Handriyani Dwilita, Nadiya R Nababan, Julia Meilany Tumenggar, Mutiara Sri Harta S, Finanty Yolanda

PENGARUH PROFITABILITAS, LIKUIDITAS TERHADAP STRUKTUR MODAL PERUSAHAAN FOOD AND BEVERAGE YANG TERDAFTAR DI BURSA EFEK INDONESIA

Introduction

Pengaruh profitabilitas, likuiditas terhadap struktur modal perusahaan food and beverage yang terdaftar di bursa efek indonesia. Pelajari pengaruh profitabilitas dan likuiditas terhadap struktur modal perusahaan food & beverage di BEI 2021-2024. Temukan peran penting likuiditas, bukan profitabilitas.

Abstract

The purpose of this study was to examine in depth how profitability and liquidity affect the capital structure of food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2021–2024. The research approach used a quantitative method utilizing secondary data in the form of company financial reports. The sample selection technique used in this study was purposive sampling, resulting in 22 sample companies that met the research criteria, which were measured using the Debt to Equity Ratio (DER) indicator. Meanwhile, the independent variables consisted of Return on Equity (ROE) as a representation of profitability and Current Ratio (CR) as a representation of liquidity. The results of the descriptive analysis showed that the average DER of food and beverage sub-sector companies was 8.214, the average ROE was 0.595, and the average CR was 2.619. The correlation test showed that DER had no significant relationship with ROE, but showed a significant negative correlation with CR. Furthermore, the results of the multiple linear regression test indicated that ROE had no significant effect on DER, while CR had a negative effect that was close to significant on DER. The results of this study indicate that liquidity plays a role in capital structure compared to profitability in food and beverage subsector companies in 2021-2024.

Review

This study meticulously examines the influence of profitability and liquidity on the capital structure of food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. Utilizing a quantitative approach, the research effectively employs secondary financial data from 22 companies, carefully selected via purposive sampling. The framework is clearly defined with Debt to Equity Ratio (DER) as the dependent variable for capital structure, and Return on Equity (ROE) and Current Ratio (CR) serving as independent variables representing profitability and liquidity, respectively. This focused approach provides a clear lens through which to analyze key financial interdependencies within a vital economic sector. The findings present compelling insights into these relationships. Descriptive statistics offer an initial overview of the companies' financial health, with average DER at 8.214, ROE at 0.595, and CR at 2.619. A key discovery from the correlation analysis is the lack of a significant relationship between DER and ROE, while a significant negative correlation was found between DER and CR. These observations were largely reinforced by the multiple linear regression analysis, which indicated no significant effect of ROE on DER. Notably, CR showed a negative effect on DER that was described as "close to significant." This suggests that, for the sampled Indonesian food and beverage companies, liquidity holds more sway over capital structure decisions than profitability during the period under review. While offering valuable contributions to the understanding of capital structure determinants in the Indonesian F&B sector, the study also presents avenues for further refinement. The strength of the research lies in its clear methodology and focused industry analysis. However, the interpretation of a "close to significant" effect for liquidity could benefit from a deeper exploration of its statistical implications and practical significance. Additionally, the relatively short study period (2021-2024) covers a time of potential economic volatility, which might influence financial ratios without the inclusion of broader macroeconomic controls. Future research could enhance the robustness and generalizability of these findings by extending the time series, incorporating additional control variables (e.g., firm size, growth opportunities), or employing alternative measures for the core variables to provide a more comprehensive picture.

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