RELEVANSI TEORI MODIGLIANI DAN MILLER TERHADAP STRUKTUR MODAL DAN NILAI PERUSAHAAN PADA INDUSTRI KAFE DI INDONESIA
Abstract
Industri kafe di Indonesia berkembang pesat dan semakin kompetitif, sehingga keputusan pendanaan dan pengelolaan struktur modal menjadi sangat penting bagi kelangsungan usaha. Penelitian ini membahas relevansi Teori Modigliani dan Miller (M&M) dalam menjelaskan hubungan antara struktur modal dan nilai perusahaan pada industri kafe, yang dikenal memiliki kebutuhan modal tinggi, margin tipis, dan pendapatan yang fluktuatif. Dengan pendekatan deskriptif kualitatif, studi ini mengkaji teori struktur modal klasik dan modern, serta menerapkan analisis pada kondisi industri kafe Indonesia. Hasil penelitian menunjukkan bahwa meskipun teori awal M&M menyatakan struktur modal tidak memengaruhi nilai perusahaan pada pasar sempurna, revisi konsep yang memperhitungkan pajak lebih sesuai dengan kondisi nyata. Penggunaan utang memang memberikan manfaat penghematan pajak, tetapi bagi industri kafe, utang berlebihan justru meningkatkan risiko finansial. Karena itu, perusahaan perlu menjaga keseimbangan antara utang dan ekuitas. Studi kasus Kopi Kenangan memperlihatkan bahwa pendanaan ekuitas dari investor ventura lebih efektif untuk mendukung ekspansi cepat sambil menjaga fleksibilitas keuangan. Faktor modern seperti perilaku manajer, persepsi investor, dan komitmen ESG juga memengaruhi keputusan struktur modal. Secara keseluruhan, teori M&M tetap relevan jika diadaptasi pada kondisi industri kafe Indonesia yang dinamis dan berisiko tinggi.
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Published
2026-01-24
How to Cite
Nawangwulan, I., Iskandar, F., Kartini, T., Anantadjaya, S., & Buchory, H. (2026). RELEVANSI TEORI MODIGLIANI DAN MILLER TERHADAP STRUKTUR MODAL DAN NILAI PERUSAHAAN PADA INDUSTRI KAFE DI INDONESIA. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 10(1), 236-256. https://doi.org/10.31955/mea.v10i1.6798
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