Pengaruh Struktur Aset dan Biaya Keagenan Terhadap Kebijakan Hutang Dimediasi dengan Profitabilitas
DOI:
https://doi.org/10.21009/wahana.17.012Abstrak
Tujuan kajian ini untuk mengetahui faktor-faktor penentu kebijakan hutang (leverage) seperti struktur aset dan biaya keagenan dan profitabilitas sebagai variabel intervening. Kajian ini memanfaatkan metode analisis linear berganda dengan jenis data sekunder. Hasil dari kajian memperlihatkan struktur aset dan biaya keagenan secara simultan berpengaruh terhadap profitabilitas, serta struktur aset, biaya keagenan dan profitabilitas juga berpengaruh secara simultan terhadap leverage. Struktur aset mempunyai dampak negatif terhadap profitabilitas dan mempunyai dampak positif terhadap leverage. Biaya keagenan mempengaruhi profitabilitas secara negatif dan mempengaruhi leverage positif. Profitabilitas mempunyai pengaruh negatif terhadap leverage. Temuan penelitian di mana perusahaan yang memperhatikan struktur aset dan biaya keagenan, dapat mengatasi kebijakan utang dan meningkatkan profitabilitasnya.
Kata Kunci : Aset, Biaya Keagenan, Profitabilitas, Leverage
Referensi
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Astakoni, I. M. P., & Nursiani, N. P. (2020). Efek Intervening Struktur Modal pada Pengaruh Ukuran Perusahaan Terhadap Profitabilitas. KRISNA: Kumpulan Riset Akuntansi, 11(2), 137–147. https://doi.org/10.22225/kr.11.2.1422.137-147
Baron, R. M., & Kenny, D. A. (1986). The Moderator-Mediator Variable Distinction in Social Psychological Research: Conceptual, Strategic, and Statistical Considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182. https://doi.org/10.1177/1350506818764762
Brigham, E. F., & Houston, J. F. (2011). Fundamentals of Management Eleventh Edition.
Buvanendra, S., Sridharan, P., & Thiyagarajan, S. (2017). Firm Characteristics, Corporate Governance and Capital Structure Adjustments: A Comparative Study of Listed Firms in Sri Lanka and India. IIMB Management Review, 29(4), 245–258. https://doi.org/10.1016/j.iimb.2017.10.002
Delcoure, N. (2007). The Determinants of Capital Structure in Transitional Economies. International Review of Economics and Finance, 16(3), 400–415. https://doi.org/10.1016/j.iref.2005.03.005
Devi, N. M. N. C., Sulindawati, N. L. G. E., & Wahyuni, M. A. (2017). Pengaruh Struktur Aktiva, Profitabilitas, Ukuran Perusahaan, Likuiditas, dan Kepemilikan Manajerial terhadap Struktur Modal Perusahaan (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2013-2015). E-Journal S1 Ak Universitas Pendidikan Ganesha, 7(1), 1–12.
Dewi, N. P. I. K., & Abundanti, N. (2019). Pengaruh Leverage dan Ukuran Perusahaan sebagai Variabel Mediasi. E-Jurnal Manajemen, 8(5), 3028–3056.
Dwijayanto, A. (2019). Industri Makanan dan Minuman masih Mengalami Pertumbuhan di kuartal III-2019. Kontan.Co.Id. https://industri.kontan.co.id/news/industri-makanan-dan-minuman-masih-mengalami-pertumbuhan-di-kuartal-iii-2019?page=1
Graham, J. R., Leary, M. T., & Roberts, M. R. (2015). A Century of Capital Structure: The Leveraging of Corporate America. Journal of Financial Economics, 118(3), 658–683. https://doi.org/10.1016/j.jfineco.2014.08.005
Horvathova, J., Mokrisova, M., & Dancisinova, L. (2018). Modelling of Capital Structure in Relation to Business Performance Maximization. Investment Management and Financial Innovations, 15(2), 292–304. https://doi.org/10.21511/imfi.15(2).2018.26
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 72(1), 305–360. https://doi.org/10.1177/0018726718812602
Karnawati, Y., & Oktaviana, I. R. (2020). Pengaruh Profitabilitas, Ukuran Perusahaan, dan Opini Audit Tahun Sebelumnya Terhadap Opini Audit Going Concern. JCA Ekonomi, 1(1), 857–864.
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Kyriazopoulos, G. (2017). Corporate Governance and Capital Structure in the Periods of Financial Distress. Evidence from Greece. Investment Management and Financial Innovations, 14(1), 254–262. https://doi.org/10.21511/imfi.14(1-1).2017.12
Lim, T. C. (2012). Determinants of Capital Structure Empirical Evidence from Financial Services Listed Firms in China. International Journal of Economics and Finance, 4(3), 191–203. https://doi.org/10.5539/ijef.v4n3p191
Mock, E. J., Schultz, R. E., & Schultz, R. G. (1968). Basic Financial Management: Text, Problems, and Cases. Intext Educational College Division. https://books.google.co.id/books?id=bOs_zQEACAAJ
Modigliani, F., & Miller, M. H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review, 53(3), 433–443. https://doi.org/10.2307/1809167
Nobanee, H., & Abraham, J. (2017). The Impact of Free Cash Flow, Equity Concentration and Agency Costs on Firm’s Profitability. Investment Management and Financial Innovations, 14(2), 19–26. https://doi.org/10.21511/imfi.14(2).2017.02
Nurjanah, I., & Purnama, D. (2020). Pengaruh Profitabilitas, Struktur Aset Dan Ukuran Perusahaan Terhadap Kebijakan Hutang. Jurnal Ilmu Dan Riset Manajemen, 1, 260–269.
Pramana, I. W. S., & Darmayanti, N. P. A. (2020). Profitabilitas, Struktur Aktiva, Dan Ukuran Perusahaan Berpengaruh Terhadap Struktur Modal Perusahaan Otomotif. E-Jurnal Manajemen Universitas Udayana, 9(6), 2127. https://doi.org/10.24843/ejmunud.2020.v09.i06.p04
Prieto, A. B. T., & Hwan, L. Y. (2019). Internal and External Determinants of Capital Structure in Large Korean Firms. Global Business & Finance Review. https://doi.org/Https://doi.org/10.17549/gbfr.2019.24.3.79
Qusibah, V. L., & Yusra, I. (2019). Profitabilitas, dan Ukuran Perusahaan sebagai Faktor Penentu Leverage Perusahaan di Indonesia. Jurnal Pundi, 3(1), 13–26. https://doi.org/10.31575/jp.v3i1.125
Rahmawati, I., & Mahfudz, M. K. (2018). Analisis Pengaruh Perputaran Modal Kerja, Likuiditas, Struktur Modal, Sales Growth, Struktur Aktiva, Size Terhadap Profitabilitas. Diponegoro Journal of Management, 7(4), 1–14. https://ejournal3.undip.ac.id/index.php/djom/article/viewFile/22387/20529
Ramadhan, Y., & Putri, S. W. (2020). Pengaruh Kebijakan Dividen, Leverage, Ukuran Perusahaan, dan Kepemilikan Manajerial Terhadap Nilai Perusahaan. JCA Ekonomi, 1(2006).
Salehi,M., Adibian, M. S., Sadatifar, Z., & Khansalar, E. (2021). The Relationship between Corporate Governance Characteristics and Agency Costs. Zbornik Radova Ekonomskog Fakultet Au Rijeci, 39(1), 199–220. https://doi.org/10.18045/zbefri.2021.1.199
Sanil, H. S., Noraidi, A. A. A. bin, & Ramakrishnan, S. (2018). The Impact of Different Firm Sizes on Capital Structure Determinants among Listed Consumer Product Firms In Malaysia. Journal of Economic Info, 5(2), 1–6. https://doi.org/10.31580/jei.v5i2.104
Santosa, P. W. (2020). The effect of Financial Performance and Innovation on Leverage: Evidence from Indonesian Food and Beverage Sector. Organizations and Markets in Emerging Economies, 11(22), 367–388. https://doi.org/10.15388/OMEE.2020.11.38
Siregar, H., & Fahmi, M. (2018). Analisis Struktur Aktiva, Net Profit Margin, dan Current Ratio Terhadap Capital Structure pada Perusahaan Go Publik Di Bursa Efek Indonesia. Jurnal Manajemen Bisnis, 30(1). https://doi.org/10.31219/osf.io/smc56
Sudrajat, T. C. P. (2020). Pengaruh Corporate Governance Terhadap Nilai Perusahaan Sub Sektor Makanan dan Minuman. Universitas Islam Indonesia, April.
Sumani, S., Roziq, A., & Manurung, D. T. H. (2020). Relevankah Teori Struktur Modal di Indonesia? Jurnal Akuntansi Multiparadigma, 11(2), 373–385. https://doi.org/10.21776/ub.jamal.2020.11.2.22
Surjandari, D. A., Nurlaelawati, L., & Soma, A. M. (2020). Asset, Capital Structure, Liquidity, Firm Size’s Impact on Stock Return. In International Journal of Commerce and Finance(Vol. 6, Issue 2).
Sutomo, S., Wahyudi, S., Pangestuti, I. R. D., & Muharam, H. (2020). The Determinants of Capital Structure in Coal Mining Industry on the Indonesia Stock Exchange. Investment Management and Financial Innovations, 17(1), 165–174. https://doi.org/10.21511/imfi.17(1).2020.15
Syah, T. Y. R., Awaliyah, S., Negoro, D. A., & Bertuah, E. (2020). Impact of Empiris Profitability, Growth, Size Firm, Tangibility on Capital Structure of the Hotel Industry. JCA Ekonomi, 9(4), 4006–4010.Syahzuni, B. A. (2019). Pengaruh Profitabilitas dan Risiko Keuangan Terhadap Kualitas Laporan Keuangan serta Nilai Perusahaan pada Perusahaan Food and Beverage yang Terdapat di BEI Tahun 2013 –2017. Ekonomi, 10 No. 2.
Umdiana, N., & Claudia, H. (2020). Struktur Modal Melalui Trade Off Theory. Jurnal Akuntansi Kajian Ilmiah Akuntansi (JAK), 7(1), 52. https://doi.org/10.30656/jak.v7i1.1930
Vijayakumaran, S., & Vijayakumaran, R. (2019). Corporate Governance and Capital Structure Decisions: Evidence from Chinese Listed Companies. Journal of Asian Finance, Economics and Business, 6(3), 67–79. https://doi.org/10.13106/jafeb.2019.vol6.no3.67
Weston, J. F., Brigham, E. F., & Khalid, A. Q. (1991). Dasar-Dasar Manajemen Keuangan Jilid 2. Erlangga. https://openlibrary.telkomuniversity.ac.id/home/catalog/id/3341/slug/dasar-dasar-manajemen-keuangan-jilid-2.html
Yanti, I. G. A. D. N., & Darmayanti, N. P. A. (2019). Pengaruh Profitabilitas, Ukuran Perusahaan, Struktur Modal, dan Likuiditas Terhadap Nilai Perusahaan Makanan dan Minuman. E-Jurnal Manajemen Universitas Udayana, 8(4), 2297. https://doi.org/10.24843/ejmunud.2019.v08.i04.p15
Andika, I. K. R., & Sedana, I. B. P. (2019). Pengaruh Profitabilitas, Struktur Aktiva, dan Ukuran Perusahaan Terhadap Struktur Modal. E-Jurnal Manajemen Universitas Udayana, 8(9), 5803. https://doi.org/10.24843/ejmunud.2019.v08.i09.p22
Ardalan, K. (2017). Capital Structure Theory: Reconsidered. Research in International Business and Finance, 39, 696–710. https://doi.org/10.1016/j.ribaf.2015.11.010
Astakoni, I. M. P., & Nursiani, N. P. (2020). Efek Intervening Struktur Modal pada Pengaruh Ukuran Perusahaan Terhadap Profitabilitas. KRISNA: Kumpulan Riset Akuntansi, 11(2), 137–147. https://doi.org/10.22225/kr.11.2.1422.137-147
Baron, R. M., & Kenny, D. A. (1986). The Moderator-Mediator Variable Distinction in Social Psychological Research: Conceptual, Strategic, and Statistical Considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182. https://doi.org/10.1177/1350506818764762
Brigham, E. F., & Houston, J. F. (2011). Fundamentals of Management Eleventh Edition.
Buvanendra, S., Sridharan, P., & Thiyagarajan, S. (2017). Firm Characteristics, Corporate Governance and Capital Structure Adjustments: A Comparative Study of Listed Firms in Sri Lanka and India. IIMB Management Review, 29(4), 245–258. https://doi.org/10.1016/j.iimb.2017.10.002
Delcoure, N. (2007). The Determinants of Capital Structure in Transitional Economies. International Review of Economics and Finance, 16(3), 400–415. https://doi.org/10.1016/j.iref.2005.03.005
Devi, N. M. N. C., Sulindawati, N. L. G. E., & Wahyuni, M. A. (2017). Pengaruh Struktur Aktiva, Profitabilitas, Ukuran Perusahaan, Likuiditas, dan Kepemilikan Manajerial terhadap Struktur Modal Perusahaan (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2013-2015). E-Journal S1 Ak Universitas Pendidikan Ganesha, 7(1), 1–12.
Dewi, N. P. I. K., & Abundanti, N. (2019). Pengaruh Leverage dan Ukuran Perusahaan sebagai Variabel Mediasi. E-Jurnal Manajemen, 8(5), 3028–3056.
Dwijayanto, A. (2019). Industri Makanan dan Minuman masih Mengalami Pertumbuhan di kuartal III-2019. Kontan.Co.Id. https://industri.kontan.co.id/news/industri-makanan-dan-minuman-masih-mengalami-pertumbuhan-di-kuartal-iii-2019?page=1
Graham, J. R., Leary, M. T., & Roberts, M. R. (2015). A Century of Capital Structure: The Leveraging of Corporate America. Journal of Financial Economics, 118(3), 658–683. https://doi.org/10.1016/j.jfineco.2014.08.005
Horvathova, J., Mokrisova, M., & Dancisinova, L. (2018). Modelling of Capital Structure in Relation to Business Performance Maximization. Investment Management and Financial Innovations, 15(2), 292–304. https://doi.org/10.21511/imfi.15(2).2018.26
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 72(1), 305–360. https://doi.org/10.1177/0018726718812602
Karnawati, Y., & Oktaviana, I. R. (2020). Pengaruh Profitabilitas, Ukuran Perusahaan, dan Opini Audit Tahun Sebelumnya Terhadap Opini Audit Going Concern. JCA Ekonomi, 1(1), 857–864.
Kemenperin. (2019). Industri Makanan dan Minuman Jadi Sektor Kampiun. www.kemenperin.go.id. https://kemenperin.go.id/artikel/20298/Industri-Makanan-dan-Minuman-Jadi-Sektor-Kampiun-
Kyriazopoulos, G. (2017). Corporate Governance and Capital Structure in the Periods of Financial Distress. Evidence from Greece. Investment Management and Financial Innovations, 14(1), 254–262. https://doi.org/10.21511/imfi.14(1-1).2017.12
Lim, T. C. (2012). Determinants of Capital Structure Empirical Evidence from Financial Services Listed Firms in China. International Journal of Economics and Finance, 4(3), 191–203. https://doi.org/10.5539/ijef.v4n3p191
Mock, E. J., Schultz, R. E., & Schultz, R. G. (1968). Basic Financial Management: Text, Problems, and Cases. Intext Educational College Division. https://books.google.co.id/books?id=bOs_zQEACAAJ
Modigliani, F., & Miller, M. H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review, 53(3), 433–443. https://doi.org/10.2307/1809167
Nobanee, H., & Abraham, J. (2017). The Impact of Free Cash Flow, Equity Concentration and Agency Costs on Firm’s Profitability. Investment Management and Financial Innovations, 14(2), 19–26. https://doi.org/10.21511/imfi.14(2).2017.02
Nurjanah, I., & Purnama, D. (2020). Pengaruh Profitabilitas, Struktur Aset Dan Ukuran Perusahaan Terhadap Kebijakan Hutang. Jurnal Ilmu Dan Riset Manajemen, 1, 260–269.
Pramana, I. W. S., & Darmayanti, N. P. A. (2020). Profitabilitas, Struktur Aktiva, Dan Ukuran Perusahaan Berpengaruh Terhadap Struktur Modal Perusahaan Otomotif. E-Jurnal Manajemen Universitas Udayana, 9(6), 2127. https://doi.org/10.24843/ejmunud.2020.v09.i06.p04
Prieto, A. B. T., & Hwan, L. Y. (2019). Internal and External Determinants of Capital Structure in Large Korean Firms. Global Business & Finance Review. https://doi.org/Https://doi.org/10.17549/gbfr.2019.24.3.79
Qusibah, V. L., & Yusra, I. (2019). Profitabilitas, dan Ukuran Perusahaan sebagai Faktor Penentu Leverage Perusahaan di Indonesia. Jurnal Pundi, 3(1), 13–26. https://doi.org/10.31575/jp.v3i1.125
Rahmawati, I., & Mahfudz, M. K. (2018). Analisis Pengaruh Perputaran Modal Kerja, Likuiditas, Struktur Modal, Sales Growth, Struktur Aktiva, Size Terhadap Profitabilitas. Diponegoro Journal of Management, 7(4), 1–14. https://ejournal3.undip.ac.id/index.php/djom/article/viewFile/22387/20529
Ramadhan, Y., & Putri, S. W. (2020). Pengaruh Kebijakan Dividen, Leverage, Ukuran Perusahaan, dan Kepemilikan Manajerial Terhadap Nilai Perusahaan. JCA Ekonomi, 1(2006).
Salehi,M., Adibian, M. S., Sadatifar, Z., & Khansalar, E. (2021). The Relationship between Corporate Governance Characteristics and Agency Costs. Zbornik Radova Ekonomskog Fakultet Au Rijeci, 39(1), 199–220. https://doi.org/10.18045/zbefri.2021.1.199
Sanil, H. S., Noraidi, A. A. A. bin, & Ramakrishnan, S. (2018). The Impact of Different Firm Sizes on Capital Structure Determinants among Listed Consumer Product Firms In Malaysia. Journal of Economic Info, 5(2), 1–6. https://doi.org/10.31580/jei.v5i2.104
Santosa, P. W. (2020). The effect of Financial Performance and Innovation on Leverage: Evidence from Indonesian Food and Beverage Sector. Organizations and Markets in Emerging Economies, 11(22), 367–388. https://doi.org/10.15388/OMEE.2020.11.38
Siregar, H., & Fahmi, M. (2018). Analisis Struktur Aktiva, Net Profit Margin, dan Current Ratio Terhadap Capital Structure pada Perusahaan Go Publik Di Bursa Efek Indonesia. Jurnal Manajemen Bisnis, 30(1). https://doi.org/10.31219/osf.io/smc56
Sudrajat, T. C. P. (2020). Pengaruh Corporate Governance Terhadap Nilai Perusahaan Sub Sektor Makanan dan Minuman. Universitas Islam Indonesia, April.
Sumani, S., Roziq, A., & Manurung, D. T. H. (2020). Relevankah Teori Struktur Modal di Indonesia? Jurnal Akuntansi Multiparadigma, 11(2), 373–385. https://doi.org/10.21776/ub.jamal.2020.11.2.22
Surjandari, D. A., Nurlaelawati, L., & Soma, A. M. (2020). Asset, Capital Structure, Liquidity, Firm Size’s Impact on Stock Return. In International Journal of Commerce and Finance(Vol. 6, Issue 2).
Sutomo, S., Wahyudi, S., Pangestuti, I. R. D., & Muharam, H. (2020). The Determinants of Capital Structure in Coal Mining Industry on the Indonesia Stock Exchange. Investment Management and Financial Innovations, 17(1), 165–174. https://doi.org/10.21511/imfi.17(1).2020.15
Syah, T. Y. R., Awaliyah, S., Negoro, D. A., & Bertuah, E. (2020). Impact of Empiris Profitability, Growth, Size Firm, Tangibility on Capital Structure of the Hotel Industry. JCA Ekonomi, 9(4), 4006–4010.Syahzuni, B. A. (2019). Pengaruh Profitabilitas dan Risiko Keuangan Terhadap Kualitas Laporan Keuangan serta Nilai Perusahaan pada Perusahaan Food and Beverage yang Terdapat di BEI Tahun 2013 –2017. Ekonomi, 10 No. 2.
Umdiana, N., & Claudia, H. (2020). Struktur Modal Melalui Trade Off Theory. Jurnal Akuntansi Kajian Ilmiah Akuntansi (JAK), 7(1), 52. https://doi.org/10.30656/jak.v7i1.1930
Vijayakumaran, S., & Vijayakumaran, R. (2019). Corporate Governance and Capital Structure Decisions: Evidence from Chinese Listed Companies. Journal of Asian Finance, Economics and Business, 6(3), 67–79. https://doi.org/10.13106/jafeb.2019.vol6.no3.67
Weston, J. F., Brigham, E. F., & Khalid, A. Q. (1991). Dasar-Dasar Manajemen Keuangan Jilid 2. Erlangga. https://openlibrary.telkomuniversity.ac.id/home/catalog/id/3341/slug/dasar-dasar-manajemen-keuangan-jilid-2.html
Yanti, I. G. A. D. N., & Darmayanti, N. P. A. (2019). Pengaruh Profitabilitas, Ukuran Perusahaan, Struktur Modal, dan Likuiditas Terhadap Nilai Perusahaan Makanan dan Minuman. E-Jurnal Manajemen Universitas Udayana, 8(4), 2297. https://doi.org/10.24843/ejmunud.2019.v08.i04.p15
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2022-07-01
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Hermanto, & Liem, D. R. (2022). Pengaruh Struktur Aset dan Biaya Keagenan Terhadap Kebijakan Hutang Dimediasi dengan Profitabilitas. Jurnal Ilmiah Wahana Akuntansi, 17(1), 25–44. https://doi.org/10.21009/wahana.17.012
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