Pengaruh Pengaruh Struktur Aset, Profitabilitas, dan Likuiditas Terhadap Struktur Modal Dengan Ukuran Perusahaan Sebagai Variabel Moderasi
-
Zihan
*
Universitas Harapan Medan,
Indonesia
- Rizki Filhayati Rambe Universitas Harapan Medan, Indonesia
Abstract
This study aims to analyze the effect of asset structure, profitability, liquidity, and firm size on capital structure partially in food and beverage companies listed on the Indonesia Stock Exchange during the 2019–2023 period. In addition, this study also aims to determine the role of firm size as a moderating variable in strengthening or weakening the effect of asset structure, profitability, and liquidity on capital structure. The population of this study consisted of 83 food and beverage companies listed on the Indonesia Stock Exchange during the observation period. The sampling technique used was purposive sampling based on certain criteria, resulting in 17 companies as the research sample. With a five-year observation period, the total data used in this study amounted to 85 observations. The data analysis technique used was Moderated Regression Analysis (MRA) to examine the direct relationship between variables and the moderating effect of firm size. The results show that asset structure has a significant effect on capital structure, indicating that the composition of company assets is an important factor in determining financing policies. Profitability has no significant effect on capital structure, meaning that the level of company profits is not a primary factor in determining capital structure. Liquidity has a significant effect on capital structure, indicating that a company’s ability to meet short-term obligations is related to its financing decisions. Furthermore, firm size is unable to moderate the effect of asset structure, profitability, and liquidity on capital structure in food and beverage companies listed on the Indonesia Stock Exchange during the 2019–2023 period.
References
A. Arief and Z. Zulaini, “Pengaruh inflasi terhadap perilaku pendanaan perusahaan makanan dan minuman,” Jurnal Manajemen Keuangan Indonesia, vol. 10, no. 2, pp. 123–134, 2022.
I. Fahmi, Analisis Laporan Keuangan. Bandung, Indonesia: Alfabeta, 2017.
I. Ghozali, Aplikasi Analisis Multivariate dengan Program IBM SPSS 25, 9th ed. Semarang, Indonesia: Badan Penerbit Universitas Diponegoro, 2018.
A. Gunawan, “Pengaruh struktur aset terhadap struktur modal pada perusahaan manufaktur sektor makanan dan minuman,” Jurnal Ekonomi dan Bisnis, vol. 14, no. 2, pp. 101–112, 2021.
R. Handayani, “Pengaruh profitabilitas dan ukuran perusahaan terhadap struktur modal,” Jurnal Akuntansi dan Keuangan, vol. 7, no. 1, pp. 45–56, 2022.
M. Hidayat, “Analisis pengaruh likuiditas dan profitabilitas terhadap struktur modal,” Jurnal Ilmiah Manajemen, vol. 9, no. 3, pp. 215–225, 2021.
Kasmir, Analisis Laporan Keuangan. Jakarta, Indonesia: RajaGrafindo Persada, 2014.
B. Kurniawan, D. Sari, and A. Putra, “Pengaruh likuiditas, ukuran perusahaan, dan pertumbuhan penjualan terhadap struktur modal,” Jurnal Ekonomi dan Keuangan, vol. 12, no. 1, pp. 33–42, 2023.
D. Lestari, “Analisis pengaruh struktur aset, pertumbuhan perusahaan, dan ukuran perusahaan terhadap struktur modal,” Jurnal Manajemen, vol. 15, no. 2, pp. 50–59, 2021.
F. Modigliani and M. H. Miller, “Corporate income taxes and the cost of capital: A correction,” The American Economic Review, vol. 53, no. 3, pp. 433–443, 1963.
S. C. Myers and N. S. Majluf, “Corporate financing and investment decisions when firms have information that investors do not have,” Journal of Financial Economics, vol. 13, no. 2, pp. 187–221, 1984, doi: 10.1016/0304.
A. Nugroho, R. Setiawan, and M. Putri, “Pengaruh profitabilitas, pertumbuhan penjualan, dan ukuran perusahaan terhadap struktur modal,” Jurnal Riset Manajemen dan Bisnis, vol. 6, no. 1, pp. 88–97, 2021.
C. Nur Cahya and M. H. Y. Nyale, “Pengaruh struktur aset dan likuiditas terhadap struktur modal,” dissertation, Universitas ABC, 2022.
H. Pratama, B. Santoso, and F. Wulandari, “Pengaruh likuiditas, profitabilitas, dan struktur aset terhadap struktur modal,” Jurnal Ekonomi dan Bisnis Terapan, vol. 5, no. 2, pp. 142–153, 2020.
I. Pratama, “Analisis moderasi ukuran perusahaan terhadap hubungan likuiditas dan struktur modal,” Jurnal Akuntansi dan Keuangan, vol. 8, no. 2, pp. 77–86, 2021.
I. Putra, T. Wibowo, and D. Rahmawati, “Pengaruh struktur aset, profitabilitas, dan pertumbuhan penjualan terhadap struktur modal,” Jurnal Ilmiah Manajemen, vol. 10, no. 1, pp. 12–21, 2020.
F. Putri and A. Kurnia, “Moderasi ukuran perusahaan pada hubungan profitabilitas terhadap struktur modal,” Jurnal Manajemen dan Akuntansi, vol. 9, no. 1, pp. 23–32, 2023.
Y. Ramadhan, A. Sari, and R. Pratama, “Ukuran perusahaan sebagai variabel moderasi pengaruh struktur aset terhadap struktur modal,” Jurnal Ilmu Manajemen, vol. 14, no. 2, pp. 120–130, 2021.
A. Sanusi, Metodologi Penelitian Bisnis. Jakarta, Indonesia: Salemba Empat, 2016.
D. Sari and P. Nugraha, “Pengaruh profitabilitas, likuiditas, dan pertumbuhan penjualan terhadap struktur modal,” Jurnal Akuntansi, vol. 23, no. 1, pp. 45–54, 2019.
N. Sari, “Analisis pengaruh likuiditas dan struktur aset terhadap struktur modal pada perusahaan manufaktur,” Jurnal Ilmiah Akuntansi dan Bisnis, vol. 8, no. 1, pp. 15–24, 2022.
R. Septian, “Profitabilitas dan likuiditas terhadap struktur modal pada perusahaan makanan dan minuman,” Jurnal Ekonomi, vol. 11, no. 2, pp. 60–68, 2020.
Sugiyono, Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung, Indonesia: Alfabeta, 2019.
M. Yuliana, “Pengaruh profitabilitas terhadap struktur modal pada perusahaan sektor barang konsumsi,” Jurnal Riset Akuntansi, vol. 13, no. 1, pp. 98–107, 2021.
R. Yusuf, A. Prasetyo, and N. Lestari, “Moderasi ukuran perusahaan pada hubungan likuiditas dan struktur modal,” Jurnal Keuangan dan Perbankan, vol. 14, no. 3, pp. 200–210, 2022.
Copyright (c) 2026 Zihan, Rizki Filhayati Rambe
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under Creative Commons Attribution 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (Refer to The Effect of Open Access).
.png)
.png)
.jpg)
.jpg)
