THE EFFECT OF CAPITAL STRUCTURE AND FINANCIAL STRUCTURE ON FIRM PERFORMANCE (An Empirical Study of The Financial Crisis 2008 and 2009 in Indonesia)

Cressya Cesia Ansca, Kevin Agriya Suyapto, Titin Pranoto, Vania Pradipta Gunawan



This research aims to identify the impact of capital structure on Indonesian firms’ performance, particularly on the magnitude of impact at the period prior to crisis, crisis, and the period following the crisis that happened in 2008. The Global Financial Crisis grants a chance to scrutinize the impact of crisis between capital structure and firm performance. Proxies used for capital structure are total debt to total assets, short-term debt to total assets, and long-term debt to total assets ratio. Moreover, firm performance is measured by accounting performance (Return on Asset and Return on Equity) and market performance (Price to Equity Ratio and Tobin’s Q). Samples used include all firms listed in Indonesia Stock Exchange (IDX) from the period 2004 up to 2017, excluding financial sector firms. This research posits that capital structure generally impacts firm performance negatively. The Global Financial Crisis (GFC) that happened in 2008 serves a greater negative impact of capital structure to firm performance than it is before and after crisis. This research is intended for use by firms as a perusal in managing its capital structure, for creditors in managing its lending, and for investors in investing, prominently in times of financial crisis.

Keywords: Indonesia, crisis, performance, capital structure


Penelitian ini bertujuan untuk mengetahui pengaruh struktur modal terhadap kinerja perusahaan Indonesia, khususnya terhadap besarnya dampak pada periode sebelum krisis, krisis, dan periode setelah krisis yang terjadi pada tahun 2008. Krisis Keuangan Global memberikan peluang untuk meneliti dampak krisis antara struktur modal dan kinerja perusahaan. Proksi yang digunakan untuk struktur modal adalah rasio total hutang terhadap total aset, hutang jangka pendek terhadap total aset, dan hutang jangka panjang terhadap total aset. Selain itu, kinerja perusahaan diukur dengan kinerja akuntansi (Return on Asset dan Return on Equity) dan kinerja pasar (Price to Equity Ratio dan Tobin's Q). Sampel yang digunakan meliputi seluruh perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) dari periode 2004 hingga 2017, tidak termasuk perusahaan sektor keuangan. Penelitian ini berpendapat bahwa struktur modal secara umum berdampak negatif terhadap kinerja perusahaan. Krisis Keuangan Global (Global Financial Crisis atau GFC) yang terjadi pada tahun 2008 memberikan dampak negatif yang lebih besar dari struktur modal terhadap kinerja perusahaan dibandingkan sebelum dan sesudah krisis. Penelitian ini dimaksudkan untuk digunakan oleh perusahaan sebagai bahan pertimbangan dalam mengelola struktur modalnya, untuk kreditor dalam mengelola pinjamannya, dan untuk investor dalam berinvestasi, terutama pada saat krisis keuangan.

Kata kunci: Indonesia;  krisis; performa; struktur modal


crisis; performance; capital structure, Indonesia; krisis; performa; struktur modal

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