Pengaruh Struktur Modal terhadap Kinerja Keuangan pada Perusahaan Manufaktur di Indonesia
DOI:
https://doi.org/10.58258/rvqwfk09Keywords:
modal, perusahaan manufaktur, keuanganAbstract
Penelitian ini mengkaji pengaruh struktur modal terhadap kinerja keuangan perusahaan manufaktur di Indonesia. Struktur modal diukur dengan rasio leverage (Debt-to-Equity Ratio dan Debt-to-Assets), sedangkan kinerja keuangan diukur melalui Return on Assets (ROA) dan Return on Equity (ROE). Kajian ini menggabungkan landasan teori trade-off, pecking order, dan bukti empiris dari studi-studi sebelumnya di konteks Indonesia untuk merumuskan hipotesis penelitian. Menggunakan pendekatan kuantitatif dengan analisis regresi pada data sekunder laporan keuangan perusahaan manufaktur yang tercatat di Bursa Efek Indonesia (periode sampel variatif antara 2018–2022), temuan menunjukkan hubungan yang kompleks: tingkat leverage yang moderat cenderung berkorelasi negatif terhadap ROA tetapi memiliki hubungan yang berbeda terhadap ROE bergantung pada struktur pembiayaan jangka panjang. Implikasi penelitian menyoroti perlunya kebijakan pendanaan yang mempertimbangkan sifat industri, likuiditas, dan kapasitas perusahaan untuk menanggung risiko keuangan. Studi ini juga merekomendasikan penelitian lanjutan dengan variabel pengendali tambahan seperti ukuran perusahaan, pertumbuhan, dan tangibilitas aset
References
Ahmed, F. (2024). Corporate capital structure effects on firm performance. Journal of Corporate Finance Research.
Badan Pusat Statistik. (2024). Kontribusi sektor industri pengolahan terhadap PDB Indonesia tahun 2023. Jakarta: BPS.
Brigham, E. F., & Ehrhardt, M. C. (2022). Financial Management: Theory and Practice (17th ed.). Cengage Learning.
Brigham, E. F., & Houston, J. F. (2022). Fundamentals of Financial Management (16th ed.). Cengage Learning.
Gitman, L. J., & Zutter, C. J. (2021). Principles of Managerial Finance (16th ed.). Pearson Education.
Harahap, S. S. (2021). Analisis Kritis Laporan Keuangan. Jakarta: Raja Grafindo Persada.
Harris, M., & Raviv, A. (1991). The theory of capital structure. The Journal of Finance, 46(1), 297–355.
Horne, J. C. V., & Wachowicz, J. M. (2018). Fundamentals of Financial Management (15th ed.). Pearson Education.
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.
Kartika, A. (2023). The relationship between capital structure, firm performance and firm value in Indonesian manufacturing companies. Investment Management and Financial Innovations, 20(1), 113–122.
Kraus, A., & Litzenberger, R. H. (1973). A state‐preference model of optimal financial leverage. The Journal of Finance, 28(4), 911–922.
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance, and the theory of investment. The American Economic Review, 48(3), 261–297.
Myers, S. C. (2001). Capital structure. The Journal of Economic Perspectives, 15(2), 81–102.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information investors do not have. Journal of Financial Economics, 13(2), 187–221.
Nafiah, N. I. (2023). Effect of capital structure, company size and profitability on firm value in manufacturing companies listed on the Indonesia Stock Exchange. The International Journal of Business and Management Tomorrow, 13(1), 55–68.
Rajagopal, P. (2019). Strategic Financial Management: Theory and Practice. New Delhi: Springer.
Rustanti, R., & Rahmawati, N. (2022). Corporate governance and capital structure decisions: Evidence from Indonesian firms. Jurnal Akuntansi dan Keuangan Indonesia, 19(2), 211–228.
Sihombing, I. (2025). The Impact of Profitability, Firm Size, and Capital Structure on Firm Value in the Manufacturing Sector. David Publisher.
Sofyan, M., & Taufik, R. (2022). Determinants of capital structure in manufacturing companies: Evidence from Indonesia. Journal of Applied Accounting Research, 23(3), 467–482.
Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1–19.
Downloads
Published
Data Availability Statement
semoga bisa diproses
Issue
Section
License
Copyright (c) 2025 Sumarni (Penulis)
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
