Analisis Pengaruh Struktur Aset, Volatilitas Laba, dan Fleksibilitas Keuangan terhadap Struktur Modal pada Perusahaan Sektor Infrastruktur yang Terdaftar di Bursa Efek Indonesia
Year: 2026
Type: article
Abstract: This study aims to analyze the effect of asset structure, earnings volatility, and financial flexibility on capital structure in infrastructure companies listed on the Indonesia Stock Exchange (IDX). This quantitative study uses secondary data from the financial statements of IDX-listed infrastructure companies for 2022-2024. Purposive sampling produced 43 companies and 129 observations. The data were analyzed with panel data regression in EViews 12, using Chow and Hausman tests, classical assumption tests, and F and t tests at a 5% significance level, and the Fixed Effect Model was selected. The findings show that asset structure has a negative but statistically insignificant effect on capital structure. In contrast, earnings volatility has a significant negative effect, indicating that firms with less stable earnings tend to use less debt. Financial flexibility shows a positive relationship with capital structure, although not statistically significant. Jointly, the three independent variables significantly explain capital structure, with an R-squared of 0.8916. The study is limited to three years, one sector, and three independent variables, and the autocorrelation test indicates negative autocorrelation. It contributes to the financial management literature on capital structure and Pecking Order Theory, and helps managers, investors, and regulators assess infrastructure firms' debt policy.
Source: Ekopedia Jurnal Ilmiah Ekonomi
DOI: 10.63822/yk121s77
Institution: Mulawarman University
Language: English
Subfield: Finance
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W7225383346