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All Journal Owner : Riset dan Jurnal Akuntansi International Journal of Economics, Business and Accounting Research (IJEBAR)
Didik Prasetyanto
STIE Surakarta
Economics, Econometrics & Finance

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Analisis Pengaruh Struktur Modal terhadap Kinerja Keuangan BUMN Sektor Konstruksi: Peran Financial Distress sebagai Variabel Moderasi Saktiana Rizki Endiramurti; Nur Chayati; Estetika Mutiaranisa Kuriniawati; Didik Prasetyanto
Owner : Riset dan Jurnal Akuntansi Vol. 6 No. 3 (2022): Artikel Volume 6 Issue 3 Periode Juli 2022
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v6i3.961

Abstract

Capital structure decision represents one of the most crucial financing decisions that can affect firm performance and firm value through the cost of capital. The purpose of this research is to explore the effect of capital structure on firm performance and the moderating effect of financial distress. This research used 63 data observations of 7 Indonesia SOEs in the construction sector for the period from 2010 to 2019. Multiple and Moderated Regression Analyses were used to investigate the effect of capital structure and financial distress on firm performance. The results indicate that the capital structure has a negative effect on ROA and ROE.  and that this effect is stronger for firms with higher financial distress risk. This research is to provide further enrichment related to capital structure, financial distress, and firm performance, especially for SOEs in the construction sector in Indonesia.   ABSTRAK   Keputusan struktur modal merupakan salah satu keputusan pendanaan yang paling penting yang dapat mempengaruhi kinerja perusahaan dan nilai perusahaan melalui biaya modal. Penelitian ini bertujuan untuk menguji pengaruh struktur modal dan kinerja keuangan serta pengaruh moderasi financial distress pada hubungan struktur modal dan kinerja keuangan. Penelitian ini menggunakan 63 data dari 7 BUMN Sektor Konstruksi di Indonesia untuk periode 2010 – 2019. Multiple dan Moderated Regression Analyses digunakan untuk menguji pengaruh pengaruh struktur modal dan kinerja keuangan serta pengaruh moderasi financial distress pada hubungan struktur modal dan kinerja keuangan. Hasil penelitian menunjukkan bahwa struktur modal berpengaruh negatif terhadap ROA dan ROE, dan bahwa efek ini lebih kuat untuk perusahaan dengan risiko kesulitan keuangan yang lebih tinggi. Penelitian ini untuk memberikan pengayaan lebih lanjut terkait struktur permodalan, financial distress, dan kinerja perusahaan khususnya bagi BUMN di sektor konstruksi di Indonesia.
ANALYSIS OF FINANCIAL DISTRESS IN INDONESIA STATE-OWNED ENTERPRISE Didik Prasetyanto; Agung Nur Probohudono; Nur Chayati; Saktiana Rizki Endiramurti
International Journal of Economics, Business and Accounting Research (IJEBAR) Vol 5, No 3 (2021): IJEBAR : Vol. 05, Issue 03, September 2021
Publisher : LPPM ITB AAS INDONESIA (d.h STIE AAS Surakarta)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/ijebar.v5i3.3448

Abstract

This study aims to provide empirical evidence related to the potential for financial distress experienced by State-Owned Enterprises. Through this research, a description of the potential financial distress experienced by PT Wijaya Karya (Persero) Tbk and PT Adhi Karya (Persero) Tbk can be obtained during the period 2010 - 2019. The Financial distress prediction model uses the Altman Model (Z-Score) and Springate Model (S-Score). The results show that from 2010 – 2019, PT Wijaya Karya (Persero) Tbk is still in a healthy condition so that the possibility of going bankrupt is very small. However, year by year, the condition of PT Wijaya Karya (Persero) Tbk is still in a gray condition where in this condition the company is prone to bankruptcy and experiencing financial problems that must be handled by the company's management appropriately. Meanwhile, PT Adhi Karya (Persero) from 2010 – 2019 showed the potential for financial distress which was strengthened by an unhealthy balance sheet because most of the funding sources came from debt. This study shows that the potential for financial distress arises because of a shift in government policy in development.
Co-Authors Agung Nur Probohudono Estetika Mutiaranisa Kuriniawati Nur Chayati Saktiana Rizki Endiramurti