DAMPAK STRUKTUR MODAL TERHADAP KINERJA KEUANGAN PERUSAHAAN KELUARGA TERBUKA: STUDI KASUS PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

James Gan (Universitas Internasional Batam)
Johny Budiman (Universitas Internasional Batam)
Hesnianti (Universitas Internasional Batam)

MANAJEMEN DEWANTARA
Vol 10 No 1 (2026): MANAJEMEN DEWANTARA

Objectives: To examine the effects of capital structure on financial performance and the moderating role of ownership concentration in Indonesian family firms. Methods: Panel data regression using fixed effects models on IDX-listed family firms (2019–2024), with ROA and ROE as performance indicators. Research Gap/Novelty: Integrates debt maturity and ownership concentration to explain financial performance variations in family firms. Results: Short-term and long-term debt negatively affected ROA and ROE, while total debt showed positive effects. Ownership concentration moderated these relationships. Firm size and age were insignificant, while sales growth positively influenced ROA. Conclusion: Balanced capital structure and effective ownership governance are essential for improving financial performance.