OWNERSHIP STRUCTURE AND CAPITAL STRUCTURE ON FINANCIAL PERFORMANCE MODERATED BY SUSTAINABILITY REPORT

Bryan Aldino Arsakti, Anggita Langgeng Wijaya, Erma Wulan Sari

Abstract


This study aims to analyze the effect of ownership structure and capital structure on financial performance, with sustainability report disclosure as a moderating variable, in Basic Materials sector companies listed on the Indonesia Stock Exchange (IDX) during 2020–2025. A quantitative approach was employed using secondary data drawn from annual reports, financial statements, and sustainability reports. The sample was determined through purposive sampling, yielding 174 firm-year observations after outlier treatment. The independent variables are ownership structure (managerial and institutional ownership) and capital structure (Debt to Equity Ratio); the dependent variable is financial performance (Return on Assets); and the moderating variable is sustainability report disclosure measured using the Global Reporting Initiative (GRI) index. Data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA). The results show that managerial ownership has a significant positive effect on financial performance, while institutional ownership and capital structure have no significant effect. Sustainability report disclosure is proven to moderate the effect of ownership structure – particularly managerial ownership – on financial performance, but it does not moderate the effect of capital structure on financial performance. These findings contribute to agency theory and signaling theory, and offer practical implications for companies, investors, and regulators seeking to strengthen financial performance and corporate sustainability.

Keywords: Ownership Structure, Capital Structure, Financial Performance, Sustainability Report, Basic Materials


Full Text:

PDF

References


Ahzan, A. A., Alamsjah, & Nasrullah. (2025). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional Dan Kepemilikan Asing Terhadap Kinerja Keuangan Perusahaan Pada Sektor Keuangan Di Bursa Efek Indonesia. Jurnal Ekonomi Sakti (JES), 14(1), 128.

Alarussi, A. S. A. (2021). Financial ratios and efficiency in Malaysian listed companies. Asian Journal of Economics and Banking, 5(2), 116–135. https://doi.org/10.1108/ajeb-06-2020-0014

Angelie, L., Sintia, P., Hizkia, N., & Rosy, S. A. (2026). Sustainability Report, Eco-Efficiency, dan Nilai Perusahaan pada Industri Perbankan dan Keuangan di Indonesia. Global Research on Economy, Business, Communication and Information Sustainability, 3(51), 1–10.

Athiyadina, N., & Prasetyo, J. E. (2026). Sustainability Reporting, Green Accounting, Intellectual Capital, and Firm Size: Evidence on ROA in Basic Materials Sector (2021-2024). Riset & Jurnal Akuntansi, 10(2), 1–17.

Awa, H. O., Etim, W., & Ogbonda, E. (2024). Stakeholders, stakeholder theory and Corporate Social Responsibility (CSR). International Journal of Corporate Social Responsibility, 9(1), 1–14. https://doi.org/10.1186/s40991-024-00094-y

Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.

Choirina, N. W., Setiawan, N. A., Aulia, N., Kusumaningtias, R., & Kusumaningsih, A. (2025). Dinamika Politik di Balik Corporate Governance: Pengaruh Struktur Kepemilikan Saham terhadap Keputusan Strategis Perusahaan Sektor Kesehatan yang Terdaftar Pada PT Bursa Efek Indonesia Tahun 2021-2023. Jurnal Pendidikan Tambusai, 9, 14287–14292.

Connelly, B. L., Certo, S. T., Reutzel, C. R., DesJardine, M. R., & Zhou, Y. S. (2025). Signaling Theory: State of the Theory and Its Future. Journal of Management, 51(1), 24–61. https://doi.org/10.1177/01492063241268459

Darmayanti, F. E., Sanusi, F., & Widya, I. U. (2018). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional Dan Kebijakan Hutang Terhadap Nilai Perusahaan (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2015). XI(1), 1–20.

Effendi, S., & Purba, N. M. B. (2019). Pengaruh Kepemilikan Manajerial dan Kepemilikan Institusional Terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di BEI. Jurnal Akuntansi Barelang, 3(2), 64–74.

Fitri, S., Ruslan, M., & Setiawan, L. (2024). Analisis Laporan Keuangan Untuk Menilai Kinerja Keuangan Pada PT PLN (Persero) UP3 Makassar Utara. Journal of Economy Business Development, 2(3), 341–349. https://doi.org/10.56326/jebd.v2i3.2955

Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Pitman.

Ghozali, I. (2021). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 26. Badan Penerbit Universitas Diponegoro.

Irawan, J., & Ruslim, H. (2023). Faktor-Faktor Yang Mempengaruhi Kinerja Keuangan Perusahaan Sektor Barang Konsumsi. Manajerial Dan Kewirausahaan, 5(3), 1–10.

Ivanka, R., Harahap, S. H., R.G, Y. P., Ginting, A. Z. D., & Maisyarah, R. (2026). Pengaruh Corporate Governance terhadap Kinerja Perusahaan Transportasi yang Terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi Bisnis Dan Akuntansi, 6(April), 466–480.

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.

Kivunja, C. (2018). Distinguishing between theory, theoretical framework, and conceptual framework: A systematic review of lessons from the field. International Journal of Higher Education, 7(6), 44–53. https://doi.org/10.5430/ijhe.v7n6p44

Kurniasari, R., Ginting, R., & Putra Pratama, A. (2023). Analisis Laporan Keuangan Dalam Mengukur Kinerja Keuangan Pada PT. Bukalapak. Jurnal Administrasi Profesional, 4(1), 106–112. https://doi.org/10.32722/jap.v4i1.5816

Luft, J. A., Jeong, S., Idsardi, R., & Gardner, G. (2022). Literature Reviews, Theoretical Frameworks, and Conceptual Frameworks: An Introduction for New Biology Education Researchers. CBE Life Sciences Education, 21(3), rm33. https://doi.org/10.1187/cbe.21-05-0134

Martha, L., Dewi, A. S., & Mayliza, R. (2025). Bagaimana Kinerja Keuangan Perusahaan Dipengaruhi Oleh Struktur Modal Dan Total Asset Turnover Pada Perusahaan Manufaktur Yang Terdaftar di BEI? JCA (Jurnal Cendekia Akuntansi), 6(2), 1–13.

Miller, S., Qiu, B., Wang, B., & Yang, T. (2022). Monitoring institutional ownership and corporate innovation. Journal of Empirical Finance, 69, 144–165. https://doi.org/10.1016/j.jempfin.2022.09.004

Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. American Economic Review, 53(3), 433–443.

Nabila Jasmine, A., Prajanto, A., Dapit Pamungkas, I., & Minarso, B. (2024). Peran Kepemilikan Institusional Sebagai Pemoderasi Pada Determinan Fraudulent Financial Statement: Analisis Fraud Diamond Model. JAKA (Jurnal Akuntansi, Keuangan, Dan Auditing), 5(1), 158–178. https://doi.org/10.56696/jaka.v5i1.10749

Nabilah, P., Faradiba, F. T., & Rachmawati, T. (2026). Analisis Penggunaan Standar GRI Dalam Pelaporan. Spektrum Ekonomi, 9(5), 1–4.

Natalia, & Tarigan. (2014). Pengaruh Sustainability Reporting Terhadap Kinerja Keuangan Perusahaan Publik Dari Sisi Profitability Ratio. Business Accounting Review, 2(1), 1–10.

Nurafiah, A., Suherman, U., & Pranata, R. M. (2025). The Effect of Capital Structure and Company Size on Profitability in State-Owned Enterprises Listed on the Indonesia Stock Exchange for the Period 2019-2023. Management Studies and Entrepreneurship Journal, 6(4), 5424–5436.

Pratama, I. G. S., Idawati, I. A. A., & Sumartini, A. R. (2018). Pengaruh Struktur Kepemilikan Dan Pertumbuhan Perusahaan Terhadap Keputusan Pendanaan Dan Nilai Perusahaan. Widya Manajemen, 1(1), 60–79. https://doi.org/10.32795/widyamanajemen.v1i1.207

Putri, T. D. (2020). Struktur Kepemilikan, Corporate Governance, Agency Cost, Dan Kinerja Perusahaan. Menara Ekonomi, 6(1), 89–97.

Rahmansyah, M. F., & Mutmainah, S. (2024). Pengaruh Kinerja Pengungkapan ESG Terhadap Kinerja Keuangan Dengan Sustainability Report Sebagai Variabel Moderasi. Diponegoro Journal of Accounting, 13(3), 1–13.

Saifi, M. (2019). Pengaruh Corporate Governance Dan Struktur Kepemilikan Terhadap Kinerja Keuangan Perusahaan. Profit, 13(2), 1–11. https://doi.org/10.21776/ub.profit.2019.013.02.1

Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. Journal of Finance, 52(2), 737–783.

Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87(3), 355–374.

Sugiyono. (2023). Buku Penelitian Komunikasi (Kuantitatif, Kualitatif, Analisis Teks, Cara Menulis Artikel Untuk Jurnal Nasional dan Internasional). CV Alfabeta.

Tanesi, A. M. Y., De Rozari, P. E., Faah, Y. S., & Ndoen, W. M. (2025). Pengaruh Struktur Modal, Ukuran Perusahaan Dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Otomotif Yang Terdaftar Di Bursa Efek Indonesia. GLORY Jurnal Ekonomi Dan Ilmu Sosial, 6(5), 1699–1710. https://doi.org/10.70581/glory.v6i5.21372

Tobing, R. A., Zuhrotun, Z., & Rusherlistyani, R. (2019). Pengaruh Kinerja Keuangan, Ukuran Perusahaan, dan Good Corporate Governance Terhadap Pengungkapan Sustainability Report pada Perusahaan Manufaktur yang Terdaftar dalam Bursa Efek Indonesia. Reviu Akuntansi Dan Bisnis Indonesia, 3(1), 1–22. https://doi.org/10.18196/rab.030139

Wulansari, E., & Aziz, A. N. (2021). Political Connection, CEO Gender, Kinerja Keuangan, dan Struktur Modal Sebagai Penentu Nilai Perusahaan. Conference on Economic and Business Innovation (CEBI), 1(35), 1–16.

Yatim, M. R., Al Islami, M. I., Wahyudi, A., Indriati, P., & Azizah, W. (2024). Does industry type matter? Sustainability reporting disclosure gaps between manufacturing and non-manufacturing firms. Keberlanjutan: Jurnal Manajemen Dan Jurnal Akuntansi, 9(2), 140–150. https://doi.org/10.32493/keberlanjutan.v9i2.y2024.p140-150


Refbacks

  • There are currently no refbacks.


 

 

 

 

 

 

 

Editorial Office:

Universitas PGRI Madiun

Kampus 3 Lantai 2

Fakultas Ekonomi dan Bisnis

Jl. Auri no. 14-16 Madiun