Business Risk in Moderating the Effect of Capital Structure on Financial Performance in Listed Companies in Indonesia
Risiko Bisnis dalam Memoderasi Pengaruh Struktur Modal terhadap Kinerja Keuangan pada Perusahaan Terdaftar di Indonesia
Keywords:
capital structure, financial performanc,business risk
Abstract
This study aims to examine the effect of capital structure on financial performance as measured by Return on Asset (ROA) and the role of business risk as a moderating variable. Secondary data is taken from the financial statements of manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2019-2023 period, with a total sample of 73 companies selected using purposive sampling technique. Data analysis was carried out using multiple linear regression and moderating regression analysis.The results showed that short-term debt has a significant positive effect on ROA, while long-term debt and total debt have a significant negative effect on ROA. In addition, business risk can moderate strengthen the relationship between short-term debt and ROA, but weaken the relationship between long-term debt and ROA. Meanwhile, business risk does not moderate the relationship between total debt and ROA.
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Ahmed, F., Rahman, M. U., Rehman, H. M., Imran, M., Dunay, A., & Hossain, M. B. (2024). Corporate capital structure effects on corporate performance pursuing a strategy of innovation in manufacturing companies. Heliyon, 10(3), e24677. https://doi.org/10.1016/j.heliyon.2024.e24677
Ai, H., Frank, M. Z., & Sanati, A. (2020). The Trade-off Theory of Corporate Capital Structure. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3595492
Ainun, S. N., Handini, D. P., & Mas’ud, M. H. (2022). Efek Moderasi Risiko Bisnis Terhadap Hubungan Profitabilitas, Struktur Modal, dan Nilai Perusahaan (Studi Pada Perusahaan Sektor Transportasi yang Terdaftar di Bursa Efek Indonesia Periode 2016-2020). Widyagama National Conference on Economics and Business, Wnceb, 1002–1014.
Ambarsari, R., & Hermanto, S. B. (2017). Pengaruh Pertumbuhan Penjualan, Profitabilitas, Struktur Aktiva, Ukuran, Dan Likuiditas Terhadap Struktur Modal. Jurnal Paradigma Akuntansi, 3(1), 417. https://doi.org/10.24912/jpa.v3i1.11668
Anozie, O. R., Muritala, T. A., Ininm, V. E., & Yisau, N. S. (2023). Impact of capital structure on financial performance of oil and gas firms in Nigeria. Future Business Journal, 9(1). https://doi.org/10.1186/s43093-023-00186-4
Brigham, E. F., & Houston, J. F. (2011). Dasar-dasar manajemen keuangan buku 1 / Eugene F.Brigham, Joel F. Houston ; penerjemah: Ali Akbar Yulianto. Salemba Empat.
Dewi, W., & Lestari, H. S. (2014). faktor- faktor penentu struktur modal perusahaan non keuangan yang terdaftar di BEI. Manajemen Dan Pemasaran Laba, 7.
Frank, M. Z., Goyal, V. K., & Shen, T. (2020). The Pecking Order Theory of Capital Structure: Where Do We Stand? SSRN Electronic Journal, 1–42. https://doi.org/10.2139/ssrn.3540610
Hery. (2016). Analisis Laporan Keuangan-Integrated And Comprehensive Edition. Gramedia Widiasarana Indonesia, 2016.
Hutabarat. (2021). Analisis Kinerja Keuangan Perusahaan (M. a. Gita Puspitasari (ed.)). Desanta Muliavistama.
Kasmir. (2016). Analisis Laporan Keuangan. Rajawali Pers.
Kasmir, S. E. M. . (2019). Analisis laporan keuangan. Rajawali Pers.
Lawrence J. Gitman, C. J. Z. (2012). Principles of Managerial Finance. Prentice Hall. https://doi.org/0136119468
Mamaro, L., & Legotlo, T. (2020). The impact of debt financing on financial performance: evidence from retail firms listed on the JSE. Journal of Accounting and Management, 10(3), 23–22.
Maulana, Z., & Safa, A. F. (2017). Pengaruh Hutang Jangka Pendek Dan Hutang Jangka Panjang Terhadap Profitabilitas Pada PT. Bank Mandiri Tbk. Jurnal Penelitian Ekonomi Akuntansi (JENSI), 1(1), 44–48. https://core.ac.uk/download/pdf/327252061.pdf
Mohammad, H. S., & Bujang, I. (2020). Capital structure and financial performance: Evidence from three Malaysian industries. International Journal of Business and Society, 21(3), 1153–1171.
Putri, N. A. (2024). Pengaruh Diversifikasi Dan Risiko Bisnis Terhadap Kinerja Keuangan Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 13.
Riyanto, B. (2021). Dasar-dasar Pembelanjaan Perusahaan.
Rizal Indah Tjahya, & Rosmila, K. (2023). Pengaruh Hutang Jangka Panjang Dan Hutang Jangka Pendek Terhadap Profitabilitas Pada Perusahaan Sub Sektor Makanan Dan Minuman Yang Terdaftar Di Indeks Saham Syariah Indonesia (Issi). Jii, 8(1), 112–122. https://doi.org/10.32505/jii.v8i1.5846
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
Siregar, Nurlaila Nurlaila, & Atika Atika. (2023). Pengaruh Piutang Dan Utang Jangka Pendek Terhadap Pendapatan Pada PT. Astra International Tbk. Jurnal Mutiara Ilmu Akuntansi, 2(1), 144–159. https://doi.org/10.55606/jumia.v2i1.2329
Sulhendri, Simamora, A. J., Nicko Albart, Sri Adella Fitri, & Listiana Sri Mulatsih. (2024). Managerial Ability And Earnings Management: Moderating Role Of Risk-Taking Behavior. Jurnal Akuntansi, 28(2), 357–379. https://doi.org/10.24912/ja.v28i2.2139
Sunaryo, A. (2024). Analisis Kinerja Keuangan yang ditinjau melalui Profit Margin dan Return On Asset Pada PT. Multi Bintang Indonesia Tbk. Jurnal Ekonomi Dan Bisnis, 16(1), 135–139. https://doi.org/10.55049/jeb.v16i1.270
Tesema, T. N. (2024). The effect of capital structure on performance: empirical evidence from manufacturing companies in Ethiopia. Cogent Economics and Finance, 12(1). https://doi.org/10.1080/23322039.2023.2300926
Ullah, A., Pinglu, C., Ullah, S., Zaman, M., & Hashmi, S. H. (2020). The nexus between capital structure, firm-specific factors, macroeconomic factors and financial performance in the textile sector of Pakistan. Heliyon, 6(8), e04741. https://doi.org/10.1016/j.heliyon.2020.e04741
Wulandari, P., & Gultom, R. (2018). Artikel-1-101-110-Pengaruh-Likuiditas-Aktivitas-Dan-Pertumbuhan-Penjualan-Terhadap-Profitabilitas-Pada-Perusahaan-Industri-Makanan-Dan-Minuman-Yang-Terdaftar-Di-Bursa-Efek-Indonesia-Tahun-2014-2017. Jurnal Ilmiah Methonomi, 4 (2), 101–110.
Zulkarnaen, Z. (2018). Pengaruh Debt To Assets Ratio Terhadap Return On Asset Pada Perusahaan Asuransi Yang Terdaftar Di Bei Tahun 2010 – 2015. Encyclopedia of Finance, April, 82–82. https://doi.org/10.1007/0-387-26336-5_580
Published
2025-02-04
How to Cite
Putri Erika Wendari Harahap, & Irdha Yusra. (2025). Business Risk in Moderating the Effect of Capital Structure on Financial Performance in Listed Companies in Indonesia: Risiko Bisnis dalam Memoderasi Pengaruh Struktur Modal terhadap Kinerja Keuangan pada Perusahaan Terdaftar di Indonesia. Santhet (Jurnal Sejarah Pendidikan Dan Humaniora), 9(1), 138-150. https://doi.org/10.36526/santhet.v9i1.5004
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