuran Perusahaan, GPM, Risiko Bisnis terhadap Struktur Modal pada Perusahaan Manufaktur di BEI. Owner: Riset dan Jurnal Akuntansi, 4(2), 640–647. https://doi.org/10.33395/owner.v4i2.309
Puspita, I., & Dewi, S. K. S. (2019). Pengaruh Profitabilitas, Risiko Bisnis, dan Tingkat Suku Bunga terhadap Struktur Modal. E-Jurnal Manajemen, 8(4), 2152–2179. https://doi.org/10.24843/EJMUNUD.2019.v8.i4.p10
Rahman, M. T. (2019). Testing Trade-Off and Pecking Order Theories of Capital Structure: Evidence and Arguments. International Journal of Economics and Financial Issues, 9(5), 63–70. https://doi.org/10.32479/ijefi.8514
Ramli, M. R., & Papilaya, F. (2015). Pengaruh Investment Opportunity Set terhadap Struktur Modal Perusahaan. Jurnal Ilmu Ekonomi & Sosial, 6(2), 119–134. https://shorturl.at/fmT14
Rani, N., Yadav, S. S., & Tripathy, N. (2020). Capital Structure Dynamics of Indian Corporates. Journal of Advances in Management Research, 17(2), 212–225. https://doi.org/10.1108/JAMR-12-2017-0125
Rozet, A. Y. D. P., & Kelen, L. H. S. (2022). Analisis Pola Struktur Modal Perusahaan-perusahaan Manufaktur di Bursa Efek Indonesia Selama Masa Pandemi Covid-19. Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi, 9, 336–351.
https://doi.org/10.35794/jmbi.v9i1.39712
Saif-Alyousfi, A. Y. H., Md-Rus, R., Taufil-Mohd, K. N., Taib, H. M., & Shahar, H. K. (2020). Determinants of Capital Structure: Evidence from Malaysian Firms. Asia-Pacific Journal of Business Administration, 12(3), 283–326. https://doi.org/10.1108/APJBA-09-2019-0202
Sakr, A., & Bedeir, A. (2019). Firm Level Determinants of Capital Structure: Evidence from Egypt. International Journal of Financial Research, 10(1), 68–87. https://doi.org/10.5430/ijfr.v10n1p68
Salsabila, P., & Afriyenti, M. (2022). Pengaruh Kepemilikkan Manajerial, Ukuran Perusahaan, Perisai Pajak Non Hutang, dan Leverage Operasi terhadap Struktur Modal. JEA: Jurnal Eksplorasi Akuntansi, 4(4), 808–820. http://jea.ppj.unp.ac.id/index.php/jea/index
Sartono, A. (2017). Manajemen Keuangan Teori dan Aplikasi. BPFE Universitas Gadjah Mada.
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Published
2024-09-18
How to Cite
Pamungkas, W., & Kusumadani, F. (2024). DETERMINAN STRUKTUR MODAL PERUSAHAAN MANUFAKTUR DI INDONESIA. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 8(3), 578-594. https://doi.org/10.31955/mea.v8i3.4495
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