Pengaruh Tata Kelola Perusahaan Terhadap Struktur Modal Di Perusahaan  Consumer Non Cyclical

Khoirul Muhimah; I Dewa Ayu Nadya Dhanari Kirana Ardana; Henny Setyo Lestari; Farah Margaretha Leon

doi:10.32503/revitalisasi.v14i1.6732

Khoirul Muhimah Universitas Trisakti
I Dewa Ayu Nadya Dhanari Kirana Ardana Universitas Trisakti
Henny Setyo Lestari Universitas Trisakti
Farah Margaretha Leon Universitas Trisakti

DOI: https://doi.org/10.32503/revitalisasi.v14i1.6732

Abstract

The purpose of this research is to analyze and provide a deeper understanding of the influence of corporate governance elements on the capital structure of non-cyclicals consumer companies listed on the Indonesia Stock Exchange. This research uses quantitative research using secondary data obtained from of company financial statements and company annual reports. This research uses a sample of companies listed on the IDX qith the non-cyclicals consumer sector for thr 2019 – 2023 period. The sample of these was 61 of companies. This results of this research indicate that board size, board meetings, firm size, tangibility, depreciation, and profitability have a negative and significant effect on capital structure. Meanwhile, board committee and age have a positive and significant effect on capital structure. In addition, there is no significant influence between board gender and capital structure.

References

Alabdullah, T. T. Y., & Mohamed, Z. K. (2023). Exploring The Impact Ceo Duality, Firm Size, And Board Size On Capital Structure Based On The Knowledge Management During The Covid-19 Pandemic. International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC), 1(4), 266–280.
Alshareef, M. N. (2024). Does family ownership moderate the relationship between board gender and capital structure of Saudi-listed firms? Cogent Business & Management, 11(1), 2367732.
Chang, Y., Ali, M. M., Wang, Q., & Lin, S.-H. (2023). Corporate Board Gender Diversity and Financing Decision. International Journal of Economics and Finance, 15(8), 1–43.
Chowdhury, S. P., Ahmed, R., Debnath, N. C., Ali, N., & Bhowmik, R. (2024). Corporate Governance and Capital Structure Decisions: Moderating Role of inside Ownership. Risks 12: 144.
Dermawan, E. S. (2022). Pengaruh Likuiditas, Pertumbuhan Penjualan, Asset Turnover Dan Usia Perusahaan Terhadap Struktur Modal. Jurnal Paradigma Akuntansi, 4(2), 837–846.
Ezeani, E., Kwabi, F., Salem, R., Usman, M., Alqatamin, R. M. H., & Kostov, P. (2023). Corporate board and dynamics of capital structure: Evidence from UK, France and Germany. International Journal of Finance & Economics, 28(3), 3281–3298.
Firmansyah, F. A., & Kristanti, F. T. (2022). Pengaruh Profabilias, Ukuran Perusahaan, Struktur Aktiva dan Board Gender Diversity Terhadap Struktur Modal Perusahaan Kategori Large Business Sektor Consumer Goods. Jimea: Jurnal Ilmiah MEA (Manajemen, Ekonomi Dan Akuntansi), 6(1), 43–60.
Ghani, E. K., Rehan, R., Salahuddin, S., & Hye, Q. M. A. (2023). Discovering capital structure determinants for SAARC energy firms. International Journal of Energy Economics and Policy, 13(1), 135–143.
Hossain, M. A., & Oon, E. Y. N. (2022). Board leadership, board meeting frequency and firm performance in two-tier boards. Managerial and Decision Economics, 43(3), 862–879. https://doi.org/10.1002/mde.3423
Jamal, S., & Mahmood, W. (2018). Impact of corporate governance and capital structure on firm financial performance: evidence from listed cement sector of Pakistan. Journal of Resources Development and Management, 44, 24–34.
Javaid, A., Nazir, M. S., & Fatima, K. (2023). Impact of corporate governance on capital structure: mediating role of cost of capital. Journal of Economic and Administrative Sciences, 39(4), 760–780.
Kamila, N. (2024). Corporate Governance Dan Keputusan Struktur Modal Pada Perusahaan Manufaktur Di Indonesia: Corporate Governance And Capital Structure Decisions Of Manufacturing Companies In Indonesia. Anterior Jurnal, 23(2), 51–56.
Nguyen, T., Bai, M., Hou, Y., & Vu, M.-C. (2021). Corporate governance and dynamics capital structure: Evidence from Vietnam. Global Finance Journal, 48, 100554.
PeiZhi, W., & Ramzan, M. (2020). Do corporate governance structure and capital structure matter for the performance of the firms? An empirical testing with the contemplation of outliers. Plos One, 15(2), e0229157.
Pham, L. H., & Hrdý, M. (2023). Determinants of SMEs capital structure in the Visegrad group. Economic Research-Ekonomska Istraživanja, 36(1).
Queiri, A., Madbouly, A., Dwaikat, N., & Husain, U. (2024). Corporate governance and capital structure decision: insights from Oman. Cogent Business & Management, 11(1), 2297463.
Saeed, K., Iqbal, M. S., & Tijjani, A. A. (2024). Impact of Corporate Governance on Capital Structure; Evidence from Pakistan. Journal of Banking and Social Equity (JBSE), 3(1), 57–69.
Samal, D., & Yadav, I. S. (2024). Agency conflicts, corporate governance, and capital structure decisions of Indian companies: evidence from new governance laws. Journal of Advances in Management Research, 21(1), 96–124.
Solomon, S. J., Bendickson, J. S., Marvel, M. R., McDowell, W. C., & Mahto, R. (2021). Agency theory and entrepreneurship: A cross-country analysis. Journal of Business Research, 122, 466–476.
Susetyo, D. P. (2023). The Effect of Return on Assets and Firm Size on Capital Structure. Jurnal Ekonomi, Manajemen Dan Akuntansi, 1(01), 25–32.
Tran, O. K. T., Nguyen, D., & Van Nguyen, D. (2024). How Does Corporate Governance Affect the Dynamic Capital Structure? Evidence from Listed Family Businesses in Vietnam. Montenegrin Journal of Economics, 20(1), 59–68.
Vina, J., Junaedi, A. T., & Panjaitan, H. P. (2021). Determinants of Profitability and Capital Structure in KOMPAS100 Index Companies Year 2016-2020. Journal of Applied Business and Technology, 2(3), 233–242.
Widijaya, W., & Peny, P. (2020). Tata kelola perusahaan dan pengaruhnya terhadap struktur modal. Jurnal Ekonomi Modernisasi, 16(3), 132–143.
Yuwono, W., Momongan, M. D. M., Sanjaya, K., Susiana, F., & Young, H. D. (2022). Analisis Struktur Modal pada Perusahaan yang Terdaftar di Bursa Efek Indonesia. MANABIS: Jurnal Manajemen Dan Bisnis, 1(3), 202–210.