Determinasi Struktur Modal: Analisis Empiris Pengaruh Keputusan Investasi, Kebijakan Dividen, dan Profitabilitas pada Perusahaan Indeks IDX80 di Bursa Efek Indonesia
Main Article Content
Penelitian ini bertujuan untuk menganalisis pengaruh keputusan investasi, kebijakan dividen, dan profitabilitas terhadap struktur modal pada perusahaan yang tergabung dalam indeks IDX80 di Bursa Efek Indonesia periode 2021-2023. Penelitian ini menggunakan pendekatan kuantitatif dengan metode analisis regresi linier berganda. Sampel penelitian ditentukan menggunakan teknik purposive sampling sehingga diperoleh 40 perusahaan dengan total 120 data observasi. Variabel keputusan investasi diproksikan dengan price earning ratio (PER), kebijakan dividen dengan dividend payout ratio (DPR), profitabilitas dengan return on assets (ROA), dan struktur modal dengan debt to equity ratio (DER). Hasil penelitian ini menunjukkan keputusan investasi, kebijakan dividen, dan profitabilitas berpengaruh negatif dan signifikan terhadap struktur modal. Secara simultan, ketiga variabel berpengaruh signifikan terhadap struktur modal. Temuan ini menunjukkan bahwa perusahaan cenderung mengutamakan penggunaan dana internal dibandingkan dengan pendanaan eksternal. Penelitian ini diharapkan dapat memberikan kontribusi bagi pengembangan literatur keuangan serta menjadi pertimbangan bagi manajemen dan investor dalam pengambilan keputusan keuangan.
Keywords:
Keputusan investasi, Kebijakan dividen, Profitabilitas, Struktur modal, IDX80
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Zuzi, A. (2024). Capital Budgeting. Interantional Journal of Scientific Research in Engineering and Management, 8(5): 1-42. https://doi.org/10.55041/ijsrem32208.
Bangun, N., & Natsir, K. (2022). Analysis of Factors Affecting Capital Structure of Manufacturing Companies. Proceedings of the 3rd Tarumanagara International Conference on the Applications of Social Sciences and Humanities (TICASH 2021), 655: 1011-1019. https://doi.org/10.2991/assehr.k.220404.159
Brigham, F., & Houston, J. (2018). Fundamentals of Financial Management. Ed. 15. Cengage Learning.
Ervina, N., Riny, R., Grace, E., Julyanthry, J., & Panjaitan, R. (2025). Profitability, Liquidity, and Asset Structure in Debt Policy Decisions: A Literature Review. Jurnal Ilmiah Akuntansi Kesatuan, 13(4): 961–972. https://doi.org/10.37641/jiakes.v13i4.3573
Fujoh, G., & Wekesa, M. (2023). Financing Structure on Financial Performance of Oil Marketing Companies in Mombasa County, Kenya. Strategic Journal of Business & Change Management, 10(2): 529–544. https://dx.doi.org/10.61426/sjbcm.v10i2.2621.
Hameed, A., Hussain, F., Naheed, K., & Shahid, M. (2021). Influence of Capital Structure on Corporate Performance of Listed Firm in PSX: Role of External Factors. Journal of Accounting and Finance in Emerging Economies, 7(3): 717-725. https://doi.org/10.26710/jafee.v7i3.1944.
Husnan, S., & Pudjiastuti, E. (2023). Dasar-dasar Manajemen Keuangan. UPP STIM YKPN
Kartika, & Riharjo, I. B. (2022). Pengaruh Keputusan Investasi, Ukuran Perusahaan, Profitabilitas Dan Likuiditas Terhadap Struktur Modal. Jurnal Ilmu Dan Riset Akuntansi, 8(3), 1–16. https://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/2423
Kayo, E., & Kimura, H. (2011). Hierarchical Determinants of Capital Structure. Journal of Banking and Finance, 35(2): 358-371. https://doi.org/10.1016/j.jbankfin.2010.08.015.
Kho, A., & Susanti, M. (2023). The Effect of Profitability and Liquidity on Capital Structure with Firm Size as Moderating Variable. International Journal of Application on Economics and Business, 1(3): 1351-1359. https://doi.org/10.24912/ijaeb.v1i3.1351-1359.
Lefebvre, V. (2025). Temporal Orientation in Investment Decisions and Capital Structure. Managerial Finance, 52(1): 144-159. https://doi.org/10.1108/mf-10-2024-0766.
Meisyta, E., Yusuf, A., & Martika, L. (2021). Pengaruh Profitabilitas, Struktur Aktiva Dan Ukuran Perusahaan Terhadap Struktur Modal. Jurnal Riset Keuangan dan Akuntansi, 7(2): 83-91. https://doi.org/10.25134/jrka.v7i1.4450.
Nguyen, S. L., Pham, C. D., Truong, T. V., Phi, T. V., Le, L. T., & Vu, T. T. T. (2023). Relationship between Capital Structure and Firm Profitability: Evidence from Vietnamese Listed Companies. International Journal of Financial Studies, 11(1): 1-13. https://doi.org/10.3390/ijfs11010045
Nurdin, E., Awaluddin, I., Abdullah, M., Asni, N., & Sari, I. (2025). Capital structure as a determinant of firm value: A moderation analysis of firm size. Edelweiss Applied Science and Technology, 9(5): 3240–3248. https://doi.org/10.55214/25768484.v9i5.7675.
Rahayu, S., Suhandak., & Saifi, M. (2019). The Reciprocal Relationship Between Profitability and Capital Structure and Its Impacts on The Corporate Values of Manufacturing Companies in Indonesia. International Journal of Productivity and Performance Management, 69(2): 236–25. https://doi.org/10.1108/ijppm-05-2018-0196.
Rambe, A. N., & Imsar, I. (2025). Kebijakan Dividen dan Profitabilitas sebagai Faktor Penentu Struktur Modal Perusahaan Manufaktur di Sektor Barang Konsumen Primer. Scientific Journal of Reflection: Economic, Accounting, Management and Business, 8(3): 1220-1230. https://doi.org/10.37481/sjr.v8i3.1244
Rani, J., Jangra, P., & Mittal, S. (2025). Revisiting the Nexus Between Capital Structure and Dividend Policy: An Empirical Investigation via Incorporating Micro and Macro-Economic Policy Factors in India. Journal of Commerce and Accounting Research, 14(4). https://doi.org/10.21863/jcar/2025.14.4.003.
Saif-Alyousfi, A., Md-Rus, R., Taufil-Mohd, K., Taib, H., & Shahar, H. (2020). Determinants of Capital Structure: Evidence from Malaysian Firms. Asia-Pacific Journal of Business Administration, 12(3-4): 283–326. https://doi.org/10.1108/apjba-09-2019-0202.
Sari, A. R. (2025). Effect of Business Risk, Profitability, and Investment Decisions on Capital Structure. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 7(3): 1398-1408. https://doi.org/10.47467/alkharaj.v7i3.6672
Singh, N., & Bagga, M. (2019). The Effect of Capital Structure on Profitability: An Empirical Panel Data Study. Jindal Journal of Business Research, 8(1): 65 - 77. https://doi.org/10.1177/2278682118823312.
Susanti, S., Widyawati, D., & Iswara, U. S. (2023). The Effect of Profitability and Firm Size on Capital Structure. Jurnal Ilmiah Akuntansi Dan Keuangan (JIAKu), 2(2): 140–151. https://doi.org/10.24034/jiaku.v2i2.5883
Tarissa, & Wibowo, S. (2024). Pengaruh Beban Pajak, Keputusam Investasi, Kebijakan Dividen, Dan Ukuran Perusahaan Terhadap Struktur Modal Studi Kasus Pada Perusahaan Manufaktur Sub Sektor Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia Tahun 2020-2022. Prosiding: Ekonomi Dan Bisnis, 4(1). https://jurnal.ubd.ac.id/index.php/pros/article/view/2862
Tawfeeq, T., Alabdullah, Y., & Khaled, Z. (2023). Exploring The Impact Ceo Duality, Firm Size, And Board Size on Capital Structure Based on the Knowledge Management During the Covid-19 Pandemic. International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC), 1(4): 260-280. https://doi.org/10.61990/ijamesc.v1i4.49.
Vancin, D., & Kirch, G. (2020). Profit Distribution and Regulation: The Impact of Mandatory Dividend in Corporate Internal Funding. Revista Contabilidade & Finanças, 31(84): 524-541. https://doi.org/10.1590/1808-057x201910000.
Zuzi, A. (2024). Capital Budgeting. Interantional Journal of Scientific Research in Engineering and Management, 8(5): 1-42. https://doi.org/10.55041/ijsrem32208.
