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Bandung Conference Series: Business and Management
Published by Universitas Islam Bandung
ISSN : -     EISSN : 22828253     DOI : https://doi.org/10.29313/bcsbm.v2i1
Core Subject : Economy,
Economics, Econometrics & Finance
Bandung Conference Series Business and Management (BCSBM) menerbitkan artikel penelitian akademik tentang kajian teoritis dan terapan serta berfokus pada Manajemen dan Bisnis dengan ruang lingkup Adjusted Exponential Smoothing, Bauran Produk, Capital Adequacy Ratio, Crash Program, Critical Path Method (CPM), Diagram Preventive, Diferensiasi Produk, Economic Order Quantity (EOQ), Harga, Internet Banking, Ishikawa, Kepuasan Kerja, Keputusan Pembelian, Keuntungan Maksimal, kualitas pelayanan, Lingkungan Kerja, Loan to Deposit Ratio, loyalty consumers, manajemen proyek, Manajemen Rantai Pasok, Matriks SCOR, Metode Hungarian Peramalan, metode lintasan kritis (CPM) brand image, metode Service quality, Metode Simpleks, Mixed-Product Proyek, model Kano network planning, Non Performing Loan Pelayanan Jasa, Pemeliharaan, perputaran persediaan dan piutang, Production Process, Profit, proyek pembangunan, Purchase Of Raw Materials, Rantai Pasok, return on investment, SCOR Kinerja, Service Quality, Simplex Method, Turnover Intention Kinerja, Waktu dan Biaya, Optimal Penugasan Kerja. Prosiding ini diterbitkan oleh UPT Publikasi Ilmiah Unisba. Artikel yang dikirimkan ke prosiding ini akan diproses secara online dan menggunakan double blind review minimal oleh dua orang mitra bebestari.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
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Search results for , issue "1075-1082" : 1 Documents clear
Determinan Struktur Modal pada BUMN Non-Keuangan Periode 2019–2025 Siti Khairani Alimah; Handri Handri; Nadia Meirani
Bandung Conference Series: Business and Management 1075-1082
Publisher : UNISBA Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/bcsbm.v6i2.26227

Abstract

Abstract. This study examines the effect of Profitability (ROA), Liquidity (CR), Firm Size (SIZE), and Asset Structure on Capital Structure (DER) in non-financial state-owned enterprises (BUMN) listed on the Indonesia Stock Exchange during 2019–2025. The study was motivated by capital-structure inefficiencies that drove roughly 70% of state-owned construction firms into financial distress between 2020 and 2023, as well as inconsistent findings in prior research regarding the effects of asset structure and firm size on capital structure. Using a quantitative descriptive-verificative approach with purposive sampling, 9 companies were selected over seven years, producing 63 panel observations. Data were analyzed with panel data regression under a Fixed Effect Model (FEM), confirmed through the Chow and Hausman tests, and corrected using White cross-section (period clustered) standard errors after heteroscedasticity was detected via the Glejser test. The results show that, partially, only Firm Size has a significant positive effect on capital structure, while Profitability, Liquidity, and Asset Structure show no significant effect. Simultaneously, all four independent variables significantly affect capital structure, with an Adjusted R² of 32.87%. These findings indicate that capital structure decisions in non-financial BUMN are driven more strongly by firm scale and reputation than by profitability or liquidity alone, consistent with Trade-Off Theory. Abstrak. Penelitian ini bertujuan untuk menganalisis pengaruh Profitabilitas (ROA), Likuiditas (CR), Ukuran Perusahaan (SIZE), dan Struktur Aset terhadap Struktur Modal (DER) pada perusahaan BUMN non-keuangan yang terdaftar di Bursa Efek Indonesia periode 2019–2025. Penelitian ini dilatarbelakangi oleh sekitar 70% perusahaan konstruksi BUMN di BEI selama 2020–2023 mengalami financial distress akibat struktur modal yang tidak efisien, serta inkonsistensi hasil penelitian terdahulu terkait pengaruh struktur aset dan ukuran perusahaan terhadap struktur modal. Metode penelitian menggunakan pendekatan kuantitatif deskriptif verifikatif dengan teknik purposive sampling, menghasilkan 9 perusahaan sampel selama 7 tahun (63 observasi). Data dianalisis menggunakan regresi data panel dengan Fixed Effect Model (FEM) yang dikonfirmasi melalui Uji Chow dan Uji Hausman, serta dikoreksi menggunakan standard error White Cross-Section akibat terdeteksinya heteroskedastisitas pada Uji Glejser. Hasil penelitian menunjukkan bahwa secara parsial, hanya Ukuran Perusahaan yang berpengaruh positif signifikan terhadap struktur modal, sedangkan Profitabilitas, Likuiditas, dan Struktur Aset tidak terbukti berpengaruh signifikan. Secara simultan, keempat variabel independen berpengaruh signifikan terhadap struktur modal dengan koefisien determinasi (Adjusted R²) sebesar 32,87%. Temuan ini mengindikasikan bahwa keputusan struktur modal pada BUMN non-keuangan lebih didorong oleh skala dan reputasi perusahaan dibandingkan faktor profitabilitas atau likuiditas semata, sejalan dengan Trade-Off Theory.

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