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Hesti Kurniasih
Poltekkes Kemenkes Semarang
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Pengaruh Struktur Modal, Likuiditas, dan Profitabilitas terhadap Kemandirian BLU di Lingkungan Direktorat Jenderal Kesehatan Lanjutan Hesti Kurniasih; Atik Djayanti
Jurnal Riset Perbankan Manajemen dan Akuntansi Vol 10 No 2 (2026): Jurnal Riset Perbankan, Manajemen dan Akuntansi
Publisher : Institut Keuangan-Perbankan Dan Informatika Asia Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56174/jrpma.v10i2.300

Abstract

This article examines the effect of capital structure, liquidity, and profitability on the financial independence of Public Service Agency (BLU) Vertical Hospitals under Indonesia's Directorate General of Advanced Health Services, Ministry of Health. Financial independence is measured through the ratio of operating revenue to operating expenses (POBO Ratio); capital structure is proxied by the Debt to Equity Ratio (DER); liquidity by the Current Ratio (CR); and profitability by Return on Equity (ROE), substituting for Return on Assets, which is unavailable in the dataset used. The sample covers 32 BLU Vertical Hospitals over 2020-2024, selected through a census technique, yielding 160 balanced panel observations. Data were analyzed using panel regression selected through the Chow and Hausman tests, which identified the Fixed Effect Model as the best estimator. Because the classical assumption tests detected heteroscedasticity, final inference relies on White cross-section robust standard errors. Results show capital structure has an insignificant negative effect, liquidity has an insignificant positive effect, while profitability has a positive effect with weak significance (significant at 10% but not 5%). Jointly, the three variables significantly affect BLU independence, with the model explaining 69.8% of its variation, although most of this stems from heterogeneity across hospitals rather than from the three ratios themselves. These findings indicate that hospital-specific characteristics play a more dominant role in determining independence than the financial ratios alone, opening avenues for future research on contextual variables such as capital expenditure as a moderator.
Co-Authors Affi Zakiyya Affi Zakiyya Agustin Setianingsih Aini, Fajaria Nur Atik Djayanti Eti Setyorini Fajrin, Rafika Fitria Zuhriyatun Fitria Zuhriyatun, Fitria Hapsari, Wanodya Katrin Dwi Purnanti Kurnianingsih Kurnianingsih, Kurnianingsih Lily Kusumasita Burkon Melyana Nurul Widyawati Nafiisah Puji Hastuti Puji Hastuti Qona Lutfi Sartika Rangga Atmajaya Riza Amalia Rizky Amelia Rusmini Rusmini Sartika, Qona Lutfi Siti Nur Faizah Sri Rahayu Sumiyati Sumiyati Sumiyati Sumiyati Sumiyati Suparmi Suparmi Suparmi Suparmi Titik Sapartinah Triana Sri Hardjanti, Triana Sri Ulfah Musdalifah, Ulfah Vina Nurul Utami Walin Walin Winarso, Septerina Purwandani