Analisis Faktor Struktur Modal, Likuiditas, dan Ukuran Perusahaan atas Kinerja Keuangan Emiten Pertambangan di BEI Tahun 2020-2024

Abstract

This study aims to examine the impact of capital structure, liquidity, and company size on the financial profitability of mining companies listed on the Indonesia Stock Exchange (IDX) between 2020 and 2024. Financial profitability is measured by Return on Assets (ROA), while capital structure, liquidity, and company size are represented by the Debt to Equity Ratio (DER), Current Ratio (CR), and the natural logarithm of total assets. This study applies a quantitative method by utilizing secondary data from annual financial reports. The purposive sampling technique resulted in 30 sample companies, resulting in a total of 150 observations. Data testing involved classical assumption tests and multiple linear regression, with the finding that capital structure (X1) had a negative but insignificant effect, indicating that increasing debt did not significantly reduce financial performance. Liquidity (X2) had a positive but insignificant effect, indicating that the company's ability to meet short-term liabilities could potentially boost profitability, although external factors played a more significant role. Firm size (X3) shows a positive and significant effect, indicating that larger asset scale supports stronger operations and greater stability in generating profits. The independent variables capture only 8.8% of the variation in financial performance as the dependent variable, with the remainder influenced by external factors beyond the scope of the study. These findings provide implications for managerial and investment decision-making in the mining sector and provide theoretical contributions for further research.