Kepemilikan Institusional, Kepemilikan Manajerial, dan Risiko Bisnis Terhadap Struktur Modal dengan Ukuran Perusahaan sebagai Moderasi
DOI:
https://doi.org/10.21009/japa.0502.13Keywords:
Managerial Ownership, Institutional Ownership, Business Risk, Capital Structure, Company SizeAbstract
This study aims to analyze the effect of institutional ownership, managerial ownership, and business risk on capital structure with company size as a moderating variable. This study uses quantitative methods by taking the population of companies listed on the Indonesia Stock Exchange (IDX) in the property sector. The sample was selected using purposive sampling technique so that a total of 33 property companies were obtained in the period 2020-2022. The data analysis method used is panel data regression analysis and moderated regression analysis (MRA) using the Eviews 12 test tool. The results showed that institutional ownership has a negative and significant effect on capital structure, managerial ownership has no effect on capital structure, business risk has no effect on capital structure. The proven moderation test result is that firm size significantly moderates the relationship between institutional ownership and capital structure.
References
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Erwan, H. C., & Kartika, T. P. D. (2022). Pengaruh Kepemilikan Manajerial, Non-Debt Tax Shield, Operating Leverage, Cash Holding dan Risiko Bisnis Terhadap Struktur Modal Pada Perusahaan Manufaktur: Keywords: Managerial Ownershi; Non-Debt Tax Shield; Operating Leverage; Cash Holding; Business Risk; Capital Structure. Jurnal Akuntansi AKUNESA, 10(2), 1–11. https://doi.org/10.26740/akunesa.v10n2.p1-11
Farah, F. N. A. & Firdayetti. (2022). Effect of Financial Performance and Business Risk on Capital Structure. Journal of Applied Management and Business (JAMB), 3(2), 55–64. https://doi.org/10.37802/jamb.v3i2.269
Ferliana, N., & Agustina, L. (2018). Profitability Moderates the Effect of Company Growth, Business Risk, Company Size, and Managerial Ownership on Capital Structure.
Hayat, M., Yu, Y., Wang, M., & Jebran, K. (2018). Impact of Managerial and Institutional Ownership on Capital Structure: A Comparison Between China & USA. European Journal of Business and Management.
Julian, R., & Ruslim, H. (2024). Likuiditas, Struktur Aset, Kepemilikan Manajerial, Kepemilikan Institusional Terhadap Struktur Modal Dengan Firm Size Sebagai Moderasi.
Khafid, M., Prihatni, R., & Safitri, I. E. (2020). The Effects of Managerial Ownership, Institutional Ownership, and Profitability on Capital Structure: Firm Size as the Moderating Variable. International Journal of Financial Research, 11(4), 493. https://doi.org/10.5430/ijfr.v11n4p493
Lianto, V., Sinaga, A. N., Susanti, E., Yaputra, C., & Veronica, V. (2020). Analisis Profitabilitas, Ukuran Perusahaan, Struktur Aset, Likuiditas, dan Risiko Bisnis terhadap Struktur Modal Perusahaan Manufaktur di Indonesia. Journal of Economic, Bussines and Accounting (COSTING), 3(2), 282–291. https://doi.org/10.31539/costing.v3i2.1064
Lillah, M. S., & Yuyetta, E. N. A. (2023). Pengaruh Struktur Kepemilikan Terhadap Kinerja Perusahaan Dengan Komisaris Independen Sebagai Variabel Intervening.
Mariani, D. (2021). Pengaruh Profitabilitas, Umur Perusahaan, Struktur Kepemilikan Institusional Dan Ukuran Perusahaan Terhadap Struktur Modal Pada Perusahaan Property Dan Real Estate Yang Terdaftar Di Bei. Jurnal Akuntansi dan Keuangan, 10(1), 55. https://doi.org/10.36080/jak.v10i1.1431
Nurhayadi, W., Sulistiana, I., Nurkhalishah, S., & Salam, A. F. (2021). Pengaruh Ukuran Perusahaan, Pertumbuhan Penjualan dan Risiko Bisnis terhadap Struktur Modal. 16(1).
Oktaviantari, N. K. A., & Baskara, I. G. K. (2019). Pengaruh Ukuran Perusahaan, Tangibility Assets, Dan Kepemilikan Manajerial Terhadap Struktur Modal Pada Sub Sektor Ritel. E-Jurnal Manajemen Universitas Udayana, 8(6), 3843. https://doi.org/10.24843/EJMUNUD.2019.v08.i06.p20
Rahmadianti, M., & Yuliandi, Y. (2020). Pengaruh Profitabilitas, Risiko Bisnis, Kepemilikan Manajerial, Dan Pajak Terhadap Struktur Modal: Studi Empiris Pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia Periode 2015-2017. Jurnal Ilmiah Akuntansi Kesatuan, 8(1), 27–36. https://doi.org/10.37641/jiakes.v8i1.288
Rofi’atun, R., & Nabila, R. (2021). Faktor-faktor yang mempengaruhi struktur modal pada bank umum syariah. Journal of Accounting and Digital Finance, 1(2), 59–71. https://doi.org/10.53088/jadfi.v1i2.78
Salsabila, P., & Afriyenti, M. (2022). Pengaruh Kepemilikkan Manajerial, Ukuran Perusahaan, Perisai Pajak Non Hutang, dan Leverage Operasi terhadap Struktur Modal. JURNAL EKSPLORASI AKUNTANSI, 4(4), 808–820. https://doi.org/10.24036/jea.v4i4.618
Trenasia. (2020, July 16). Bagaimana Cowell Development Bisa Pailit? https://www.trenasia.com/bagaimana-cowell-development-bisa-pailit
Wang, C., Lok, C.-L., & Phua, L. K. (2023). Ownership Structure and Capital Structure: Moderating Effect of Product Market Maturity. SAGE Open, 13(4), 21582440231218787. https://doi.org/10.1177/21582440231218787
Wijaya, D. E., Asyik, D. N. F., & Budiyanto, D. (2022). Kajian Teoritis Capital Structure, Firm Size, Volatility, Tangibility, Uniqueness, and Profitability.
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Published
2024-08-02
How to Cite
Nabila, A. S., Yusuf, M. ., & Prihatni, R. . (2024). Kepemilikan Institusional, Kepemilikan Manajerial, dan Risiko Bisnis Terhadap Struktur Modal dengan Ukuran Perusahaan sebagai Moderasi. Jurnal Akuntansi, Perpajakan Dan Auditing, 5(2), 420–438. https://doi.org/10.21009/japa.0502.13
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