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All Journal PARADUTA : Jurnal Ekonomi dan Ilmu-Ilmu Sosial
Supatmin
Fakultas Ekonomi dan Bisnis, Universitas Pamulang, Indonesia
Humanities Economics, Econometrics & Finance Social Sciences

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Pengaruh Struktur Modal dan Kemampuan Likuid terhadap Kinerja Keuangan Perusahaan Sub-Sektor Kesehatan Periode 2020–2024 Indah Rosya Masryanti; Supatmin
Paraduta : Jurnal Ekonomi dan Ilmu-Ilmu Sosial Vol 4 No 2 (2026): Juni
Publisher : Universitas Madako Tolitoli

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56630/paraduta.v4i2.1916

Abstract

This study examines the effect of capital structure and liquidity on the financial performance of health sub-sector companies listed on the Indonesia Stock Exchange during 2020–2024 amid the pandemic shock and post-pandemic normalization. Capital structure is proxied by the Debt to Equity Ratio, liquidity by the Current Ratio, and financial performance by Return on Assets. The study adopts a quantitative associative design using secondary data from audited annual reports of twenty companies selected through purposive sampling over five years. The data are analyzed with panel data regression, in which the Chow, Hausman, and Lagrange Multiplier tests identify the Random Effect Model as the most appropriate estimator. The findings reveal that capital structure has a negative and significant effect on financial performance, whereas liquidity has a positive but insignificant effect. Jointly, both variables significantly affect financial performance, although their explanatory power remains moderate. These results indicate that debt burden is more decisive for profitability than the size of liquid assets, so prudent debt policy should become the core of financial strategy for managers and a key consideration for investors.
Co-Authors Indah Rosya Masryanti