Moderasi Tatakelola Perusahaan Atas Pengaruh Ketidakpastian Lingkungan Bisnis Terhadap Struktur Modal

(Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar di BEI Periode 2021-2023)

Corporate Governance Moderation On The Influence Of Business Environmental Uncertainty On Capital Structure

(Empirical Study on Manufacturing Companies Listed on the Indonesia Stock Exchange for the 2021–2023 Period)

Penelitian ini bertujuan untuk menguji pengaruh

ketidakpastian lingkungan bisnis terhadap struktur modal dengan

good corporate governance sebagai variabel moderasi. Penelitian

menggunakan pendekatan kuantitatif dengan regresi linier

berganda dan moderated regression analysis. Data diperoleh dari

laporan tahunan 72 perusahaan manufaktur yang terdaftar di BEI

periode 2021–2023, dengan total 216 observasi. Struktur modal

diukur dengan rasio utang jangka panjang terhadap total aset,

ketidakpastian lingkungan bisnis diukur menggunakan koefisien

variasi penjualan, dan tata kelola perusahaan diproksikan melalui

Board Independence, Board Size, Blockholders Ownership, serta

Institutional Ownership menggunakan Principal Component

Analysis. Hasil penelitian menunjukkan bahwa ketidakpastian

lingkungan bisnis berpengaruh negatif signifikan terhadap

struktur modal, dan tata kelola perusahaan yang baik

memperlemah pengaruh negatif tersebut.

Kata Kunci : Struktur Modal, Ketidakpastian Lingkungan Bisnis,

dan Tata Kelola Perusahaan.

This study aims to examine the effect of business

environment uncertainty on capital structure with good corporate

governance as a moderating variable. The research employs a

quantitative approach using multiple linear regression and

moderated regression analysis. Data were obtained from the

annual reports of 72 manufacturing companies listed on the

Indonesia Stock Exchange (IDX) for the 2021–2023 period, totaling

216 observations. Capital structure is measured by the ratio of

long-term debt to total assets, business environment uncertainty is

measured using the coefficient of variation in sales, and good

corporate governance is proxied by Board Independence, Board

Size, Blockholders Ownership, and Institutional Ownership, using

Principal Component Analysis. The results indicate that business

environment uncertainty has a significant negative effect on capital

structure, and good corporate governance weakens this negative

effect.

Key Word : Capital Structure, Business Environment

Uncertainty, Good Corporate Governance.