TRANSFORMASI RISET STRUKTUR MODAL SINTESIS BIBLIOMETRIK DAN PEMETAAN ENAM KLUSTER TEMATIK (2020-2025)
Abstract
Riset tentang struktur modal telah berkembang pesat, melampaui teori tradisional seiring dengan dinamika pasar global, isu keberlanjutan, dan temuan dari behavioral finance. Namun, pemahaman tentang transformasi dan fragmentasi tema penelitian ini masih terbatas. Kajian ini bertujuan untuk memetakan lanskap intelektual dan evolusi riset struktur modal selama periode 2020-2025, dengan mengidentifikasi tema-tema dominan dan hubungan antar tema tersebut. Menggunakan metode Systematic Literature Review (SLR) dan analisis bibliometrik terhadap 41 artikel terpilih dari database Scopus, penelitian ini menerapkan protokol PRISMA untuk memastikan transparansi dan replikasi. Analisis co-occurrence kata kunci dengan VOSviewer digunakan untuk memetakan jaringan tema yang ada. Hasil analisis menunjukkan enam kluster tematik utama: (1) Landasan Teoritis & Penyesuaian Dinamis; (2) Tata Kelola Perusahaan & Penciptaan Nilai; (3) Behavioral Finance & Pengambilan Keputusan; (4) Fleksibilitas Finansial & Manajemen Strategis; (5) Perspektif Makro & Kinerja; dan (6) Keberlanjutan & Adaptasi Kontekstual. Sintesis temuan ini mengungkapkan pergeseran dari pendekatan statis menuju dinamika penyesuaian serta integrasi disiplin yang lebih luas. Temuan ini memberikan peta jalan yang berguna bagi peneliti dan praktisi dalam merumuskan kebijakan struktur modal yang adaptif dan responsif terhadap kompleksitas dunia bisnis kontemporer.
References
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Al-Hawatmah, Z., & Shaban, O. S. (2023). The Effect Of Financial Leverage On Company’S Capital Structure: Evidence From Developing Market. Corporate and Business Strategy Review, 4(2), 168–174. https://doi.org/10.22495/cbsrv4i2art15
Allen, F., & Bărbălău, A. (2024). Security design: A review. Journal of Financial Intermediation, 60. https://doi.org/10.1016/j.jfi.2024.101113
Amorim, J. Q., Sales, G. A. W., & Pelucio-Grecco, M. C. (2022). Covid-19 and its impacts on financing and investment policies. Revista de Administracao Mackenzie, 23(2). https://doi.org/10.1590/1678-6971/eRAMF220225.en
Asai, K. (2020). Limited liability and corporate efficiency. International Review of Law and Economics, 62. https://doi.org/10.1016/j.irle.2019.105886
Bae, C. S., & Chung, H. J. (2022). Zero-Leverage Puzzle Revisited: Evidence from Acquisition Behaviors. International Journal of Financial Studies, 10(3). https://doi.org/10.3390/ijfs10030062
Barclay, M. J., Fu, F., & Smith, C. W. (2021). Seasoned equity offerings and corporate financial management. Journal of Corporate Finance, 66. https://doi.org/10.1016/j.jcorpfin.2020.101700
Čámská, D., & Klečka, J. (2020). Specific financial sources of insolvent and healthy enterprises. Scientific Papers of the University of Pardubice, Series D: Faculty of Economics and Administration, 28(2). https://doi.org/10.46585/sp28021066
Carrer, G., & Slavov, T. (2021). Tax aggressiveness and CEO overconfidence in the stock market: Evidence from Brazil. Investment Management and Financial Innovations, 18(1), 165–176. https://doi.org/10.21511/imfi.18(1).2021.14
Chatjuthamard, P., Chintrakarn, P., & Jiraporn, P. (2022). The Effect of Hostile Takeover Threats on Capital Structure: Evidence from Half a Century. Review of Economics and Finance, 20, 524–528. https://doi.org/10.55365/1923.X2022.20.59
Chhillar, P., & Ramana, R. V. (2022). Role of earnings management and capital structure in signalling early stage of financial distress: a firm life cycle perspective. Cogent Economics and Finance, 10(1). https://doi.org/10.1080/23322039.2022.2106634
de Campos-Rasera, P. P., de Abreu Passos, G., & Colauto, R. D. (2021). Does capital structure influence the performance of corporate social responsibility? An analysis in companies of the world’s largest economies. Revista de Contabilidade e Organizacoes, 15. https://doi.org/10.11606/issn.1982-6486.rco.2021.174007
de Silva, L. G. R. V., & Banda, Y. K. W. (2022). Impact of CEO Characteristics on Capital Structure: Evidence from a Frontier Market. Asian Journal of Business and Accounting, 15(1), 71–101. https://doi.org/10.22452/ajba.vol15no1.3
Ehikioya, B. I., Omankhanlen, A. E., Omodero, C. O., & Mac-Ozigbo, A. (2021). Investigating the impact of managerial entrenchment on corporate financial structure: Evidence from Nigeria. Asian Economic and Financial Review, 11(7), 563–574. https://doi.org/10.18488/journal.aefr.2021.117.563.574
Fedorova, E. A., Komletsova, V. G., Tregubova, M. K., Maksimova, A. Yu., & Emel’yanova, V. D. (2022). The Impact of Corporate Governance on the Capital structure of Domestic Companies. Finance: Theory and Practice, 26(2), 25–37. https://doi.org/10.26794/2587-5671-2022-26-2-25-37
Gustyana, T. T., & Hanari, S. (2022). Pengaruh Corporate Governance Terhadap Struktur Modal Pada Sektor Barang Konsumen Non-Primer Yang Terdaftar Di BEI. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 6(3), 606-616. https://doi.org/10.31955/mea.v6i3.2413
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Joia, A. J. C. B. D. M., Barros, L. A. B. D. C., & Ermel, M. D. A. (2024). Taxes, Leverage, and Profit Shifting in Banks. Economies, 12(10). https://doi.org/10.3390/economies12100263
Khan, N., Zada, H., & Wong, W.-K. (2023). Enhancing Financial Performance And Market Acceptance Through Golden Ratio-Based Capital Structure Decisions: An Empirical Investigation In The Manufacturing And Services Sectors. Asian Academy of Management Journal of Accounting and Finance, 19(2), 41–70. https://doi.org/10.21315/aamjaf2023.19.2.2
Khan, S., & Qasem, A. (2024). Are the firms’ capital structure and performance related? Evidence from GCC economies. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2344749
Krištofík, P., Medzihorsky, J., & Musa, H. (2022). Capital Structure and Its Determinants—A Comparison of European Top-Rated CSR and Other Companies. Journal of Risk and Financial Management, 15(8). https://doi.org/10.3390/jrfm15080325
Kruk, S. (2021). Impact of Capital Structure on Corporate Value—Review of Literature. Journal of Risk and Financial Management, 14(4). https://doi.org/10.3390/jrfm14040155
Li, S., Hoque, H., & Liu, J. (2023). Investor sentiment and firm capital structure. Journal of Corporate Finance, 80. https://doi.org/10.1016/j.jcorpfin.2023.102426
Li, X., Tian, L., Han, L., & Cai, H. (2020). Interest rate regulation, earnings transparency and capital structure: evidence from China. International Journal of Emerging Markets, 15(5), 923–947. https://doi.org/10.1108/IJOEM-04-2018-0164
Liu, Y. (2025). Robots, Labour Market Frictions and Corporate Financial Policy. European Financial Management, 31(3), 975–994. https://doi.org/10.1111/eufm.12534
Lugo, S. (2025). Inequality and capital structure. Journal of Banking and Finance, 174. https://doi.org/10.1016/j.jbankfin.2025.107432
Marimuthu, F., & Singh, S. C. (2021). Do South African state-owned entities follow the pecking order theory of capital structure? Public and Municipal Finance, 10(1), 25–33. https://doi.org/10.21511/pmf.10(1).2021.03
Meki, M. (2023). Levelling the debt–equity playing field: Evidence from Belgium. European Economic Review, 151. https://doi.org/10.1016/j.euroecorev.2022.104305
Moher, D., Liberati, A., Tetzlaff, J., & Altman, D. G. (2009). Preferred reporting items for systematic reviews and meta-analyses: the PRISMA statement. PLoS Medicine, 6(7), e1000097. https://doi.org/10.1371/journal.pmed.1000097
Mundi, H. S., & Kaur, P. (2022). CEO Overconfidence and Capital Structure Decisions: Evidence from India. Vikalpa, 47(1), 19–37. https://doi.org/10.1177/02560909221079270
Naser, A., Noordin, A. N., & Matemilola, B. T. (2024). Cash flow volatility and capital structure in MENA and Africa: the moderating role of fixed assets. Cogent Economics and Finance, 12(1). https://doi.org/10.1080/23322039.2024.2373255
Panosso, O., Moreno, G., Silva, T. P., & de Carvalho, L. C. (2022). Culture of Individualism and Uncertainty Avoidance in the G20 Countries’ Industries: An Analysis of Capital Structure and Performance. Revista Finanzas y Politica Economica, 14(2), 513–539. https://doi.org/10.14718/revfinanzpolitecon.v14.n2.2022.8
Priyan, P. K., Nyabakora, W. I., & Rwezimula, G. (2024). Firm’s capital structure decisions, asset structure, and firm’s performance: application of the generalized method of moments approach. PSU Research Review, 8(3), 813–827. https://doi.org/10.1108/PRR-06-2022-0069
Rahman, D., Haque, A., Kabir, M., & Bin Hasan, S. (2024). Firm-level political risk and equity issuance. Journal of International Financial Markets, Institutions and Money, 91. https://doi.org/10.1016/j.intfin.2024.101944
Rawal, D., Mahakud, J., & Mishra, R. K. (2024). Do stronger creditors’ rights and an efficient bankruptcy process affect the speed of adjustment to target capital structure? Evidence from a quasi-natural experiment. Cogent Economics and Finance, 12(1). https://doi.org/10.1080/23322039.2024.2394490
Sandy, R. M., & Mulya, A. S. (2025). Earnings Response Coefficient: Earnings persistence moderated by capital structure and economic growth. Cogent Business and Management, 12(1). https://doi.org/10.1080/23311975.2024.2441475
Sinnadurai, P. (2022). “Empirical Corporate Finance: Opportunities and Challenges”—Editorial Synthesis of the Special Issue. Journal of Risk and Financial Management, 15(9). https://doi.org/10.3390/jrfm15090377
Tesema, T. N. (2024). The effect of capital structure on performance: empirical evidence from manufacturing companies in Ethiopia. Cogent Economics and Finance, 12(1). https://doi.org/10.1080/23322039.2023.2300926
Umar Mai, M. U., Djuwarsa, T., & Setiawan, S. (2024). Do board characteristics influence Islamic banks’ capital structure decisions? Empirical evidence from a developing country. Cogent Economics and Finance, 12(1). https://doi.org/10.1080/23322039.2023.2295155
Voutsinas, K., & Werner, R. A. (2025). Trade-off theory vs. the pecking order hypothesis: Japanese evidence on capital structure under financial constraints. Structural Change and Economic Dynamics, 74, 944–962. https://doi.org/10.1016/j.strueco.2025.06.004
Zancan, F., Canassa, B. J., & Valle, M. R. (2023). Capital structure in Brazilian credit unions: which factors are really determinants? Revista Brasileira de Gestao de Negocios, 25(2), 199–214. https://doi.org/10.7819/rbgn.v25i2.4223
Zhang, D. (2024). Corporate environmental responsibility and financing patterns: Does firm size matter? Journal of Small Business Management, 62(5), 2482–2522. https://doi.org/10.1080/00472778.2023.2241128
Alexeeva-Alexeev, I. (2023). The Empirical Study of the Impact of Firm- and Country-level Factors on Debt Financing Decisions of ICT Firms. Scientific Annals of Economics and Business, 70(S1), 55–84. https://doi.org/10.47743/saeb-2023-0014
Al-Hawatmah, Z., & Shaban, O. S. (2023). The Effect Of Financial Leverage On Company’S Capital Structure: Evidence From Developing Market. Corporate and Business Strategy Review, 4(2), 168–174. https://doi.org/10.22495/cbsrv4i2art15
Allen, F., & Bărbălău, A. (2024). Security design: A review. Journal of Financial Intermediation, 60. https://doi.org/10.1016/j.jfi.2024.101113
Amorim, J. Q., Sales, G. A. W., & Pelucio-Grecco, M. C. (2022). Covid-19 and its impacts on financing and investment policies. Revista de Administracao Mackenzie, 23(2). https://doi.org/10.1590/1678-6971/eRAMF220225.en
Asai, K. (2020). Limited liability and corporate efficiency. International Review of Law and Economics, 62. https://doi.org/10.1016/j.irle.2019.105886
Bae, C. S., & Chung, H. J. (2022). Zero-Leverage Puzzle Revisited: Evidence from Acquisition Behaviors. International Journal of Financial Studies, 10(3). https://doi.org/10.3390/ijfs10030062
Barclay, M. J., Fu, F., & Smith, C. W. (2021). Seasoned equity offerings and corporate financial management. Journal of Corporate Finance, 66. https://doi.org/10.1016/j.jcorpfin.2020.101700
Čámská, D., & Klečka, J. (2020). Specific financial sources of insolvent and healthy enterprises. Scientific Papers of the University of Pardubice, Series D: Faculty of Economics and Administration, 28(2). https://doi.org/10.46585/sp28021066
Carrer, G., & Slavov, T. (2021). Tax aggressiveness and CEO overconfidence in the stock market: Evidence from Brazil. Investment Management and Financial Innovations, 18(1), 165–176. https://doi.org/10.21511/imfi.18(1).2021.14
Chatjuthamard, P., Chintrakarn, P., & Jiraporn, P. (2022). The Effect of Hostile Takeover Threats on Capital Structure: Evidence from Half a Century. Review of Economics and Finance, 20, 524–528. https://doi.org/10.55365/1923.X2022.20.59
Chhillar, P., & Ramana, R. V. (2022). Role of earnings management and capital structure in signalling early stage of financial distress: a firm life cycle perspective. Cogent Economics and Finance, 10(1). https://doi.org/10.1080/23322039.2022.2106634
de Campos-Rasera, P. P., de Abreu Passos, G., & Colauto, R. D. (2021). Does capital structure influence the performance of corporate social responsibility? An analysis in companies of the world’s largest economies. Revista de Contabilidade e Organizacoes, 15. https://doi.org/10.11606/issn.1982-6486.rco.2021.174007
de Silva, L. G. R. V., & Banda, Y. K. W. (2022). Impact of CEO Characteristics on Capital Structure: Evidence from a Frontier Market. Asian Journal of Business and Accounting, 15(1), 71–101. https://doi.org/10.22452/ajba.vol15no1.3
Ehikioya, B. I., Omankhanlen, A. E., Omodero, C. O., & Mac-Ozigbo, A. (2021). Investigating the impact of managerial entrenchment on corporate financial structure: Evidence from Nigeria. Asian Economic and Financial Review, 11(7), 563–574. https://doi.org/10.18488/journal.aefr.2021.117.563.574
Fedorova, E. A., Komletsova, V. G., Tregubova, M. K., Maksimova, A. Yu., & Emel’yanova, V. D. (2022). The Impact of Corporate Governance on the Capital structure of Domestic Companies. Finance: Theory and Practice, 26(2), 25–37. https://doi.org/10.26794/2587-5671-2022-26-2-25-37
Gustyana, T. T., & Hanari, S. (2022). Pengaruh Corporate Governance Terhadap Struktur Modal Pada Sektor Barang Konsumen Non-Primer Yang Terdaftar Di BEI. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 6(3), 606-616. https://doi.org/10.31955/mea.v6i3.2413
Gutiérrez-Ponce, H. (2024). Determinants of corporate leverage and sustainability of small and medium-sized enterprises: The case of commercial companies in Ecuador. Business Strategy and the Environment, 33(8), 8319–8331. https://doi.org/10.1002/bse.3924
Joia, A. J. C. B. D. M., Barros, L. A. B. D. C., & Ermel, M. D. A. (2024). Taxes, Leverage, and Profit Shifting in Banks. Economies, 12(10). https://doi.org/10.3390/economies12100263
Khan, N., Zada, H., & Wong, W.-K. (2023). Enhancing Financial Performance And Market Acceptance Through Golden Ratio-Based Capital Structure Decisions: An Empirical Investigation In The Manufacturing And Services Sectors. Asian Academy of Management Journal of Accounting and Finance, 19(2), 41–70. https://doi.org/10.21315/aamjaf2023.19.2.2
Khan, S., & Qasem, A. (2024). Are the firms’ capital structure and performance related? Evidence from GCC economies. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2344749
Krištofík, P., Medzihorsky, J., & Musa, H. (2022). Capital Structure and Its Determinants—A Comparison of European Top-Rated CSR and Other Companies. Journal of Risk and Financial Management, 15(8). https://doi.org/10.3390/jrfm15080325
Kruk, S. (2021). Impact of Capital Structure on Corporate Value—Review of Literature. Journal of Risk and Financial Management, 14(4). https://doi.org/10.3390/jrfm14040155
Li, S., Hoque, H., & Liu, J. (2023). Investor sentiment and firm capital structure. Journal of Corporate Finance, 80. https://doi.org/10.1016/j.jcorpfin.2023.102426
Li, X., Tian, L., Han, L., & Cai, H. (2020). Interest rate regulation, earnings transparency and capital structure: evidence from China. International Journal of Emerging Markets, 15(5), 923–947. https://doi.org/10.1108/IJOEM-04-2018-0164
Liu, Y. (2025). Robots, Labour Market Frictions and Corporate Financial Policy. European Financial Management, 31(3), 975–994. https://doi.org/10.1111/eufm.12534
Lugo, S. (2025). Inequality and capital structure. Journal of Banking and Finance, 174. https://doi.org/10.1016/j.jbankfin.2025.107432
Marimuthu, F., & Singh, S. C. (2021). Do South African state-owned entities follow the pecking order theory of capital structure? Public and Municipal Finance, 10(1), 25–33. https://doi.org/10.21511/pmf.10(1).2021.03
Meki, M. (2023). Levelling the debt–equity playing field: Evidence from Belgium. European Economic Review, 151. https://doi.org/10.1016/j.euroecorev.2022.104305
Moher, D., Liberati, A., Tetzlaff, J., & Altman, D. G. (2009). Preferred reporting items for systematic reviews and meta-analyses: the PRISMA statement. PLoS Medicine, 6(7), e1000097. https://doi.org/10.1371/journal.pmed.1000097
Mundi, H. S., & Kaur, P. (2022). CEO Overconfidence and Capital Structure Decisions: Evidence from India. Vikalpa, 47(1), 19–37. https://doi.org/10.1177/02560909221079270
Naser, A., Noordin, A. N., & Matemilola, B. T. (2024). Cash flow volatility and capital structure in MENA and Africa: the moderating role of fixed assets. Cogent Economics and Finance, 12(1). https://doi.org/10.1080/23322039.2024.2373255
Panosso, O., Moreno, G., Silva, T. P., & de Carvalho, L. C. (2022). Culture of Individualism and Uncertainty Avoidance in the G20 Countries’ Industries: An Analysis of Capital Structure and Performance. Revista Finanzas y Politica Economica, 14(2), 513–539. https://doi.org/10.14718/revfinanzpolitecon.v14.n2.2022.8
Priyan, P. K., Nyabakora, W. I., & Rwezimula, G. (2024). Firm’s capital structure decisions, asset structure, and firm’s performance: application of the generalized method of moments approach. PSU Research Review, 8(3), 813–827. https://doi.org/10.1108/PRR-06-2022-0069
Rahman, D., Haque, A., Kabir, M., & Bin Hasan, S. (2024). Firm-level political risk and equity issuance. Journal of International Financial Markets, Institutions and Money, 91. https://doi.org/10.1016/j.intfin.2024.101944
Rawal, D., Mahakud, J., & Mishra, R. K. (2024). Do stronger creditors’ rights and an efficient bankruptcy process affect the speed of adjustment to target capital structure? Evidence from a quasi-natural experiment. Cogent Economics and Finance, 12(1). https://doi.org/10.1080/23322039.2024.2394490
Sandy, R. M., & Mulya, A. S. (2025). Earnings Response Coefficient: Earnings persistence moderated by capital structure and economic growth. Cogent Business and Management, 12(1). https://doi.org/10.1080/23311975.2024.2441475
Sinnadurai, P. (2022). “Empirical Corporate Finance: Opportunities and Challenges”—Editorial Synthesis of the Special Issue. Journal of Risk and Financial Management, 15(9). https://doi.org/10.3390/jrfm15090377
Tesema, T. N. (2024). The effect of capital structure on performance: empirical evidence from manufacturing companies in Ethiopia. Cogent Economics and Finance, 12(1). https://doi.org/10.1080/23322039.2023.2300926
Umar Mai, M. U., Djuwarsa, T., & Setiawan, S. (2024). Do board characteristics influence Islamic banks’ capital structure decisions? Empirical evidence from a developing country. Cogent Economics and Finance, 12(1). https://doi.org/10.1080/23322039.2023.2295155
Voutsinas, K., & Werner, R. A. (2025). Trade-off theory vs. the pecking order hypothesis: Japanese evidence on capital structure under financial constraints. Structural Change and Economic Dynamics, 74, 944–962. https://doi.org/10.1016/j.strueco.2025.06.004
Zancan, F., Canassa, B. J., & Valle, M. R. (2023). Capital structure in Brazilian credit unions: which factors are really determinants? Revista Brasileira de Gestao de Negocios, 25(2), 199–214. https://doi.org/10.7819/rbgn.v25i2.4223
Zhang, D. (2024). Corporate environmental responsibility and financing patterns: Does firm size matter? Journal of Small Business Management, 62(5), 2482–2522. https://doi.org/10.1080/00472778.2023.2241128
Published
2025-12-31
How to Cite
Pramelia, S., Buchory, H., & Solihin, I. (2025). TRANSFORMASI RISET STRUKTUR MODAL SINTESIS BIBLIOMETRIK DAN PEMETAAN ENAM KLUSTER TEMATIK (2020-2025). Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(3), 3146-3159. https://doi.org/10.31955/mea.v9i3.6748
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