Pengaruh Struktur Modal Terhadap Profitabilitas dengan Ukuran Perusahaan Sebagai Variabel Moderasi (Studi pada Perusahaan dalam Indeks JII Periode 2017-2019)

Rifky Fathoni, Syarifudin Syarifudin

Abstract

Salah satu topik menarik dalam literatur keuangan yang dibahas dalam beberapa tahun terakhir ini yakni struktur modal. Struktur modal didefinisikan sebagai gabungan dari hutang dan ekuitas perusahaan guna mencapai tujuan dalam memaksimalkan profitabilitas. Penelitian ini bertujuan untuk menganalisis dan mengetahui apakah variabel struktur modal memiliki pengaruh terhadap profitabilitas yang dimoderasi oleh variabel ukuran perusahaan. Dalam mengolah data pada penelitian ini digunakan metode kuantitatif dengan model MRA (Moderated Regression Analysis). Penelitian ini menunjukkan bahwa struktur modal memiliki pengaruh negatif terhadap profitabilitas. Pada struktur modal diproyeksikan dengan DAR dan DER yang kemudian profitabilitas diproyeksikan dengan ROA. Hasil pada penelitian ini diketahui bahwa adanya pengaruh negatif dan signifikan DAR terhadap ROA, sedangkan pengaruh negatif dan tidak signifikan ditunjukkan oleh DER terhadap ROA. Pada ukuran perusahaan yang berperan sebagai variabel moderasi mampu memperkuat hubungan antara DAR dan DER terhadap ROA. Dengan adanya penelitian ini dapat memberikan tambahan wawasan ilmu sekaligus kontribusi kepada perusahaan untuk mampu menarik investor untuk berinvestasi di perusahaannya sehingga suatu perusahaan mampu meningkatkan profitabilitasnya.

Keywords

Struktur Modal, Profitabilitas, Ukuran Perusahaan, DAR, DER, ROA

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