Bazatulo Laia, Adelina Suryati, Desy Arigawati

Pengaruh Pertumbuhan Penjualan, Ukuran Perusahaan Terhadap Struktur Modal Di Pt.Champ Resto Indonesia Tbk Periode 2022-2024

Introduction

Pengaruh pertumbuhan penjualan, ukuran perusahaan terhadap struktur modal di pt.champ resto indonesia tbk periode 2022-2024. Analisis pengaruh pertumbuhan penjualan & ukuran perusahaan terhadap struktur modal PT Champ Resto Indonesia Tbk 2022-2024. Hasil studi kuantitatif menunjukkan keduanya berpengaruh signifikan.

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh pertumbuhan penjualan dan ukuran perusahaan terhadap struktur modal pada PT Champ Resto Indonesia Tbk periode 2022–2024. Variabel independen yang digunakan adalah pertumbuhan penjualan dan ukuran perusahaan, sedangkan struktur modal diproksikan dengan Debt to Equity Ratio (DER). Metode penelitian yang digunakan adalah pendekatan kuantitatif dengan analisis regresi linier berganda. Data penelitian diperoleh dari laporan keuangan triwulanan PT Champ Resto Indonesia Tbk periode 2022–2024, dengan total 36 data observasi. Hasil penelitian menunjukkan bahwa pertumbuhan penjualan berpengaruh signifikan terhadap struktur modal dengan koefisien beta sebesar 0,688 dan nilai signifikansi 0,000 < 0,05. Sebaliknya, ukuran perusahaan berpengaruh signifikan terhadap struktur modal dengan koefisien beta sebesar -0,620 dan nilai signifikansi 0,000 < 0,05. Secara simultan, kedua variabel independen berpengaruh signifikan terhadap struktur modal dengan nilai F-statistik 137,969 dan adjusted R² sebesar 0,856, yang berarti 85,6% variasi struktur modal dapat dijelaskan oleh pertumbuhan penjualan dan ukuran perusahaan.

Review

This study meticulously examines the influence of sales growth and firm size on the capital structure, proxied by the Debt to Equity Ratio (DER), of PT Champ Resto Indonesia Tbk over the period 2022-2024. The research adopts a clear quantitative approach, utilizing multiple linear regression on quarterly financial data, resulting in a robust dataset of 36 observations. A notable strength of this investigation is its well-defined objective and the impressive statistical outcomes, particularly the high adjusted R-squared value of 0.856, which indicates that a substantial portion of the variation in capital structure is explained by the independent variables. The findings presented are quite compelling, indicating significant and distinct relationships. Sales growth is found to have a positive and significant impact on capital structure (beta = 0.688, p < 0.05), suggesting that periods of increased sales growth at PT Champ Resto Indonesia Tbk are associated with a greater reliance on debt financing. Conversely, firm size demonstrates a negative and significant influence on DER (beta = -0.620, p < 0.05), implying that larger firm size correlates with a relatively lower proportion of debt. These individual effects are further reinforced by a strong simultaneous influence of both variables, collectively explaining 85.6% of the variation in capital structure, which underscores their combined importance in determining financing decisions within the company. While the study provides strong empirical evidence for the relationships within PT Champ Resto Indonesia Tbk, its limitation to a single company over a three-year period inherently restricts the generalizability of these findings. To enhance the broader applicability, future research could expand the scope to include a wider sample of firms within the Indonesian restaurant or hospitality sector, allowing for comparisons across different company strategies or market conditions. Additionally, while the statistical significance is clear, deeper exploration into the underlying theoretical frameworks (e.g., Pecking Order Theory, Trade-off Theory) that might explain *why* these relationships exist for this specific firm would provide richer insights and strengthen the managerial implications.

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