FARIANDA, MUTIARA (2025) PENGARUH STRUKTUR MODAL, LIKUIDITAS, DAN ARUS KAS OPERATIONAL TERHADAP PROFITABILITAS DENGAN SUSTAINABILITY REPORT DISCLOSURE SEBAGAI VARIABEL MEDIATOR (STUDI EMPIRIS PADA PERUSAHAAN SEKTOR ENERGI YANG TERDAFTAR DI BEI). S2 thesis, Universitas Mercu Buana Jakarta.
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Abstract
This study examines the effect of capital structure, liquidity, and operating cash flow on profitability with Sustainability Report Disclosure (SRD) as a mediating variable in energy sector companies listed on the Indonesia Stock Exchange for 2020–2024. Using a quantitative approach with panel data regression, the sample includes 13 firms selected through purposive sampling from 89 listed companies. Model selection was conducted using Chow, Hausman, and Lagrange Multiplier tests, while the Sobel test assessed the mediating role of SRD. Findings reveal that only operating cash flow has a positive and significant effect on profitability. Capital structure and liquidity show no significant effect. Likewise, SRD (GRI) is not significantly influenced by the independent variables and does not affect profitability. The Sobel test confirms SRD does not mediate the relationship between capital structure, liquidity, or operating cash flow and profitability. Overall, the results suggest that for Indonesian energy companies, sustainability disclosure has not yet become a key factor in improving profitability. Other determinants outside the research model may play a more significant role. Keywords: Capital Structure, Liquidity, Operating Cash Flow, Sustainability Report Disclosure, Profitability. Penelitian ini bertujuan menganalisis pengaruh struktur modal, likuiditas, dan arus kas operasional terhadap profitabilitas dengan Sustainability Report Disclosure (SRD) sebagai variabel mediasi pada perusahaan sektor energi di Bursa Efek Indonesia periode 2020–2024. Metode yang digunakan adalah kuantitatif dengan regresi data panel. Sampel penelitian terdiri dari 13 perusahaan energi yang dipilih melalui purposive sampling dari 89 populasi. Model regresi ditentukan dengan uji Chow, Hausman, dan Lagrange Multiplier, serta uji Sobel digunakan untuk menguji peran mediasi SRD. Hasil penelitian menunjukkan bahwa hanya arus kas operasional yang berpengaruh positif signifikan terhadap profitabilitas. Struktur modal dan likuiditas tidak berpengaruh signifikan. Pada pengujian SRD (GRI), ketiga variabel independent struktur modal, likuiditas, dan arus kas operasional tidak berpengaruh signifikan, begitu juga pengaruh SRD terhadap profitabilitas. Uji Sobel mengonfirmasi bahwa SRD tidak mampu memediasi hubungan variabel independen dengan profitabilitas. Temuan ini menegaskan bahwa pada perusahaan energi di Indonesia, pengungkapan keberlanjutan belum menjadi faktor penting dalam meningkatkan profitabilitas. Faktor lain di luar model penelitian kemungkinan lebih dominan dalam memengaruhi profitabilitas. Kata kunci: Struktur Modal, Likuiditas, Arus Kas Operasional, Sustainability Report Disclosure, Profitabilitas.
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