Pengaruh Struktur Aset, Profitabilitas, Biaya Agensi, Inovasi dan Teknologi, Ukuran Perusahaan, dan Likuiditas terhadap Leverage
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Abstract
Leverage merupakan salah satu faktor krusial bagi perusahaan infrastruktur karena berhubungan dengan proyek jangka panjang yang memerlukan pembiayaan eksternal dalam jumlah besar. Penelitian ini bertujuan menganalisis pengaruh Struktur Aset, Profitabilitas, Biaya Agensi, Inovasi dan Teknologi, Ukuran Perusahaan, serta Likuiditas terhadap Leverage pada Perusahaan Sektor Infrastruktur yang Terdaftar di Bursa Efek Indonesia Periode 2022–2024. Penelitian ini menggunakan pendekatan kuantitatif dengan metode regresi data panel. Sampel diperoleh melalui metode purposive sampling yang menghasilkan 57 perusahaan dengan 171 observasi selama tiga tahun. Data bersumber dari laporan keuangan tahunan yang diolah menggunakan aplikasi Stata. Hasil penelitian menunjukkan bahwa secara simultan seluruh variabel independen berpengaruh signifikan terhadap leverage. Secara parsial, struktur aset dan ukuran perusahaan berpengaruh positif dan signifikan, serta likuiditas berpengaruh negatif dan signifikan terhadap leverage. Profitabilitas berpengaruh negatif namun tidak signifikan. Biaya agensi berpengaruh positif namun tidak signifikan, serta inovasi dan teknologi berpengaruh negatif namun tidak signifikan terhadap leverage. Temuan ini sejalan dengan Teori Pecking Order dan Teori Agency. Implikasi penelitian menyarankan perusahaan infrastruktur untuk menyeimbangkan komposisi aset, kemampuan menghasilkan laba, dan likuiditas agar penggunaan leverage tetap optimal dan meminimalkan risiko keuangan.
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