Profitabilitas, Pertumbuhan pada Struktur Modal, dan Ukuran Perusahaan sebagai Variabel Pemoderasi
Abstract
The purpose of this study is to provide empirical evidence regarding the effect of profitability and growth on the capital structure with firm size as moderating variable. This research was conducted on non-financial companies listed on the Indonesia Stock Exchange (IDX) for the 2018-2020 period. 59 companies with three years of observation period were selected, resulting in a sampel of 177 firm-year. Using non-probability sampling with purposive sampling technique, this study used moderated regression analysis technique. The results of the analysis show that profitability and growth had a positive effect on capital structure, and that firm size moderates the effect of profitability and growth on the capital structure of non-financial companies listed on the Indonesia Stock Exchange for the 2018-2020 period.
Keywords: Profitability, Growth, Size, Capital Structure.
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References
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Salim, M. N., & Susilowati, R. (2019). The Effect of Internal Factors on Capital Structure and Its Impact on Firm Value: Empirical Evidence from The Food and Beverages Industry Listed on Indonesian Stock Exchange 2013-2017. International Journal of Engineering Technologies and Management Research, 6(7), 173–191.
Satrianto, A., Candrianto, C., Gusti, M. A., Juniardi, E., & Novenica, M. (2019). Analysis of the Effect of Asset Growth, Profitability, and Company Size on Capital Structure (Empirical Study in Mining Sector Companies in Indonesia Stock Exchange). Business and Management Research, 97.
Sumardika, I. P. A., & Artini, L. G. S. (2020). Determinan Struktur Modal Pada Perusahaan Property and Real Estate di Indonesia. E-Jurnal Manajemen Universitas Udayana, 9(3), 948–967.
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Ulzanah, A. A., & Murtaqi, I. (2015). The Impact of Earnings Per Share, Debt to Equity Ratio, and Current Ratio Towards th Profitability of Companies Listed in LQ45 from 2009 to 2013. Journal of Business and Management, 4(1), 18–27.
Utama, N. S. P., & Gayatri, G. (2018). Pengaruh Profitabilitas, Investment Opportunity Setdan Free Cash Flow Pada Kebijakan Dividen. E-Jurnal Akuntansi, 22(2), 976–1003.
Vuran, B., Tas, N., & Adiloglu, B. (2017). Determining the Factors Affecting Capital Structure Decisions of Real Sector Companies Operating in ISE. International Journal of Economics and Finance, 9(8), 25–32.
Wiagustini, N. L. P., Ramantha, I. W., Sedana, I. B. P., & Rahyuna, H. (2017). Indonesia’s Capital Structure: Pecking Order Theory or Trade-Off Theory. International Journal of Applied Business and Economic Research, 15(16), 119–131. www.serialsjournal.com
Widiastari, P. A., & Yasa, G. W. (2018). Pengaruh Profitabilitas, Free Cash Flow, dan Ukuran Perusahaan Pada Nilai Perusahaan. E-Jurnal Akuntansi, 23(3), 957–981.
Arsadena, B. A. (2020). Faktor-Faktor yang Memengaruhi Struktur Modal dengan Profitabilitas Sebagai Variabel Intervening. Jurnal Ilmu Manajemen, 8(3), 1011–1025.
Augustina, R., Sutriswanto, & Apriyanto, G. (2020). Study of Capital Structure (IDX 2011-2017): Firm Growth, Firm Size, and CSR Disclosure on Firm Value. International Research Journal of Advanced Engineering and Science, 5(1), 128–133.
Deviani, M. Y., & Sudjarni, L. K. (2018). Pengaruh Tingkat Pertumbuhan, Struktur Aktiva, Profitabilitas, dan Likuiditas terhadap Struktur Modal PerusahaanPertambangan di BEI. E-Jurnal Manajemen Universitas Udayana, 7(3), 1222–1254.
Dewi, D. A. I. Y. M., & Sudiartha, G. M. (2017). Pengaruh Profitabilitas, Ukuran Perusahaan, dan Pertumbuhan Aset Terhadap Struktur Modal dan Nilai Perusahaan. E-Jurnal Manajemen Unud, 6(4), 2222–2252. https://ojs.unud.ac.id/index.php/Manajemen/article/view/28486/18237
Dewi, G. A., & Gayatri, G. (2018). Pengaruh Pemberian Employee Stock Option Program Terhadap Kinerja Perusahaan dengan Struktur Modal Sebagai Variabel Moderasi. E-Jurnal Akuntansi, 22(3), 1857–1881.
Dewi, M. A. P., & Candradewi, M. R. (2018). Pengaruh Pertumbuhan Perusahaan dan Profitabilitas Terhadap Struktur Modal dan Nilai Perusahaan. E-Jurnal Manajemen Unud, 7(8), 4385–4416.
Dewi, P. A. G. K., Wiksuana, I. G. B., & Rahyuda, H. (2017). Variabel-variabel Penentu Struktur Modal Perusahaan Non Keuangan di Bursa Efek Indonesia. Matrik : Jurnal Manajemen, Strategi Bisnis Dan Kewirausahaan, 11(1), 92–104.
Goh, C. F., Tai, W. Y., Rasli, A., Tan, O. K., & Zakuan, N. (2018). The Determinants of Capital Structure: Evidence from Malaysian Companies. Int. J Sup. Chain. Mgt, 7(3), 225–230. http://excelingtech.co.uk/
Hirdinis, M. (2019). Capital Structure and Firm Size on Firm Value Moderated by Profitability. International Journal of Economics and Business Administration, VII(1), 174–191. www.idx.co.id,
Khafid, M., Prihatni, R., & Safitri, I. E. (2020). The effects of managerial ownership, institutional ownership, and profitability on capital structure: Firm size as the moderating variable. International Journal of Financial Research, 11(4), 493–501.
Kurniawan, S. B., & Nendya, M. A. (2022). Analysis of the Effectof Profitability, Company Growth, and Liquidity on Capital Structure: A Case Study of Indonesia. International Journal of Research in Social Science and Humanities, 03(02), 26–33. https://doi.org/10.47505/IJRSS.2022.V3.2.4
Kythreotis, A., Nouri, B. A., & Soltani, M. (2017). Determinants of Capital Structure and Speed of Adjustment: Evidence from Iran and Australia. International Journal of Business Administration, 9(1), 88–113.
Liuspita, J., & Purwanto, E. (2019). The Profitability Determinants Of Food And Beverages Companies Listed At The Indonesia Stock Exchange. International Journal Of Scientific & Technologi Research, 8(09), 197–202. www.ijstr.org
Mahendra, I. P. Y., & Wirama, D. G. (2017). Pengaruh Profitabilitas, Struktur Modal, dan Ukuran Perusahaan Pada Earnings Response Coefficient. E-Jurnal Akuntansi Universitas Udayana, 20(3), 2566–2594. https://ojs.unud.ac.id/index.php/Akuntansi/article/view/31627
Mota, J. H. F., & Moreira, A. C. (2017). South African Journal of Economic and Management Sciences. South African Journal of Economic and Management Sciences, 20(1). http://www.sajems.org
Mudjijah, S., Khalid, Z., & Astuti, D. A. S. (2019). Pengaruh Kinerja Keuangan dan Struktur Modal Terhadap Nilai Perusahaan yang Dimoderasi Variabel Ukuran Perusahaan. Jurnal Akuntansi Keuangan, 8(1), 41–56.
Mujiatun, S., Rahmayati, & Ferina, D. (2021). EFFECT OF PROFITABILITY AND ASSET STRUCTURE ON CAPITAL STRUCTURE (IN SHARIA BASED MANUFACTURING COMPANIES IN INDONESIA STOCK EXCHANGE IN 2016-2019 PERIOD). Proceeding International Seminar on Islamic Studies Medan, 2(1).
Ngjeliu, A. (2018). The Determinants of Capital Structure: Evidence from Listed Companies in Balkan Countries. Academic Journal of Business, 4(1), 18–34. www.iipccl.org
Novitayanti, C. I. D., & Rahyuda, H. (2018). Determinan Struktur Modal Berdasarkan Pecking Order Theory Pada Perusahaan Sektor Barang Konsumsi di BEI. E-Jurnal Manajemen Unud, 7(8), 4475–4507. https://doi.org/10.24843/EJMUNUD.2018.v7.i08.p16
Puspita, I., & Dewi, S. K. S. (2019). Pengaruh Profitabilitas, Risiko Bisnis dan Tingkat Suku Bunga Terhadap Struktur Modal (Perusahaan Transportasi Periode 2012-2015). E-Jurnal Manajemen, 8(4), 2152–2179. https://doi.org/10.24843/EJMUNUD.2019.v8.i4.p10
Rahmadani, Ananto, R. putra, & Andriani, W. (2019). Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaan, Pertumbuhan Penjualan dan Dividen Payout Ratio Terhadap Struktur Modal (Studi pada Perusahaan Property dan Realestate yang terdaftar di BEI tahun 2013-2017). Akuntansi Dan Manajemen, 14(1), 82–103.
Safitri, & Akhmadi. (2017). Pengaruh Profitabilitas Dan Pertumbuhan Perusahaan Terhadap Struktur Modal Dengan Ukuran Perusahaan Sebagai Variabel Moderating. SAINS: Jurnal Manajemen Dan Bisnis, IX(2), 265–286.
Salim, M. N., & Susilowati, R. (2019). The Effect of Internal Factors on Capital Structure and Its Impact on Firm Value: Empirical Evidence from The Food and Beverages Industry Listed on Indonesian Stock Exchange 2013-2017. International Journal of Engineering Technologies and Management Research, 6(7), 173–191.
Satrianto, A., Candrianto, C., Gusti, M. A., Juniardi, E., & Novenica, M. (2019). Analysis of the Effect of Asset Growth, Profitability, and Company Size on Capital Structure (Empirical Study in Mining Sector Companies in Indonesia Stock Exchange). Business and Management Research, 97.
Sumardika, I. P. A., & Artini, L. G. S. (2020). Determinan Struktur Modal Pada Perusahaan Property and Real Estate di Indonesia. E-Jurnal Manajemen Universitas Udayana, 9(3), 948–967.
Tijow, A. P., Sabijono, H., & Tirayoh, V. Z. (2018). Pengaruh Struktur Aktiva dan Profitabilitas terhadap Struktur Modal Pada Perusahaan Sektor Industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia. Jurnal Riset Akuntansi Going Concern, 13(3), 477–488.
Ulzanah, A. A., & Murtaqi, I. (2015). The Impact of Earnings Per Share, Debt to Equity Ratio, and Current Ratio Towards th Profitability of Companies Listed in LQ45 from 2009 to 2013. Journal of Business and Management, 4(1), 18–27.
Utama, N. S. P., & Gayatri, G. (2018). Pengaruh Profitabilitas, Investment Opportunity Setdan Free Cash Flow Pada Kebijakan Dividen. E-Jurnal Akuntansi, 22(2), 976–1003.
Vuran, B., Tas, N., & Adiloglu, B. (2017). Determining the Factors Affecting Capital Structure Decisions of Real Sector Companies Operating in ISE. International Journal of Economics and Finance, 9(8), 25–32.
Wiagustini, N. L. P., Ramantha, I. W., Sedana, I. B. P., & Rahyuna, H. (2017). Indonesia’s Capital Structure: Pecking Order Theory or Trade-Off Theory. International Journal of Applied Business and Economic Research, 15(16), 119–131. www.serialsjournal.com
Widiastari, P. A., & Yasa, G. W. (2018). Pengaruh Profitabilitas, Free Cash Flow, dan Ukuran Perusahaan Pada Nilai Perusahaan. E-Jurnal Akuntansi, 23(3), 957–981.
Published
2023-09-30
How to Cite
HOTAMA, Anak Agung Istri Jayanti; GEDE WIRAMA, Dewa.
Profitabilitas, Pertumbuhan pada Struktur Modal, dan Ukuran Perusahaan sebagai Variabel Pemoderasi.
E-Jurnal Akuntansi, [S.l.], v. 33, n. 9, p. 2340-2351, sep. 2023.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/88099>. Date accessed: 14 nov. 2024.
doi: https://doi.org/10.24843/EJA.2023.v33.i09.p07.
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