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All Journal Kompak : Jurnal Ilmiah Komputerisasi Akuntansi E-Bisnis : Jurnal Ilmiah Ekonomi dan Bisnis Jurnal Ilmiah Edunomika (JIE) Teknik: Jurnal Ilmu Teknik dan Informatika Jurnal Ekonomi Bisnis dan Akuntansi Jurnal Manajemen Informatika & Teknologi APPA : Jurnal Pengabdian Kepada Masyarakat AI dan SPK : Jurnal Artificial Intelligent dan Sistem Penunjang Keputusan International Journal of Law and Society Jurnal Publikasi Manajemen Informatika
Muhamad Sidik
Unknown Affiliation
Aerospace Engineering Automotive Engineering Chemical Engineering, Chemistry & Bioengineering Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Medicine & Pharmacology Social Sciences

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DAMPAK FLEKSIBILITAS, LIKUIDITAS, UKURAN, DAN STRUKTUR ASET PADA STRUKTUR MODAL Enjelita Oktaviani Siringoringo; Nurseto Adhi; Edi Wijayanto; Arum Febriyanti Ciptaningtias; Gunawan R Setianegara; Winarni Winarni; Muhamad Sidik
JURNAL ILMIAH EDUNOMIKA Vol. 10 No. 3 (2026): EDUNOMIKA
Publisher : ITB AAS Indonesia Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jie.v10i3.20603

Abstract

This study aims to analyze the influence of financial flexibility, liquidity, firm size, and asset structure on capital structure in coal companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2023 period. The research employs quantitative secondary data derived from the financial reports of 11 companies, totaling 44 observations. The dependent variable is the Debt Asset Ratio (DAR), while the independent variables include financial flexibility, liquidity, firm size, and asset structure. Data analysis is conducted using multiple linear regression with a Fixed Effect Model (FEM) approach. The findings reveal that financial flexibility has a significant negative effect on capital structure, indicating that companies with high financial flexibility tend to reduce debt usage. Firm size also has a significant negative impact on capital structure, showing a preference for internal financing among larger firms. In contrast, liquidity and asset structure do not significantly affect capital structure. High liquidity does not reduce reliance on debt, while low asset structure fails to provide adequate collateral for borrowing. These results contribute to corporate financial management, particularly in determining optimal capital structure policies based on firm characteristics. The study also reaffirms the pecking order theory as a basis for financing decisions.
Co-Authors Achmad Solechan ANDRI KURNIAWAN Arum Febriyanti Ciptaningtias Atik Winanti Aulia Agustian Drajat Diah Ayu Pertiwi Edi Wijayanto Eka Sri Rahayu Enjelita Oktaviani Siringoringo Ezy Azopilko Fariz Faqih Farizi Ilham Fathan Rizqi Fadhilah Sahid Gunawan R Setianegara Hendri Rasminto Ivan Bayu Pambudi Mahesti, Triloka Nur Fadillah Akbar Nurseto Adhi Rafid Abdullah Fasya Rangga Fatahillah Azis Rayhan Hermando Reni Veliyanti Suherman Suherman Triloka Mahesti Winarni Winarni Yokshane Adryan