COVID-19 DAN PENGARUHNYA TERHADAP STRUKTUR MODAL PERUSAHAAN MANUFAKTUR
DOI:
https://doi.org/10.30863/al-tsarwah.v3i2.1221Abstract
Abstract
The manufacturing industry is one of the industries affected by the economic turmoil due to the outbreak of the Covid-19 virus which has spread to almost all corners of the world. This has rocked the manufacturing sector in terms of restricting the supply of raw materials from abroad, decreasing human resources to monetary instability. Companies must map their capital structure, both internal and external. Factors that pay attention to the company's capital structure include asset structure, leverage level and profitability on firm value. This study has a population of manufacturing companies listed on the Jakarta Islamic Index. The sampling mechanism is purposive sampling and obtained a total sample size of 27 companies active from 2016-2020. The results showed that the asset structure, leverage and profitability had a simultaneous effect on firm value. In a partial test, for 2 independent variables, namely asset structure and profitability, each of them has a significant effect on firm value, but the leverage variable does not have a significant effect on firm value. This indicates that in the current condition the company should consider not using debt if internal funding sources have been met.
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Keywords: asset structure, leverage, profitability and firm value.
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Abtrak
Industri manufaktur merupakan salah satu industri yang terkena dampak gejolak perekonomian akibat mewabahnya virus Covid-19 yang merambah hampir seluruh pelosok dunia. Hal ini mengguncang sektor manufaktur dalam hal pembatasan supply bahan baku dari luar negeri, penurunan sumber daya manusia hingga ketidakstabilan moneter. Perusahaan harus melakukan pemetaan terhadap struktur modal yang dimiliki baik yang bersumber internal maupun eksternal. Faktor yang memberikan perhatian struktur modal perusahaan diantaranya struktur aset, tingkat leverage dan profitabilitas terhadap nilai perusahaan. Penelitian ini memiliki populasi pada perusahaan manufaktur yang terdaftar di Jakarta Islamic Index. Adapun mekanisme penarikan sampel yaitu purposive sampling dan diperoleh jumlah sampel sebanyak 27 perusahaan yang aktif sejak tahun 2016-2020. Hasil penelitian menunjukkan struktur aset, leverage dan profitabilitas berpengaruh simultan terhadap nilai perusahaan. Dalam uji parsial, untuk 2 variabel independen yaitu struktur aset dan profitabilitas masing-masing memiliki pengaruh signifikan terhadap nilai perusahaan, namun variabel leverage tidak berpengaruh signifikan terhadap nilai perusahaan. Hal ini mengindikasikan bahwa dalam kondisi saat ini perusahaan sebaik-baiknya mempertimbangkan tidak menggunakan hutang jika dari sumber pendanaan internal sudah terpenuhi.
Kata kunci : struktur aset, leverage, profitabilitas dan nilai perusahaan.
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