Bakti Sri Rahayu

Analisis Rasio Keuangan dengan Struktur Modal Pada Perusahaan Jasa Logistik Sektor Infrastruktur BEI 2022– 2023

Introduction

Analisis rasio keuangan dengan struktur modal pada perusahaan jasa logistik sektor infrastruktur bei 2022– 2023. Analisis rasio likuiditas, solvabilitas, dan aktivitas terhadap struktur modal perusahaan jasa logistik BEI 2022-2023. Temukan pengaruhnya pada kinerja keuangan.

Abstract

Penelitian ini menganalisis pengaruh rasio likuiditas, solvabilitas, dan aktivitas terhadap struktur modal pada perusahaan jasa logistik sektor infrastruktur, utilitas, dan transportasi yang terdaftar di BEI tahun 2022–2023. Metode penelitian menggunakan pendekatan kuantitatif dengan variabel Quick Ratio, Debt to Asset Ratio, dan Total Assets Turnover Ratio, sedangkan struktur modal diukur dengan Debt to Equity Ratio. Sampel ditentukan melalui purposive sampling dari 27 perusahaan yang memenuhi kriteria, menggunakan data sekunder dari IDX dan IDN Financial. Hasil penelitian menunjukkan bahwa Quick Ratio, Debt to Asset Ratio, dan Total Assets Turnover Ratio tidak berpengaruh signifikan baik secara parsial maupun simultan terhadap struktur modal, yang disebabkan oleh lemahnya kinerja likuiditas, solvabilitas, dan efektivitas penggunaan aset pada sebagian besar perusahaan. ABSTRACT This study analyzes the effect of liquidity, solvency, and activity ratios on capital structure in logistics service companies in the infrastructure, utilities, and transportation sectors listed on the Indonesia Stock Exchange (IDX) in 2022–2023. The research method uses a quantitative approach with the variables Quick Ratio, Debt to Asset Ratio, and Total Assets Turnover Ratio, while capital structure is measured by the Debt to Equity Ratio. The sample was determined through purposive sampling of 27 companies that met the criteria, using secondary data from the IDX and IDN Financial. The results show that the Quick Ratio, Debt to Asset Ratio, and Total Assets Turnover Ratio do not have a significant effect, either partially or simultaneously, on capital structure, which is caused by weak liquidity, solvency, and asset utilization performance in most companies.

Review

This study, titled "Analisis Rasio Keuangan dengan Struktur Modal Pada Perusahaan Jasa Logistik Sektor Infrastruktur BEI 2022– 2023," investigates a crucial aspect of corporate finance: the relationship between key financial ratios and capital structure. Focusing on logistics service companies within the infrastructure, utilities, and transportation sectors listed on the Indonesia Stock Exchange (IDX) from 2022 to 2023, the research employs a quantitative approach to analyze how liquidity, solvency, and activity ratios influence capital structure. Given the dynamic nature of these industries and the importance of optimal capital structure for firm performance, this study addresses a relevant and timely topic in financial management. The methodology is clearly outlined, utilizing Quick Ratio, Debt to Asset Ratio, and Total Assets Turnover Ratio as independent variables, while capital structure is measured by the Debt to Equity Ratio. A purposive sampling technique was applied to select 27 eligible companies, drawing secondary data from the IDX and IDN Financial. The core finding of the research is quite striking: Quick Ratio, Debt to Asset Ratio, and Total Assets Turnover Ratio do not exert a significant influence, either partially or simultaneously, on the capital structure. The authors attribute this unexpected outcome to the weak performance in liquidity, solvency, and asset utilization observed across a majority of the sample companies during the study period. While the study provides a concise and clear quantitative analysis using recent data, the non-significant findings present an interesting avenue for further discussion and research. The explanation offered—weak performance across the ratios—is a critical insight, suggesting that perhaps in conditions of suboptimal operational and financial health, the theoretical linkages between these ratios and capital structure decisions may become obscured or even non-existent. Future research could benefit from exploring the nuances of this "weak performance" through qualitative methods or by incorporating macroeconomic variables or industry-specific challenges prevalent in 2022-2023 as moderating factors. This would provide a richer understanding of why these relationships did not hold as typically expected, offering valuable implications for both academics and practitioners navigating the complexities of capital structure management in these specific sectors during challenging periods.

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