Pengaruh Struktur Modal, Risiko Keuangan, dan Suku Bunga terhadap Biaya Modal Perusahaan

Maria Yovita R Pandin (Universitas 17 Agustus 1945 Surabaya)
Nala Cahyani E (Universitas 17 Agustus 1945 Surabaya)
Nabilla Choiriya A (Universitas 17 Agustus 1945 Surabaya)
Ananda Rini Widya M (Universitas 17 Agustus 1945 Surabaya)
Desta Viananda (Universitas 17 Agustus 1945 Surabaya)

Optimal: Jurnal Ekonomi dan Manajemen
Vol. 5 No. 3 (2025): Jurnal Ekonomi dan Manajemen

This study examines the effects of interest rates, capital structure, and financial risk on the cost of capital of the top five banks in Indonesia: CIMB Niaga, BNI, BRI, BCA, and Mandiri. The policy rate of Bank Indonesia and secondary data gathered from yearly financial statements from 2019 to 2024 are used in the study. The WACC technique is used to determine the cost of capital, the debt-to-equity ratio is used to analyze the capital structure, and the stability of profits and the institution's capacity to repay its debt are used to evaluate financial risk. The results of the regression analysis show that the cost of capital is considerably positively impacted by both interest rates and capital structure.. In contrast, the impact of financial risk differs among the banks. These results highlight the importance of strong capital structure and risk management to ensure optimal financing costs in a volatile interest rate environment.