Determinan Struktur Modal dalam Upaya Meningkatkan Profitabilitas Perusahaan Manufaktur di Indonesia
Keywords:
Profitabilitas; Tangibilitas; Struktur Modal; Ukuran Perusahaan; Uniqueness
Abstract
Setiap perusahaan dalam menjalankan usahanya mempunyai tujuan yaitu untuk menghasilkan profit yang optimal. Profit mampu memberikan gambaran kinerja perusahaan dalam suatu periode serta menjadi daya tarik bagi investor dalam melakukan kegiatan jual beli saham. Perusahaan manufaktur merupakan salah satu perusahaan yang memberikan peranan penting bagi perekonomian nasional. Hal ini dapat terlihat dari laba perusahaan yang menunjukkan trend meningkat dibandingkan sektor lainnya. Penelitian ini bertujuan untuk menganalisis pengaruh ukuran perusahaan, uniqueness dan tangibilitas terhadap struktur modal dan profitabilitas pada perusahaan manufaktur. Populasi dalam penelitian adalah seluruh perusahaan manufaktur yang terdaftar di BEI periode 2010-2018 sebanyak 145 perusahaan. Sampel dalam penelitian sebanyak 96 perusahaan yang dipilih dengan menggunakan teknik purposive sampling. Teknik analisis data penelitian menggunakan bantuan program AMOS. Hasil penelitian menyatakan bahwa ukuran perusahaan dan tangibilitas tidak berpengaruh signifikan terhadap struktur modal, uniqueness berpengaruh signifikan positif terhadap struktur modal, dan struktur modal berpengaruh signifikan negatif terhadap profitabilitas. Hasil penelitian mendukung pecking order theory yang menyatakan bahwa semakin rendah nilai hutang perusahaan maka akan meningkatkan profitabilitas perusahaan.
References
Akeem, L. B., K, E. T., Kiyanjui, M. W., & Kayode, A. M. (2014). Effects of Capital Structure on Firm’s Performance: Empirical Study of Manufacturing Companies in Nigeria. 3(4), 39–57.
Al Ani, M., & Al Amri, M. (2015). The Determinants of Capital Structure: an Empirical Study of Omani Listed Industrial Companies. Verslas: Teorija Ir Praktika, 16(2), 159–167. https://doi.org/10.3846/btp.2015.471
Astuti, K. D., Retnowati, W., & Rosyid, A. (2015). Pengaruh Struktur Modal Terhadap Profitabilitas ( Studi Pada Perusahaan Go Publik Yang Menjadi 100 Perusahaan Terbaik Versi Majalah Fortune Indonesia Periode Tahun 2010-2012 ). Jurnal Akuntansi, 2(2339–2436), 49–60.
Chadha, S., & Sharma, A. K. (2015). Capital Structure and Firm Performance: Empirical Evidence from India. Vision: The Journal of Business Perspective, 19(4), 295–302. https://doi.org/10.1177/0972262915610852
Chandra, Teddy, Junaedi, A. T., Wijaya, E., Chandra, S., & Priyono. (2019). The Co-Determinant of Capital Structure and Profitability Based on the Supply Chain Strategy: Evidence from Manufacturing Sector in Indonesia. International Journal of Supply Chain Management, 8(6), 705–717.
Chang, C., Chen, X., & Liao, G. (2014). What are the Reliably Important Determinants of Capital Structure in China? Pacific Basin Finance Journal, 30, 87–113. https://doi.org/10.1016/j.pacfin.2014.06.001
Cheema, A., & Kaikati, A. M. (2010). The Effect of Need for Uniqueness on Word of Mouth. Journal of Marketing Research, 47(3), 553–563. https://doi.org/10.1509/jmkr.47.3.553
Chen, L. J., & Chen, S. Y. (2011). The Influence of Profitability on Firm Value with Capital Structure as the Mediator and Firm Size and Industry as Moderators. Investment Management and Financial Innovations, 8(3), 121–129. https://doi.org/10.1002/rhc3.12043
Chen, J., Jiang, C., & Lin, Y. (2014). What Determine Firms’ Capital Structure in China? Managerial Finance, 40(10), 1024–1039. https://doi.org/10.1108/MF-06-2013-0163
Cheng, M.-C., & Tzeng, Z.-C. (2014). Effect of Leverage on Firm Market Value and How The Firm Financial Quality Influence on This Effect. Review of Pacific Basin Financial Markets and Policies, 17(01), 1450004. https://doi.org/10.1142/S0219091514500040
Fauzi, F., Basyith, A., & Idris, M. (2013). The Determinants of Capital Structure: An Empirical Study of New Zealand-Listed Firms. Asian Journal of Finance & Accounting, 5(2), 1. https://doi.org/10.5296/ajfa.v5i2.3740
Lazăr, S. (2016). Determinants of Firm Performance: Evidence from Romanian Listed Companies. Review of Economic and Business Studies, 9(1), 53–69. https://doi.org/10.1515/rebs-2016-0025
Lemma, T. T., & Negash, M. (2013). Institutional, Macroeconomic and Firm-Specific Determinants of Capital Structure: The African Evidence. In Management Research Review (Vol. 36). https://doi.org/10.1108/MRR-09-2012-0201
Mirza, S. A., & Javed, A. (2013). Determinants of Financial Performance of a Firm: Case of Pakistani Stock Market. Journal of Economics and International Finance, 5(2), 43–52. https://doi.org/10.5897/JEIF12.043
Odusanya, A. I., Yinusa, O. G., & Ilo, B. M. (2018). Determinants of firm profitability in Nigeria: Evidence from dynamic panel models. SPOUDAI, Journal of Economics and Business, 68(1), 43–58. Retrieved from https://www.researchgate.net/publication/325049840_Determinants_of_Firm_Profitability_in_Nigeria_Evidence_from_Dynamic_Panel_Models
Quang, D. X., & Xin, W. Z. (2014). The Impact of Ownership Structure and Capital Structure on Financial Performance of Vietnamese Firms. International Business Research, 7(2), 64–71. https://doi.org/10.5539/ibr.v7n2p64
Ramjee, A., & Gwatidzo, T. (2012). Dynamics in Capital Structure Determinants in South Africa. Meditari Accountancy Research, 20 (1), 52-67.
Salim, M., & Yadav, R. (2012). Capital Structure and Firm Performance: Evidence from Malaysian Listed Companies. Procedia - Social and Behavioral Sciences, 65(ICIBSoS), 156–166. https://doi.org/10.1016/j.sbspro.2012.11.105
Sheikh, N. A., & Wang, Z. (2011). Determinants of Capital Structure of Leasing Companies in Pakistan. Applied Financial Economics, 22(1), 1841-1853.
Sugiyono. (2012). Metode Penelitian Pendidikan(pendekatan kualitatif,kualitatif, dan R&D). Bandung: Alfabeta.
Taghavi, M., Khodaei Valahzaghard, M., & Alishahi, M. (2013). Co-Determination of Capital Structure and Stock Returns in Banking Industry using Structural Equation Modeling. Management Science Letters, 3, 2367–2372. https://doi.org/10.5267/j.msl.2013.07.001
Thi Hang, N., & Jay Hung, R. (2016). Determinants of Capital Structure of the Listed Companies on Vietnam Stock Market. The International Journal of Business & Management, 4(6), 27–35.
Titman, S., & Wessels, R. (1988). The Determinants of Capital Structure Choice. The Journal of Finance, 43(1), 1–19. https://doi.org/10.1111/j.1540-6261.1988.tb02585.x
Tse, C. B., & Rodgers, T. (2014). The Capital Structure of Chinese Listed Firms: Is Manufacturing Industry Special? Managerial Finance, 40(5), 469–486. https://doi.org/10.1108/MF-08-2013-0211
Yang, C. C., Lee, C. few, Gu, Y. X., & Lee, Y. W. (2010). Co-Determination of Capital Structure and Stock Returns-A LISREL approach. An Empirical Test of Taiwan Stock Markets. Quarterly Review of Economics and Finance, 50(2), 222–233. https://doi.org/10.1016/j.qref.2009.12.001
www.idx.co.id (di akses pada tanggal 28 April 2020)
Al Ani, M., & Al Amri, M. (2015). The Determinants of Capital Structure: an Empirical Study of Omani Listed Industrial Companies. Verslas: Teorija Ir Praktika, 16(2), 159–167. https://doi.org/10.3846/btp.2015.471
Astuti, K. D., Retnowati, W., & Rosyid, A. (2015). Pengaruh Struktur Modal Terhadap Profitabilitas ( Studi Pada Perusahaan Go Publik Yang Menjadi 100 Perusahaan Terbaik Versi Majalah Fortune Indonesia Periode Tahun 2010-2012 ). Jurnal Akuntansi, 2(2339–2436), 49–60.
Chadha, S., & Sharma, A. K. (2015). Capital Structure and Firm Performance: Empirical Evidence from India. Vision: The Journal of Business Perspective, 19(4), 295–302. https://doi.org/10.1177/0972262915610852
Chandra, Teddy, Junaedi, A. T., Wijaya, E., Chandra, S., & Priyono. (2019). The Co-Determinant of Capital Structure and Profitability Based on the Supply Chain Strategy: Evidence from Manufacturing Sector in Indonesia. International Journal of Supply Chain Management, 8(6), 705–717.
Chang, C., Chen, X., & Liao, G. (2014). What are the Reliably Important Determinants of Capital Structure in China? Pacific Basin Finance Journal, 30, 87–113. https://doi.org/10.1016/j.pacfin.2014.06.001
Cheema, A., & Kaikati, A. M. (2010). The Effect of Need for Uniqueness on Word of Mouth. Journal of Marketing Research, 47(3), 553–563. https://doi.org/10.1509/jmkr.47.3.553
Chen, L. J., & Chen, S. Y. (2011). The Influence of Profitability on Firm Value with Capital Structure as the Mediator and Firm Size and Industry as Moderators. Investment Management and Financial Innovations, 8(3), 121–129. https://doi.org/10.1002/rhc3.12043
Chen, J., Jiang, C., & Lin, Y. (2014). What Determine Firms’ Capital Structure in China? Managerial Finance, 40(10), 1024–1039. https://doi.org/10.1108/MF-06-2013-0163
Cheng, M.-C., & Tzeng, Z.-C. (2014). Effect of Leverage on Firm Market Value and How The Firm Financial Quality Influence on This Effect. Review of Pacific Basin Financial Markets and Policies, 17(01), 1450004. https://doi.org/10.1142/S0219091514500040
Fauzi, F., Basyith, A., & Idris, M. (2013). The Determinants of Capital Structure: An Empirical Study of New Zealand-Listed Firms. Asian Journal of Finance & Accounting, 5(2), 1. https://doi.org/10.5296/ajfa.v5i2.3740
Lazăr, S. (2016). Determinants of Firm Performance: Evidence from Romanian Listed Companies. Review of Economic and Business Studies, 9(1), 53–69. https://doi.org/10.1515/rebs-2016-0025
Lemma, T. T., & Negash, M. (2013). Institutional, Macroeconomic and Firm-Specific Determinants of Capital Structure: The African Evidence. In Management Research Review (Vol. 36). https://doi.org/10.1108/MRR-09-2012-0201
Mirza, S. A., & Javed, A. (2013). Determinants of Financial Performance of a Firm: Case of Pakistani Stock Market. Journal of Economics and International Finance, 5(2), 43–52. https://doi.org/10.5897/JEIF12.043
Odusanya, A. I., Yinusa, O. G., & Ilo, B. M. (2018). Determinants of firm profitability in Nigeria: Evidence from dynamic panel models. SPOUDAI, Journal of Economics and Business, 68(1), 43–58. Retrieved from https://www.researchgate.net/publication/325049840_Determinants_of_Firm_Profitability_in_Nigeria_Evidence_from_Dynamic_Panel_Models
Quang, D. X., & Xin, W. Z. (2014). The Impact of Ownership Structure and Capital Structure on Financial Performance of Vietnamese Firms. International Business Research, 7(2), 64–71. https://doi.org/10.5539/ibr.v7n2p64
Ramjee, A., & Gwatidzo, T. (2012). Dynamics in Capital Structure Determinants in South Africa. Meditari Accountancy Research, 20 (1), 52-67.
Salim, M., & Yadav, R. (2012). Capital Structure and Firm Performance: Evidence from Malaysian Listed Companies. Procedia - Social and Behavioral Sciences, 65(ICIBSoS), 156–166. https://doi.org/10.1016/j.sbspro.2012.11.105
Sheikh, N. A., & Wang, Z. (2011). Determinants of Capital Structure of Leasing Companies in Pakistan. Applied Financial Economics, 22(1), 1841-1853.
Sugiyono. (2012). Metode Penelitian Pendidikan(pendekatan kualitatif,kualitatif, dan R&D). Bandung: Alfabeta.
Taghavi, M., Khodaei Valahzaghard, M., & Alishahi, M. (2013). Co-Determination of Capital Structure and Stock Returns in Banking Industry using Structural Equation Modeling. Management Science Letters, 3, 2367–2372. https://doi.org/10.5267/j.msl.2013.07.001
Thi Hang, N., & Jay Hung, R. (2016). Determinants of Capital Structure of the Listed Companies on Vietnam Stock Market. The International Journal of Business & Management, 4(6), 27–35.
Titman, S., & Wessels, R. (1988). The Determinants of Capital Structure Choice. The Journal of Finance, 43(1), 1–19. https://doi.org/10.1111/j.1540-6261.1988.tb02585.x
Tse, C. B., & Rodgers, T. (2014). The Capital Structure of Chinese Listed Firms: Is Manufacturing Industry Special? Managerial Finance, 40(5), 469–486. https://doi.org/10.1108/MF-08-2013-0211
Yang, C. C., Lee, C. few, Gu, Y. X., & Lee, Y. W. (2010). Co-Determination of Capital Structure and Stock Returns-A LISREL approach. An Empirical Test of Taiwan Stock Markets. Quarterly Review of Economics and Finance, 50(2), 222–233. https://doi.org/10.1016/j.qref.2009.12.001
www.idx.co.id (di akses pada tanggal 28 April 2020)
Published
2020-12-02
How to Cite
Chandra, S., Ng, M., & wijaya, evelyn. (2020). Determinan Struktur Modal dalam Upaya Meningkatkan Profitabilitas Perusahaan Manufaktur di Indonesia . Jurnal Manajemen Dan Keuangan, 9(2), 172-186. https://doi.org/10.33059/jmk.v9i2.2550
Section
Articles
Copyright (c) 2020 Jurnal Manajemen dan Keuangan
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Menyataakan bahwa :
- Saya menyatakan bahwa artikel (judul artikel) adalah asli dan tidak pernah dipublikasikan sebelumnya atau akan dipublikasikan di tempat lain.
- Dengan publikasi, saya kirimkan hak cipta kepada Jurnal Manajemen dan Keuangan. Transfer Hak Cipta termasuk dalam hak untuk mereproduksi fotografi untuk artikel sejenis dan terjemahannya. Hal ini juga termasuk dalam hak untuk memasukkan artikel dalam sistem computer untuk disebarluaskan dalam jaringan tersebut.
Declare that :
- I hereby declare that I have submitted to the Jurnal Manajemen dan Keuangan for the above manuscript in origininal no part has been plagiarized and willing to pay a journal management fee.
- I, in consideration of the acceptance of the above work for publication, do hereby assign and transfer to the Jurnal Manajemen dan Keuangan, Management Department Universitas Samudra all of the rights, title, and interest in and to the copyright of the above titled work in its current form, including online supporting material (data supplements) submitted with the work, and in any form subsequently revised for publication and/or electronic dissemination, including translations to another language. I agree to the fact that any attempt to reproduce the text or figures may require their kind permission.