Articlehybrid2022

Analisis Pengaruh Struktur Modal terhadap Kinerja Keuangan BUMN Sektor Konstruksi: Peran Financial Distress sebagai Variabel Moderasi

Saktiana Rizki Endiramurti · Estetika Mutiaranisa Kurniawati · Didik Prasetyanto

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Corporate Finance and Governance Financial Analysis and Corporate Governance Financial Distress and Bankruptcy Prediction

Abstract

Capital structure decision represents one of the most crucial financing decisions that can affect firm performance and firm value through the cost of capital. The purpose of this research is to explore the effect of capital structure on firm performance and the moderating effect of financial distress. This research used 63 data observations of 7 Indonesia SOEs in the construction sector for the period from 2010 to 2019. Multiple and Moderated Regression Analyses were used to investigate the effect of capital structure and financial distress on firm performance. The results indicate that the capital structure has a negative effect on ROA and ROE. and that this effect is stronger for firms with higher financial distress risk. This research is to provide further enrichment related to capital structure, financial distress, and firm performance, especially for SOEs in the construction sector in Indonesia. ABSTRAK Keputusan struktur modal merupakan salah satu keputusan pendanaan yang paling penting yang dapat mempengaruhi kinerja perusahaan dan nilai perusahaan melalui biaya modal. Penelitian ini bertujuan untuk menguji pengaruh struktur modal dan kinerja keuangan serta pengaruh moderasi financial distress pada hubungan struktur modal dan kinerja keuangan. Penelitian ini menggunakan 63 data dari 7 BUMN Sektor Konstruksi di Indonesia untuk periode 2010 – 2019. Multiple dan Moderated Regression Analyses digunakan untuk menguji pengaruh pengaruh struktur modal dan kinerja keuangan serta pengaruh moderasi financial distress pada hubungan struktur modal dan kinerja keuangan. Hasil penelitian menunjukkan bahwa struktur modal berpengaruh negatif terhadap ROA dan ROE, dan bahwa efek ini lebih kuat untuk perusahaan dengan risiko kesulitan keuangan yang lebih tinggi. Penelitian ini untuk memberikan pengayaan lebih lanjut terkait struktur permodalan, financial distress, dan kinerja perusahaan khususnya bagi BUMN di sektor konstruksi di Indonesia.

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References

1988The Determinants of Capital Structure Choice 2001The theory and practice of corporate finance: evidence from the field 2002Disentangling the Incentive and Entrenchment Effects of Large Shareholdings 1999Understanding the determinants of managerial ownership and the link between ownership and performance 1994Financial Distress and Corporate Performance 2001Capital Structure 1967Hierarchical Control and Optimum Firm Size 2009Capital structure, equity ownership and firm performance

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