Pengaruh Struktur Modal Terhadap Kinerja Keuangan Dengan Tata Kelola Perusahaan Sebagai Variabel Moderasi Pada Perusahaan Properti dan Real Estate yang Terdaftar di Bursa Efek Indonesia

Authors

  • Agnita Putri Mawaddah Universitas Negeri Padang, Padang, Indonesia
  • Rosyeni Rasyid Universitas Negeri Padang, Padang, Indonesia

DOI:

https://doi.org/10.38035/jemsi.v6i6.5422

Keywords:

Struktur Modal, Kinerja Keuangan, Tata Kelola Perusahaan, Short-Debt, Long-Debt, Kepemilikan Manajerial, Kepemilikan Institusional

Abstract

This study was conducted to determine the effect of capital structure on financial performance with corporate governance as a moderating variable in property and real estate companies listed on the Indonesia Stock Exchange. The study population consisted of 93 property and real estate sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019-2023 period. Meanwhile, the sample in this study was determined using the purposive sampling method, so that 16 sample companies were obtained with a total of 80 observations (16 companies x 5 years). The data used are secondary data obtained from the official website of the Indonesia Stock Exchange and the company's official website. Data analysis was carried out using panel data regression and Moderate Regression Analysis (MRA) with the help of Eviews 12 software. The results of the study show that (1) Capital structure has a partial effect on financial performance, where Long Term Debt to Total Asset (LDTA) has a significant negative effect on Return On Equity (ROE) and Short Term Debt to Total Asset (SDTA) shows a positive insignificant effect on Return On Equity (ROE). (2) Corporate governance as measured by managerial ownership (MOWN) and institutional ownership (IOWN) has not been able to moderate the influence of capital structure on financial performance.

References

Ahmed, N., & Afza, T. (2019). Capital structure,competitive intensity and firm performance?: evidence from Pakistan. Journal of Advances in Management Research, 16(5), 0972–7981. https://doi.org/10.1108/JAMR-02-2019-0018

Al-taani, K. (2013). The relationship between capital structure and firm performance?: evidence from Jordan. Journal of Finance and Accounting, 1(3), 41–45. https://doi.org/10.11648/j.jfa.20130103.11

Anandamaya, L. P. V., & Hermanto, S. B. (2021). PENGARUH GOOD CORPORATE GOVERNANCE , UKURAN PERUSAHAAN DAN LEVERAGE TERHADAP KINERJA KEUANGAN. Jurnal Ilmu Dan Riset Akuntansi, 10(5).

Anggreni, M. K. D., & Robiyanto, R. (2021). Pengaruh Struktur Modal Dan Struktur Kepemilikan Terhadap Kinerja Perusahaan Dengan Corporate Governance Sebagai Variabel Moderasi. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 10(2), 100. https://doi.org/10.26418/jebik.v10i2.45162

Ariadi, H. K., & Ardini, L. (2024). PENGARUH GOOD CORPORATE GOVERNANCE, LEVERAGE DAN CORPORATE SOCIAL RESPONSIBILITY TERHADAP KINERJA KEUANGAN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI. Jurnal Ilmu Dan Riset Akuntansi, 13.

Brigham, E., & Houston, J. (2006). Dasar-Dasar Manajemen Keuangan (Edisi 9). Salemba Empat.

Chinaemerem, O. C., & Anthony, O. (2012). IMPACT OF CAPITAL STRUCTURE ON THE FINANCIAL PERFORMANCE OF NIGERIAN FIRMS. Arabian Journal of Business and Management Review, 1(12).

Danso, A., Lartey, T. A., Gyimah, D., & Adu-ameyaw, E. (2020). Leverage and performance?: do size and crisis matter?? performance. Managerial Finance. https://doi.org/10.1108/MF-10-2019-0522

Fahmi, I. (2014). Pengantar Manajemen Keuangan: Teori dan Soal Jawab. Alfabeta.

Ferdinand, A. (2014). Metode Penelitian Manajemen Pedoman Penelitian Untuk Penulisan Skripsi, Tesis, dan Disertasi Ilmu Manajemen (Edisi 5). Badan Penerbit Universitas Diponegoro.

Ferriswara, D., Sayidah, N., & Buniarto, E. A. (2022). Do corporate governance , capital structure predict financial performance and firm value??( empirical study of Jakarta Islamic index ). Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2147123

Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25 (Edisi 9). Badan Penerbit Universitas Diponegoro.

Indrawati, R., & Hanif, F. (2023). The Effect of Good Corporate Governance , Capital Structure on Financial Performance with Profit Management as Mediation?: Case Study in the Health Industry. International Journal Publishing, 5(1), 171–190.

Irawati, N., Marlina, L., & Sipayung, F. (2019). ANALYSIS OF THE IMPACT OF LEVERAGE , VALUE ADDED AND SIZE ON EARNING MANAGEMENT AND FINANCIAL PERFORMANCE OF INDONESIAN. International Conference of Organizational Innovation, 100(Icoi), 404–409.

Jaimuk, P., Napaporn, N., & Ngudgratoke, S. (2020). Impact of A Mediator on Corporate Governance Characteristics and Real Earning Management of Thai Listed Companies. Test Engineering and Management, 83, 5912–5924.

Jensen, M. C., & Meckling, W. H. (1976). THEORY OF THE FIRM?: MANAGERIAL BEHAVIOR , AGENCY COSTS AND OWNERSHIP STRUCTURE. Journal Of Financial Economics, 3, 305–360.

Kuncoro, M. (2011). Metode Kuantitatif?: Teori dan aplikasinya untuk bisnis dan ekonomi (Ed.4). UPP STIM YKPN.

Martiani, N. M. A., & Purbawangsa, I. B. A. (2018). PERAN KEPEMILIKAN INSTITUSIONAL DALAM MEMODERASI PENGARUH LEVERAGE , LIKUIDITAS DAN AKTIVITAS TERHADAP PROFITABILITAS. Jurnal Manajemen Unud, 7(4), 2256–2288.

Ngatno, Apriatni, E. P., & Youlianto, A. (2021). Moderating effects of corporate governance mechanism on the relation between capital structure and firm performance. Cogent Business and Management, 8(1). https://doi.org/10.1080/23311975.2020.1866822

Rudianto. (2013). Akuntansi Manajemen: Informasi Untuk Pengambilan Keputusan Strategis. Erlangga.

Virna, A., Atahau, A. D. R., & Robiyanto, R. (2019). Struktur modal, profitabilitas, dan nilai perusahaan?: Efek moderasi Good Corporate Governance. Jurnal Ekonomi Dan Bisnis, 22(2), 391–415.

Wassie, F. A. (2020). Impacts of capital structure?: pro fitability of construction companies in Ethiopia. Journal of Financial Management, 25(3), 1366–4387. https://doi.org/10.1108/JFMPC-08-2019-0072

Wulandari, & Ardana, Y. (2018). STRUKTUR MODAL, UKURAN PERUSAHAAN DAN NILAI PERUSAHAAN. Jurnal Bisnis Darmajaya, 4(2).

Downloads

Published

2025-07-05

How to Cite

Mawaddah, A. P., & Rasyid, R. (2025). Pengaruh Struktur Modal Terhadap Kinerja Keuangan Dengan Tata Kelola Perusahaan Sebagai Variabel Moderasi Pada Perusahaan Properti dan Real Estate yang Terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi Manajemen Sistem Informasi, 6(6), 3704–3719. https://doi.org/10.38035/jemsi.v6i6.5422

Issue

Vol. 6 No. 6 (2025): Jurnal Ekonomi Manajemen Sistem Informasi (Juli - Agustus 2025)

Section

Articles

License

Copyright (c) 2025 Agnita Putri Mawaddah, Rosyeni Rasyid

Creative Commons License

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

Hak cipta :

Penulis yang mempublikasikan manuskripnya di jurnal ini menyetujui ketentuan berikut:

  1. Hak cipta pada setiap artikel adalah milik penulis.
  2. Penulis mengakui bahwa Jurnal Ekonomi Manajemen Sistem Informasi (JEMSI) berhak menjadi yang pertama menerbitkan dengan lisensi Creative Commons Attribution 4.0 International (Attribution 4.0 International CC BY 4.0) .
  3. Penulis dapat mengirimkan artikel secara terpisah, mengatur distribusi non-eksklusif manuskrip yang telah diterbitkan dalam jurnal ini ke versi lain (misalnya, dikirim ke repositori institusi penulis, publikasi ke dalam buku, dll.), dengan mengakui bahwa manuskrip telah diterbitkan pertama kali di Jurnal Ekonomi Manajemen Sistem Informasi (JEMSI).