The influence of capital structure on financial performance with firm size as the controlling variable in consumer goods companies listed at Indonesia stock exchange

Theresia, Vivian Meidy (2021) The influence of capital structure on financial performance with firm size as the controlling variable in consumer goods companies listed at Indonesia stock exchange. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

Capital structure is an arrangement of varied sources of capital employed by the company to satisfy the business’ fund requirement. The several sources of capital utilized offer different benefits and cost and these differences tend to affect the financial performance of the company. Thus, capital structure is said to be one of the main important factor in financial performance. Hence, this study is done with the purpose of figuring out the influence of capital structure (independent variable) on financial performance (dependent variable) with firm size as the controlling variable in consumer goods companies listed in Indonesia Stock Exchange from 2016 to 2019. The research conducted by utilizing quantitative research method with the population of 52 companies and the total sample of 104 which is obtained from 26 companies with the research period of 4 years. The data analysis used is multiple linear regression analysis. Based on the results of research and analysis by using SPSS 25, it is indicated that capital structure has a significant negative influence on financial performance with the existence of firm size is controlled. It is concluded that the use of debt in capital structure brings a negative influence on the financial performance as the capital structure is presented by the ratio of debt to equity./Struktur modal adalah susunan dari berbagai sumber modal yang diperoleh perusahaan untuk memenuhi kebutuhan dana bisnisnya. Berbagai sumber modal tersebut memiliki keuntungan dan kerugian yang berbeda-beda dan perbedaan tersebut tidak jarang berdampak terhadap kinerja keuangan perusahaan. Oleh karena itu, struktur modal sering dikatakan sebagai salah satu faktor utama dalam kinerja keuangan perusahaan. Demikian, penelitian ini dilaksanakan dengan tujuan untuk mengetahui dampak struktur modal pada kinerja keuangan perusahaan dengan ukuran perusahaan sebagai variabel kontrol dalam perusahaan Consumer Goods yang terdaftar di Bursa Efek Indonesia dari 2016 hingga 2019. Penelitian ini dilakukan dengan metode penelitian kuantitatif dengan populasi dari 52 perusahaan dan 104 total sampel. Total sampel tersebut ditentukan dari 26 perusahaan dalam periode 4 tahun yang diseleksi melalui metode purposive sampling. Analisis data menggunakan analisis regresi linier berganda. Berdasarkan hasil penelitian dan analisis dengan menunggunakan SPSS 25 menunjukkan bahwa struktur modal memiliki pengaruh signifikan negatif terhadap kinerja perusahaan dengan ukuran perusahaan ditetapkan konstan. Sebab struktur modal diwakilkan oleh ratio utang terhadap modal, maka dapat disimpulkan bahwa penggunaan utang sebagai sumber pendanaan membawa pengaruh negatif terhadap kinerja perusahaan.

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