Pengaruh Debt To Equity Ratio dan Pertumbuhan Aset Terhadap Kinerja Keuangan pada Perusahaan Industri Pertahanan Indonesia

Abstract

AbstrakUntuk mengembangkan industri pertahanan dalam negeri perlu diberlakukan kebijakan pembangunan industri pertahanan guna mewujudkan industri pertahanan yang kuat, mandiri, dan dapat memiliki daya saing untuk mendukung pertahanan dan keamanan serta berkontribusi terhadap pertumbuhan ekonomi nasional. Untuk memajukan Industri pertahanan dalam negeri perlu ditinjau aspek keuangan dimana kinerja perusahaan dapat digambarkan dari laporan keuangannya, hal tersebut diperlukan untuk mengukur keberhasilan kinerja suatu perusahaan untuk mengatur serta memaksimalkan kinerja keuangannya. Pada penelitian ini akan terfokus pada tiga perusahan industri pertahanan yaitu PT Pindad (Persero), PT PAL Indonesia (Persero), dan PT Dok dan Perkapalan Kodja Bahari (Persero). Dari ketiga perusahaan tersebut akan dilihat pengaruh dari Debt to Equity Ratio (DER) dan Pertumbuhan pada aset perusahaan terhadap kinerja keuangan dari ketiga perusahaan tersebut. Pada penelitian ini menggunakan metode kuantitatif, Jenis data yang digunakan cross section dan time series. peneliti menggunakan metode analisis regresi linear berganda, dimana metode analisis tersebut merupakan model regresi yang mengaitkan dua atau lebih variabel indepenen. Besarnya pengaruh Debt to Equity Ratio (DER) dan Pertumbuhan Aset (AG) terhadap Return On Equity Pada Perusahaan Dibidang Pertahanan 26,37% dan sisanya 73,63% dijelaskan oleh variabel lain yang tidak diteliti dalam penelitian ini. Data menunjukan bahwa pertembuhan asset tiap tahun meningkat dan ada beberapa yang menurun dari tahun sebelumnya sementara nilai aset tersebut mampu mendorong kinerja Holding BUMN Pertahanan ke depannya.Kata Kunci: Debt to Equity Ratio, Kinerja Keuangan, Industri Pertahanan, Pertumbuhan Aset AbstractTo develop the domestic defense industry, it is necessary to implement a defense industry development policy in order to realize a defense industry that is strong, independent, and can have competitiveness to support defense and security and contribute to national economic growth. To advance the domestic defense industry, it is necessary to review the financial aspects where the company's performance can be described from its financial statements, it is necessary to measure the success of a company's performance to regulate and maximize its financial performance. This research will focus on three defense industry companies, namely PT Pindad (Persero), PT PAL Indonesia (Persero), and PT Dok and Perkapalan Kodja Bahari (Persero). From the three companies, the effect of the Debt to Equity Ratio (DER) and growth in company assets will be seen on the financial performance of the three companies. In this study using quantitative methods, the type of data used is cross section and time series. researchers use multiple linear regression analysis methods, where the analysis method is a regression model that relates two or more independent variables. The magnitude of the effect of Debt to Equity Ratio (DER) and Asset Growth (AG) on Return On Equity in Defense Companies of 26.37% and the remaining 73.63% is explained by other variables that were not studied in this study. Data shows that the growth of assets every year increases and there are some that decrease from the previous year while the value of these assets is able to encourage the performance of the Defense SOE Holding in the future.Keywords: Debt to Equity Ratio, Financial Performance, Defense Industry, Asset Growth

The Relationship Between Ownership Structure, Capital Structure, and Firm Performance: The Evidence From Indonesian Manufacturing Sector

“…Therefore, companies with a low DER tend to create higher ROE, due to lower financial burdens, and vice versa. This study contradicts the research conducted by Hidayat et al (2022), andWiranawata (2022), but is aligned with the study by Lestari (2020).…”

“…On the other hand, if a company heavily relies on borrowing, higher interest expenses may erode the net profit. Drawing from the findings of the research carried out by Gunawan et al (2022); Hidayat et al (2022); and Wiranawata (2022), it is suggested that DER serves as a favorable indicator of capital structure that can positively impact company performance. However, there are contrasting findings from other studies, including those by Ghardallou (2022); Irman et al (2020);and Sukesti et al (2021).…”

Business Risk and Sales Growth on Financial Performance in Defense Industry Companies in Indonesia

“…Not only does it require good planning, but also an effective and efficient financial system and budget in building the defense industry (Hidayat et al, 2022). In reviewing the development of a company, one can see it through its financial aspects which can be projected in financial reports (Nugraha et al, 2020).…”