p-Index From 2021 - 2026
7.504
P-Index
Claim Missing Document
Check
Articles

The Dynamics of the Influence of Macroeconomic Factors and Capital Structure on Financial Performance and Company Size: A Study of Healthcare Companies on the IDX (2021–2024) Pudjiastuti, Widanarni
EKOMA : Jurnal Ekonomi, Manajemen, Akuntansi Vol. 5 No. 3: Maret 2026
Publisher : CV. Ulil Albab Corp

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56799/ekoma.v5i3.15786

Abstract

This study aims to examine the influence of macroeconomic fundamental factors and capital structure on the financial performance and size of companies in the healthcare sector listed on the Indonesia Stock Exchange for the 2021–2024 period. Using a quantitative approach and the Partial Least Squares Structural Equation Modeling (PLS-SEM) method, this study analyzes secondary data from company financial reports, Bank Indonesia, and other reliable sources to empirically test the relationship between variables. The results of the bootstrapping analysis indicate that all hypotheses are accepted, with a p-value of 0.000 < 0.05, indicating a positive and significant influence. Macroeconomic factors, such as inflation, interest rates, and exchange rates, influence financial performance ( original sample = 0.520; t-statistic = 12.350) and company size (0.212; 5.092), although they are stronger on financial performance. Capital structure shows a more dominant influence, especially on company size with a coefficient of 0.780 and a t-statistic of 8.798, illustrating the importance of leveraging leverage in company expansion. These findings conclude that macroeconomic stability and strategic capital structure management are crucial factors in supporting the performance and growth of companies in the capital-intensive healthcare industry, both during and after the pandemic.
Co-Authors . Sunarto A. Sunarma A. SUWANTO A. Suwanto A.J. Sihombing Achmad Farouq Ade Dwi Sasanti ADNI OKTAVIANA Afiff , Usamah Agus Oman Sudrajat Aldy Mulyadin Alfabetian Harjuno Condro Haditomo Alimuddin Alimuddin Alimuddin Alimuddin Alimuddin Alimudin Alimudin, Alimudin Alit Brilliant Angela Mariana Kusumastuti, Angela Mariana Angela Mariana Lusiastuti Angela Mariana Lusiastuti Angela Mariana Lusiastuti Angela Mariana Lusiastuti Angela Mariana Lusiastuti Angela Mariana Lusiastuti Angela Mariana Lusiastuti Anis Al Rosjidi Anis Zubaidah Anja Meryandini Anja Meryandini Anjarweni, Vika Atinia Annisa Astri Anggraeni Antonius Suwanto Ardana Kurniaji Arief Muhammad Arini Resti Fauzi Aris Tri Wahyudi Asri Sutanti, Asri Asrido, Farhan Astari, Belinda Ayi Santika B. W. LAY Bagus Ansani Takwin Bako, Surandha Benny Heltonika Bunyamin Bunyamin Cahyawati, Nadia Catur A. Pebrianto D. Augustine D. Djokosetiyanto D. Meha D. Shafruddin D.D. Mailana D.T. Soelistyowati Daniel Djokosetiyanto DEBY YUNIASARI DEDI JUSADI Dendi Hidayatullah, Dendi Dewi Nurhayati Dewi Rahmi DIAH AYU SATYARI UTAMI DIANA ELIZABETH WATURANGI Dinamella Wahjuningrum Dinar Tri Soelistyowati Dwi Agung Saputra Dwi Nita Aryani E. Ayuzar Eddy Supriyono Edi Sudiarto Eko Sudjawoto Elizabeth Waturangi, Diana Enang Harris Enang Harris Enzeline, Valensia Evi Maria Fadilah, Iin Nur Fahmi Rajab Fauzi, Arini Resti Ferymon Mahulette Ferymon Mahulette, Ferymon Fiska Puspita Fitria Novianti Frid Agustinus Gentiga Muhammad Zairin Ghita Ryan Septiani Gustilatov, Muhamad H.J. Bugri Hamida Pattah Hamsah Hamsah Hamtini - Hamtini Hany Handajani Hariadi, Sugeng Harton Arfah Hasan Nasrullah Huda Salahudin Darusman Huda Shalahudin Darusman I. Effendi I. Tepu Iis Diatin Iis Sumartini Iman Rusmana Inem Ode Iqbal Kurniawinata, Mohamad Irma Melati Irzal Effendi Istiqomah, Amalia Ita Apriani Jeanni Indah Noermala Julie Ekasari Julyantoro, Pande Gde Sasmita Kautsar, Badar Kukuh Nirmala Lastriliah, Mira Lilik Setiyaningsih Linuwih Aluh Prastiti M. Tri Djoko Sunarno M. Yusuf Arifin M. Zairin Junior M.A. Lidaenni M.S. Arifin Marli, Marli Mas Tri Djoko Sunarno, Mas Tri Djoko Maulana, Fajar Mia Setiawati Mohammad Faizal Ulkhaq MUHAMMAD AGUS SUPRAYUDI Muhammad Junior Zairin Muhammad Subhan Hamka Muhammad Zairin Jr. Mulyasari Mulyasari Mulyasari Mulyasari MUNTI YUHANA Nasri Julaini Nasrullah, Hasan NISA RACHMANIA MUBARIK Nur Bambang Priyo Utomo Nuri Kamaliah, Syarifah O. Carman Ode, Inem Prassetyo Dwi Dhany Wijaya Puguh Widagdo Putra, The Best Akbar Esa Rahmi, Kurnia Anggraini Rakhmawati, Rakhmawati, Ramadhani, Dian Eka Ratnadilla, Thamara Reza Samsudin Rifqah Pratiwi Rina Rahmawati, Rina Rio Yusufi Subhan Rizki Praseto, Rizki Rizkiyanti, Ita Rr. Bellya Anasti Maharani Ruku Ratu Borut S. Sarah Safira Qisthina Ayuningtyas, Safira Qisthina Salamah Salamah Samsu Adi Rahman Saputra, Damar Auliawan Saputri, Rika Ani Septiani, Ghita Ryan Siregar, Khoirotun Nisa SITI MARYAM Siti Munfaqiroh Sri Nuryati Sri Nuryati Suci antoro Sudrajat, R Herman Sugiyo Hadi Pranoto Sujaka Nugraha Sujono Sujono Sukenda Sukenda . SUKENDA SUKENDA Sukenda Sukenda Sukenda Sukenda Sukenda Sukenda Sukenda Sukenda Sukenda Sukenda Sukenda Sukenda Suleman, Gabriella Augustine Suprianto, Dedi Suryadi Saputra Tambun, Andreas Tatag Budiardi Tatik Mufidah Tatik Mufidah Taufiq Abdullah Titin Kurniasih Tri Heru Prihadi Tri Rezeki, Nanda Tsani Untsa, Agista Turnip, Enita Romasni Vinasyam, Apriana W. Efiyanti Wahyu Afrilasari WAODE MUNAENI Wasmen Manalu Wicaksono, Baref Agung Wida Lesmanawati Wijaya, Sella Septian Windu Sukenda Wira H Saputra Wiyarni Wiyarni Y. Hadiroseyani Yani Aryati Yanti Inneke Nababan Yeni Elisdiana Yudha Trinoegraha Adiputra Yudha Trinoegraha Adiputra Yuke Eliyani Yuke Eliyani Yulianti, Susy Anisa Yunarty Yunarty Zafril Imran Azwar Zairin Jr., Muhammad