DETERMINANTS OF PROFITABILITY FROM THE PERSPECTIVE OF CAPITAL STRUCTURE AND ASSET STRUCTURE A STUDY OF PUBLICLY LISTED HOSPITAL ISSUERS ON THE INDONESIA STOCK EXCHANGE (IDX) QUARTERLY DATA 2019–2024

AMARTAYUDHA, YANI (2026) DETERMINANTS OF PROFITABILITY FROM THE PERSPECTIVE OF CAPITAL STRUCTURE AND ASSET STRUCTURE A STUDY OF PUBLICLY LISTED HOSPITAL ISSUERS ON THE INDONESIA STOCK EXCHANGE (IDX) QUARTERLY DATA 2019–2024. Thesis thesis, Universitas BPD.

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Abstract

Abstract Purpose− This study aims to examine the influence of capital structure (proxied by DER, LTDR, and STDR) and asset structure (proxied by TANG) on firm profitability (measured by ROA) among hospital issuers listed on the Indonesia Stock Exchange (IDX). Design/methodology/approach− A quantitative approach is employed using quarterly pooled data from six hospital issuers covering the 2019–2024 period. The analysis was conducted using Multiple Linear Regression with the Pooled Ordinary Least Squares (POLS) approach. Findings− The results show that the Debt-to-Equity Ratio (DER) has a significant negative effect on Return on Assets (ROA). The Tangible Asset Ratio (TANG) has a significant positive effect on ROA. Meanwhile, the Short-Term Debt Ratio (STDR) and Long-Term Debt Ratio (LTDR) do not have a significant effect on ROA. The research model is statistically significant (F-test) and explains 30.4% of the variation in ROA (Adjusted R2 = 0.304). Practical implications− The findings provide empirical insights for hospital management and policymakers to strengthen financial decision-making. Management is advised to be cautious in increasing overall leverage (DER) and to focus on productive investments in tangible assets to improve operational efficiency and profitability. For investors, a high DER can be a warning sign for profitability pressure, while commitment to modern fixed assets is a positive indicator. Keywords: Capital structure, Asset structure, Profitability, POLS, Hospitals, Indonesia.

Item Type:	Thesis (Thesis)
Additional Information:	Abstrak Tujuan− Penelitian ini bertujuan untuk menguji pengaruh struktur modal (diproksikan oleh DER, LTDR, dan STDR) serta struktur aset (diproksikan oleh TANG) terhadap profitabilitas perusahaan (diukur dengan ROA) emiten rumah sakit terdaftar di Bursa Efek Indonesia (BEI). Desain/metodologi/pendekatan− Pendekatan kuantitatif digunakan dengan data gabungan kuartalan dari enam emiten rumah sakit periode 2019–2024. Analisis dilakukan menggunakan Regresi Linier Berganda dengan pendekatan Pooled Ordinary Least Squares (POLS). Temuan− Hasil penelitian menunjukkan bahwa Debt-to-Equity Ratio (DER) berpengaruh negatif signifikan terhadap Return on Assets (ROA). Tangible Asset Ratio (TANG) berpengaruh positif signifikan terhadap ROA. Sementara itu, Short-Term Debt Ratio (STDR) dan Long-Term Debt Ratio (LTDR) tidak berpengaruh signifikan terhadap ROA. Model penelitian signifikan secara statistik (Uji-F) dan mampu menjelaskan 30,4% variasi ROA (Adjusted R2 = 0,304). Implikasi praktis− Temuan penelitian memberikan wawasan empiris bagi manajemen rumah sakit dan pembuat kebijakan dalam memperkuat pengambilan keputusan keuangan. Manajemen disarankan untuk berhati-hati dalam meningkatkan leverage agregat (DER) dan memfokuskan investasi pada aset berwujud yang produktif untuk meningkatkan efisiensi operasional dan profitabilitas. Bagi investor, DER yang tinggi dapat menjadi sinyal peringatan terhadap tekanan profitabilitas, sedangkan komitmen pada aset tetap yang modern merupakan indikator positif. Kata Kunci: Struktur Modal, Struktur Aset, Profitabilitas, POLS, Rumah Sakit, Indonesia. 1
Uncontrolled Keywords:	Capital structure, Asset structure, Profitability, POLS, Hospitals, Indonesia.
Subjects:	H Social Sciences > HG Finance H Social Sciences > HJ Public Finance
Divisions:	Faculty of Law, Arts and Social Sciences > School of Management
Depositing User:	Wisudawan S2
Date Deposited:	13 Mar 2026 04:01
Last Modified:	13 Mar 2026 04:01
URI:	http://eprints.stiebankbpdjateng.ac.id/id/eprint/3014

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