KORELASI NILAI PROFITABILITAS PADA STRUKTUR MODAL
DOI:
https://doi.org/10.47491/landjournal.v6i2.4271Keywords:
correlated , Capital Structure, ProfitabilityAbstract
This study aims to look at the impact of financial achievements or profitability on the capital structure of 80 companies listed on the IDX. The researcher used the purposive sampling method to determine the data analyzed in this study. The data taken is a company listed on the Indonesia Stock Exchange (IDX) which is included in the IDX 80. A search was carried out on the company on how it has performed in the last 3 years or from 2021 - 2023. The analysis tool used in this study is E-View 13. The results found by the researcher show that the Return on Asset variable is negatively correlated with Capital Structure. In contrast, Return on Equity is positively correlated with Capital Structure. On the other hand, simultaneously independent variables in this study had a significant effect. This research can focus on strategic management accounting theories. So that the results of this research can contribute to knowledge in strategic management accounting. This research focuses on IDX 80 data, in which there are companies that have high liquidity. But, research focuses on IDX 80 data, in which there are companies that have high liquidity
References
Abdulla, Y. (2017). Capital structure in a tax-free economy: evidence from UAE. International Journal of Islamic and Middle Eastern Finance and Management, 10(1), 102–116. https://doi.org/10.1108/IMEFM-11-2015-0144
Agmas W, F. (2020). Impacts of capital structure: profitability of construction companies in Ethiopia. Journal of Financial Management of Property and Construction, 25(3), 371–386. https://doi.org/10.1108/JFMPC-08-2019-0072
Agustina, A., & Huda, N. (2022). Pengaruh Struktur Modal Dan Profitabilitas Terhadap Nilai Perusahaan Perbankan Syariah Di Indonesia. Iqtishaduna, 13(1), 35–49. https://doi.org/10.20414/iqtishaduna.v13i1.4850
Alifian, D., & Susilo, D. E. (2024). Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaan Dan Struktur Modal Terhadap Nilai Perusahaan. Owner Riset & Jurnal Akuntansi, 8(1), 46–55. https://doi.org/10.33395/owner.v8i1.1914
Alsaadi, A. (2024). Capital structure and earnings management: evidence from Saudi Arabia. International Journal of Islamic and Middle Eastern Finance and Management, 17(4), 831–848. https://doi.org/10.1108/IMEFM-09-2023-0339
Alsofiani, A., & Md Husin, M. (2024). A review of the literature on “determinants of insurers’ capital structure”. International Journal of Advances in Applied Sciences, 13(4), 1046–1054. https://doi.org/10.11591/ijaas.v13.i4.pp1046-1054
Brito, A., Pinho, C., & Azevedo, G. (2020). Indebtedness of Restaurant Firms in Portugal: Application of Theories of Capital Structure. Entrepreneurial Opportunities: Economics and Sustainability for Future Growth, 2004, 99–115. https://doi.org/10.1108/978-1-83909-285-520201008
Bugshan, A., & Bakry, W. (2023). Does being Shariah-compliant affect capital structure decision: evidence from emerging markets. Journal of Islamic Accounting and Business Research, 16(1), 107–124. https://doi.org/10.1108/JIABR-10-2022-0259
Chadha, S., & Sharma, A. K. (2015). Determinants of capital structure: an empirical evaluation from India. Journal of Advances in Management Research, 12(1), 3–14. https://doi.org/10.1108/JAMR-08-2014-0051
Chandra, T., Junaedi, A. T., Wijaya, E., Suharti, S., Mimelientesa, I., & Ng, M. (2019). The effect of capital structure on profitability and stock returns. Journal of Chinese Economic and Foreign Trade Studies, 12(2), 74–89. https://doi.org/10.1108/jcefts-11-2018-0042
Demiraj, R., Labadze, L., Dsouza, S., Demiraj, E., & Grigolia, M. (2024). The quest for an optimal capital structure: an empirical analysis of European firms using GMM regression analysis. EuroMed Journal of Business. https://doi.org/10.1108/EMJB-07-2023-0206
Dhanda, M., Dhanda, S., & Choudhary, B. (2024). Inflated energy prices and capital structure: firm level evidence from Indian manufacturing sector. International Journal of Law and Management. https://doi.org/10.1108/IJLMA-11-2023-0254
Elsa, A. B. (2019). Analisis Pengaruh Profitabilitas, Likuiditas, Kebijakan Dividen, Pertumbuhan Perusahaan dan Struktur Aktiva Terhadap Struktur Modal. Jurnal Eksplorasi Akuntansi, 1(4), 1741–1755. https://doi.org/10.24036/jea.v1i4.173
Ghardallou, W. (2023). The heterogeneous effect of leverage on firm performance: a quantile regression analysis. International Journal of Islamic and Middle Eastern Finance and Management, 16(1), 210–225. https://doi.org/10.1108/IMEFM-12-2021-0490
Hastutik, S., Soetjipto, B. E., Wadoyo, C., & Winarno, A. (2022). Trade-Off and Pecking Order Theory of Capital Structure in Indonesia: Systematic Literature Review. Journal of Positive School Psychology, 6(5), 5585–5597. http://journalppw.com
Hutabarat, M. I. (2022). Pengaruh ROA, Pertumbuhan Penjualan, Likuiditas dan Ukuran Perusahaan terhadap Struktur Modal Perusahaan Manufaktur Sektor Makanan dan Minuman di BEI. Owner Riset & Jurnal Akuntansi, 6(1), 348–358. https://doi.org/10.33395/owner.v6i1.589
Ilyas, M., & Lesi, H. (2022). Pengaruh Profitabilitas, Leverage, Struktur Modal, Dan Kebijakan Dividen Terhadap Nilai Perusahaan. Jurnal Ilmu Keuangan Dan Perbankan (JIKA), 11(2), 190–205. https://doi.org/10.54964/satyamandiri.v8i1.362
Indonesia, C. (2025). Laporan Investigasi Penipuan Pendiri eFishery Bocor, Ini Modusnya. Www.Cnbcindonesia.Com. https://www.cnbcindonesia.com/tech/20250123182041-37-605544/laporan-investigasi-penipuan-pendiri-efishery-bocor-ini-modusnya
Jusmansyah, M. (2022). Pengaruh Current Ratio, Return on Equity, Total Asset Turn Over, dan Ukuran Perusahaan Terhadap Struktur Modal (Studi Empiris pada Perusahaan Otomotif yang Terdaftar di Bursa Efek IndonesiaPeriode 2016 – 2020). Jurnal Ekonomika Dan Manajemen, 11(1), 40. https://doi.org/10.36080/jem.v11i1.1752
Komalasari, K., Lestari, D., & Fathony, M. (2020). Pengaruh EPS, ROE, Growth Opportunity dan Ukuran Perusahaan Terhadap Struktur Modal Pada Perusahaan Sektor Properti & Real Estate di Indonesia Pada Tahun 2011-2016. Jurnal Riset Akuntansi Dan Keuangan, 2(2), 75–84.
Ktit, M., & Abu Khalaf, B. (2024). Assessing the Environmental, Social, and Governance Performance and Capital Structure in Europe: a Board of Directors’ Agenda. Corporate Board: Role, Duties and Composition, 20(3), 139–148. https://doi.org/10.22495/cbv20i3art13
Kurnia, E. (2024). Pascapandemi, ”Perusahaan Zombi” di Bursa Efek Indonesia Meningkat. Www.Kompas.Com. https://www.kompas.id/baca/ekonomi/2024/01/18/perusahaan-zombi-di-bursa-efek-indonesia-meningkat-pasca-covid-19?status=sukses_login&login=1739889314738&open_from=header_button&loc=header_button
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
Kyissima, K. H., Xue, G. Z., Yapatake Kossele, T. P., & Abeid, A. R. (2020). Analysis of capital structure stability of listed firms in China. China Finance Review International, 10(2), 213–228. https://doi.org/10.1108/CFRI-05-2018-0044
Lamba, A. B., & Atahau, A. D. R. (2022). Pengaruh Leverage Terhadap Nilai Perusahaan yang Dimediasi Profitabilitas. Reviu Akuntansi Dan Bisnis Indonesia, 6(1), 16–31. https://doi.org/10.18196/rabin.v6i1.12698
Lezeta, B. H., García, M. G., & Bengoa, I. A. (2025). A review of the applicability of the main theories of financial structure to Spanish worker cooperatives. International Review of Applied Economics, 00(00), 1–22. https://doi.org/10.1080/02692171.2025.2453180
Li, W., & Zhou, Q. (2025). Can capital structure mismatch influence corporate risk-taking? From the prospective of earning management. Finance Research Letters, 73(December 2024), 106566. https://doi.org/10.1016/j.frl.2024.106566
Lukman, D., & Hartikayanti, H. N. (2022). Pengaruh Pertumbuhan Aset, Likuiditas Dan Profitabilitas Terhadap Struktur Modal. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 6(1), 118–137.
Mahirun, M., Ayuningrum, A. P., Kushermanto, A., Prasetiani, T. R., Jannati, A., & Ardiyani, K. (2024). The Effect of Capital Structure on Firm Value of LQ 45 Index Listed in Indonesia Stock Exchange. Quality - Access to Success, 25(202), 310–319. https://doi.org/10.47750/QAS/25.202.33
Mansour, K. (2024). Working capital efficiency and capital structure decisions in Egypt: the effect of foreign currency exchange risk exposure under IAS 21. Asian Journal of Accounting Research, 10(1), 103–124. https://doi.org/10.1108/AJAR-12-2023-0411
Martina, Y., Wagini, W., & Hidayah, N. R. (2022). Analisis Rasio Profitabilitas Untuk Menilai Kinerja Keuangan Pada PT. Kimia Farma (PERSERO) Tbk. EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi Dan Bisnis, 10(1), 67–75. https://doi.org/10.37676/ekombis.v10i1.1696
Maryanti, L., Hardika, A. L., & Sale, S. A. (2023). Pengaruh Profitabilitas, Struktur Aset, dan Pertumbuhan Aset Terhadap Struktur Modal (Studi Empiris pada Perusahaan Transportasi yang Terdaftar di Bursa Efek Indonesia Periode 2017 - 2021). EKUILNOMI : Jurnal Ekonomi Pembangunan, 5(2), 374–387. https://doi.org/10.36985/naf67m23
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
Mukaromah, D. U., & Suwarti, T. (2022). Pengaruh Profitabilitas, Likuiditas Dan Struktur Aset Terhadap Struktur Modal Dengan Ukuran Perusahaan Sebagai Variabel Moderating. Jurnal Ilmiah Mahasiswa Akuntansi) Universitas Pendidikan Ganesha, 13, 2614–1930.
Muslimah, D. N., Suhendro, S., & Masitoh, E. (2020). Faktor-Faktor yang Mempengaruhi Struktur Modal pada Perusahaan Property dan Real Estate yang Terdaftar di BEI. Jurnal Ilmiah Universitas Batanghari Jambi, 20(1), 195. https://doi.org/10.33087/jiubj.v20i1.821
Nabila, D. T., & Rahmawati, M. I. (2023). Pengaruh Profitabilitas, Struktur Aktiva, dan Ukuran Perusahaan Terhadap Struktur Modal. Jurnal Ilmu Dan Riset Akuntansi, 12(9), 1–15. https://doi.org/10.55606/jurnalrisetilmuakuntansi.v1i4.109
Neves, M. E., Serrasqueiro, Z., Dias, A., & Hermano, C. (2020). Capital structure decisions in a period of economic intervention: Empirical evidence of Portuguese companies with panel data. International Journal of Accounting and Information Management, 28(3), 465–495. https://doi.org/10.1108/IJAIM-08-2019-0094
Nguyen, T. T. C., Le, A. T. H., & Nguyen, C. Van. (2023). Internal factors affecting the financial performance of an organisation’s business processes. Business Process Management Journal, 29(5), 1408–1435. https://doi.org/10.1108/BPMJ-10-2022-0486
Njo, R., & Jonnardi. (2022). Analisis Faktor-Faktor Yang Mempengaruhi Struktur Modal. Jurnal Ekonomi, 61–78. https://doi.org/10.53363/yud.v2i1.19
Nurapiah, & Qosim, N. (2021). Pengaruh Struktur Modal, Net Profit Margin, Return on Asset, Dan Return on Equity, Terhadap Nilai Perusahaan Pada Sektor Industri Makanan Dan Minuman Di Bursa Efek Indonesia. Jurnal Ekonomi Trend, 8(1), 35–40. https://doi.org/10.31970/trend.v8i1.184
Nurhaliza, N., & Azizah, S. N. (2023). Analisis Struktur Modal, Kepemilikan Manajerial, Pertumbuhan Perusahaan, Dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Riset Keuangan Dan Akuntansi, 9(1), 31–44. https://doi.org/10.25134/jrka.v9i1.7593
Priyan, P. K., Nyabakora, W. I., & Rwezimula, G. (2023). Firm’s capital structure decisions, asset structure, and firm’s performance: application of the generalized method of moments approach. PSU Research Review, 8(3), 813–827. https://doi.org/10.1108/PRR-06-2022-0069
Puspadini, M. (2024). Manipulasi Lapkeu, Unit Bisnis Raksasa Properti Ini Disanksi Rp9,37 T. Www.Cnbcindonesia.Com. https://www.cnbcindonesia.com/market/20240603082810-17-543226/manipulasi-lapkeu-unit-bisnis-raksasa-properti-ini-disanksi-rp937-t
Puspitasari, W. A. (2022). Pengaruh likuiditas, struktur aktiva, dan profitabilitas terhadap struktur modal. Jurnal Cendekia Keuangan, 1(1), 42. https://doi.org/10.32503/jck.v1i1.2258
Putra, Y. A., & Widati, L. W. (2022). Profitabilitas, Struktur Modal, Ukuran Perusahaan, dan Kebijakan Dividen terhadap Nilai Perusahaan di BEI. Kompak :Jurnal Ilmiah Komputerisasi Akuntansi, 15(1), 110–121. https://doi.org/10.51903/kompak.v15i1.623
Putri, R. L., & Willim, A. P. (2024). Analysis of the effect of assets structure, earning volatility and financial flexibility on capital structure in consumer goods industry sector companies on the Indonesia stock exchange. LBS Journal of Management & Research, 22(1), 25–36. https://doi.org/10.1108/lbsjmr-11-2022-0069
Putri, T. C., & Puspitasari, R. (2022). Pengaruh Struktur Modal, Keputusan Investasi, Profitabilitas Sebagai Variabel Intervening Terhadap Nilai Perusahaan. Jurnal Ilmiah Manajemen Kesatuan, 10(2), 255–272. https://doi.org/10.37641/jimkes.v10i2.1437
Rahayu, S. M., Suhadak, & Saifi, M. (2020). The reciprocal relationship between profitability and capital structure and its impacts on the corporate values of manufacturing companies in Indonesia. International Journal of Productivity and Performance Management, 69(2), 236–251. https://doi.org/10.1108/IJPPM-05-2018-0196
Rasyid, C. A. M. P., Indriani, E., & Hudaya, R. (2022). Pengaruh Corporate Social Responsibility Dan Struktur Modal Terhadap Nilai Perusahaan Dengan Ukuran Perusahaan Dan Profitabilitas Sebagai Variabel Moderasi Pada Perusahaan Pertambangan. Jurnal Aplikasi Akuntansi, 7(1), 136–156. https://doi.org/10.29303/jaa.v7i1.146
Rehan, R., Khan, M. A., Fu, G. H., Sa’ad, A. A., & Irshad, A. (2024). The Determinants of Shariah Banks’ Capital Structure. International Journal of Economics and Financial Issues, 14(5), 193–202. https://doi.org/10.32479/ijefi.16923
Sari, I. R., Marfennyca, M., Cindy, C., & Harahap, J. B. (2023). Pengaruh Profitabilitas, Eps, Roe, Struktur Modal Terhadap Harga Saham Pada Perusahaan Consumer Goods. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 7(2), 151–167. https://doi.org/10.31955/mea.v7i2.2990
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(2), 15–30. https://doi.org/10.33747/stiesmg.v11i02.364
Sofat, R., & Singh, S. (2017). Determinants of capital structure: an empirical study of manufacturing firms in India. International Journal of Law and Management, 59(6), 1029–1045. https://doi.org/10.1108/IJLMA-05-2016-0051
Sunaryo, D. (2020). Pengaruh Profitabilitas dan Struktur Aktiva terhadap Struktur Modal (Studi Kasus pada Perusahaan Sub Sektor Transportasi Di Bursa Efek Asia Tenggara Periode 2012-2018). INOBIS: Jurnal Inovasi Bisnis Dan Manajemen Indonesia, 3(4), 461–473. https://doi.org/10.31842/jurnalinobis.v3i4.151
Supeno, A. (2022). Determinasi Nilai Perusahaan dan Struktur Modal : Profitabilitas dan Likuiditas pada Perusahaan Perkebunan di Indonesia. Jurnal Ekonomi Manajemen Sistem Informasi, 3(3), 240–256. https://doi.org/10.31933/jemsi.v3i3.743
Syah, S. H., Harjunawati, S., Pujiwidodo, D., Lastiningsih, A. S., & Sabil, S. (2023). Pengaruh Profitabilitas dan Ukuran Perusahaan Terhadap Struktur Modal. Jurnal Ekobistek, 12(4), 721–726. https://doi.org/10.35134/ekobistek.v12i4.617
Thakur, O. A., Tunde, M. B., Noordin, B. A. A., Alam, M. K., & Prabowo, M. A. (2024). The relationship between goodwill and capital structure and the moderating effect of financial market development. Journal of Economics, Finance and Administrative Science, 29(57), 121–145. https://doi.org/10.1108/JEFAS-04-2022-0107
Widnyana, I. W., Gusti Bagus Wiksuana, I., Artini, L. G. S., & Sedana, I. B. P. (2021). Influence of financial architecture, intangible assets on financial performance and corporate value in the Indonesian capital market. International Journal of Productivity and Performance Management, 70(7), 1837–1864. https://doi.org/10.1108/IJPPM-06-2019-0307
Yusmaniarti, Y., Febriyanto, A., Hernadianto, H., & Fitria, D. (2022). Analisis Pengaruh Struktur Aktiva, Profitabilitas dan Likuiditas terhadap Struktur Modal dan Kinerja Perusahaan (Studi Kasus pada Perusahaan BUMN yang terdaftar di BEI Tahun 2017-2019). JIAI (Jurnal Ilmiah Akuntansi Indonesia), 7(1), 14–39. https://doi.org/10.32528/jiai.v7i1.7150
