Pengaruh Struktur Modal, GCG, dan Ukuran Perusahaan terhadap Kinerja Keuangan Perusahaan Farmasi

Abstract

Tujuan dari penelitian ini adalah untuk menganalisis pengaruh struktur modal, good corporate governance dan ukuran perusahaan terhadap kinerja keuangan perusahaan yang terdaftar di Bursa Efek Indonesia (BEI). Penelitian ini dianalisis menggunakan regresi random effect dengan perusahaan farmasi dengan periode 2017-2020, menghasilkan 36 data observasi. Penelitian ini menggunakan metode purposive sampling untuk mendapatkan sampel. Data yang digunakan adalah data sekunder berupa data laporan keuangan perusahaan yang diperoleh dari Bursa Efek Indonesia (BEI), kemudian ditabulasikan menggunakan Microsoft Excel 2019 dan dianalisis menggunakan Eviews 10. Hasil penelitian ini menunjukkan bahwa pengaruh struktur modal terhadap kinerja keuangan adalah negatif dan signifikan, sedangkan komisaris independen dan ukuran perusahaan berpengaruh positif dan tidak signifikan terhadap kinerja keuangan juga komite audit memiliki pengaruh negatif dan tidak signifikan terhadap kinerja keuangan.
 
 The purpose of this research is to analyze the effect of capital structure, good corporate governance and firm size on the firm’s financial performance listed on the Indonesia Stock Exchange (IDX). This research was analyzed using the random effect regression with nine pharmaceutical companies in the 2017-2020 periode, generate thirty-six data observations. The research used purposive sampling to get the sample. The data used is secondary data from company financial statement data that obtained from Indonesia Stock Exchange (IDX), then its tabulated using Microsoft Excel 2019 and analyzed using Eviews-10. The result of this research shows that the effect of capital structure on the financial performance is negative and significant, while independent commissioner, audit committee and firm size have positive and not significant effect on financial performance, and also audit committee has negative and no significant effect on financial performance.

Capital Structure and Company Size Impact on Financial Performance: A Literature Review

“…Thus, companies that have a high proportion of debt in their capital structure will face increased agent costs or in other words the company's financial performance will be negatively correlated with a larger capital structure. [10]; [11]; [12]; [13]; [14]; [8]; [15]; [16]; [17]; [18]; [19]; [20] Firms that own many assets may experience higher costs of dealing with agency conflicts according to agency theory. This is due to greater attention from the general public towards companies with large total assets.…”