KEBIJAKAN MONETER DAN STRUKTUR MODAL PADA PERBANKAN DI INDONESIA

ANWAR, CEPY WILDAN (2025) KEBIJAKAN MONETER DAN STRUKTUR MODAL PADA PERBANKAN DI INDONESIA. Master thesis, UNIVERSITAS SULTAN AGENG TIRTAYASA.

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Abstract

This study aims to identify the influence of Monetary Policy proxied by Central Bank Interest Rates (BI Rate), Financial Market Development, Macroprudential Policy (MaPP), Economic Growth, Size, Capital Adequacy Ratio (CAR), Return on Asset (ROA) on Capital Structure (Debt to Equity Ratio) In Banking in Indonesia in the period 2012 to 2023. The results of the estimation using the GMM (Generalized Method of Moment) panel showed that the previous period DER (DER(-1)) had a positive and significant effect on the current DER (coefficient 0.5760; p < 1%), indicating that there was persistence in the company's financing structure, the BI Rate variable had a significant negative effect on the DER, economic growth (EG) had a significant negative effect, CAR had a significant negative effect, FDI had a significant negative effect on the DER, that MAPP has a significant negative effect on DER, while company size shows a significant positive influence, ROA also has a significant positive effect. The findings have implications for policymakers to continue to manage the benchmark interest rate (BI Rate) carefully so as not to create an excess financing burden that can reduce the expansion capacity of the business sector. In driving economic growth, governments need to pay attention to the implications for corporate Leverage, financial regulators and capital market participants are expected to strengthen financial market infrastructure, and companies with high profitability need to develop long-term financing strategies that prioritize efficiency and stability.

Item Type:

Thesis (Master)

Contributors:

Contribution	Contributors	NIP/NIM
Thesis advisor	ANWAR, CEP JANDI	198003182010121004
Thesis advisor	SALIM, AGUS	196308311988121001

Additional Information:

Penelitian ini bertujuan untuk mengidentifikasi pengaruh dari Kebijakan Moneter diproksikan oleh Suku Bunga Bank Sentral (BI Rate), Pembangunan Pasar Keuangan, kebijakan Makroprudensial (macroprudential policy = MaPP), Pertumbuhan Ekonomi, Size, Capital Adequacy Ratio (CAR), Return on Asset (ROA) terhadap Struktur Modal (Debt to Equity Ratio) Pada Perbankan Di Indonesia pada periode 2012 sampai dengan 2023. Hasil estimasi menggunakan panel GMM (Generalized Method of Moment) menunjukan bahwa DER periode sebelumnya (DER(-1)) berpengaruh positif dan signifikan terhadap DER saat ini (koefisien 0.5760; p < 1%), mengindikasikan adanya persistensi dalam struktur pembiayaan perusahaan, Variabel BI Rate berpengaruh negatif signifikan terhadap DER, Pertumbuhan ekonomi (EG) berpengaruh negatif signifikan, CAR berpengaruh negatif signifikan, FDI berpengaruh negatif signifikan terhadap DER, bahwa MAPP berpengaruh negatif signifikan terhadap DER, sedangkan Ukuran perusahaan (Size) menunjukkan pengaruh positif signifikan, ROA juga berpengaruh positif signifikan. Temuan tersebut memberi implikasi kepada pengambil kebijakan untuk terus mengelola suku bunga acuan (BI Rate) secara hati-hati agar tidak menciptakan beban pembiayaan berlebih yang dapat menurunkan kapasitas ekspansi sektor usaha. Dalam mendorong pertumbuhan ekonomi, pemerintah perlu memperhatikan implikasinya terhadap Leverage perusahaan, Regulator keuangan dan pelaku pasar modal diharapkan memperkuat infrastruktur pasar keuangan, dan Perusahaan dengan profitabilitas tinggi perlu mengembangkan strategi pembiayaan jangka panjang yang mengutamakan efisiensi dan stabilitas.

Uncontrolled Keywords:

Central Bank Interest Rate, Financial Market Development, Macroprudential Policy, Economic Growth, Size, Capital Adequacy Ratio, Return On Asset, Capital Structure, GMM (Generalized Method of Moment) Suku Bunga Bank Sentral, Pembangunan Pasar Keuangan, Kebijakan Makroprudensial, Pertumbuhan Ekonomi, Size, Capital Adequacy Ratio, Return On Asset, Struktur Modal, GMM (Generalized Method of Moment).

Subjects:

H Social Sciences > H Social Sciences (General)

Divisions:

05-Fakultas Ekonomi dan Bisnis

Depositing User:

MR CEPY WILDAN ANWAR

Date Deposited:

04 Aug 2025 03:29

Last Modified:

04 Aug 2025 03:29

URI:

http://eprints.untirta.ac.id/id/eprint/53500