DETERMINAN DINAMIS STRUKTUR MODAL DAN PERAN PENGAWASAN KEPEMILIKAN INSTITUSIONAL: BUKTI PANEL DINAMIS DARI EMITEN PERKEBUNAN KELAPA SAWIT INDONESIA
DOI:
https://doi.org/10.22437/jmk.v15i03.59285Abstract
Abstrak
Penelitian ini menganalisis determinan struktur modal serta peran kepemilikan institusional pada perusahaan perkebunan kelapa sawit yang terdaftar di Bursa Efek Indonesia periode 2017–2024. Kajian struktur modal pada sektor ini umumnya menggunakan estimator statis yang mengabaikan persistensi leverage dan endogenitas profitabilitas. Penelitian ini menutup celah tersebut melalui estimasi empat spesifikasi panel dinamis two-step difference Generalized Method of Moments atas sebelas perusahaan dengan 88 observasi panel seimbang dan 66 observasi efektif. Struktur modal diproksikan dengan Debt to Equity Ratio (DER) dan logaritma naturalnya, profitabilitas diukur menggunakan Return on Assets (ROA) dan Return on Equity (ROE) pada model terpisah, sedangkan kepemilikan institusional diuji sebagai determinan langsung sekaligus sebagai moderator. Hasil estimasi menunjukkan bahwa struktur modal perusahaan perkebunan kelapa sawit di Indonesia dipengaruhi secara konsisten oleh profitabilitas pertumbuhan perusahaan, dan kepemilikan institusional. Temuan ini mendukung Pecking Order Theory dan monitoring hypothesis, sekaligus menunjukkan bahwa kepemilikan institusional berfungsi sebagai determinan langsung dan bukan sebagai pengubah sensitivitas profitabilitas terhadap keputusan utang. Penelitian ini menunjukkan bahwa struktur modal perusahaan perkebunan kelapa sawit perlu dibangun berdasarkan kekuatan fundamental perusahaan. Produktivitas aset menjadi sumber utama peningkatan kapasitas pendanaan internal, sedangkan utang digunakan secara selektif untuk mendukung pertumbuhan dan investasi produktif.
Kata kunci: kepemilikan institusional; panel dinamis GMM; pecking order theory; perkebunan kelapa sawit; struktur modal
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