Pengaruh Return On Assets (ROA), Current Ratio (CR), Dan Dividend Payout Ratio (DPR) Terhadap Debt To Equity Ratio (DER) Perusahaan Indeks Kompas 100 Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2019-2024
DOI:
https://doi.org/10.31004/joecy.v6i1.8103Keywords:
Return on Assets, Current Ratio, Dividend Payout Ratio, Debt to Equity Ratio, Struktur ModalAbstract
Penentuan struktur modal merupakan keputusan strategis perusahaan karena berkaitan langsung dengan risiko keuangan dan keberlanjutan kinerja perusahaan. Perusahaan dengan kinerja keuangan yang baik diharapkan mampu mengelola proporsi utang dan ekuitas secara optimal, khususnya pada perusahaan berkapitalisasi besar yang tergabung dalam Indeks Kompas 100. Penelitian ini bertujuan untuk menganalisis pengaruh Return on Assets (ROA), Current Ratio (CR), dan Dividend Payout Ratio (DPR) terhadap Debt to Equity Ratio (DER) pada perusahaan Indeks Kompas 100 yang terdaftar di Bursa Efek Indonesia periode 2019–2024. Penelitian ini menggunakan pendekatan kuantitatif dengan metode asosiatif. Sampel penelitian terdiri dari 47 perusahaan yang dipilih menggunakan teknik purposive sampling. Data sekunder diperoleh dari laporan keuangan tahunan dan dianalisis menggunakan regresi linier berganda dengan bantuan perangkat lunak SPSS. Hasil penelitian menunjukkan bahwa secara parsial ROA dan CR berpengaruh negatif dan signifikan terhadap DER, sedangkan DPR tidak berpengaruh signifikan terhadap DER. Secara simultan, ROA, CR, dan DPR berpengaruh signifikan terhadap DER. Temuan ini mengindikasikan bahwa perusahaan dengan tingkat profitabilitas dan likuiditas yang tinggi cenderung mengurangi ketergantungan pada pendanaan berbasis utang, sementara kebijakan dividen bukan merupakan faktor utama dalam penentuan struktur modal. Penelitian ini memberikan implikasi bagi manajemen dan investor dalam memahami faktor internal yang memengaruhi keputusan struktur modal perusahaan berkapitalisasi besar di Indonesia.
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