CAPITAL STRUCTURE MODEL (Empirical Study on IDX 2020-2022)
##plugins.themes.EpsilonTheme.article.main##
Candrika Dewi*
Riswan
Khairudin
The food and beverage industry are constantly evolving and shaped by consumer preferences, making it crucial for companies to consider the various factors that impact their revenue streams. Analyzing the structure of a company's assets and the rate of its sales growth are crucial factors to consider, as they greatly influence the financial management practices of the company. Asset structure means what a company owns, and sales growth shows if the company is making more or less money. The aim of this research is to examine how the capital structure is influenced by asset structure, sales growth, and the role of profitability in mediating this connection. The study utilized a quantitative research methodology. The research population consisted of companies in the food and beverage subsector on the IDX from 2020 to 2022. A total of 23 companies were selected as the sample over a 3-year period, resulting in 69 data points using purposive sampling technique. The data analysis involved multiple linear regression analysis with the assistance of SPSS version 17. The study's results show that both the composition of assets and the growth in sales have a favorable and noteworthy influence on the structure of capital. Additionally, profitability plays a role in connecting the asset structure with the capital structure, as well as linking sales growth with the capital structure.
Afiezan, A., Melysa, M., Angga, V. J., Lionar, R., & Jesica, J. (2022). Pertumbuhan Penjualan, Struktur Aktiva, Ukuran Perusahaan, dan Harga Saham terhadap Struktur Modal Dengan Profitabilitas Sebagai Variabel Moderasi. Journal of Management and Bussines (JOMB), 4(1), 277–296. https://doi.org/10.31539/jomb.v4i1.3718
Anrizal, S. Y., Egim, A. S., & Ramadhani, G. (2023). Dampak Dari Struktur Aktiva, Firm Size, Pertumbuhan Perusahaan Terhadap Struktur Modal Pada Perusahaan Manufaktur. Jurnal Ecogen, 6(2), 222. https://doi.org/10.24036/jmpe.v6i2.14559
Aulia, H., Ashry, L. Al, & Fitra, H. (2019). Effect Of Sales Growth, ROE, ROA and FAR Towards DER in Real Estate And Property Companies In Indonesia Stock Exchange. Advances in Social Science, Education and Humanities Research, 335, 22–31. https://doi.org/10.2991/piceeba-19.2019.2
Awaluddin, M., Amalia, K., Sylvana, A., Susi, R., & Wardhani. (2019). Perbandingan Pengaruh Return on Asset, Pertumbuhan Aset, Pertumbuhan Penjualan dan Managerial Ownership Terhadap Struktur Modal Perusahaan Multinasional dan Domestik di BEI. Jurnal Minds: Manajemen Ide Dan Inspirasi, 6(1), 113. https://doi.org/10.24252/minds.v6i1.7965
Brigham, E. F., & Houston, J. F. (2019). Dasar-Dasar Manajemen Keuangan. Buku 2 Edisi 14. Jakarta : Selemba Empat.
Chandra, A., Tantoni, W., Villany, W., Lubis, M. S., & Akbar, F. (2019). Pengaruh Struktur Aktiva, Return on Assets Dan Pertumbuhan Penjualan Terhadap Struktur Modal Pada Perusahaan Property dan Real Estate Di Bursa Efek Indonesia Tahun 2011 – 2015. Jurnal Profita, 12(2), 263. https://doi.org/10.22441/profita.2019.v12.02.007
Dewi, C. R., & Fachrurrozie, F. (2021). The Effect of Profitability, Liquidity, and Asset Structure on Capital Structure with Firm Size as Moderating Variable. Accounting Analysis Journal, 10(1), 32–38. https://doi.org/10.15294/aaj.v10i1.44516
Ekinanda, F., Wijayanti, A., & Siddi, P. (2021). Pengaruh Profitabilitas, Ukuran Perusahaan, Pertumbuhan Penjualan, Struktur Aktiva dan Pajak Terhadap Struktur Modal. Jurnal Akuntansi & Keuangan, 12(2), 45–62.
Feni, F., Burhanuddin, B., & Guasmin, G. (2021). Effect of Asset Structure and Firm Size on Capital Structure (Case Study on Food and Beverage Companies on the Indonesian Stock Exchange). International Journal of Health, Economics, and Social Sciences (IJHESS), 3(3), 191–201. https://doi.org/10.56338/ijhess.v3i3.1580
Hakim, M. Z., & Apriliani, D. (2020). Effect of Profitability, Liquidity, Sales Growth, Business Risk, and Asset Structure on Capital Structure. Jurnal Akademi Akuntansi, 3(2), 224–243. https://doi.org/10.22219/jaa.v3i2.12115
Haninun, & Angelina, F. (2016). Pengaruh Struktur Modal Terhadap Profitabilitas Pada Perusahaan Manufaktur Yang Terdaftar di BEI Periode 2011-2013. JURNAL Akuntansi & Keuangan, 7(1), 73–86.
Hartati, & Mukhibad. (2018). The Influence Of Profitability, Liquidity, Business Risk, Firm Size, and Sales Growth in The Property and Real Estate Companies Listed in the Idx During 2013 - 2016. Accounting Analysis Journal, 7(2), 103–110. https://doi.org/10.15294/aaj.v7i2.22383
Haryanto, S. (2016). Profitability Identification Of National Banking Through Credit, Capital, Capital Structure, Efficiency, And Risk Level. Jurnal Dinamika Manajemen, 7(1), 11. https://doi.org/10.15294/jdm.v7i1.5749
Hermayanti, R., Pentiana, D., & Dewi, A. K. (2023). Pengaruh Struktur Aset dan Pertumbuhan Penjualan Terhadap Struktur Modal dengan Risiko Bisnis Sebagai Variabel Moderating (Studi Pada Perusahaan Terindeks LQ45 di Bursa Efek Indonesia Tahun 2015-2018). Jurnal Ilmiah ESAI, 17(2), 83–92.
Indrayenti, & Natania, S. (2016). Pengaruh Tingkat Pertumbuhan Penjualan dan Perputaran Piutang Terhadap Likuiditas Perusahaan Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2012-2014. JURNAL Akuntansi & Keuangan, 7(2), 155–167.
Jayanty, V., Hutagalung, G., & Simorangkir, E. N. (2021). Capital Structure And The Factors Affecting It With Profitability As An Intervening Variable. International Journal Of Business, Economics and Law, 24(4), 130–139.
Kepakisan, I. D. A. K. (2015). Pengaruh Struktur Aktiva, Ukuran Perusahaan, Profitabilitas, dan Tingkat Pertumbuhan Terhadap Struktur Modal. Jurnal Ilmiah Akuntansi, 2(6), 290–303.
Kurniati, H., & Yuliana, I. (2022). Pengaruh Profitabilitas Sebagai Variabel Intervening Pertumbuhan Penjualan Terhadap Struktur Modal. Nominal Barometer Riset Akuntansi Dan Manajemen, 11(1), 165–183. https://doi.org/10.21831/nominal.v11i1.45978
Lestari, I., & Arinta, Y. N. (2021). Profitabilitas Menjadi Pemediasi Untuk Variabel yang Mempengaruhi Struktur Modal (Studi Pada Bank Umum Syariah di Indonesia Periode 2016-2020). J-EBIS (Jurnal Ekonomi Dan Bisnis Islam), 6, 160–187. https://doi.org/10.32505/j-ebis.v6i2.3266
Lianto, V., Sinaga, A. N., Susanti, E., Yaputra, C., & Veronica, V. (2020). Analisis Profitabilitas, Ukuran Perusahaan, Struktur Aset, Likuiditas, dan Risiko Bisnis terhadap Struktur Modal Perusahaan Manufaktur di Indonesia. Journal of Economic, Bussines and Accounting (COSTING), 3(2), 282–291. https://doi.org/10.31539/costing.v3i2.1064
Maryanti, E. (2016). Analisis Profitabilitas, Pertumbuhan Perusahaan, Pertumbuhan Penjualan dan Struktur Aktiva terhadap Struktur Modal pada Perusahaan Sektor Industri Barang Konsumsi yang Terdaftar di BEI. Riset Akuntansi Dan Keuangan Indonesia, 1(2014), 143–151.
Mas, I. A. D. P., & Dewi, S. K. S. (2020). Pengaruh Profitabilitas, Pertumbuhan Penjualan, dan Struktur Aktiva Terhadap Struktur Modal. E-Jurnal Manajemen Universitas Udayana, 9(8), 3105. https://doi.org/10.24843/ejmunud.2020.v09.i08.p11
Meilani, U., & Wahyudin, A. (2021). Pengaruh Struktur Aset, Risiko Bisnis, dan Pertumbuhan Penjualan Terhadap Struktur Modal Dengan Profitabilitas Sebagai Variabel Moderating. Jurnal Akuntansi Bisnis, 19(1).
Miswanto, M., Setiawan, A. Y., & Santoso, A. (2022). Analisis Pengaruh Pertumbuhan Penjualan, Struktur Aset, dan Profitabilitas terhadap Struktur Modal. Jurnal Maksipreneur: Manajemen, Koperasi, Dan Entrepreneurship, 11(2), 212. https://doi.org/10.30588/jmp.v11i2.945
Mointi, R., Sauw, O., & Makkuradde, A. S. (2022). Pengaruh Struktur Modal Terhadap Return On Equity (ROE) Pada PT. Summarecon Agung, Tbk. Jurnal Mirai Management, 7(2), 46–65. https://doi.org/10.53654/mv.v1i2.58
Paramitha, N. N., & Putra, I. N. W. A. (2020). Pengaruh Struktur Aktiva, Likuiditas, Pertumbuhan Penjualan dan Risiko Bisnis Terhadap Struktur Modal. E-Jurnal Akuntansi, 30(11), 2753. https://doi.org/10.24843/eja.2020.v30.i11.p04
Pratiwi, D. O., Ratnawati, T., & Maqsudi, A. (2023). The Effect of Asset Growth, Sales Growth and Capital Structure on Financial Distress and Value of the Firm in Sub-Sector Food and Beverage with Good Corporate Governance as Moderation. IJEBD (International Journal of Entrepreneurship and Business Development), 6(1), 53–69. https://doi.org/10.29138/ijebd.v6i1.2140
Prihadi, T. (2019). Analisis Laporan Keuangan Konsep dan Aplikasi. Jakarta: PT Gramedia Pustaka Utama.
Proença, P., Laureano, R. M. S., & Laureano, L. M. S. (2014). Determinants of Capital Structure and the 2008 Financial Crisis: Evidence from Portuguese SMEs. Procedia - Social and Behavioral Sciences, 150, 182–191. https://doi.org/10.1016/j.sbspro.2014.09.027
Purba, M. N., Sinurat, E. K. B., Djailani, A., & Farera, W. (2020). The Effect of Current Ratio, Return on Assets, Total Asset Turnover and Sales Growth on Capital Structure in Manufacturing Company. International Journal of Social Science and Business, 4(3), 489. https://doi.org/10.23887/ijssb.v4i3.27958
Puspita, K. A. S., & Juliarsa, G. (2020). Profitabilitas, Operating Leverage, Ukuran Perusahaan Pertumbuhan Penjualan Pada Struktur Modal Perusahaan Perbankan. E-Jurnal Akuntansi, 30(12), 3066. https://doi.org/10.24843/eja.2020.v30.i12.p06
Putri, R. E., & Fadhlia, W. (2014). Pengaruh Struktur Aktiva Dan Tingkat Pertumbuhan Penjualan Terhadap Struktur Modal Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Dinamika Akuntansi Dan Bisnis, 1(2), 216–231. https://doi.org/10.24815/jdab.v1i2.3633
Rao, P., Kumar, S., & Madhavan, V. (2019). A Study on Factors Driving The Capital Structure Decisions of Small and Medium Enterprises (Smes) in India. IIMB Management Review, 31(1), 37–50. https://doi.org/10.1016/j.iimb.2018.08.010
Rindiasih, R., & Wulandari, R. (2023). Pengaruh Risiko Bisnis, Pertumbuhan Penjualan, dan Struktur Aktiva Terhadap Struktur Modal. JURNAL MANEKSI, 12(3), 554–563.
Riswan, & Saputri, T. L. (2015). Pengaruh Profitabilitas, Ukuran Perusahaan, Debt To Equity Terhadap Ketepatan Waktu Penyampaian Laporan Keuangan (Studi Pada Perusahaan Asuransi yang Terdaftar di BEI). JURNAL Akuntansi & Keuangan, 6(1), 111–127.
Riyanto, B. (2013). Dasar-Dasar Pembelanjaan Perusahaan. Edisi Keempaat, Cetakan Ketigabelas. Yogyakarta : BPFE.
Santoso, H., & Willim, A. P. (2022). The Influence of Asset Structure and Capital Structure on Firm Value With Asset Productivity and Operating Activities as Mediating Variables. International Journal Papier Public Review, 3(1), 40–53. https://doi.org/10.47667/ijppr.v3i1.140
Sartono, A. (2014). Manajemen Keuangan Teori dan Aplikasi. Edisi Ketujuh. Yogyakarta : BPFE.
Setiyanti, S. W., SR, D. P., & Pari, R. K. U. (2019). Pengaruh Profitabilitas, Ukuran Perusahaan, Struktur Aktiva Dan Pertumbuhan Penjualan Terhadap Struktur Modal Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2012-2016. Jurnal Stie Semarang, 11(02), 15–30. https://doi.org/10.33747/stiesmg.v11i02.364
Sunandar, N., & Sugiarti, E. (2023). The Effect of Asset Structure, Profitability and Liquidity on the Capital Structure of the Manufacturing Industry Sector. BIRCI-Journal, 6, 164–169.
Susanti, N., Rachmawati, V., & Harfudin, H. (2023). The Effect Of Assets Structure, Sales Growth, Liquidity, And Assets Growth On Capital Structure (Debt To Equity Ratio) In Pt. Kereta Api Indonesia (Persero) Period 2016 – 2021. International Journal of Artificial Intelligence Research, 6(1). https://doi.org/10.29099/ijair.v6i1.327
Susantika, B., & Mahfud, M. K. (2019). Pengaruh Ukuran Perusahaan, Likuiditas, Dan Struktur Aktiva Terhadap Struktur Modal Dengan Profitabilitas Sebagai Variabel Intervening ( Studi Pada Perusahaan Manufaktur Sektor Aneka Industri yang Terdaftar di Bursa Efek Indonesia Tahun 2012-2016). Diponegoro Journal of Management, 8(1), 137–150.
Syafril, S., & Fahmi, M. (2021). Pengaruh Struktur Aset, Profitabilitas, Pertumbuhan Perusahaan dan Ukuran Perusahaan Terhadap Struktur Modal Pada Perusahaan Manufaktur di Sektor Industri Barang dan Konsumsi. JABI (Jurnal Akuntansi Berkelanjutan Indonesia), 4(1), 92. https://doi.org/10.32493/jabi.v4i1.y2021.p92-103
Tailab, M. M. K. (2014). The Effect of Capital Structure on Profitability Energy American Firms. International Journal of Business and Management Invention, 3(12), 54–61. https://doi.org/10.4018/978-1-4666-6635-1.ch018
Tiara, G. C., Isnurhadi, & Marlina, W. (2018). The Effects Of Tangibility Of Assets and Non-Debt Tax Shield Toward Capital Structure With Profitability As Intervening Variable Of Manufacturing Companies Registered At Indonesian Stock Exchange. Russian Journal of Agricultural and Socio-Economic Sciences, 6(June), 496–504.
Trinita, T., Ria Ginting, R., Adam Afiezan, H., RSA, R., & CJAT, C. (2022). The Effect Of Tax Avoidance, Company Size And Assets Structure On Capital Structure With Return On Equity As A Mediation Variable In Public Soe Companies Listed On Idx Period 2017-2021. International Journal of Educational Research & Social Sciences, 3(4), 1720–1726. https://doi.org/10.51601/ijersc.v3i4.461
Umdiana, N., Mahardini, N. Y., & Manurung, I. D. (2022). Factors Analysis Structure with Profitability as Intervening Variables. AKRUAL: Jurnal Akuntansi, 14(1), 95–105. https://doi.org/10.26740/jaj.v14n1.p95-105
Yanti, E. R., & Rahmawati, A. (2020). Struktur Aktiva, Profitabilitas, Rasio Hutang, dan Pertumbuhan Penjualan Berdampak Terhadap Struktur Modal Perusahaan Yang Terdaftar Pada Indeks Kompas 100. Jurnal Administrasi Kantor, 8(1), 75–84.
Zahro, E. O., Hidayati, A. N., Alhada, M., & Habib, F. (2022). Pengaruh Profitabilitas , Ukuran Perusahaan , Struktur Aktiva , dan Risiko Bisnis terhadap Struktur Modal pada Perusahaan Manufaktur Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2016-2018. Jurnal Sinar Manajemen, 09, 315–324.
Zulkifli, D. R., Rivai, A., & Suharto. (2020). The Effect of Company Size and Sales Growth on Capital Structure with Profitability As Mediation in Construction And Building Sub- Sector Companies Registered in Indonesia Stock Exchange. IAR Journal of Bussiness Management, 1(3), 117–124.
