MODERASI UMUR PERUSAHAAN DALAM HUBUNGAN ANTARA STRUKTUR MODAL DAN KINERJA KEUANGAN PERUSAHAAN PERTAMBANGAN BATUBARA DI INDONESIA
Abstrak: Moderasi Umur Perusahaan dalam Hubungan antara Struktur Modal dan Kinerja Keuangan Perusahaan Pertambangan Batubara di Indonesia. Tujuan dari artikel penelitian ini adalah untuk menganalisis pengaruh struktur modal terhadap kinerja perusahaan pertambangan batubara di Indonesia. Hasil empiris menunjukkan bahwa semua ukuran struktur modal dengan variabel debt to total asset ratio dan current ratio memiliki signifikansi terhadap profitabilitas. Sebaliknya, debt equity ratio tidak memiliki signifikansi terhadap profitabilitas. Umur perusahaan sebagai variabel moderasi pada penelitian ini tidak memoderasi pengaruh struktur modal terhadap profitabilitas. Data yang digunakan dalam penelitian ini adalah laporan keuangan tahunan periode 2012-2021. Metode analisis data yang digunakan dalam penelitian ini adalah analisis regresi linier sederhana dan pengujian hipotesis menggunakan t-statistik untuk menguji korelasi dan koefisien determinasi untuk menguji pengaruh Struktur Modal terhadap Profitabilitas menggunakan program SPSS. Terdapat keterbatasan di dalam penelitian ini bahwa dalam penelitian ini tidak memungkinkan dilakukan pengujian dengan menggunakan lag yang panjang karena data yang digunakan dalam penelitian ini sangat terbatas.
Kata kunci: struktur modal; kinerja keuangan; pertambangan batubara
Abstract: Moderation of Firm Age in the Relationship between Capital Structure and Financial Performance of Coal Mining Companies in Indonesia. The purpose of this research article is to analyze the effect of capital structure on the performance of coal mining companies in Indonesia. Empirical results show that all measures of capital structure with variable debt to total asset ratio and current ratio have a significant effect on profitability. In contrast, the debt-equity ratio has no significance on profitability. Firm age as a moderating variable in this study does not affect capital structure on profitability. The data used in this study are annual financial reports for the 2012-2021 period. The data analysis method used in this study is simple linear regression analysis and hypothesis testing using t-statistics to test the correlation and coefficient of determination to overcome the effect of Capital Structure on Profitability using the SPSS program. There are limitations to this study. That in this study it is not possible to test using a long lag, because the data used in this study is very limited.
Keywords: capital structure; firm performance; mining company
Arumbarkah, A. M., & Pelu, M. F. A. (2019). Pengaruh Likuiditas, Profitabilitas, Leverage dan Growth Terhadap Kebijakan Dividen Dengan Ukuran Perusahaan Sebagai Variabel Moderating. CESJ : Center Of Ecocnomic Students Journal, 2(2), 23–36
Berger, A.N., Bonaccorsi di Patti, E., 2006. Capital structure and ï¬rm performance: a new approach to testing agency theory and an application to the banking industry. J. Bank. Finance 30 (4), 1065–1102.
Boldeanu, N and Pugna, I, 2014. The analysis of the influence factors affecting the performance of pharmaceutical companies, Theoretical and Applied Economics, Vol. (XXI), No (7).
Brealey , R. A., Myers, S. C., & Allen, F. (2000). Principles of Corporate Finance (Vol. 10th Edition). New York: Irwin McGraw- Hill. Retrieved 2019
Brick , I. E., Palmon , O., & Wald, J. K. (2006). CEO compensation, director compensation, and firm performance: Evidence of cronyism? Journal of Corporate Finance, 12(3), 403 – 423. doi:doi:10.1016/j.jcorpfin.2005.08.005
Brigham, E.F., & Houston, J.F. (2018). Fundamentals Of Financial Management. The United States of Amerika.
Brown, L. D., & Caylor, M. L. (2006, July–August). Corporate governance and firm valuation. Journal of Accounting and Public Policy, 25(4), 409–434. Retrieved April 2019
Chathoth, P.K. and Olsen, M.D. (2007), "The effect of environmental risk, corporate strategy, and capital structure on ï¬rm performance: an empirical investigation of restaurant ï¬rms", Hospitality Management, Vol. 26, pp. 502-516.
Dolgopyatova T. G. (2017). Corporate Governance in Russian Big Business: Trends of the 2000s. Baltic RIM Economies Review, 2, 37
Freihat, Abdel Razaq Farah & Kanakriyah, Raed. 2017. "Impact of R&D Expenditure on Financial Performance: Jordanian Evidence". European Journal of Business and Management. ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online). Vol.9, No.32, 2017.
Gitman, L. J., & Zutter, C. J. (2015). Principles of Managerial Finance (Vol. 12th Edition). Pearson Higher Education AU
Herriot, S., Levinthal, D. A., & March, J. G. (1985, Mei). Learning From Experience in Organizations. American Economic Association, 75(2), 298-302. Retrieved 2019
Ivаshkovskаyа I.V., Stepаnovа Ð.N. (2011). Does strаtegiÑ Ñorporаte performаnÑe depend on Ñorporаte finаnÑiаl аrÑhiteÑture? EmpiriÑаl study of Europeаn, Russiаn аnd other emerging mаrket's firms. Journаl of Mаnаgement аnd GovernаnÑe, 15 (4), 603–616
Iwasaki I., Mizobata S., Muravyev, A. (2018). Ownership dynamics and firm performance in an emerging economy: a meta-analysis of the Russian literature. Post-Communist Economies, 30 (3), 290
Jensen, M.C. and Meckling, W.H. (1976), "Theory of the ï¬rm: managerial behavior, agency costs and ownership structure", Journal of Financial Economics, Vol.3No.4, pp. 305-360.
Jermias, J. (2008), "The relative influence of competitive intensity and business strategy on the relationship between capital structure and performance", The British Accounting Review, Vol. 40, pp. 71-86.
Johl, S., & Jackling, B. (2009, Juli). Board Structure and Firm Performance: Evidence from India's Top Companies. Corporate Governance: An International Review, 17(4), 492–509
Johnson, R. A., & Greening, D. W. (1999). The Effect of Corporate Governance and Institutional Ownership Types on Corporate Social Performance. Academy of Management Journal, 45(5), 564-576. Retrieved April 2019
Kasmir. (2013). Analisis Laporan Keuangan. Jakarta: Rajawali Pers
Kementerian Keuangan Republik Indonesia. (2019, Januari). APBN Kita. Kinerja dan Fakta. Edisi Januari 2019. Retrieved Juli 2019, from Web site Kementerian Keuangan RI: https://www.kemenkeu.go.id/apbnkita
Klein, A. (1998, April). Firm Performance and Board Committee Structure. The Journal of Law and Economics, 41(1), 275-304.
Levitt, B., & March, J. G. (1988). Organizational Learning. Annual Review of Sociology 14(1), 319-40. Retrieved 2019
Lo, K. (2003, Agustus). Economic consequences of regulated changes in disclosure: the case of executive compensation. Journal of Accounting and Economics, 35(3), 285–314
Margaritis, D., Psillaki, M., 2010. Capital structure, equity ownership, and ï¬rm performance. J. Bank. Finance 34 (3), 621–632.
Miller, M.H., Modigliani, F., 1963. Corporate income taxes and the cost of capital: a correction. Am. Econ. Rev. 53 (3), 433–443.
M. Allegrini, G. Greco (2013). Corporate boards, audit committees and voluntary disclosure: Evidence from Italian listed companies. Journal of Management and Governance, 17 (1) (2013), pp. 187-216, 10.1007/s10997-011-9168-3
Modigliani, F. and Miller, M.H. (1958), "The cost of capital, corporation ï¬nance, and the theory of investment", The American Economic Review, Vol. 48 No. 3, pp. 261-297.
Quevedo, J. G., Pellegrino, G., & Vivarelli, M. (2014). R&D drivers and age: Are young firms different? Research Policy, 43(9), 1544-1556
Sheikh, N.A. and Wang, Z. (2011), "Determinants of capital structure: an empirical study of ï¬rms in the manufacturing industry of Pakistan", Managerial Finance, Vol. 37 No. 2, pp. 117-133.
Singh, M. and Faircloth, S. (2005), "The impact of corporate debt on long-term investment and ï¬rm performance", Applied Economics, Vol. 37 No. 8, pp. 875-883.
Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic Capabilities and Strategic Management. Strategic Management Journal, 18 (7), 509-533. Retrieved 2019
World Coal Assosiation. (2019, Juli 28). Coal Mining. (World Coal Organization) Retrieved Juli 28, 2019, from World Coal Association: https://www.worldcoal.org/coal
