Analisis Pengaruh Struktur Aset, Volatilitas Laba, dan Fleksibilitas Keuangan terhadap Struktur Modal pada Perusahaan Sektor Infrastruktur yang Terdaftar di Bursa Efek Indonesia
DOI:
https://doi.org/10.63822/yk121s77Keywords:
Capital Structure; Asset Structure; Earnings Volatility; Financial Flexibility; Infrastructure SectorAbstract
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.
Downloads
References
Alipour, M., Mohammadi, M. F. S., & Derakhshan, H. (2015). Determinants of capital structure: An empirical study of firms in Iran. International Journal of Law and Management, 57(1), 53–83. https://doi.org/10.1108/IJLMA-01-2013-0004
Anggreani, Y., & Andriana, N. (2025). The Effect of Profitability, Investment Policy, and Financial Performance on Stock Returns in Infrastructure Sector Companies on the IDX. In Economic: Journal Economic and Business (Vol. 4, Number 2).
Ariyani, H. F., Pangestuti, I. R. D., & Raharjo, S. T. (2018). The Effect of Asset Structure, Profitability, Company Size, and Company Growth on Capital Structure (The Study of Manufacturing Companies Listed on the IDX for the Period 2013-2017). Jurnal Bisnis STRATEGI •, 27(2), 123–136.
Aulia, H., Al Ashry, L., & Fitra, H. (2019). Effect of Sales Growth and Asset Structure on Capital Structure in Real Estate and Property Companies on the Indonesia Stock Exchange. www.sahamok.com,
F. Ukhriyawati, C., Ratnawati, T., & Riyadi, S. (2017). The Influence of Asset Structure, Capital Structure, Risk Management and Good Corporate Governance on Financial Performance and Value of The Firm through Earnings and Free Cash Flow as an Intervening Variable in Banking Companies Listed in Indonesia Stock Exchange. International Journal of Business and Management, 12(8), 249. https://doi.org/10.5539/ijbm.v12n8p249
Ghasemzadeh, M., Heydari, M., & Mansourfar, G. (2019). Earning Volatility, Capital Structure Decisions and Financial Distress by SEM. Emerging Markets Finance and Trade, 57(9), 2632–2650. https://doi.org/10.1080/1540496X.2019.1663729
Giovanni, A., Utami, D. W., & Hirawati, H. (2020). Capital Structure and Financial Distress: Empirical Study of Companies in the Mining Sector and the Infrastructure, Utilities & Transportation Sector. http://e-journal.stie-kusumanegara.ac.id
Hardianti, E. (2021). Analysis of Factors Affecting Capital Structures in Companies Listed in Indonesia Stock Exchange Period 2010-2014. In International Journal for Innovation Education and Research (Number 9). www.idx.co.id.The
He, M., Kang, K., & Mu, X. (2021). Impact of tax difference and asset structure on a capital-constrained vertical equity holding transnational supply chain. International Journal of Production Research, 60(11), 3606–3629. https://doi.org/10.1080/00207543.2021.1926571
Hidayati, W., & Permana, Y. H. (2022). The Development of Economic Infrastructure in Western and Eastern Indonesia to Support People’s Welfare Improvement.
Khan, S., Bashir, U., & Islam, M. S. (2020). Determinants of capital structure of banks: evidence from the Kingdom of Saudi Arabia. International Journal of Islamic and Middle Eastern Finance and Management, 14(2), 268–285. https://doi.org/10.1108/IMEFM-04-2019-0135
Lambrinoudakis, C., Skiadopoulos, G., & Gkionis, K. (2019). Capital structure and financial flexibility: Expectations of future shocks. Journal of Banking and Finance, 104, 1–18. https://doi.org/10.1016/j.jbankfin.2019.03.016
Mabandla, N. Z., & Marozva, G. (2024). The Effect of Earnings Volatility on Capital Structure: A Case of Oligopolistic Banking Sector. Global Business Review, 1–17. https://doi.org/10.1177/09721509241301120
Mahanani, R. M., & Asandimitra, N. (2017). Pengaruh Nilai Tukar, Suku Bunga, Inflasi, GDP dan Corporate Tax Rate terhadap Struktur Modal Perusahaan Sektor Infrastruktur, Utilitas dan Transportasi yang Terdaftar di Bursa Efek Indonesia tahun 2011-2015.
Moradi, A., & Paulet, E. (2018). The firm-specific determinants of capital structure – An empirical analysis of firms before and during the Euro Crisis. Research in International Business and Finance, 47, 150–161. https://doi.org/10.1016/j.ribaf.2018.07.007
Mujiatun, S., Rahmayanti, & Ferina, D. (2021). Effect of Profitability and Asset Structure on Capital Structure (In Sharia Based Manufacturing Companies in Indonesia Stock Exchange in 2016-2019 Period). Proceeding International Seminar on Islamic Studies Medan.
Myers, S. C., & Majluf, N. S. (1984). Corporate Financing and Investment Decisions when Firms have Information that Investors do not have. In Journal of Financial Economics (Vol. 13).
Nababan, L., & Lee, J. K. (2025). Determinants of Capital Structure of Consumer Goods Industry Sector Companies. Jurnal Bisnis Mahasiswa, 5(3), 1537–1549. https://doi.org/10.60036/jbm.653
Nalim, Y., & Turmudi, S. (2012). Statistika Deskriptif (1st ed.). STAIN Pekalongan Press.
Pendar, M., Tayar, H., & Karimeh, S. (2019). The impact of financial flexibility on capital structure decisions: Some empirical evidence. Management Science Letters, 9(1), 133–138. https://doi.org/10.5267/j.msl.2018.10.010
Pramudi, R. R., & Soekarno, S. (2019). Determinants of Capital Structure and Capital Structure Target of Indonesian Infrastructure Companies.
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
Qureshi, N. A. S. M. A. (2017). Determinants of capital structure of Islamic and conventional commercial banks: Evidence from Pakistan. International Journal of Islamic and Middle Eastern Finance and Management, 10(1), 24–41. https://doi.org/10.1108/IMEFM-10-2015-0119
Rangga, A., & Ekadjaja, A. (2023). How Asset Growth, Earnings Volatility, Firm Size, and Leverage Affect Stock Price Volatility. International Journal of Application on Economics and Business (IJAEB), 1(4). https://doi.org/10.24843/EJA.2018.v24
S, S., & Machali, M. (2017). The Effect of Asset Structure and Firm Size on Firm Value with Capital Structure as Intervening Variable. Journal of Business & Financial Affairs, 06(04). https://doi.org/10.4172/2167-0234.1000298
Sari, I. A. G. D. M. (2020). Profitability and liquidity on firm value and capital structure as intervening variable. International Research Journal of Management, IT and Social Sciences. https://doi.org/10.21744/irjmis.v7n1.828
Sugiyanto, & Ikhsan, S. (2022). The Effect of Return on Equity, Current Ratio, and Earnings Volatility on Capital Structure. International Journal of Social Science and Business, 6(4), 478–485. https://doi.org/10.23887/ijssb.v6i4.50318
Sugiyono. (2015). Metode Penelitian Kuantitatif, Kualitatif dan R & D. Bandung: (Alfabeta, Ed.; 22nd ed.).
Suhadi, I. A. (2024). The Influence of Profitability and Company Size on Capital Structure in Infrastructure Sector BUMN Companies Listed on the IDX 2017-2022. In International Journal of Economics Development Research (Vol. 5, Number 2).
Syafitri, D., & Fauzan. (2025). The Influence of Profitability, Sales Growth, Asset Structure, and Liquidity on Capital Structure in Food and Beverage Sub-Sector Companies Listed on The Indonesia Stock Exchange 2021-2023. In Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) (Vol. 8, Number 2).
Yanti, Y., Sastra, E., & Kurniawan, T. B. (2022). The Impact of Financial Flexibility and Business Risk on Capital Structure with Firm Size as a Moderating Variable.
Yudaruddin, R. (2021). Laboratorium Statistik (1st ed.). Samarinda: RV Pustaka Horizon.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Nur Syamsiyah Fauziyah, Rizky Yudaruddin (Author)
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
