Pengaruh Manajemen Laba terhadap Struktur Modal dengan Kepemilikan Institusional sebagai Variabel Moderasi pada Perusahaan Sektor Properti dan Real Estate yang Terdaftar di Bursa Efek Indonesia Periode 2020–2024
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Abstract
Penelitian ini bertujuan untuk menganalisis pengaruh manajemen laba dan kepemilikan institusional terhadap struktur modal dengan kepemilikan institusional sebagai variabel moderasi pada perusahaan sektor properti dan real estate yang terdaftar di Bursa Efek Indonesia periode 2020-2024. Penelitian ini menggunakan metode kuantitatif dengan data sekunder berupa laporan keuangan tahunan sebanyak 65 observasi yang diperoleh melalui purposive sampling dan dianalisis menggunakan regresi data panel dengan Eviews 13. Hasil penelitian ini menunjukkan bahwa manajemen laba berpengaruh signifikan terhadap struktur modal, sedangkan kepemilikan institusional tidak berpengaruh signifikan terhadap struktur modal. Namun, kepemilikan institusional mampu memperlemah pengaruh manajemen laba terhadap struktur modal, yang menandakan peran pengawasan investor institusional dalam menekan perilaku oportunistik manajer. Temuan ini memperkuat teori keagenan bahwa mekanisme tata kelola yang baik dapat meningkatkan kualitas keputusan keuangan perusahaan.
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