Struktur Modal Pada Perusahaan Layanan Publik Milik Pemerintah di Negara-Negara Berkembang: Suatu Kajian Sistematis Literatur
DOI:
https://doi.org/10.63607/jcmb.v14i1.56Keywords:
Struktur modal, Perusahaan publik, Badan usaha milik negara, Pasar berkembang, Faktor kelembagaan, Tata kelola, Kinerja keuangan, Systematic literature reviewAbstract
Struktur modal merupakan salah satu topik yang paling diperdebatkan dalam keuangan perusahaan. Namun demikian, dinamika struktur modal pada perusahaan publik—khususnya di negara berkembang—masih relatif kurang mendapat perhatian secara sistematis. Penelitian ini melakukan systematic literature review (SLR) terhadap 24 artikel empiris untuk mengkaji bagaimana struktur modal ditentukan serta bagaimana pengaruhnya terhadap kinerja perusahaan publik di negara berkembang. Dengan menggunakan protokol PRISMA dan kerangka ekstraksi berbasis CIMO, kajian ini menyintesis temuan dari lebih dari 2.500 studi awal dan mengidentifikasi empat tema utama, yaitu: (1) pengaruh leverage terhadap kinerja perusahaan yang umumnya menunjukkan pola nonlinier dan ambang batas yang bersifat spesifik sektor; (2) determinan tingkat perusahaan seperti profitabilitas, ukuran perusahaan, dan risiko; (3) peran sentral tata kelola dan kualitas kelembagaan; serta (4) pengaruh guncangan makroekonomi dan lingkungan regulasi. Hasil kajian menunjukkan bahwa teori keuangan perusahaan klasik hanya mampu menjelaskan sebagian keputusan struktur modal pada perusahaan publik, karena insentif politik, regulasi tarif, dan keterbatasan fiskal sering kali mengesampingkan mekanisme berbasis pasar. Penelitian ini juga mengidentifikasi kesenjangan penting dalam literatur, antara lain keterbatasan bukti longitudinal serta minimnya kajian yang berfokus pada perusahaan yang sepenuhnya dimiliki negara. Studi ini berkontribusi dengan menawarkan kerangka konseptual yang diperbarui serta memberikan implikasi bagi pengembangan teori, regulator keuangan, manajemen BUMN, dan lembaga pembiayaan publik di negara berkembang.
References
Ali, A. (2021), ‘Profitability variations and disparity in automobile sector: A case of leading Indian automobile companies’, Accounting, pp. 1–12.
Aladwey, L. & Diab, A. (2023), ‘The determinants and effects of the early adoption of IFRS 15: Evidence from a developing country’, Cogent Business & Management, 10(1), doi:10.1080/23311975.2023.xxxxxx.
Baker, M. & Wurgler, J. (2002), ‘Market timing and capital structure’, Journal of Finance, 57(1), pp. 1–32.
Chang, H. (2007), State-owned enterprise reform, UN DESA Discussion Paper No. 5, United Nations, New York.
Dang, H.N., Nguyen, T.T.C. & Tran, D.M. (2020), ‘The impact of earnings quality on firm value: The case of Vietnam’, Journal of Asian Finance, Economics and Business, 7(3), pp. 19–27.
Danila, N., Noreen, U., Azizan, N.A., Farid, M. & Ahmed, Z. (2020), ‘Growth opportunities, capital structure and dividend policy in emerging markets: Indonesia case study’, Journal of Asian Finance, Economics and Business, 7(8), pp. 263–272.
Denyer, D. & Tranfield, D. (2009), ‘Producing a systematic review’, in Buchanan, D. & Bryman, A. (eds.), The Sage handbook of organizational research methods, Sage, London, pp. 671–689.
DiMaggio, P. & Powell, W. (1983), ‘The iron cage revisited: Institutional isomorphism and collective rationality’, American Sociological Review, 48, pp. 147–160.
Dos Santos Silva, E., Dos Santos, J.F., Perobelli, F.F.C. & Nakamura, W.T. (2016), ‘Capital structure of Brazil, Russia, India and China by economic crisis’, Revista de Administração Mackenzie, 17(4), pp. 44–70.
Fama, E.F. & French, K.R. (2002), ‘Testing trade‐off and pecking order predictions about dividends and debt’, The Review of Financial Studies, 15(1), pp. 1–33.
Guerrini, A., Romano, G., Campedelli, B. & Moggi, S. (2011), ‘Determinants of financial distress in public utilities’, Utilities Policy, 19(4), pp. 244–252.
Ima, U.M., Rabeta, M., Nahar, N. & Sumi, S.S. (2024), ‘Leverage-induced profitability in Bangladeshi firms: An empirical analysis’, Investment Management and Financial Innovations, 21(1), pp. 45–56.
Jensen, M.C. & Meckling, W. (1976), ‘Theory of the firm: Managerial behavior, agency costs and ownership structure’, Journal of Financial Economics, 3(4), pp. 305–360.
Kang, M. & Ausloos, M. (2017), ‘Credit risk ratings as determinants of corporate governance and capital structure in emerging markets: Evidence from Chinese listed companies’, Economies, 5(4), pp. 1–20.
Kijkasiwat, P., Hussain, A. & Mumtaz, A. (2022), ‘Corporate governance, firm performance and financial leverage across developed and emerging economies’, Risks, 10(6), pp. 1–18.
Klestov, M. & Jindřichovská, I. (2021), ‘The determinants of debt load for companies in emerging markets’, Journal of Corporate Finance Research, 15(2), pp. 55–70.
Kornai, J. (1986), ‘The soft budget constraint’, Kyklos, 39(1), pp. 3–30.
Kraus, A. & Litzenberger, R.H. (1973) 'A State-Preference Model of Optimal Financial Leverage', The Journal of Finance, 28(4), pp. 911–922.
Le, T.T.H., Nguyen, X.H. & Tran, M.D. (2019), ‘Determinants of dividend payout policy in emerging markets: Evidence from ASEAN region’, Asian Economic and Financial Review, 9(3), pp. 345–360.
Linh, N.V., Hung, D.N. & Van, V.T.T. (2024), ‘Factors affecting the dividend policy of Vietnamese enterprises in the context of COVID-19 pandemic’, Quality – Access to Success, 25(1), pp. 88–97.
Manurung, A.H. (2012), ‘Struktur kapital optimal perusahaan manufaktur: Pendekatan matematis’, JCMB Journal, 1(2), pp. 33–41.
Manurung, A.H. (2025), Keuangan Perusahaan: Teori dan Aplikasi, Edisi terbaru, PT Adler Manurung Press, Jakarta.
Megginson, W.L. & Netter, J.M. (2001), ‘From state to market: A survey of empirical studies on privatization’, Journal of Economic Literature, 39(2), pp. 321–389.
Modigliani, F. & Miller, M. (1958), ‘The cost of capital, corporation finance and the theory of investment’, American Economic Review, 48(3), pp. 261–297.
Modigliani, F. & Miller, M. (1963), ‘Corporate income taxes and the cost of capital’, American Economic Review, 53(3), pp. 433–443.
Moher, D., Liberati, A., Tetzlaff, J. & Altman, D. (2009), ‘Preferred reporting items for systematic reviews and meta-analyses (PRISMA)’, BMJ, 339, pp. b2535.
Mouton, M. & Pelcher, L. (2023), ‘Capital structure and COVID-19: Lessons learned from an emerging market’, Acta Commercii, 23(1), pp. 1–10.
Musacchio, A. & Lazzarini, S.G. (2014), Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond, Harvard University Press, Cambridge, MA.
Myers, S.C. (1984), ‘The capital structure puzzle’, Journal of Finance, 39(3), pp. 575–592.
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), pp. 187–221.
Nazarova, V. & Budchenko, A. (2020), ‘Capital structure in emerging markets: Evidence from China’, Journal of Corporate Finance Research, 14(3), pp. 15–32.
Nguyen, T.N.D., Ha, T.C., Nguyen, M.C., Bui, T.T.L. & Nguyen, T.H.Y. (2023), ‘Determinants of financial risk of firms listed on the national stock market: Dynamic panel evidence from Vietnam’, Asian Economic and Financial Review, 13(11), pp. 875–886. https://doi.org/10.55493/5002.v13i11.4878
Nguyen, V.C. (2020), ‘Human capital, capital structure choice and firm profitability in developing countries: An empirical study in Vietnam’, Accounting, 6(1), pp. 33–52.
Nikhil, M.N., Shenoy, S.S., Chakraborty, S. & Lithin, B.M. (2024), ‘Is the nexus between capital structure and firm performance asymmetric? An emerging market perspective’, Cogent Economics & Finance, 12(1), pp. 1–18.
Nga, N.T.V. & Long, G.N. (2021), ‘The choice of capital structure: A study on energy industry in a developing country’, Accounting, 7(3), pp. 45–54.
North, D. (1990), Institutions, institutional change and economic performance, Cambridge University Press.
Prasad, N., Verma, M.K., Tanwar, N. & Kumar, M. (2024), ‘Capital structure impact on firm performance: Pharmaceutical sector in India’, Economic Affairs, 69(2), pp. 221–228.
Sang, T.M. & Hung, N.T. (2024), ‘Exploring the relationship between ESG practices and financial performance of Vietnamese companies’, International Journal of Analysis and Applications, 23(4), pp. 102–115.
Scott, W.R. (2001), Institutions and organizations, 2nd edn, Sage Publications, Thousand Oaks, CA.
Sdiq, S.R. & Abdullah, H.A. (2022), ‘Examining the effect of agency cost on the capital structure–financial performance nexus: Evidence from an emerging market’, Cogent Economics & Finance, 10(1), pp. 1–16.
Shaban, O.S. & Barakat, A. (2023), ‘The impact of sustainability reporting on a company’s financial performance: Evidence from an emerging market’, Journal of Governance and Regulation, 12(2), pp. 222–233.
Shakatreh, M., Mansour, A.M.A. & Alatyat, Z.A. (2022), ‘Corporate tax features in Jordan affecting business decisions: Strengthening accountability in emerging economies’, International Journal of Professional Business Review, 7(4), pp. 77–91.
Shirley, M.M. & Walsh, P. (2000), ‘Public versus private ownership: The current state of the debate’, World Bank Policy Research Working Paper No. 2420, Washington, DC.
Siddik, M.N.A., Kabiraj, S. & Joghee, S. (2017), ‘Impacts of capital structure on performance of banks in a developing economy: Evidence from Bangladesh’, International Journal of Financial Studies, 5(2), pp. 1–16.
Snyder, H. (2019), ‘Literature review as a research methodology: An overview and guidelines’, Journal of Business Research, 104, pp. 333–339.
Tranfield, D., Denyer, D. & Smart, P. (2003), ‘Towards a methodology for developing evidence-informed management knowledge by means of systematic review’, British Journal of Management, 14(3), pp. 207–222.
Wang, Y. (2014), ‘Fiscal constraints and the financing structure of state-owned enterprises in developing countries’, China Economic Review, 31, pp. 119–136.
Zafar, Q., Wongsurawat, W. & Camino, D. (2019), ‘The determinants of leverage decisions: Evidence from Asian emerging markets’, Cogent Economics & Finance, 7(1), pp. 1–15.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Journal of Capital Markets and Banking
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
