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All Journal Jurnal Manajemen dan Organisasi Nominal: Barometer Riset Akuntansi dan Manajemen Asia-Pacific Management and Business Application Jurnal Abdimas BSI: Jurnal Pengabdian Kepada Masyarakat Jurnal Riset Manajemen dan Bisnis (JRMB) Fakultas Ekonomi UNIAT Akuntabel : Jurnal Ekonomi dan Keuangan Forum Ekonomi : Jurnal Ekonomi, Manajemen dan Akuntansi Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen JURNAL MANAJEMEN Jurnal ASET (Akuntansi Riset) Jurnal Mitra Manajemen JURNAL AKUNTANSI, EKONOMI dan MANAJEMEN BISNIS Owner : Riset dan Jurnal Akuntansi IKRA-ITH EKONOMIKA JURNAL NUSANTARA APLIKASI MANAJEMEN BISNIS Ekonomi dan Bisnis Jurnal Perilaku dan Strategi Bisnis AKURASI: Jurnal Riset Akuntansi dan Keuangan BALANCE: Economic, Business, Management and Accounting Journal JURNAL AKUNTANSI KEUANGAN DAN MANAJEMEN Community Development Journal: Jurnal Pengabdian Masyarakat Jurnal Bakti Masyarakat Indonesia Journal of Sustainable Community Development (JSCD) Jurnal Pengabdian dan Edukasi Sekolah (Jubaedah) Jurnal Abdimas Bina Bangsa JURNAL PENDIDIKAN INDONESIA: Teori, Penelitian, dan Inovasi Journal of Applied Accounting And Business (JAAB) Batara Wisnu : Indonesian Journal of Community Services Reviu Akuntansi, Manajemen, dan Bisnis Formosa Journal of Sustainable Research (FJSR) Journal of Social And Economics Research Jurnalku Journal of Artificial Intelligence and Digital Business e-Jurnal Apresiasi Ekonomi IIJSE Veteran Economics, Management & Accounting Review journal of social and economic research INOVASI: Jurnal Ekonomi, Keuangan, dan Manajemen Taawun: Jurnal Pengabdian kepada Masyarakat Akurasi
Pangestuti, Dewi Cahyani
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Analisis Struktur Modal Berbasis Informasi Manajemen: Studi Berbasis Perspektif Manajerial Aprila, Dandi; Pangestuti, Dewi Cahyani
Journal of Applied Accounting And Business Vol. 7 No. 2 (2025): JAAB - Desember 2025
Publisher : LP2M Politeknik Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37338/jaab.v7i2.531

Abstract

This study explores how capital structure decisions at PT ABC, a property developer managing both an apartment project and an office building were shaped, implemented, and subsequently tested when market conditions shifted unexpectedly. Adopting a qualitative approach, the research draws on in-depth interviews with key managerial personnel as well as an examination of financing agreements, project cash-flow reports, and internal planning documents. The findings reveal that PT ABC’s initial financing decisions were anchored in optimistic expectations regarding presales and rental income, with minimal consideration of downside scenarios or market volatility. As apartment sales slowed and office occupancy weakened, the company’s cash flow deteriorated, leading to breaches of critical loan covenants, including the DSCR requirement. These breaches triggered delays in loan disbursements and further constrained project progress. In response, management initiated several adaptive measures such as renegotiating loan terms, offering substantial price discounts to accelerate cash inflows, and implementing cost-cutting efforts. These actions reflect a strong reliance on internal financing consistent with the Pecking Order Theory, although they proved insufficient to fully counter the pressures created by the weakening market. Overall, the study underscores the importance of more conservative capital structure planning, rigorous cash-flow stress testing, and early-warning systems for covenant risks in navigating the cyclical and highly sensitive dynamics of the property sector.
Co-Authors A. Hamidi Agus Kusmana Akbar, Dimas Bagus Mahasinul Alfatih S. Manggabarani Alfida Aziz Ardhiani Fadila Ath Thaariq, Sundoro Auliya Eka Puji Lestari Aziz, Alfida Dandi Aprila Erina Oktaviani Etty Nurwati Fadila, Ardhiani Fadila, Ardhiani Fadilla, Ardhiani Gitna Revania Hunah Hamidi, A. Heni Nastiti Hunah, Gitna Revania Husniaty, Renny Iwan Kresna Setiadi Kherina Maulidah M. Zukhruf Firdaus Maharani, Puan Putri Marlina Maychael Maychael Maychael Mega Lestari Meran, Ridwan Boli Miftah, Munasiron Nabila, Chelsea Nastiti, Heny Noegrahini Lastiningsih Nurmatias Nurmatias Pangestuti, Marlina Pasaribu, Raulian Franciskus Purwanto Widodo Purwanto, Sri Rachmawati Raulian Franciskus Pasaribu Raysa Azahra Ade Putri Renny Husniati Renny Husniaty Renny Husniaty Renny Husniaty Riantiarno, R. Ferry Shauma Zahwa Azzahra Shinta, Nurendah Siti Hidayati Siti Hidayati Siti Hidayati Siwi Nugraheni Siwi Nugraheni Sumilir Sumilir Sumilir, Sumilir Suryani Maryam Suryani Suryani Syarif Ali Sylviana Marzza Dwi Susanty Sylviana Marzza Dwi Susanty Tetuko, Flugor Tri Siswantini Yolanda Iqnatia Yoyoh Guritno