Published: 2025-12-01

Faktor-Faktor yang Mempengaruhi Struktur Modal (Studi Empiris pada Perusahaan Manufaktur di Bursa Efek Indonesia (BEI) Periode 2021-2024)

DOI: 10.35870/jemsi.v11i6.5105

Widodo Kevin, Jeani Jeani
  • Widodo Kevin: Universitas Stikubank
  • Jeani Jeani: Universitas Stikubank
JEMSI Volume 11 Nomor 6 Desember 2025

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Abstract

This study investigates the factors that influence capital structure in manufacturing companies listed on the Indonesia Stock Exchange (IDX) between 2021 and 2024. Specifically, it examines the impact of firm size, liquidity, profitability, asset structure, and business risk on a company’s decision-making process regarding the balance between debt and equity financing. Capital structure is measured using the Debt to Equity Ratio (DER), with each independent variable represented by the relevant financial ratios. The research is based on financial reports from 78 companies, selected through purposive sampling, and analyzed using multiple linear regression after passing standard assumption tests. After removing outliers, the final sample included 170 observations. The results reveal that larger firms and those with higher proportions of fixed assets tend to use more debt, while companies with higher liquidity and profitability are more likely to rely on internal funding. Interestingly, business risk was found to have no significant effect on capital structure decisions. These findings underscore the critical role of internal financial conditions in shaping a company’s capital structure choices.

Keywords

Capital Structure ; Firm Size ; Liquidity ; Profitability ; Asset Structure ; Business Risk ; Manufacturing Sector

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Kevin, W., & Jeani, J. (2025). Faktor-Faktor yang Mempengaruhi Struktur Modal (Studi Empiris pada Perusahaan Manufaktur di Bursa Efek Indonesia (BEI) Periode 2021-2024). JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 11(6), 5238-5249. https://doi.org/10.35870/jemsi.v11i6.5105
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This article has been peer-reviewed and published in the JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi). The content is available under the terms of the Creative Commons Attribution 4.0 International License.

  • Issue: Vol. 11 No. 6 (2025)

  • Section: Articles

  • Published: %750 %e, %2025

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Author Biographies
Widodo Kevin
Google Scholar ResearchGate ORCID

Program Studi Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Stikubank, Semarang, Jawa Tengah, Indonesia.

Jeani Jeani
Google Scholar ResearchGate ORCID

Program Studi Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Stikubank, Semarang, Jawa Tengah, Indonesia.

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