PENGARUH STRUKTUR MODAL, STRUKTUR HUTANG TERHADAP KINERJA KEUANGAN PERUSAHAAN INDUSTRI DASAR KIMIA TAHUN 2018-2022

Iwan Kusuma Negara, Adrianda Anwar, Animah Animah, Muhdin Muhdin, Muhammad Ahyar, Ade Harmaen

Abstract


Penelitian ini bertujuan untuk menganalisis pengaruh kepemilikan institusional, kepemilikan manajerial, kepemilikan asing, dan debt to equity ratio terhadap earning per share (EPS) pada perusahaan industri dasar kimia yang terdaftar di Bursa Efek Indonesia selama periode 2018-2022. Metode yang digunakan dalam penelitian teknik sampling purposive dengan jumlah sampel 27 dan alat analisis  analisis regresi berganda dengan menggunakan uji asumsi klasik. Hasil penelitian menunjukkan bahwa kepemilikan institusional, kepemilikan manajerial, kepemilikan asing, serta debt to equity ratio tidak memiliki pengaruh signifikan terhadap EPS. Temuan ini mengindikasikan bahwa struktur kepemilikan dan tingkat utang perusahaan dalam industri dasar kimia tidak secara langsung menentukan kinerja profitabilitas perusahaan yang diukur melalui EPS selama periode penelitian. Implikasi penelitian pada periode penelitian kecenderungan para pemegang saham lebih berorientasi pada keberlanjutan usaha hal ini dikarenakan faktor eksternal yang sangat kuat di era covid-19 di dalam memengaruhi perusahaan


Keywords


Kepemilikan Institusional, Kepemilikan Manajerial, Kepemilikan Asing, Debt To Equity Ratio Earning Per Share

References


Aliyaturrosyida. (2019). Pengaruh Good Corporate Governance, Struktur Modal Dan Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan Sektor Pertambangan Terdaftar Di Bursa Efek Indonesia 2017-2019. 1–18.

Azis, A., & Hartono, U. (2017). Pengaruh Good Corporate Governance, Struktur Modal, Dan Leverage Terhadap Kinerja Keuangan Perusahaan Pada Sektor Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Tahun 2011-2015. Jurnal Lmu Manajemen, 5(3), 1–13.

Bennett, J. A., Sias, R. W., & Starks, L. T. (2003). Greener Pastures and the Impact of Dynamic Institutional Preferences. Review of Financial Studies, 16(4), 1203–1238. https://doi.org/10.1093/rfs/hhg040

Black, B., & Kim, W. (2012). The Effect of Institutional Ownership on Corporate Governance and Performance: Evidence from South Korea. Journal of Corporate Finance, 18(3), 572–591.

Cadbury. (1992). The Financial Aspects of Corporate Governance. The Committee on the Financial Aspects of Corporate Governance and Gee and Co Ltd : London (UK). [Internet].

Campello, M., Graham, J. R., & Harvey, C. R. (2010). The real effects of financial constraints: Evidence from a financial crisis. Journal of Financial Economics, 97(3), 470–487. https://doi.org/10.1016/j.jfineco.2010.02.009

Clay, D. (2001). Institutional Ownership, CEO Incentives, and Firm Value. University of Chicago Working Paper.

Demsetz, H., & Villalonga, B. (2001). Ownership structure and corporate performance. Journal of Corporate Finance, 7(3), 209–233. https://doi.org/10.1016/S0929-1199(01)00020-7

Durnev, A., & Kim, E. H. (2005). To steal or not to steal: Firm attributes, legal environment, and valuation. Journal of Finance, 60(3), 1461–1493. https://doi.org/10.1111/j.1540-6261.2005.00767.x

Dwiputri, R. M. (2019). Pengaruh Tata Kelola Perusahaan Terhadap Kinerja Keuangan dan Kinerja Saham pada Indeks Saham LQ45. Jurnal Ekonomi Dan Industri, 20(1), 1–19.

Fama, E. F., & Jensen, M. C. (1983). Separation of Ownership and Control Separation of Ownership and Control. Journal of Law and Economics, 26(2), 301–325.

Finance, T. (2017). Tata Kelola Perusahaan.

Ghozali, I. (2013). Aplikasi Analisis Multivariate Dengan Program SPSS.

Hanim, S., Suhadak, & Nuzula, N. F. (2018). The Effect of Capital Structure and Ownership Structure on Financial Performance and Dividend Policy on Manufacturing Companies in the Indonesia Stock Exchange. Wacana, 21(3), 160–171.

Jonathan Susanto, Deddy Marciano, A. H. (2018). Pengaruh Tata Kelola Perusahaan Terhadap Struktur Modal Pada Badan Usaha Sektor Agrikultur Yang Terdaftar Dalam Bursa Efek Di Asean Periode. Calyptra: Jurnal Ilmiah Mahasiswa Universitas Surabaya, 7(2), 1–12.

L Gillan, S., & T Stark, L. (2000). Corporate governance proposals and shareholder activism: the role of institutional investors. Journal of Financial Economics, 57, 275–305.

Luo, Y., & Jiang, C. (2022). The Impact of Corporate Capital Structure on Financial Performance Based on Convolutional Neural Network. Computational Intelligence and Neuroscience, 2022. https://doi.org/10.1155/2022/5895560

McConnell, J. J., & Servaes, H. (1990). Additional evidence on equity ownership and corporate value. Journal of Financial Economics, 27(2), 595–612. https://doi.org/10.1016/0304-405X(90)90069-C

Mipo. (2019). Pengaruh Mekanisme Good Corporate Governance Terhadap Kinerja Keuangan Padaperbankan Yang Terdaftar Di Bursa Efek Indonesia (Bei). 7(1), 49. https://doi.org/10.20527/jwm.v7i1.175

Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation. An empirical analysis. Journal of Financial Economics, 20(C), 293–315. https://doi.org/10.1016/0304-405X(88)90048-7

Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0

Nita, M., & Manda, S. (2022). Good Corporate Governance dan Ukuran Perusahaan Terhadap Kinerja Keuangan. Journal of Economic, Business and Accounting Volume, 5(1), 279–290.

PeiZhi, W., & Ramzan, M. (2020). Do corporate governance structure and capital structure matter for the performance of the firms? An empirical testing with the contemplation of outliers. PLoS ONE, 15(2), 1–25. https://doi.org/10.1371/journal.pone.0229157

Purba, R. C. B. E. S. (2021). Pengaruh Tata Kelola Perusahaan Terhadap Kinerja Keuangan Pada Perusahaan Industri Dasar dan Kimia Yang Terdaftar di Bursa Efek Indonesia Periode 2016-2018. Jurnal Tekesnos, 3(2), 1–19.

Rahman, M. A. I., & Subagio, S. (2021). The Influence Of Corporate Governance, Capital Structure, and Company Size on The Company’s Financial Performance. Jurnal Manajemen Keuangan Publik, 5(2), 98–108. https://doi.org/10.31092/jmkp.v5i2.1383

Ramadhan, M. L. (2015). Pengaruh Implementasi Corporate Governance Dan Struktur Modal Terhadapkinerja Keuangan Perusahaan (Studi Pada Perusahaan Yang Terdaftar Di BEI Dan Termasuk Dalam Riset Dan Pemeringkatan CGPI Tahun 2009-2011).

Read, C. (2014). Jensen and Meckling. The Corporate Financiers, 3, 305–360. https://doi.org/10.1057/9781137341280.0038

Riddick, L. A., & Whited, T. M. (2009). The Corporate Propensity to Save. Journal of Finance, 64(4), 1729–1766. https://doi.org/10.1111/j.1540-6261.2009.01478.x

Sihombing, & Rahardjo. (2016). Pengaruh Kepemilikan Manajerial Terhadap Kinerja Perusahaan: Studi pada Perusahaan yang Terdaftar di Bursa Efek Indonesia. *Jurnal Akuntansi dan Keuangan Indonesia. Jurnal Akuntansi Dan Keuangan Indonesia, 13(2), 102–118.

Silalahi, S. (2014). Pengaruh Corporate Social Responsibility (CSR) Disclosure, Beta dan Price To Book Value (PBV) Terhadap Earnings Response Coefficient (ERC) (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia). Jurnal Ekonomi Universitas Riau, 22(01), 8717.

Siregar, S. (2019). Statistikn Parametik Untuk Penelitian Kuantitatif. Jakarta: PT. Bumi Aksara.

Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alphabet.

Takarini, A. (2014). Pengaruh Intellectual Capital, Kualitas Penerapan Good Corporate Governance, Dan Struktur Modal Terhadap Kinerja Keuangan Perbankan Syariah Periode 2010-2012.

Titman, S., & Wessels, R. (1988). The Determinants of Capital Structure Choice. The Journal of Finance, 43(1), 1–19. https://doi.org/10.1111/j.1540-6261.1988.tb02585.x

Winda, S. P. (2021). Pengaruh Struktur Modal Dan Tata Kelola Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 10(4).

Yolanda, F. (2019). Pengaruh Struktur kepemilikan, struktur Modal dan Tata Kelola Perusahaan Terhadap Nilai Perusahaan dan Kinerja Keuangan pada Perusahaan Infrastruktur yang Terdaftar di Bursa Efek Indonesia.

Yulinartati, Yuliarti N C, Nuha aulin Gardina. (2020). The Effect Of Financial Performance Of Corporate Social Responsibility Disclosure In Companies In Indonesia Stock Exchange Period 2014-2016. Proceedings of the 2nd African International Conference on Industrial Engineering and Operations Management Harare, Zimbabwe, 7-10.

Roziq, A., Yulinartati, Y., & Yuliarti, N. C. (2022). Model of Productive Islamic Social Fund Management for Poor Empowerment. International Journal of Professional Business Review: Int. J. Prof. Bus. Rev., 7(5), 4. 10.26668/businessreview/2022.v7i5.e597

Yulinartati, Yuliarti N C, Nuha aulin Gardina. (2020). The Effect Of Financial Performance Of Corporate Social Responsibility Disclosure In Companies In Indonesia Stock Exchange Period 2014-2016. Proceedings of the 2nd African International Conference on Industrial Engineering and Operations Management Harare, Zimbabwe, 7-10.

Mayasari, L., & Harianto, E. (2022). CREDIT RISK MANAGEMENT CONTROL ON SME SEGMENT: STUDY CASE OF XYZ BANK BRANCH SURABAYA. Jurnal Aplikasi Manajemen, 20(2). http://dx.doi.org/10.21776/ub.jam.2022.020.02.17

Maharani, A., Agustia, D., & Qomariyah, A. (2023). The mediating role of green investment in political connection and carbon information disclosure: Empirical evidence in emerging stock market. Cogent Business & Management, 10(3), 2264004. https://doi.org/10.1080/23311975.2023.2264004

Aspirandi, R. M., Setianingsih, W. E., Ramadhana, R., & Maftahah, R. (2020). Peran Accounting Information Bagi Investor Islami. Jati: Jurnal Akuntansi Terapan Indonesia, 3(2), 80–93. https://doi.org/10.18196/jati.030229

Wati, L. N., Momon, Cahyono, D. (2023). Double-Edged Sword of Controlling Shareholders on Politically Connected Group Business. Economic Studies Journal (Ikonomicheski Izsledvania), 32(1), pp. 75-91. https://www.iki.bas.bg/Journals/EconomicStudies/2023/2023-1/05_Lela-Nurlaela-Wati.pdf

Susbiyani, A., Halim, M., & Animah, A. (2022). Determinants of Islamic social reporting disclosure and its effect on firm's value. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-10-2021-0277

Suharsono, R. S., Nirwanto, N., & Zuhroh, D. (2020). Voluntary Disclosure, Financial Reporting Qualityand Asymmetry Information. Journal of Asian Finance, Economics and Business, 7(12), 1185–1194. https://doi.org/10.13106/JAFEB.2020.VOL7.NO12.1185

Saputri, Y. W., Qomariah, N., & Herlambang, T. (2020). Effect of work compensation, supervision and discipline on work performance. International Journal of Scientific and Technology Research, 9(1), 2597–2601.

Satoto, Budi, Eko. (2023). Boosting Homeownership Affordability for Low-Income Communities in Indonesia. International journal of sustainable Development and Planning. Hal 1365-1376. https://doi.org/10.18280/ijsdp.180506

Nursaid, Fathiah, K. S., Martini, N. N. P., Sanosra, A., & Qomariah, N. (2021). The Impact of Competence and Work Environment on Employee Motivation and Performance in The Financial and Asset Management Division. Quality - Access to Success, 22(185), 52–63. https://doi.org/10.47750/QAS/22.185.08

Nursaid, N., Qomariah, N., & Satoto, E. B. (2020). Efforts to Improve the Financial Performance of Manufacturing Companies Based on Environmental Performance , Corporate Social Responsibility and Intellectual Capital. International Journal of Engineering Research and Technology., 13(11), 3278–3286. https://dx.doi.org/10.37624/IJERT/13.11.2020.3278-3286

Qomariah, N., Nyoman, N., & Martini, P. (2022). The Influence of Leadership Style, Work Incentives and Work Motivation on the Employees Performance of Regional Revenue Agency. Journal of Economics, Finance and Management Studies, 5(07), 1942–1954.

Indarto, E.W., Suroso, I., Sudaryanto, S., and Qomariah, N. (2022). The effect of brand image and product attributes on customer satisfaction and customer loyalty. Jurnal Aplikasi Manajemen, 16(3), 457-466. http://dx.doi.org/10.21776/ub.jam.2018.016.03.10




DOI: https://doi.org/10.32528/jiai.v9i2.23272

Refbacks

  • There are currently no refbacks.


Copyright (c) 2024 JIAI (Jurnal Ilmiah Akuntansi Indonesia)

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

View My Stats