The Effect of Capital Structure and Liquidity on Company Efficiency and Profitability (Study on Banks that Experienced Acquisitions on the Indonesia Stock Exchange in 2021-2024)
DOI:
https://doi.org/10.55927/fjbes.v2i2.635Kata Kunci:
Capital Structure, Liquidity, Efficiency, Profitability, Acquisitions, Indonesian BankingAbstrak
This study examines the causal relationship between capital structure (CAR) and liquidity (LDR) to efficiency (BOPO) and profitability (ROA) in banks in Indonesia that experienced acquisitions during the 2021–2024 period. The study is motivated by the empirical anomaly that post-acquisition scale expansion does not necessarily result in improved financial performance. To explain this phenomenon, this study places efficiency as a mediating variable that links capital strength and liquidity management with profitability. Using panel data from 14 banks listed on the Indonesia Stock Exchange, the analysis was carried out through a path analysis approach with the Fixed Effect Model and Common Effect Model. The results showed that CAR had a negative and significant effect on BOPO, while LDR had no significant effect on efficiency. In addition, CAR, LDR, and BOPO did not show a significant influence on ROA, so profitability was more influenced by external factors such as asset quality, cost structure, and revenue diversification. This research makes an empirical contribution to the literature on Indonesian banking consolidation and offers strategic implications for regulators, investors, and bank management regarding the importance of operational integration beyond capital strengthening.
Referensi
Aslam, A. P. (2024). Buku Ajar Manajemen Perbankan. Jambi: Tahta Media Group.
Barney, J. B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120.
Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182. https://doi.org/10.1037/0022-3514.51.6.1173
Basel Committee on Banking Supervision. (2013). Basel III: The Liquidity Coverage Ratio and liquidity risk monitoring tools. Basel: BIS.
Berger, A. N., & Mester, L. J. (1997). Inside the Black Box: What Explains Differences in the Efficiencies of Financial Institutions? Journal of Banking & Finance, 21, 895–947.
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of financial management (15th ed.). Boston: Cengage Learning.
Creswell, J. W. (2014). Research Design: Qualitative, Quantitative, and Mixed Methods Approaches. (4th ed.) Thousand Oaks, CA: Sage Publications.
Feldman, E. R., & Hernandez, E. (2022). Synergy in mergers and acquisitions: Typology, life cycles, and value. Academy of Management Review, 47(4), 588–610. https://doi.org/10.5465/amr.2022.0345
Fuadah, L., Suharsono, R. S., & Martiana, N. (2025). Pengaruh Struktur Modal, Efisiensi Operasional dan Risiko Kredit Terhadap Profitabilitas (Studi Empiris Sektor Perbankan yang Terdaftar di BEI Periode 2021-2023). eCo-Buss: Economics and Business, 8(1). https://jurnal.kdi.or.id/index.php/eb
Gay, L. R., Mills, G. E., & Airasian, P. (2012). Educational research: Competencies for analysis and applications (10th ed.). Upper Saddle River, NJ: Pearson Education.
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25 (Edisi ke-9). Semarang: Badan Penerbit Universitas Diponegoro.
Grant, R. M. (1991). The Resource-Based Theory of Competitive Advantage: Implications for Strategy Formulation. California Management Review, 33(3), 114–135.
Gujarati, D. N., & Porter, D. C. (2012). Basic Econometrics (5th ed.). New York: McGraw-Hill Education.
Hasmiana, Madris, & Pintor, S. (2022). The Effect of Financial Risk, Capital Structure, Banking Liquidity on Profitability: Operational Efficiency as Intervening Variables in Persero Bank and Private Commercial Banks. International Journal of Arts and Social Science, 5(1), 183–193.
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.
Kasmir. (2018). Manajemen Perbankan (Edisi Revisi). Jakarta: PT Raja Grafindo Persada.
Kerlinger, F. N., & Lee, H. B. (2000). Foundations of behavioral research (4th ed.). Fort Worth, TX: Harcourt College Publishers.
Leibenstein, H. (1966). Allocative efficiency vs. X-efficiency. American Economic Review, 56(3), 392–415.
Lucket, D. G. (1980). Money and Banking (2nd ed.). New York: McGraw-Hill.
Markowitz, H. (1952). Portfolio selection. Journal of Finance, 7(1), 77–91.
Mehzabin, S., Shahriar, A., Hoque, M. N., Wanke, P., & Azad, M. A. K. (2022). The effect of capital structure, operating efficiency and non-interest income on bank profitability: new evidence from Asia. Journal of Asian Business and Economic Studies, 29(3), 226–244. https://doi.org/10.1108/JABES-07-2021-0070
Mishkin, F. S. (2016). The economics of money, banking, and financial markets (11th ed.). Boston: Pearson.
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. American Economic Review, 48(3), 261–297.
Moulton, H. G. (1918). Commercial banking and capital formation. Journal of Political Economy, 26(7), 484–508.
Myers, S. C. (2001). Capital Structure. Journal of Economic Perspectives 15 (2): 81–102.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221.
Olawale, A., & Obinna, E. (2023). An Empirical Analysis of Capital Structure, Liquidity and Banking Sector Performance in Nigeria (2011-2021). Journal of Finance and Economics, 11(3), 149–159. https://doi.org/10.12691/jfe-11-3-3
Otoritas Jasa Keuangan. (2015). Peraturan Otoritas Jasa Keuangan Nomor 42/POJK.03/2015 tentang Kewajiban Pemenuhan Rasio Kecukupan Likuiditas (Liquidity Coverage Ratio) bagi Bank Umum. Jakarta: OJK.
Otoritas Jasa Keuangan. (2017). Peraturan Otoritas Jasa Keuangan Nomor 50/POJK.03/2017 tentang Kewajiban Pemenuhan Rasio Pendanaan Stabil Bersih (Net Stable Funding Ratio) bagi Bank Umum. Jakarta: OJK.
Otoritas Jasa Keuangan. (2020). Peraturan Otoritas Jasa Keuangan Nomor 12/POJK.03/2020 tentang Konsolidasi Bank Umum. Jakarta: OJK.
Otoritas Jasa Keuangan. (2024). Laporan Profil Industri Perbankan. Jakarta: OJK.
Penrose, E. T. (1959). The Theory of the Growth of the Firm. New York: John Wiley & Sons.
Prochnow, H. V. (1949). Term Loans and Theories of Bank Liquidity. New York, NY: Prentice-Hall.
PT Bank Seabank Indonesia. (2022). Laporan Keuangan Tahunan 2021. Jakarta: SeaBank.
PT Bank SMBC Indonesia Tbk. (2024). Laporan Tahunan 2023: Navigating the Future. Jakarta: Bank SMBC Indonesia.
Rionita, K., & Abundanti, N. (2018). Pengaruh Struktur Modal dan Likuiditas terhadap Profitabilitas Bank yang Terdaftar di Bursa Efek Indonesia. E-Jurnal Manajemen Unud, 7(8), 4094–4123. https://doi.org/10.24843/EJMUNUD.2018.v7.i08.p03
Ross, S. A. (1977). The Determination of Financial Structure: The Incentive-Signalling Approach.The Bell Journal of Economics, 8(1): 23–40.
Saeidinezhad, E. (2024). Market Liquidity and the Money View. New York: Barnard College, Columbia University (Palgrave Macmillan).
Sekaran, U., & Bougie, R. (2017). Research Methods for Business: A Skill Building Approach (7th ed.). West Sussex, UK: John Wiley & Sons Ltd.
Sucipto. (2003). Manajemen Keuangan dalam Praktik. Jakarta: PT Raja Grafindo Persada.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.
Sutrisno. (2003). Manajemen keuangan: Teori, konsep, dan aplikasi. Yogyakarta: Ekonisia.
Van Horne, J. C., & Wachowicz, J. M. (2008). Fundamentals of financial management (13th ed.). Harlow: Pearson Education.
Widarjono, A. (2018). Ekonometrika: Pengantar dan Aplikasinya Disertai Panduan EViews. Yogyakarta: UPP STIM YKPN.
Winarno, H., & Atiningsih, S. (2025). Pengaruh Risiko Keuangan, Struktur Modal Dan Risiko Likuiditas Terhadap Profitabilitas Bank, Dengan Efisiensi Operasional Sebagai Variabel Mediasi. Mandiri: Jurnal Akuntansi dan Keuangan, 4(2), 110–127. https://jurnal.risetilmiah.ac.id/index.php/jak
Unduhan
Diterbitkan
Cara Mengutip
Terbitan
Bagian
Lisensi
Hak Cipta (c) 2026 Heru Purwanto
Artikel ini berlisensi Creative Commons Attribution 4.0 International License.
