Factors Affecting Financial Performance with Capital Structure as Intervening Variables in Pharmaceutical Companies Listed on the IDX
Article Sidebar
Main Article Content
Abstract
This study aims to find out whether company size and liquidity have a significant effect on financial performance by going through capital structure as an intervening variable in pharmaceutical companies listed on the IDX. The data used is the annual report of each company, which is published through the www.idnfinancials.com website. The research method used in this study is the associative method. The sampling method used is puposive sampling with a total sample of 6 pharmaceutical companies listed on the Indonesia Stock Exchange and data from 2018 – 2024. The results of this study show that company size has a significant effect on profitability in pharmaceutical companies listed on the IDX. Liquidity has a significant effect on profitability in Pharmaceutical Companies listed on the IDX. The size of the company does not have a significant effect on the capital structure of pharmaceutical companies listed on the IDX. Liquidity has a significant effect on the capital structure of pharmaceutical companies listed on the IDX. Profitability does not have a significant effect on the capital structure of pharmaceutical companies listed on the IDX. Feasibility does not function as an intervening variable between the size of the company and the capital structure of pharmaceutical companies listed on the IDX. Profitability functions as an intervening variable between liquidity and capital structure in pharmaceutical companies listed on the IDX.
Article Details
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
References
Arasta, M. Diaz, Rahima br Purba, Nasution, M. Irsan. (2025). The Effect of Cash Flow and Receivables Turnover on the Liquidity of Basic Material Companies Listed on the Indonesia Stock Exchange. International Conference On Islamic Community Studies. 922-928.
Brealey, R, (2020), Fundamentals of Corporate Financial Management, Fifth Edition, Volume 2, Translated by Bob Sabran, Erlangga, Jakarta.
Brigham, E, (2021). Financial Management II. Jakarta: Salemba Four.
Erlina, Atmanegara, A. W., & Nasution, M. I. (2023). Research methodology (Revised edition). Al-Hayat Foundation.
Evayanti, S, (2023). Analysis of the Influence of Fundamental Factors on Stock Prices in Basic Industry and Chemicals Companies Listed on the Indonesia Stock Exchange, Thesis, Faculty of Economics, University of North Sumatra.
Fitiah, R. (2024). The Effect of Profitability, Liquidity, and Company Size on Capital Structure (in Automotive Companies Listed on the Indonesia Stock Exchange.
Ghozali, I. (2020). Multivariate Analysis with SPSS Program, Third Edition, Diponegoro University Publishing Board, Semarang.
Girsang, E. F., Rahmi, N. U., & Nasution, M. I. (2025). The effect of company size and debt to equity ratio on profitability in food and beverage companies listed on the Indonesia Stock Exchange for the 2021–2023 period. Scientific Journal of Reflection: Economic, Accounting, Management and Business, 8(1), 242–250. https://doi.org/10.37481/sjr.v8i1.1039
Halim, A. (2023). Business Financial Management, Ghalia Indonesia, Jakarta.
Harahap, A, (2023). Critical Analysis of Financial Statements, PT Rajagrafindo Persada, Jakarta.
Harsono, A. (2022). The Influence of Capital Structure, Liquidity and Company Size on the Company's Financial Performance.
Juliantika, N. (2022). The effect of profitability, company size, liquidity, and business risk on the capital structure of property and real estate companies.
Laia, R. A., Hulu, O. O., Rahmi, N. U., & Nasution, M. I. (2024). The effect of company growth, dividends, profitability and capital structure on the value of the company in manufacturing companies listed on the Indonesia Stock Exchange for the period 2016–2021. Scientific Journal of Reflection: Economic, Accounting, Management and Business, 7(2), 450–463. https://doi.org/10.37481/sjr.v7i2.841
Lasut, S. (2022). The Effect of Company Size, Profitability, and Liquidity on Capital Structure in Automotive Companies Listed on the Indonesia Stock Exchange.
Liang, I. (2022). The Influence of Profitability, Liquidity and Company Size on Capital Structure.
Munafiah, I. (2022). The Effect of Profitability, Liquidity, Company Size, Sales Growth, Asset Structure and Business Risk on Capital Structure (in Manufacturing Companies in the Consumer Goods Industry Sector Listed on the IDX.
Rindu, R. J. P. N., Manao, S. C. H., Sinuraya, B. R. S., & Nasution, M. I. (2024). The effect of earnings per share (EPS), return on asset (ROA), current ratio (CR), price book value (PBV) on stock prices (case study on companies listed on LQ45 on the Indonesia Stock Exchange (IDX)). Excellent Accounting, 6(2). https://doi.org/10.34012/japri.v6i2.5655
Riswan, D. (2024). The Effect of Capital Structure, Liquidity, Company Size, and Company Age on Financial Performance in Manufacturing Companies Listed on the Indonesia Stock Exchange for the 2018-2022 Period.
Sembiring, S. (2024). The Effect of Company Size, Capital Structure and Liquidity on Financial Performance of Mining Companies Listed on the IDX for the 2020-2022 Period.
Sugiyono, (2020). Business Research Methods, CV Alfabeta, Bandung.
Suprantiningrum. (2023). "The Effect of Moderation of Corporate Social Responsibility (CSR) and Good Corporate Governance (GCG) Disclosure on the Relationship between Return On Equity (ROE) and Company Value". Scientific Journal. Vol. 2 No. 3, November 2013 : 83-97.
Suryaman, Y. (2023). The Influence of Profitability, Asset Structure and Company Size on Capital Structure in Manufacturing Companies Listed on the Indonesia Stock Exchange.
Walsh, C, (2020). Key Management Ratios, Fourth Edition, Erlangga, Jakarta.
Weston, J. (2023). Financial Management. Translated by Drs. Yohanes Lamarto, MBA., MSM. Vol.2, Edition 8, Volume 2, Binarupa, Jakarta.
Zulkarnain, M. (2023). The effect of liquidity and profitability on capital structure.