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All Journal Ekopedia: Jurnal Ilmiah Ekonomi Indonesia Economic Journal
Novianti, Anggun Fitria
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Economics, Econometrics & Finance

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Pengaruh Likuiditas, Profitabilitas dan Struktur Aktiva terhadap Struktur Modal pada perusahaan Multinasional Sektor Energi di BEI Novianti, Anggun Fitria; Astri, Astri; Mustaqim, Isma Isalahul
Ekopedia: Jurnal Ilmiah Ekonomi Vol. 2 No. 1 (2026): JANUARI-MARET
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/nqspnb09

Abstract

This study examines the effect of liquidity, profitability, and asset structure on capital structure in multinational companies using panel data (30 observations) and a Fixed Effect Model (FEM) based on Chow and Hausman tests. Liquidity is measured by the Current Ratio (CR), profitability by Return On Assets (ROA), asset structure by the proportion of fixed assets, and capital structure by the Debt to Asset Ratio (DAR). The simultaneous test results indicate that CR, ROA, and asset structure jointly have a significant effect on capital structure (F-statistic = 16.33394; p = 0.000). Partially, liquidity has a negative and significant effect on capital structure, meaning higher liquidity leads to lower debt usage. Profitability and asset structure also have negative effects but are not significant. The adjusted R-squared value of 0.8088 shows that 80.88% of capital structure variation can be explained by the model variables. These findings highlight liquidity as the dominant factor in determining capital structure policy in multinational companies.
Pengaruh NPM, DER terhadap ROE pada Perusahaan Properti dan Real Estate yang terdaftar di BEI (2021-2024) Akbar, Djalalludin; Hayandani, Mutiara; Novianti, Anggun Fitria; Nuraeni, Fadila Siti; Alfiana, Alfiana
Indonesia Economic Journal Vol. 2 No. 1 (2026): JANUARI-JUNI
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/a0b7qs51

Abstract

This study aims to examine the impact of net profit margin (NPM) and debt-to-equity ratio (DER) on return on equity (ROE) in property companies listed on the Indonesia Stock Exchange (IDX). Previous studies have shown that although NPM has a significant positive effect on ROE, the effect of DER depends on the company's leverage level. Simultaneously, it has been proven that both NPM and DER have a significant effect on ROE. As a result, policies that encourage profit efficiency and a balanced capital structure are likely to be crucial factors in increasing equity profits for companies in the property sector. However, the researchers' findings state that DER has no effect on ROE, while NPM affects ROE in property and real estate companies listed on the Indonesia Stock Exchange.
Co-Authors Akbar, Djalalludin Alfiana Alfiana Astri Astri, Astri Hayandani, Mutiara Mustaqim, Isma Isalahul Nuraeni, Fadila Siti