PENGARUH STRUKTUR MODAL, LIKUIDITAS, DAN KEBIJAKAN DIVIDEN TERHADAP KINERJA KEUANGAN PADA PERUSAHAAN CONSUMER NON-CYCLICALS DI INDONESIA PERIODE 2019-2024: PERAN MODERASI KOMISARIS INDEPENDEN

SASKI AULIA, . (2026) PENGARUH STRUKTUR MODAL, LIKUIDITAS, DAN KEBIJAKAN DIVIDEN TERHADAP KINERJA KEUANGAN PADA PERUSAHAAN CONSUMER NON-CYCLICALS DI INDONESIA PERIODE 2019-2024: PERAN MODERASI KOMISARIS INDEPENDEN. Sarjana thesis, UNIVERSITAS NEGERI JAKARTA.

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Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh struktur modal, likuiditas, dan kebijakan dividen terhadap kinerja keuangan, serta menguji peran komisaris independen sebagai variabel moderasi pada perusahaan sektor consumer non-cyclicals yang terdaftar di Bursa Efek Indonesia periode 2019-2024. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder berupa laporan keuangan perusahaan yang diperoleh melalui situs resmi Bursa Efek Indonesia dan situs resmi masing-masing perusahaan. Teknik pengambilan sampel yang digunakan adalah purposive sampling dengan data unbalanced panel, sehingga diperoleh sampel sebanyak 50 perusahaan dengan total 254 observasi. Analisis data dilakukan menggunakan perangkat lunak Stata 17 dengan metode regresi data panel melalui Fixed Effect Model (FEM) dan Moderated Regression Analysis (MRA). Struktur modal diukur menggunakan interest coverage ratio (ICR), likuiditas menggunakan current ratio (CR), kebijakan dividen menggunakan dividend payout ratio (DPR), kinerja keuangan menggunakan return on assets (ROA), dan komisaris independen diukur berdasarkan proporsi komisaris independen terhadap total dewan komisaris. Hasil penelitian menunjukkan bahwa struktur modal berpengaruh positif dan signifikan terhadap kinerja keuangan, sedangkan likuiditas dan kebijakan dividen tidak berpengaruh signifikan. Komisaris independen tidak mampu memoderasi pengaruh struktur modal, likuiditas, maupun kebijakan dividen terhadap kinerja keuangan. Hasil uji robustness menggunakan Tobin's Q menunjukkan bahwa sebagian besar temuan penelitian tetap konsisten. Temuan penelitian ini mendukung Trade-off Theory dan Dividend Irrelevance Theory, serta menunjukkan bahwa efektivitas mekanisme pengawasan dalam Agency Theory tidak hanya ditentukan oleh proporsi komisaris independen, tetapi juga oleh kualitas pelaksanaan fungsi pengawasannya. ***** This study aims to analyze the effect of capital structure, liquidity, and dividend policy on financial performance, and to examine the moderating role of independent commissioners in consumer non-cyclicals sector companies listed on the Indonesia Stock Exchange during the 2019-2024 period. This study employs a quantitative approach using secondary data in the form of company financial statements obtained from the official website of the Indonesia Stock Exchange and the official websites of the respective companies. The sampling technique used was purposive sampling with unbalanced panel data, resulting in a sample of 50 companies with a total of 254 observations. Data analysis was conducted using Stata 17 software through panel data regression employing the Fixed Effect Model (FEM) and Moderated Regression Analysis (MRA). Capital structure was measured using the Interest Coverage Ratio (ICR), liquidity using the Current Ratio (CR), dividend policy using the Dividend Payout Ratio (DPR), financial performance using Return on Assets (ROA), and independent commissioners were measured based on the proportion of independent commissioners to the total board of commissioners. The results indicate that capital structure has a positive and significant effect on financial performance, whereas liquidity and dividend policy have no significant effect. Furthermore, independent commissioners were unable to moderate the effect of capital structure, liquidity, or dividend policy on financial performance. The robustness test using Tobin's Q as an alternative measure of financial performance demonstrates that most of the findings remain consistent. These findings support the Trade-off Theory and Dividend Irrelevance Theory, while suggesting that the effectiveness of the monitoring mechanism proposed by Agency Theory is determined not only by the proportion of independent commissioners but also by the quality of their oversight function.

Item Type:	Thesis (Sarjana)
Additional Information:	1). Prof. Dr. Gatot Nazir Ahmad, S.Si., M.Si; 2). Dr. M. Edo Suryawan Siregar, S.E., M.B.A.
Subjects:	Ilmu Sosial > Keuangan Manajemen > Manajemen , Business
Divisions:	FE > S1 Manajemen
Depositing User:	Saski Aulia .
Date Deposited:	04 Aug 2026 08:10
Last Modified:	04 Aug 2026 08:10
URI:	http://repository.unj.ac.id/id/eprint/68388

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