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All Journal SENTRALISASI JURNAL MANAJEMEN BISNIS Movere Journal International Journal of Economy, Education and Entrepreneurship (IJE3) Jurnal Manajemen Perbankan Keuangan Nitro Journal of Artificial Intelligence and Digital Business Advances in Applied Accounting Research Atestasi : Jurnal Ilmiah Akuntansi Khazanah Journal: Economics, Muamalah dan Entrepreneurship
Maryam Nurdin, Maryam
Kementerian Pertanian
Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Industrial & Manufacturing Engineering Social Sciences Other

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Diversification Impact on Financial Performance through Capital Structure Hamdat, Aminuddin; Nurdin, Maryam; Taufiq HB, Muh. Imam; Yendra, Yendra
Jurnal Manajemen Bisnis Vol. 13 No. 1 (2026): March
Publisher : Pusat Penerbitan dan Publikasi Ilmiah, FEB, Universitas Muslim Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33096/3k3tbc64

Abstract

This research aimed to analyze the influence of diversification strategies on corporate financial performance, with capital structure serving as an intervening variable. The study focused on manufacturing companies in the basic chemical industry sector listed on the Indonesia Stock Exchange (IDX) during 2021–2022. A quantitative approach was employed, using Panel Data Regression and Path Analysis, both processed in EViews. Purposive sampling was used, yielding 30 companies as units of analysis over two years, for a total of 60 observations. Model specification tests, specifically the Chow and Hausman tests, confirmed that the Fixed Effect Model (FEM) was the most appropriate estimation method for this study. The results revealed that diversification strategies, proxied by the Herfindahl Index (HI), had a significant positive direct effect on financial performance (ROA). However, diversification strategies did not significantly affect capital structure (DAR and DER), and capital structure did not mediate the relationship between diversification and financial performance. These findings indicate that external financing levels do not drive improvements in financial performance through diversification; rather, they are determined by internal management efficiency and strategic resource utilization. The practical implication is that company management needs to prioritize diversification as an effective growth strategy by optimizing internal capabilities rather than relying on adjustments to the financing structure.
Co-Authors Abdullah, Muhammad Wahyuddin Adnan, Asri Alamsyah Saputri, Fitri Angraeni Anshar, Muh. Ashary Ar, Dhita Pratiwi Ashari, Relcy Hamdat, Aminuddin HS, Elsa Mayuri K, Sriwanda Krisnanto, Budhi M. Fahrul Husni Marsuki Marsuki, Marsuki Megawaty, Megawaty Mukhtar Lutfi Muspa, Muspa Nuraeni Saeni Rasmani, Dilvia Rosanti, Novita Rosmawati Rosmawati Saiful Muchlis Salam, Karta Negara Suwandaru, Rachman Taufiq HB, Muh. Imam Yendra