The Analysis of Factors Related to the Company Performance with Capital Structure as an Intervening Variable in the Transportation Industry in Indonesia

Maswani Maswani, Dimas Angga Negoro, Tantri Yanuar Rahmat Syah


This study aims to examine the direct effect of the relationship between asset structure, growth, company size and business risk on the capital structure of transportation companies, as well as the indirect effect of asset structure, growth, company size and business risk on company performance through capital structure as an intervening variable. Population are companies in the Transportation industry listed on the Indonesia Stock Exchange (IDX) in 2015-2019. From this population, 145 samples from 29 transportation companies were selected as the target population, all of which became the research sample. The research method used is panel data regression. The test results reveal that the asset structure, growth and company size have a positive effect on the capital structure of the Transportation sub-sector companies listed on the IDX for the 2015-2019 period. Meanwhile, business risk does not have a positive influence on the capital structure of transportation sub-sector companies listed on the Indonesia Stock Exchange for the 2015-2019 period. In addition, in this study, the variables of asset structure, growth, business risk were positively related to the company's performance, while the variable of company size had no positive effect on the company's performance. Furthermore, the capital structure variable has a positive effect on company performance, the capital structure variable as an intervening variable explains that capital structure has no effect in intervening between growth and company business risk on company performance. While the asset structure variable and company size on company performance with capital structure as an intervening variable explains that capital structure has a significant effect in intervening between asset structure, company size and financial performance in transportation companies listed on the Indonesia Stock Exchange for the 2015-2019 period.



asset structure; growth; company size; business risk; capital structure; company performance

Full Text:



Agmas Wassie, F. (2020). Impacts of capital structure: profitability of construction companies in Ethiopia. Journal of Financial Management of Property and Construction, 1958.

Afiezan, A. (2020). The Effect of Free Cash Flow, Company Size, Profitability and Liquidity on Debt Policy for Manufacturing Companies Listed on IDX in 2016-2019 Periods. Budapest International Research and Critics Institute-Journal (BIRCI-Journal) Volume 3, No 4, Page: 4005-4018

Agnes Sawir. (2005). Analisis Kinerja Keuangan dan Perencanaan Keuangan Perusahaan. PT. Gramedia Pustaka Utama.

Amalia, K., & Fachrudin. (2011). Analisis Pengaruh Struktur Modal , Ukuran Perusahaan , dan Agency Cost Terhadap Kinerja Perusahaan. Jurnal Akuntansi Dan Keuangan, 13(1), 37–46.

Asih T.N., Inayati. T & Wany, E (2019). Struktur Modal Sebagai Variabel Intervening Likuiditas, Profitabilitas Dan Struktur Aset Terhadap Nilai Perusahaan: Terbuktikah Secara Empiris?”Sosial dan Humaniora“Prosiding Seminar Nasional Cendekiawan (5).

Azmal R, D, Negoro, & T, Syah.(2019) The Influence Cash Position Analysis over Debt to Equity Ratio, Return On Assets, And Inventory Turnover on Dividend Payout Ratio: Consumer Goods Companies in Indonesia Stock Exchange 2012-2017 Case Study.

& S.Y., Chen (2011). The influence of profitability on firm value with capital structure as the mediator and firm size and industry as moderators Investment Management and Financial Innovations, 8(3).

Deesomsak, R., Paudyal, K., & Pescetto, G. (2004). The determinants of capital structure: Evidence from the Asia Pacific region. Journal of Multinational Financial Management, 14(4–5), 387–405.

Hansen V. dan Juniarti, 2014. Pengaruh Family Control, Size, Sales Growth, dan Leverage Terhadap Profitabilitas dan Nilai Perusahaan Pada Sektor Perdagangan, Jasa, Dan Investasi. Business Acounting Review, Vol. 2, No. diakses 7 Maret 2015 Hal. 121-130.

Isbanah, Y., (2015). Pengaruh Esop, Leverage, and Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan Di Bursa Efek Journal Of Research In Economics And Management. 15 (1),28-41

Ivashkovskaya, I., & Stepanova, A. (2011). Does strategic corporate performance depend on corporate financial architecture? Empirical study of European, Russian and other emerging market’s firms. Journal of Management and Governance, 15(4), 603–616.

Kim, H. (2013). Labor market size and firm capital structure: Evidence from large plant openings.

Modigliani Franco, & Miller Merton. (1958). “The cost of capital, corporation finance and the theory of investment.” The American Economic Review JSTR, 48(3), 261-297.

Myers, S. C., & Majluf, N. S. (1984). Corporate Financing And Investment Decisions When Firms Have Information The Investors Do Not Have. Nber Working Paper, 16(38), 3295–3296.

Pattweekongka, S., & Kulkanya, N. (2014). Determinants of Capital Structure: Evidence from Thai Lodging Companies. International Journal of Arts & Sciences Proquest, 7(4), 45–52.

Pinková, P. (2012). Determinants of capital structure: Evidence from the czech automotive industry. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 60(7), 217–224.

Rahman, M. A. (2020). Pengaruh Struktur Modal Dan Pertumbuhan Aset Terhadap Kinerja Keuangan Perusahaan Yang Terdaftar Dalam Jakarta Islamic Index ( Jii ). Jurnal Studi Akuntansi Dan Keuangan, 3(1), 55–68.

Reswari, A., Wahyudi, & Pangastuti. (2014). Analisis Pengaruh Risiko Bisnis, Firm Size, Pertumbuhan Penjualan Dan Institutional Ownership Terhadap Struktur Modal Dan Dampaknya Pada Nilai Perusahaan.

S, S., & Machali, M. (2017). The Effect of Asset Structure and Firm Size on Firm Value with Capital Structure as Intervening Variable. Journal of Business & Financial Affairs, 06(04), 427–436.

Saunders, M., Lewis, P., & Thornhill., A. (2009). Research methods for business students. Pearson education, 2009.

Sudiyatno, B., & Sari, S. M. (2013). Determinants of debt policy: An empirical studying Indonesia stock exchange. Educational Research, 4(2), 98–108.

Teng, A., & Jonnardi. (2019). Analisis Faktor – Faktor Yang Mempengaruhi Struktur Modal Dengan Inflasi Sebagai Variabel Moderasi. I(2), 145–152.

Vătavu, S. (2015). The Impact of Capital Structure on Financial Performance in Romanian Listed Companies. Procedia Economics and Finance, 32(15), 1314–1322.

William, J., & Sanjaya, R. (2017). Faktor-Faktor Yang Mempengaruhi Kinerja Perusahaan Pada Perusahaan Yang Terdaftar di Bursa Efek Indonesia. Jurnal Bisnis Dan Akuntansi, 19(1a), 152–162.

Yuwono, S., Sukarno, E., & Muhammad Ichsan. (2003). “Petunjuk Praktis Penyusunan Balanced Scorecard.” PT Gramedia Pustaka Utama. Jakarta (2003).


Article Metrics

Abstract view : 105 times
PDF - 53 times


  • There are currently no refbacks.

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.


Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.