Analisis Pengaruh Struktur Modal Terhadap Profitabilitas Pada Perusahaan PT. Indofood Sukses Makmur Tbk Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2019-2023
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Penelitian ini bertujuan untuk menganalisis pengaruh struktur modal terhadap profitabilitas pada PT. Indofood Sukses Makmur Tbk selama periode 2019–2023. Metode penelitian yang digunakan adalah deskriptif kuantitatif, dengan analisis rasio keuangan seperti Debt Ratio (DR), Debt-to-Equity Ratio (DER), Return on Assets (ROA), dan Return on Equity (ROE). Data diperoleh dari laporan keuangan perusahaan yang terdaftar di Bursa Efek Indonesia. Hasil analisis menunjukkan bahwa tren penurunan struktur modal berbasis utang (DR dan DER) diiringi oleh peningkatan profitabilitas (ROA dan ROE). Debt Ratio menurun dari 9,61% pada 2019 menjadi 5,51% pada 2023, sementara Return on Assets meningkat dari 3,06% menjadi 10,04% pada periode yang sama. Hubungan negatif antara struktur modal berbasis utang dengan profitabilitas mencerminkan keberhasilan strategi perusahaan dalam mengurangi beban utang dan mengoptimalkan penggunaan ekuitas. Kesimpulannya, pengelolaan struktur modal yang efektif dapat meningkatkan profitabilitas sekaligus mengurangi risiko keuangan. Strategi ini relevan untuk diterapkan pada perusahaan sektor makanan dan minuman guna memastikan keberlanjutan dan daya saing di pasar yang dinamis. Penelitian ini merekomendasikan diversifikasi pendanaan serta evaluasi rutin rasio keuangan untuk menjaga stabilitas dan pertumbuhan perusahaan.
Kata Kunci: Struktur modal, Profitabilitas, Debt ratio, Return on assets, Industri makanan dan
minuman.
Abstract
This study aims to analyze the impact of capital structure on profitability at PT. Indofood Sukses Makmur Tbk during the 2019–2023 period. The research employs a descriptive quantitative method, utilizing financial ratio analyses such as Debt Ratio (DR), Debt-to-Equity Ratio (DER), Return on Assets (ROA), and Return on Equity (ROE). Data were obtained from the company's financial statements listed on the Indonesia Stock Exchange. The analysis results indicate that the declining trend of debt-based capital structure (DR and DER) is accompanied by increased profitability (ROA and ROE). The Debt Ratio decreased from 9.61% in 2019 to 5.51% in 2023, while the Return on Assets increased from 3.06% to 10.04% during the same period. The negative correlation between debt-based capital structure and profitability reflects the company's successful strategy in reducing debt burden and optimizing equity utilization. In conclusion, effective capital structure management can enhance profitability while reducing financial risks. This strategy is relevant for companies in the food and beverage sector to ensure sustainability and competitiveness in a dynamic market. The study recommends funding diversification and regular evaluation of financial ratios to maintain corporate stability and growth.
Keywords: Capital structure, Profitability, Debt ratio, Return on assets, Food and beverage industry.
Teks Lengkap:
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DOI: https://doi.org/10.37531/yum.v8i1.8186
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