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All Journal Jurnal Review Pendidikan dan Pengajaran (JRPP) International Journal of Education, Social Studies, And Management (IJESSM)
Anggara, Amelia Putri
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Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Social Sciences Other

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Analysis of Financial Flexibility, Earning Volatility, and Asset Structure on Capital Structure in Infrastructure Companies Listed on the Indonesia Stock Exchange 2021–2024 Anggara, Amelia Putri; Febrianto, Igo; Kesumah, Fajrin Satria Dwi
International Journal Of Education, Social Studies, And Management (IJESSM) Vol. 5 No. 2 (2025): The International Journal of Education, Social Studies, and Management (IJESSM)
Publisher : LPPPIPublishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52121/ijessm.v5i2.813

Abstract

This study explores the impact of financial flexibility, earnings volatility, and asset structure on the capital structure of companies operating in the heavy construction and civil engineering subsector of Indonesia’s infrastructure industry, listed on the Indonesia Stock Exchange between 2021 and 2024. Employing panel data regression on 285 firm-year observations, the research identifies several critical insights. First, financial flexibility approximated by the ratio of retained earnings to total assets has a positive and statistically significant relationship with capital structure. This suggests that firms with greater internal financial strength tend to rely more on debt financing when additional funding is required, allowing them to respond efficiently to financial risks and investment opportunities in this capital-intensive environment. Second, earnings volatility, calculated as the standard deviation of return on assets (ROA), does not exhibit a significant influence on capital structure decisions. This outcome indicates that income variability does not markedly affect firms’ use of debt, likely due to their ability to manage unstable earnings through adaptive financial practices. Lastly, asset structure—measured by the proportion of fixed assets to total assets—also shows no significant correlation with capital structure. This result challenges the universal applicability of the pecking order theory, especially within industries characterized by high capital demands and unique risk profiles, such as heavy construction. The findings offer valuable insights by analyzing financial decision-making in a capital-intensive sector within a developing economy and highlight the potential need to reconsider traditional capital structure theories in specific industry contexts.
Analysis of Financial Flexibility, Earning Volatility, and Asset Structure on Capital Structure in Infrastructure Companies Listed on the Indonesia Stock Exchange 2021–2024 Anggara, Amelia Putri; Febrianto, Igo; Kesumah, Fajrin Satria Dwi
International Journal Of Education, Social Studies, And Management (IJESSM) Vol. 5 No. 2 (2025): The International Journal of Education, Social Studies, and Management (IJESSM)
Publisher : LPPPIPublishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52121/ijessm.v5i2.813

Abstract

This study explores the impact of financial flexibility, earnings volatility, and asset structure on the capital structure of companies operating in the heavy construction and civil engineering subsector of Indonesia’s infrastructure industry, listed on the Indonesia Stock Exchange between 2021 and 2024. Employing panel data regression on 285 firm-year observations, the research identifies several critical insights. First, financial flexibility approximated by the ratio of retained earnings to total assets has a positive and statistically significant relationship with capital structure. This suggests that firms with greater internal financial strength tend to rely more on debt financing when additional funding is required, allowing them to respond efficiently to financial risks and investment opportunities in this capital-intensive environment. Second, earnings volatility, calculated as the standard deviation of return on assets (ROA), does not exhibit a significant influence on capital structure decisions. This outcome indicates that income variability does not markedly affect firms’ use of debt, likely due to their ability to manage unstable earnings through adaptive financial practices. Lastly, asset structure—measured by the proportion of fixed assets to total assets—also shows no significant correlation with capital structure. This result challenges the universal applicability of the pecking order theory, especially within industries characterized by high capital demands and unique risk profiles, such as heavy construction. The findings offer valuable insights by analyzing financial decision-making in a capital-intensive sector within a developing economy and highlight the potential need to reconsider traditional capital structure theories in specific industry contexts.
IMPLEMENTASI KURIKULUM MERDEKA PADA PROYEK P5 DI SMK NEGERI 1 KARAWANG Anggara, Amelia Putri; Fahmi, Ilham; Faizin, Muhamad
Jurnal Review Pendidikan dan Pengajaran Vol. 7 No. 3 (2024): Volume 7 No 3 Tahun 2024
Publisher : LPPM Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/jrpp.v7i3.29071

Abstract

Penelitian ini mengkaji implementasi Kurikulum Merdeka di SMK Negeri 1 Karawang, khususnya Proyek Penguatan Profil Pelajar Pancasila (P5) dengan tema "Gaya Hidup Berkelanjutan" di kelas X Jurusan Teknik Mesin. SMK Negeri 1 Karawang berkomitmen menghasilkan lulusan profesional, berkarakter, dan berwawasan global. Kurikulum Merdeka diadopsi untuk mengatasi ketertinggalan pendidikan selama pandemi COVID-19 dan menyesuaikan dengan perkembangan zaman. Penelitian ini menggunakan metode kualitatif deskriptif melalui observasi, wawancara terstruktur, dan dokumentasi. Hasil penelitian menunjukkan bahwa implementasi Kurikulum Merdeka di SMK Negeri 1 Karawang berhasil mencapai tujuan yang diharapkan. P5 membantu siswa meningkatkan kesadaran lingkungan, memahami konsep pembangunan berkelanjutan, serta mengembangkan keterampilan berpikir kritis dan solusi kreatif. Kendala yang dihadapi meliputi keterbatasan waktu, fasilitas pendukung, dan dukungan eksternal. Rekomendasi perbaikan mencakup penambahan waktu proyek, peningkatan fasilitas, dan kerjasama dengan pihak eksternal seperti Dinas Lingkungan Hidup dan komunitas peduli lingkungan. Penelitian ini menegaskan pentingnya peran kepala sekolah dalam mengembangkan sekolah melalui penerapan kebijakan strategis yang mendukung kurikulum merdeka dan program unggulan lainnya.
Co-Authors Fajrin Satria Dwi Kesumah Febrianto, Igo Ilham Fahmi, Ilham Muhamad Faizin