The Effect of Profitability, Liquidity, and Asset Tangibility on Capital Structure in Property and Real Estate Companies Listed on the Indonesia Stock Exchange in 2017-2023
Abstract
This research investigates the impact of asset tangibility, liquidity, and profitability on the capital structure of property and real estate companies listed on the Indonesia Stock Exchange during the 2017–2023 period. These variables were selected due to their central relevance to financial decision-making under the framework of the pecking order and trade-off theories, and their heightened importance amid economic uncertainty such as the COVID-19 pandemic. Asset tangibility represents collateral capacity, liquidity reflects short-term financial flexibility, and profitability indicates internal financing ability all of which are critical under crisis conditions. Utilizing a quantitative approach, the study applies dynamic panel data analysis through the Generalized Method of Moments (GMM) to estimate the regression model. The sample consists of 294 firm-year observations from 42 purposively selected firms over seven years. Statistical analysis reveals that while the three variables jointly have a significant effect on capital structure, only profitability exerts a significant positive impact individually. In contrast, asset tangibility and liquidity show no significant influence when assessed independently. This study contributes new empirical insights into capital structure determinants in Indonesia’s property sector, especially within the context of emerging market volatility and global disruptions, offering a foundation for future research incorporating additional firm-specific or macroeconomic variables.
Downloads
References
Abdullah, K., Fadilla, Z., Ardiawan, K. N., Masita, Sari, M. E., Jannah Ummul Aiman, M., & Hasda, S. (2021). Metodologi Penelitian Kuantitatif. Yayasan Penerbit Muhammad Zaini. http://penerbitzaini.com
Abdullah, M. N., Chowdhury, E. K., & Tooheen, R. B. (2022). Determinants of capital structure in banking sector: a Bangladesh perspective. SN Business & Economics, 2(12). https://doi.org/10.1007/s43546-022-00370-8
Albart, N., Sinaga, B. M., Santosa, P. W., & Andati, T. (2020). The Effect of Corporate Characteristics on Capital Structure in Indonesia. Journal of Economics, Business, & Accountancy Ventura, 23(1), 46–56. https://doi.org/10.14414/jebav.v23i1.2153
Amin, M. A. (2023). Pengaruh Growth Opportunity, Pertumbuhan Aset, Profitabilitas, dan Risiko Bisnis Terhadap CAPITAL STRUCTURE Pada Perusahaan Properti dan Real Estate yang Terdaftar di Bursa Efek Indonesia Tahun 2017-2021. Jurnal Valuasi: Jurnal Ilmiah Ilmu Manajemen Dan Kewirausahaan.
Anastasia, N., & Lorenza, D. (2019). Opportunistic Manager and Capital Structure Decision of Property Companies in Indonesian Capital Market. Jurnal Manajemen Teknologi, 18, 1–16. https://doi.org/DOI: http://dx.doi.org/10.12695/jmt.2019.18.1.1
Arellano, M., & Bond, S. (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. The Review of Economic Studies, 58.
Astuti, Sembiring, L. D., Supitriyani, Azwar, K., & Susanti, E. (2021). Analisis Laporan Keuangan. CV. MEDIA SAINS INDONESIA.
Clark, T. S., & Linzer, D. A. (2015). Should I Use Fixed or Random Effects? Political Science Research and Methods. 2, 399–408.
Ekananda, M. (2016). Analisis Ekonometriks Data Panel Bagi Penelitian Ekonomi, Manajemen dan Akuntansi. Mitra Wacana Media.
Febriani, A. D., & Kristanti, F. T. (2019). Determinan CAPITAL STRUCTURE Perusahaan Infrastruktur, Utilitas, dan Transportasi. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana.
Fitriana, A. (2024). Analisis Laporan Keuangan. CV. Malik Rizki Amanah.
Fitriyani, H., & Kristanti, F. T. (2023). Corporate Governance and Capital Structure : Evidence from Indonesian Banking. Asia Pacific Conference on Industrial Engineering and Operations Management.
Geraldine, C., & Lestari, M. I. (2022). Pengaruh Profitabilitas, Likuiditas, Tangibility, Pertumbuhan dan Ukuran Perusahaan Terhadap CAPITAL STRUCTURE Pada Perusahaan Barang Konsumsi yang Terdaftar di BEI Periode 2015 - 2019. Jurnal Bina Akuntansi.
Ghozali, I., & Ratmono, D. (2017). Analisis Multivariat dan Ekonometrika : Teori, Konsep, dan Aplikasi dengan EViews 10 Edisi 2. Badan Penerbit Universitas Diponegoro.
Gusni, Nugraha, & Sari, M. (2020). Analisis Faktor Penentu CAPITAL STRUCTURE: Studi Empiris Pada Perusahaan Kecil Menengah di Pasar Modal Indonesia. In Jurnal Manajemen dan Bisnis Sriwijaya (Vol. 18, Issue 2). http://ejournal.unsri.ac.id/index.php/jmbs
Hendi, H., & Susanti, Y. (2021). Analisis faktor-faktor yang mempengaruhi CAPITAL STRUCTURE di Bursa Efek Indonesia. Jurnal Ekonomi Modernisasi, 17(2), 139–157. https://doi.org/10.21067/jem.v17i2.5528
Hidayat, W. W. (2018). Dasar-Dasar Analisis Laporan Keuangan. Uwais Inspirasi Indonesia.
Hsiao, C. (2007). Panel data analysis—advantages and challenges. TEST, 1, 1–22.
Indrawati. (2015). Metode Penelitian Manajemen dan Bisnis Konvergensi Teknologi Komunikasi dan Informasi. PT Refika Aditama.
Jirwanto, H., Aqsa, M. A., Agusven, T., Herman, H., & Sulfitri, V. (2024). Manajemen Keuangan. www.penerbitazkapustaka.com
Jogiyanto. (2011). Dasar-Dasar Pembelanjaan Perusahaan. Yogyakarta : GPEE.
Kahya, E. H., Ersen, H. Y., Ekinci, C., Taş, O., & Simsek, K. D. (2020). Determinants of Capital Structure for Firms in an Islamic Equity Index: Comparing Developed and Developing Countries. Journal of Capital Markets Studies, 4(2), 167–191. https://doi.org/10.1108/JCMS-07-2020-0023
Kebede, T. N. (2024). Firm-specific and country-level determinants of commercial banks capital structures: evidence from Ethiopia. Journal of Innovation and Entrepreneurship, 13(1). https://doi.org/10.1186/s13731-024-00418-z
Khan, S., Bashir, U., Attuwaijri, H. A. S., & Khalid, U. (2023). The Capital Structure Decisions of Banks: An Evidence From MENA Region. SAGE Open, 13(4). https://doi.org/10.1177/21582440231204600
Kresno Wibowo, R. Y., Fadjrih Asyik, N., & Bambang, S. (2021). Pengaruh Struktur Kepemilikan, Arus Kas Bebas, Ukuran Perusahaan Terhadap Nilai Perusahaan Melalui CAPITAL STRUCTURE. EKUITAS (Jurnal Ekonomi Dan Keuangan), 5(3). https://doi.org/10.24034/j25485024.y2021.v5.i3.4799
Kristanti, F. T., Fitriyani, H., & Krisnawati, A. (2024). Dynamic panel data analysis of the impact of governance on bank capital structure in Indonesia. Banks and Bank Systems, 19(2), 199–209. https://doi.org/10.21511/bbs.19(2).2024.16
Kristanti, F. T., Rahayu, S., & Isynuwardhana, D. (2019). Integrating Capital Structure, Financial and Non-Financial Performance: Distress Prediction of SMEs. GATR Accounting and Finance Review, 4(2), 56–63. https://doi.org/10.35609/afr.2019.4.2(4)
Kristanti, F. T., & Rahayu, S. (2018). Capital Structure and Performance due to Gender Diversity of CEOs in Indonesian Small & Medium-sized Business. In International Journal of Engineering & Technology. www.sciencepubco.com/index.php/IJET
Muhammad, R. N., & Mukhibad, H. (2021). Determinan Kebijakan Hutang Dengan Dimoderasi Keunikan Produk. Substansi: Sumber Artikel Akuntansi, Auditing, Dan Keuangan Vokasi, 5, 2021.
Noviani, A. V., Dorkas, A., Atahau, R., Robiyanto, R., & Artikel, R. (2019). CAPITAL STRUCTURE, profitabilitas, dan nilai perusahaan: Efek moderasi Good Corporate Governance I N F O A R T I K E L. Jurnal Ekonomi Dan Bisnis, 22(Oktober), 391–415.
Noviastuti, D. S., Ferina, I. S., & Priyati, R. Y. (2022). Analisis Pengaruh CAPITAL STRUCTURE Dan Struktur Kepemilikan Terhadap Kinerja Perusahaan. Jurnal Reviu Akuntansi Dan Keuangan, 12(2), 400–415. https://doi.org/10.22219/jrak.v12i2.20645
Permadani, D. A., Novitasari, M., & Nurhayati, P. (2021). Pengaruh CAPITAL STRUCTURE dan Csr Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderasi. Seminar Inovasi Manajemen Bisnis Dan Akuntansi (SIMBA) 3.
Putri, R. L., & Willim, A. P. (2024). Analysis of the effect of assets structure, earning volatility and financial flexibility on capital structure in consumer goods industry sector companies on the Indonesia stock exchange. LBS Journal of Management & Research, 22(1), 25–36. https://doi.org/10.1108/lbsjmr-11-2022-0069
Radjab, E., & Jam’an, A. (2017). Metodologi Penelitian Bisnis.
Rehan, R., Khan, M. A., Fu, G. H., Sa’ad, A. A., & Irshad, A. (2024). The Determinants of Shariah Banks’ Capital Structure. International Journal of Economics and Financial Issues, 14(5), 193–202. https://doi.org/10.32479/ijefi.16923
Saragih, M. G., Saragih, L., Purba, J. W. P., Panjaitan, P. D., & Karim, A. (2021). Metode Penelitian Kuantitatif: Dasar-Dasar Memulai Penelitian. Yayasan Kita Menulis.
Sari, W., & Wiyanto, H. (2022). Pengaruh CAPITAL STRUCTURE, Ukuran Perusahaan dan Profitabilitas Terhadap Kualitas Laba Perusahaan. Jurnal Manajerial Dan Kewirausahaan, 04(03), 701–711.
Sekaran, U., & Roger, B. (2017). Metode Penelitian Bisnis. Salemba Empat.
Sihombing, F. T., & Kristanti, F. T. (2024). Analisis Determinan CAPITAL STRUCTURE pada Perusahaan Property dan Real Estate. Jurnal Samudra Ekonomi Dan Bisnis, 15(2), 442–454. https://doi.org/10.33059/jseb.v15i2.7226
Siregar, S. (2017). Metode Penelitian Kuantitatif : Dilengkapi dengan Perbandingan Perhitungan Manual & SPSS. Kencana.
Sisodia, A., & Maheshwari, G. C. (2023). Effect of Determinants on Financial Leverage in FMCG Industry: An Empirical Study of Capital Structure Prior to COVID-19. Asia-Pacific Journal of Management Research and Innovation. https://doi.org/10.1177/2319510x231178408
Siswanto, E. (2021). Manajemen Keuangan Dasar. Universitas Negeri Malang.
Sri Hartati, M., & Mukhibad, H. (2018). Accounting Analysis Journal The Influence Of Profitability, Liquidity, Business Risk, Firm Size, and Sales Growth in The Property and Real Estate Companies Listed in the Idx During 2013-2016. Accounting Analysis Journal, 7(2), 103–110. https://doi.org/10.15294/aaj.v7i2.22383
Sudianto, Suyatni, & Mulyadi. (2022). Manajemen Keuangan.
Sugiyono. (2008). Metode Penelitian Kuantitatif Kualitatif dan R&D. Alfabeta.
Suharsono, & Setiadi, I. (2020). Faktor-Faktor yang Mempengaruhi CAPITAL STRUCTURE. Kompartemen:JurnalIlmiahAkuntansi, XVIII(1), 63–75. http://jurnalnasional.ump.ac.id/index.php/kompartemen/
Sujarweni, V. W. (2015). Metodologi Penelitian Bisnis dan Ekonomi. Pustaka Baru Press.
Sumani, Roziq, A., & Manurung, D. T. H. (2020). Relevankah Teori CAPITAL STRUCTURE di Indonesia. Jurnal Akuntansi Multiparadigma. https://doi.org/https://doi.org/10.21776/ub. jamal.2020.11.2.22
Wardoyo, D. U., & Andani, A. D. (2024). Analisis Faktor-Faktor Yang Mempengaruhi CAPITAL STRUCTURE : Studi Kasus Pada Sektor Industri Asuransi. Jurnal Reviu Akuntansi Dan Keuangan, 14(2). https://doi.org/10.22219/jrak.v14i2.33497
Widarjono, A. (2007). Ekonometrika: Teori dan Aplikasi untuk Ekonomi dan Bisnis. Yogyakarta: Ekonisia.
Wijayanti, A., & Siddi, P. (2020). Faktor-Faktor Yang Mempengaruhi CAPITAL STRUCTURE. Accounting Global Journal, 4(1), 97–113.
Windijarto, W., & Andiya, F. (2021). Refinancing Dalam CAPITAL STRUCTURE: Studi Pada Perusahaan Manufaktur di Bursa Efek Indonesia. Ekuitas: Jurnal Ekonomi Dan Keuangan, 5. https://doi.org/10.24034/j25485024.y2021.v5.i1.4736
Copyright (c) 2025 Salafu Zain Al Hamid, Farida Titik Kristanti
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
