Pengaruh Leverage, Struktur Kepemilikan, dan Inovasi Terhadap Kinerja Keuangan pada Perusahaan Sektor Infrastruktur, Utilitas, dan Transportasi Periode 2019-2023
DOI:
https://doi.org/10.26740/jim.v13n1.p39-51Kata Kunci:
financial performance, innovation, leverage, ownership structureAbstrak
This research aims to determine the effect of leverage, ownership structure, and innovation on the financial performance. The type of data used is quantitative data sourced from secondary data. This research’s population are the infrastructure, utility, and transportation sector companies listed on the Indonesia Stock Exchange for the 2019-2023 period. The sampling technique used was purposive sampling method which resulted for 30 companies. The data were analyzed using multiple linear regression and calculated with IBM SPSS 25 software. The research finds that leverage has a negative significant effect on financial performance measured by Return on Asset (ROA). The use of debt up to a certain limit caused financial distress due too high interest expense. Increases on debt is permitted when tax sheltering benefits higher than interest expenses. Ownership structure consisting of managerial ownership and institusional ownership has positive significant effect on financial performance because can reduce agency conflict between agent and pricipal, while ownership concentration does not have significant effect on financial performance. Also, innovation has positif significant effect on financial performance. So this research suggests to the company can consider leverage because the higher of leverage can reduces financial performance. On the other hand, company can increase percentage of managerial ownership and institusional ownership and do innovation to help company improve financial performance.
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