Determinan Struktur Modal pada BUMN Non-Keuangan Periode 2019–2025
DOI:
https://doi.org/10.29313/bcsbm.v6i2.26227Keywords:
Struktur Modal, Profitabilitas, Likuiditas, Ukuran Perusahaan, Struktur Aset, BUMN Non-Keuangan, Fixed Effect ModelAbstract
Abstract. This study examines the effect of Profitability (ROA), Liquidity (CR), Firm Size (SIZE), and Asset Structure on Capital Structure (DER) in non-financial state-owned enterprises (BUMN) listed on the Indonesia Stock Exchange during 2019–2025. The study was motivated by capital-structure inefficiencies that drove roughly 70% of state-owned construction firms into financial distress between 2020 and 2023, as well as inconsistent findings in prior research regarding the effects of asset structure and firm size on capital structure. Using a quantitative descriptive-verificative approach with purposive sampling, 9 companies were selected over seven years, producing 63 panel observations. Data were analyzed with panel data regression under a Fixed Effect Model (FEM), confirmed through the Chow and Hausman tests, and corrected using White cross-section (period clustered) standard errors after heteroscedasticity was detected via the Glejser test. The results show that, partially, only Firm Size has a significant positive effect on capital structure, while Profitability, Liquidity, and Asset Structure show no significant effect. Simultaneously, all four independent variables significantly affect capital structure, with an Adjusted R² of 32.87%. These findings indicate that capital structure decisions in non-financial BUMN are driven more strongly by firm scale and reputation than by profitability or liquidity alone, consistent with Trade-Off Theory.
Abstrak. Penelitian ini bertujuan untuk menganalisis pengaruh Profitabilitas (ROA), Likuiditas (CR), Ukuran Perusahaan (SIZE), dan Struktur Aset terhadap Struktur Modal (DER) pada perusahaan BUMN non-keuangan yang terdaftar di Bursa Efek Indonesia periode 2019–2025. Penelitian ini dilatarbelakangi oleh sekitar 70% perusahaan konstruksi BUMN di BEI selama 2020–2023 mengalami financial distress akibat struktur modal yang tidak efisien, serta inkonsistensi hasil penelitian terdahulu terkait pengaruh struktur aset dan ukuran perusahaan terhadap struktur modal. Metode penelitian menggunakan pendekatan kuantitatif deskriptif verifikatif dengan teknik purposive sampling, menghasilkan 9 perusahaan sampel selama 7 tahun (63 observasi). Data dianalisis menggunakan regresi data panel dengan Fixed Effect Model (FEM) yang dikonfirmasi melalui Uji Chow dan Uji Hausman, serta dikoreksi menggunakan standard error White Cross-Section akibat terdeteksinya heteroskedastisitas pada Uji Glejser. Hasil penelitian menunjukkan bahwa secara parsial, hanya Ukuran Perusahaan yang berpengaruh positif signifikan terhadap struktur modal, sedangkan Profitabilitas, Likuiditas, dan Struktur Aset tidak terbukti berpengaruh signifikan. Secara simultan, keempat variabel independen berpengaruh signifikan terhadap struktur modal dengan koefisien determinasi (Adjusted R²) sebesar 32,87%. Temuan ini mengindikasikan bahwa keputusan struktur modal pada BUMN non-keuangan lebih didorong oleh skala dan reputasi perusahaan dibandingkan faktor profitabilitas atau likuiditas semata, sejalan dengan Trade-Off Theory.
References
Alghifari, E. S., Hermawan, A., Gunardi, A., Rahayu, A., & Wibowo, L. A. (2022). Corporate Financial Strategy in an Emerging Market: Evidence from Indonesia. Journal of Risk and Financial Management, 15(8). https://doi.org/10.3390/jrfm15080362
Basuki, A. T., & Prawoto, N. (2016). Analisis Regresi dalam Penelitian Ekono dan Bisnis. Yogyakarta: Penerbit Andi.
BPS. (2021). Pertumbuhan Ekonomi Indonesia Triwulan IV-2020. Www.Bps.Go.Id, 13, 12. https://www.bps.go.id/pressrelease/2021/02/05/1811/ekonomi-indonesia-2020-turun-sebesar-2-07-persen--c-to-c-.html
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of Financial Institution Management. Cengage Learning.
Dimas Dwi Darmawan, Ujang Suherman, & Rengga Madya Pranata. (2025). Metode Altman Z-Score untuk Memprediksi Financial Distress Perusahaan Bidang Konstruksi pada Tahun 2020 -2023. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 7(8), 2550–2564. https://doi.org/10.47467/alkharaj.v7i8.7905
Endiramurti, S. R., Chayati, N., Kuriniawati, E. M., & Prasetyanto, D. (2022). Analisis Pengaruh Struktur Modal terhadap Kinerja Keuangan BUMN Sektor Konstruksi: Peran Financial Distress sebagai Variabel Moderasi. Owner, 6(3), 1463–1478. https://doi.org/10.33395/owner.v6i3.961
Heni Savitri, & Megia Nidya Sari. (2025). The Effect of Asset Structure and Profitability on Capital Structure of Consumer Goods Companies Listed on IDX 2020–2024. Harmoni Economics: International Journal of Economics and Accounting, 2(3), 240–249. https://doi.org/10.70062/harmonieconomics.v2i3.328
Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. Stata Journal, 7(3), 281–312. https://doi.org/10.1177/1536867x0700700301
Kirana, A. R., & Wijaya, K. A. S. (2026). REFORMASI KELEMBAGAAN PENGELOLAAN BUMN MELALUI PEMBENTUKAN BP BUMN : ANALISIS PEMISAHAN PERAN REGULATOR DAN OPERATOR DALAM PERSPEKTIF REFORMASI KELEMBAGAAN PENGELOLAAN BUMN MELALUI PEMBENTUKAN BP BUMN : ANALISIS PEMISAHAN PERAN REGULATOR DAN OPERATOR DALA. 4(1).
Kraus, A., & Litzenberger, R. H. (1973). Optimal Financial Leverage. The Journal of Finance, 28(4), 911–922.
Mardiah, V. A., & Amin, M. N. (2022). PENGARUH PROFITABILITAS, LIKUIDITAS, STRUKTUR MODAL DAN SALES GROWTH TERHADAP FINANCIAL DISTRESS PADA BUMN TAHUN 2018-2020. 2(2), 1765–1774.
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
Petersen, M. A. (2009). Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies, 22(1), 435–480. https://doi.org/10.1093/rfs/hhn053
Sartika Dewi, S., Sari, I. R., Panjaitan, P., & Munawarah. (2024). the Influence of Profitability, Asset Structure, Growth Opportunity and Liquidity on the Capital Structure of State-Owned Enterprises (Bumn) Companies Listed on the Indonesian Stock Exchange in 2020-2022. COSTING: Journal of Economic, Business and Accounting, 7(4), 10622–10633.
Sufitrayati, & Nursaimatussaddiya. (2026). Determinants of Capital Structure and the Effect on Financial Performance : Testing Pecking Order and Trade-Off Models. JIMKES Edisi January, 14(1), 757–768. https://doi.org/10.37641/jimkes.v14i1.4675
Sugiyono. (2016). Metode Penelitian Kuantitatif, Kualitatif dan R &Metode Penelitian Kuantitatif, Kualitatif Dan R & D.Bandung:Alfabeta. In Bandung:Alfabeta.
White, H. (1980). A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity. Econometrica: Journal of the Econometric Society, 48(4), 817–838. https://doi.org/https://doi.org/10.2307/1912934
