AULIA, LENY (2026) PENGARUH KUALITAS PENGUNGKAPAN SUSTAINABILITY, INTELLECTUAL CAPITAL DAN PROFITABILITAS TERHADAP BIAYA UTANG DENGAN KEPEMILIKAN INSTITUSIONAL SEBAGAI VARIABEL MODERASI (Studi Empiris pada Perusahaan Sektor Kesehatan yang Terdaftar di Bursa Efek Indonesia Periode 2020-2024). S1 thesis, Universitas Mercu Buana Jakarta.
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Abstract
Determining the cost of debt is a crucial aspect of corporate financing decisions, as high borrowing costs can increase financial burdens, pressure cash flows, reduce operational flexibility, and heighten the risk of default. Elevated debt costs may also decrease firm value because a significant portion of earnings must be allocated to interest payments. In the post-COVID-19 period, healthcare sector companies in Indonesia have experienced growing funding needs driven by service expansion, system digitalization, and the development of medical facilities and technologies. These conditions have led firms to rely more heavily on external financing, particularly debt, making effective financing risk management increasingly important. On the other hand, creditors generally assess financing risk based on traditional financial indicators such as profitability and leverage, while nonfinancial information, including the quality of sustainability disclosure and the management of Intellectual capital, has not been fully utilized. In fact, these factors can provide positive signals regarding transparency, operational efficiency, and long-term corporate sustainability. Moreover, prior studies have reported inconsistent findings concerning the effects of these variables on the cost of debt, highlighting the need for further empirical investigation, especially within the healthcare sector, which has unique risk and regulatory characteristics. This study aims to examine the effects of sustainability disclosure quality, Intellectual capital, and profitability on the cost of debt, with institutional ownership serving as a moderating variable. The population consists of healthcare sector companies listed on the Bursa Efek Indonesia during the 2020-2024 period. The sample includes 18 companies with a total of 90 observations selected using purposive sampling. Data were analyzed using classical assumption tests, multiple linear regression, and Moderated Regression Analysis (MRA) with SPSS version 27. The results indicate that Intellectual capital has a significant negative effect on the cost of debt, whereas sustainability disclosure quality and profitability show no significant effects. Institutional ownership does not moderate the relationship between sustainability disclosure and the cost of debt; however, it strengthens the effect of Intellectual capital and weakens the effect of profitability, emphasizing the importance of governance mechanisms and institutional monitoring in reducing financing risk. Keywords: Sustainability Disclosure Quality, Intellectual capital, Profitability, Cost of Debt, Institutional Ownership Penentuan biaya utang merupakan aspek krusial dalam keputusan pendanaan perusahaan karena tingginya biaya pinjaman dapat meningkatkan beban keuangan, menekan arus kas, menurunkan fleksibilitas operasional, serta memperbesar risiko gagal bayar. Biaya utang yang tinggi juga berpotensi menurunkan nilai perusahaan karena laba harus dialokasikan untuk pembayaran bunga. Pasca pandemi COVID19, perusahaan sektor kesehatan di Indonesia menghadapi peningkatan kebutuhan dana akibat ekspansi layanan, digitalisasi sistem, serta pengembangan fasilitas dan teknologi medis. Kondisi ini mendorong perusahaan lebih bergantung pada pendanaan eksternal, khususnya utang, sehingga pengelolaan risiko pembiayaan menjadi semakin penting. Di sisi lain, kreditur umumnya masih menilai risiko berdasarkan indikator keuangan tradisional seperti profitabilitas dan leverage, sementara informasi non-keuangan seperti kualitas pengungkapan sustainability dan pengelolaan Intellectual capital belum dimanfaatkan secara optimal. Padahal, kedua faktor tersebut dapat memberikan sinyal positif mengenai transparansi, efisiensi, serta prospek keberlanjutan perusahaan. Selain itu, hasil penelitian terdahulu menunjukkan temuan yang inkonsisten terkait pengaruh faktor-faktor tersebut terhadap biaya utang, sehingga diperlukan pengujian empiris lebih lanjut, khususnya pada sektor kesehatan yang memiliki karakteristik risiko dan regulasi yang spesifik. Penelitian ini bertujuan menganalisis pengaruh kualitas pengungkapan sustainability, Intellectual capital, dan profitabilitas terhadap biaya utang dengan kepemilikan institusional sebagai variabel moderasi. Populasi penelitian adalah perusahaan sektor kesehatan yang terdaftar di Bursa Efek Indonesia periode 2020-2024. Sampel terdiri dari 18 perusahaan dengan total 90 observasi yang dipilih menggunakan purposive sampling. Analisis dilakukan melalui uji asumsi klasik, regresi linear berganda, dan Moderated Regression Analysis (MRA) menggunakan SPSS 27. Hasil menunjukkan bahwa Intellectual capital berpengaruh negatif signifikan terhadap biaya utang, sedangkan sustainability dan profitabilitas tidak berpengaruh signifikan. Kepemilikan institusional tidak memoderasi pengaruh sustainability, namun memperkuat pengaruh Intellectual capital serta memperlemah pengaruh profitabilitas terhadap biaya utang, sehingga menegaskan pentingnya tata kelola dan pengawasan investor institusional dalam menekan risiko pendanaan. Kata Kunci : Kualitas Pengungkapan Sustainability, Intellectual capital, Profitabilitas, Biaya Utang, Kepemilikan Institusional
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