Kepemilikan Manajerial Dalam Memoderasi Leverage Dan Aktivitas Usaha Terhadap Profitabilitas

Marella Cahya Rini; I Gusti Ngurah Agung Suaryana

doi:10.56696/jaka.v3i2.8986

Authors

Marella Cahya Rini Universitas Udayana
I Gusti Ngurah Agung Suaryana Universitas Udayana

DOI:

https://doi.org/10.56696/jaka.v3i2.8986

Abstract

The purpose of this paper is to find out how the financial performance of the property and real estate sector companies on the Indonesia Stock Exchange for the 2017-2022 period in terms of leverage, business activity, and profitability. And find out how leverage and business activity influence the profitability of the observed company with managerial ownership as a moderator. There are 90 samples taken from the financial statements of 15 companies for 6 periods from 2017-2022. The data analysis technique used is Moderated Regression Analysis (MRA). The results of the analysis show that leverage have no significant effect on profitability, business activity had a positive effect on profitability, managerial ownership weakens the positive effect of leverage on profitability, and managerial ownership strengthens the positive effect of business activity on profitability.

References

Alvarez, T., Sensini, L., & Vazquez, M. (2021). Working Capital Management and Profitability: Evidence from an Emergent Economy. International Journal of Advances in Management and Economics, 11(1), 32–39. www.managementjournal.info

Alviani, T., & Sufyani, M. A. (2020). Peluang Tumbuh , Struktur Modal , Kepemilikan Manajerial Terhadap Profitabilitas dan Nilai Perusahaan. Jurnal Riset Bisnis Dan Manajemen, 13(1), 41–51.

Chikmawati, Y., & Yuniningsih. (2021). Analisis Rentabilitas Ekonomi Perusahaan Property and Real Estate di BEI 2016-2018. Jurnal Ilmiah Akuntansi Dan Keuangan, 10(1), 1–10. https://doi.org/10.32639/jiak.v10i1.519

Christianty, R., & Latuconsina, Z. (2023). The Effect of Current Ratio, Debt to Equity Ratio and Total Assets Turnover on Profit Growth in Property and Real Estate Companies Listed on the Indonesia Stock Exchange for the 2019 – 2021 Period. The International Journal of Business Management and Technology, 7(1), 12–24.

Fachrian, Z., & Hidayat, W. W. (2023). The Influence of Liquidity Ratio as Current (CR), (DER) Rasio Leverage and Asset Structure to Return on Investment of Coal Companies. International Journal of Accounting and Management Information System (IJAMIS), 1(1), 17–31.

Handayani, D. Y., & Widyawati, D. (2020). Pengaruh Kepemilikan Manajerial, Leverage, dan Firm Size terhadap Profitabilitas Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 9(6), 1–19.

Hasyim, M. A. N., & Nuraeni, Y. A. (2022). Analysis Of The Effect Of Current Ratio, Total Asset Turnover, Debt To Equity Ratio, Net Profit Margin Toward Retrun on Equity. International Journal Of Science Education and Technology Management, 1(1), 1–15. https://ijsetm.my.id

Iriyadi, I., Tartilla, N., & Gusdiani, R. (2020). The Effect of Tax Planning and Use of Assets on Profitability with Good Corporate Governance as a Moderating Variable. International Seminar on Business, Economics, Social Science and Technology (ISBEST), 143, 220–227. https://doi.org/10.2991/aebmr.k.200522.043

Jamal, S. W., Fauziah, F., Latief, A., & Syahrin, M. N. Al. (2022). Relasi Antara Efisiensi Operasional dan Profitabilitas. Jurnal Akuntansi, 9(1), 45–60.

Jensen, M. C., & Meckling, W. (1976). Theory of The Firm: Managerial Behavior, Agency Cost, and Ownership Structure. Journal of Financial Economics, volume 3, pp 305-360.

Jihadi, M., Vilantika, E., Hashemi, S. M., Arifin, Z., Bachtiar, Y., & Sholichah, F. (2021). The Effect of Liquidity, Leverage, and Profitability on Firm Value: Empirical Evidence from Indonesia. Journal of Asian Finance, Economics and Business, 8(3), 423–431. https://doi.org/10.13106/jafeb.2021.vol8.no3.0423

Jufrizen, & Sari, M. (2019). Pengaruh Current Ratio dan Debt to Equity Ratio terhadap Return On Equity. Jurnal Riset Akuntansi Aksioma, 18(1), 156–191. https://doi.org/10.29303/aksioma.v18i1.58

Kartika, A., Irsad, M., Setiawan, M., & Sudiyatno, B. (2023). The Relationship Between Capital Structure, Firm Performance and a Firm’s Market Competitiveness: Evidence from Indonesia. Investment Management and Financial Innovations, 20(1), 88–98. https://doi.org/10.21511/imfi.20(1).2023.09

Maysani, N. P., & Suaryana, I. G. N. A. (2019). Pengaruh Tax Avoidance Dan Mekanisme Corporate Governance Pada Manajemen Laba. E-Jurnal Akuntansi, 28(3), 1886–1903. https://doi.org/10.24843/eja.2019.v28.i03.p16

Millenia, B., & Abdi, M. (2022). Pengaruh Efisiensi, Efektivitas dan Financial Leverage terhadap ROE Perusahaan Subsektor Perkebunan dan Tanaman Pangan. Jurnal Manajerial Dan Kewirausahaan, 04(03), 674–682.

Muhammad, A., Azad, S., & Raza, A. (2018). Empirical Relationship between Operational Efficiency and Profitability (Evidence from Pakistan Exploration Sector). Journal of Accounting, Business and Finance Research, 2(1), 7–11. https://doi.org/10.20448/2002.21.7.11

Munawar, A. (2019). The Effect of Liquidity, Leverage and Total Aset Turnover on Profitability; Empirical Study of Manufacturing Companies in Indonesia Stock Exchange 2012 – 2017. International Journal of Economics and Management Studies, 6(9), 126–131. https://doi.org/10.14445/23939125/ijems-v6i9p116

Noviani, A. V., Atahau, A. D. R., & Robiyanto, R. (2019). Struktur Modal, Profitabilitas, dan Nilai Perusahaan: Efek Moderasi Good Corporate Governance. Jurnal Ekonomi Dan Bisnis, 22(2), 391–415. https://doi.org/10.24914/jeb.v22i2.2601

Paryanti, & Mahardhika, A. S. (2020). Kebijakan Hutang dengan Pendekatan Agency Theory pada Perusahaan Property dan Real Estate. Inovasi, 16(2), 327–338.

Pratama, K. A., Saragih, L. I., Hakim, L. N., & Irawan, F. (2022). Analisis Perbandingan Kinerja Keuangan Perusahaan Sektor Properti Dan Real Estate Sebelum Dan Setelah Pandemi Covid-19. Akuntansiku, 1(3), 201–209. https://doi.org/10.54957/akuntansiku.v1i3.272

Purba, M. I., Sitorus, A. S., Rinanda, A., Malau, I., & Danantho, Q. (2020). Pengaruh Working Capital to Total Asset (WCTA), Current Ratio (CR) dan Debt to Equity Ratio (DER) Terhadap Profitabilitas pada Perusahaan Manufaktur Sektor Aneka Industri Terdaftar di Bursa Efek Indonesia Periode 2014-2017. Warta Dharmawangsa, 14(3), 404–417. https://doi.org/10.46576/wdw.v14i3.824

Putri, N. W. A., & Suartana, I. W. (2022). Faktor-Faktor yang Mempengaruhi Kecenderungan Kecurangan Akuntansi pada LPD di Kabupaten Badung: Peran Keefektifan Pengendalian Internal. E-Jurnal Akuntansi, 32(1), 1–16. https://doi.org/10.24843/eja.2022.v32.i01.p01

Rizki, A. G. S., & Ridha, M. H. (2022). Analisis Pengaruh Leverage, Likuiditas, dan Ukuran Perusahaan terhadap Perusahaan Papan Utama Subsektor Tobacco Periode 2013-2020. Akuntansiku, 1(3), 153–168.

Septiarni, I., Widiasmara, A., & Ubaidillah, M. (2021). Pengaruh Ukuran Perusahaan dan Stuktur Modal terhadap Kinerja Keuangan dengan Kepemilikan Manajerial sebagai Variabel Moderasi (Studi Kasus Pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2016-2020). Seminar Inovasi Manajemen Bisnis Dan Akuntansi (SIMBA) 3, 2–19. https://medium.com/@arifwicaksanaa/pengertian-use-case-a7e576e1b6bf

Sofi’ah, I. M., & Amanah, L. (2019). Pengaruh Struktur Modal Dan Good Corporate Governance Terhadap Kinerja Keuangan Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 8(8), 1–18.

Tania, R., & Nainggolan, B. R. M. (2021). Analisis Current Ratio, Debt to Equity Ratio, Total Assets Turn Over dan Net Profit Margin dalam Menilai Kinerja Keuangan Perusahaan Sektor Aneka Industri pada Bursa Efek Indonesia 2016-2019. Owner: Riset & Jurnal Akuntansi, 2(2), 536–544. https://doi.org/10.33395/owner.v5i2.430

Utami, M. T., & Manda, G. S. (2021). Pengaruh Working Capital Turnover (WCT), Current Ratio (CR), dan Total Assets Turnover (TATO) Terhadap Profitabilitas. Moneter - Jurnal Akuntansi Dan Keuangan, 8(1), 1–8. https://doi.org/10.31294/moneter.v8i1.8798

Wernerfelt, B. (1984). A Resource-based View of the Firm. Strategic Management Journal, Vol. 5, pp. 171-180.