Analisis Uji Beda Dampak Pandemi Covid-19: Peran Struktur Modal Dan Kinerja Perusahaan
Keywords:
debt to equity ratio (DER), , debt to total asset ratio (DAR), , equity to asset ratio (EAR),, return on equity (ROE), , covid-19Abstract
This research aims to determine the effect of capital structure on the financial performance of finance companies listed on the Indonesia Stock Exchange for the 2017-2021 period before and during the Covid-19 pandemic. The variables used to measure capital structure are debt to equity ratio (DER), debt to asset ratio (DAR), equity to asset ratio (EAR) and long term debt to equity ratio (LTDE). Meanwhile, the variable used to measure the company's financial performance is the return on equity (ROE) profitability ratio. This research uses quantitative research methods, which are measured using panel data which is a combination of time series data (time-series) and cross-section data and processed using Eviews. The population of this research is companies listed on the Stock Exchange Indonesian Securities from 2017 to 2021. The sample was determined based on the purposive sampling method, with a total sample of 14 companies. The data used in this research is secondary data. The data collection technique uses the documentation method via the official IDX website: www.idx.co.id. Hypothesis testing uses panel data regression, t test, f test and coefficient test. Research results before the pandemic showed that DER had a negative effect on ROE, DAR had a positive effect on ROE, EAR had no effect and was not significant on ROE and the Long Term Debt to Equity Ratio had no effect on ROE. So when the Covid-19 pandemic occurred, research results showed that DER, DAR, EAR & LTDE had no effect on ROE, which means that financial performance is not solely determined by capital structure.
References
Ahmad, Saldi, Hamid Bone, Anisa Kusumawardani. 2017. Pengaruh struktur modal terhadap kinerja keuangan pada perusahaan pembiayaan yang terdaftar di Bursa Efek Indonesia 2011-2016. https:// journal.feb.unmul.ac.id/index.php/JIAM/article/view/3037, diakses pada 10 Agustus 2021.
Basuki, Agus Tri. 2016. Analisis Regresi dalam Penelitian Ekonomi & Bisnis: Dilengkapi Aplikasi SPSS & Eviews. Jakarta : Rajawali Pers.
Bustami Effendi, Syamsurijal Tan, Zulkifli. 2019. Impact of Debt to Asset Ratio (DAR), Debt to Equity Ratio (DER), Capital Structure (STM) to Return on Equity (ROE) In Textile Mill Products Industrial Company Are Registered on The BEI. Journal of Business Studies and Management Review (JBSMR), 2(2), 2597-6265.
Candraeni, I Gusti Ayu Mas. 2023. Pengaruh Receivable Turnover, Debt to Equity Ratio, Equity to Total Assets Ratio pada Return on Investment, (Online), Volume 5 No. 1,(http://ojs.unud.ac.id/index, diakses pada 17 Agustus 2021).
Destari, A. Y., & Hendratno. 2019. Analisis Pengaruh Debt To Equity Ratio , Current Ratio, Total Asset Turnover, Dan Size Terhadap Return On Equity. Jurnal Akuntansi, Audit dan Sistem Informasi Akuntansi, Vol. 3 No. 1.
Efendi Azzalia Feronicha Wianta, Seto Sulaksono Adi Wibowo. 2017. Pengaruh Debt to Equity Ratio (DER) dan Debt to Asset Ratio (DAR) Terhadap Kinerja Perusahaan Di Sektor Keuangan Yang Terdaftar di Bursa Efek Indonesia. Journal of Applied Managerial Accounting ,1(2), 157-163.
Fayahaqi, Jouhar. Sumami. Lilik, Farida. 2019. Pengaruh Financial Leverage Terhadap Return on Equity dan Earning Per Share Pada Perusahaan Sektor Telekomunikasi yang Listed di Bursa Efek Indonesia. Jurnal Bisnis Manajemen, 9 (1).
Ghozali, Imam. 2023. Aplikasi Analisis Multivariate dengan Program IBM SPSS 21 Update PLS Regresi. Semarang : Badan Penerbit Universitas Diponegoro.
Herawati, Winda. Bambang Hadi Santoso. 2020. Struktur Modal, Likuiditas, Profitabilitas dan Nilai Perusahaan Pada Lembaga Pembiayaan di BEI. Jurnal Ilmu dan Riset Manajemen, 9 (5).
Holiwono Michael, Andreas. 2019. Pengaruh Struktur Modal Terhadap Kinerja Keuangan Perusahaan Sektor Manufaktur Sub Sektor Makanan dan Minuman Yang Terdaftar di BEI (Periode 2010-2018). Makassar : Universitas Hasanuddin.
Kasmir, 2019. Analisis Laporan Keuangan, Edisi Pertama, Cetakan Ketujuh. Jakarta : PT. Raja Grafindo Persada.
Kontan. 2019. Bersih-bersih, OJK cabut izin usaha delapan multifinance sepanjang tahun lalu. Jakarta : Kontan.co.id.
Kristianti, Ika Puspita. 2018. Analisis Pengaruh Struktur Modal Terhadap Kinerja Keuangan Perusahaan. Jurnal UST Jogja, 2(1).
Kurniasih, Dwi, Wulan Retnowati, Ahmad Rosyid. 2019. Pengaruh Struktur Modal Terhadap Profitabilitas (Studi Pada Perusahaan Go Publik Yang Menjadi 100 Perusahaan Terbaik Versi Majalah Fortune Indonesia Periode Tahun 2010-2012). Jurnal Akuntansi. Vol 2 No. 1.
Monica, Lilis Sulistyani, Tri Nurdyastuti. 2018. Pengaruh Struktur Modal Terhadap Return On Equity (ROE) Perusahaan Makanan dan Minuman Yang Terdaftar di BEI Periode 2014-2016. Aktual Jurnal of Accounting and Financial, 3(2).
Otoritas Jasa Keuangan. 2018. POJK No. 35/POJK.05/2018 tentang Penyelenggaraan Usaha Perusahaan Pembiayaan. Jakarta : OJK.
Rahardyan, Aziz. 2021. Jumlah Fintech P2P Lending Turun Drastis Karena Hal Ini. https://finansial.bisnis.com/read/20210614/563/1405260/jumlah-fintech-p2p-lending-turun-drastis-karena-hal-ini, diakses pada 10 Agustus 2021.
Sari, Ferrika. 2020. OJK akan mencabut izin usaha multifinance yang tidak penuhi ketentuan modal minimum, https://keuangan.kontan.co.id/news/ojk-akan-mencabut-izin-usaha-multifinance-yang-tidak-penuhi-ketentuan-modal-minimum, diakses pada 10 Agustus 2021.
Septiyani Yunita Rizka, Kristianingsih, Muhamad Umar Mai. 2020. The effects of debt to asset ratio and debt to equity to return on equity on property and real estate companies. Indonesian Journal of Economics and Management, Vol. 1, No. 1, 184 – 194.
Sudana, I Made. 2021. Manajemen Keuangan Perusahaan Teori dan Praktik. Jakarta: Erlangga.
Sugiyono. 2018. Metode Penelitian Kombinasi (Mixed Methods). Bandung : CV Alfabeta.
Tamba Amelia Yurike, Parengkuan, Tommy, Paulina Van Rate. 2020. Analisis Pengaruh Struktur Modal Terhadap Profitabilitas Pada Industri Perbankan Yang Terdaftar di BEI (Periode Tahun 2013-2015). Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 5(2).
Wibowo, 2019. Manajemen Kinerja, Edisi Kelima, Jakarta : PT.Raja Grafindo Persada.
Wulandari. 2021. Analysis Of The Effect Of Capital Structure Variables On Financial Performance In Food And Beverage Manufacturing Companies Registered In Indonesia Stock Exchange For 2015-2019. Journal Academicia Globe : Inderscience Research, Volume 2
Downloads
Published
Issue
Section
License
Copyright (c) 2024 Rimi Mais, Marsih Puspitasari
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work to acknowledge the work's authorship and initial publication in this journal.
- Authors can enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book) with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) before and during submission. It can lead to productive exchanges and earlier and greater citation of published work.
Abstract Views: 56
| 
File Downloads: 39
