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THE EFFECT OF CAPITAL STRUCTURE AND COMPANY SIZE ON PROFITABILITY WITH OPERATIONAL EFFICIENCY AS AN INTERVENING VARIABLE CASE STUDY OF PROPERTY AND REAL ESTATE COMPANIES LISTED ON THE IDX 2020-2023

Jurnal Cakrawala Akuntansi · Vol. 18 No. 1 (2026) · hlm. 33–48

DOI
10.22437/jca.v18i1.49618
ISSN
3123-1918, 1979-4851
Terbit
2026-02-01
Penerbit
Faculty of Economics and Business Universitas Jambi
Bahasa
en
Lisensi
creativecommons.org/licenses/by/4.0

Abstrak

By positioning operational efficiency as an intermediary lens, this study examines the profitability resulting from capital structure and firm size. This research focuses on property and real estate companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2023 period. Capital structure is measured using the Debt-to-Equity Ratio (DER), company size is measured by the natural logarithm of total assets, operational efficiency is proxied by the Operating Expenses to Operating Income (BOPO) ratio, and profitability is measured by Return on Assets (ROA). The research method used is a quantitative approach with path analysis. A purposive sampling technique resulted in 78 companies as the research sample, resulting in 234 observations during the observation period. Data processing was performed using software version 25. Theoretically, this study contributes to the development of corporate finance literature by broadening understanding of the role of operational efficiency as a mediating variable in the relationship between capital structure, firm size, and profitability in the property and real estate sector in Indonesia. The results of the study indicate that firm size has a positive effect on operational efficiency, while capital structure has a negative effect. Firm size also has a positive effect on profitability, while capital structure has a negative effect on profitability. However, operational efficiency has not been shown to mediate the relationship between capital structure and profitability or between firm size and profitability.

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  • Universitas Halu Oleo
  • State University of Malang
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Yudi YudiAfiliasi tidak diketahui10
RAHAYU RAHAYUUniversitas Halu Oleo6
Dheny WahyudhiAfiliasi tidak diketahui5
Haryadi HaryadiAfiliasi tidak diketahui4
Herry LiyusAfiliasi tidak diketahui4
Iskandar SamAfiliasi tidak diketahui4
Muhammad RidwanHasanuddin University3
Wiwik TiswiyantiAfiliasi tidak diketahui3
Muhammad GowonAfiliasi tidak diketahui3
Asnath Maria FuahAfiliasi tidak diketahui2
Runjati RunjatiAfiliasi tidak diketahui2
Netty HerawatyAfiliasi tidak diketahui2
Sahuri LasmadiAfiliasi tidak diketahui2
Hamzah HamzahAfiliasi tidak diketahui2
Rainiyati RainiyatiAfiliasi tidak diketahui2
Elly SudartiAfiliasi tidak diketahui2
Amri AmirAfiliasi tidak diketahui2
Susfa YettiAfiliasi tidak diketahui2
Ratih KusumastutiAfiliasi tidak diketahui2
Dewi FitriyaniAfiliasi tidak diketahui2
Fauziatul FajarohState University of Malang2
Iwan RudiartoAfiliasi tidak diketahui2
Cece SumantriIPB University1
Asep GunawanIPB University1
Ratna Sholatia HarahapIPB University1
Kasita ListyariniIPB University1
Salman YusufAfiliasi tidak diketahui1
Luki AbdullahIPB University1
Rachmat SomanjayaAfiliasi tidak diketahui1
Mohamad Agus SetiadiAfiliasi tidak diketahui1
Agung Prastyo NugrohoAfiliasi tidak diketahui1
Merryafinola IfaniAfiliasi tidak diketahui1
Suhartati SuhartatiAfiliasi tidak diketahui1
Anhar Faisal FananiUniversitas Nahdlatul Ulama Lampung1
Komang Gede WiryawanIPB University1
Salundik SalundikAfiliasi tidak diketahui1
elda azizah putriAfiliasi tidak diketahui1

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Sumber metadata: OAI-PMH (metadata jurnal) https://online-journal.unja.ac.id/index.php/jca/oai, pertama di-harvest 6 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">THE EFFECT OF CAPITAL STRUCTURE AND COMPANY SIZE ON PROFITABILITY WITH OPERATIONAL EFFICIENCY AS AN INTERVENING VARIABLE CASE STUDY OF PROPERTY AND REAL ESTATE COMPANIES LISTED ON THE IDX 2020-2023</dc:title>
	<dc:creator xml:lang="en">Ikhlas, Prabu</dc:creator>
	<dc:creator xml:lang="en">Rahayu, Sri</dc:creator>
	<dc:creator xml:lang="en">Erwati, Misni</dc:creator>
	<dc:subject xml:lang="en">Capital Structure</dc:subject>
	<dc:subject xml:lang="en">Company Size</dc:subject>
	<dc:subject xml:lang="en">Operational Efficiency</dc:subject>
	<dc:subject xml:lang="en">Profitability</dc:subject>
	<dc:description xml:lang="en">By positioning operational efficiency as an intermediary lens, this study examines the profitability resulting from capital structure and firm size. This research focuses on property and real estate companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2023 period. Capital structure is measured using the Debt-to-Equity Ratio (DER), company size is measured by the natural logarithm of total assets, operational efficiency is proxied by the Operating Expenses to Operating Income (BOPO) ratio, and profitability is measured by Return on Assets (ROA). The research method used is a quantitative approach with path analysis. A purposive sampling technique resulted in 78 companies as the research sample, resulting in 234 observations during the observation period. Data processing was performed using software version 25. Theoretically, this study contributes to the development of corporate finance literature by broadening understanding of the role of operational efficiency as a mediating variable in the relationship between capital structure, firm size, and profitability in the property and real estate sector in Indonesia. The results of the study indicate that firm size has a positive effect on operational efficiency, while capital structure has a negative effect. Firm size also has a positive effect on profitability, while capital structure has a negative effect on profitability. However, operational efficiency has not been shown to mediate the relationship between capital structure and profitability or between firm size and profitability.</dc:description>
	<dc:publisher xml:lang="en">Faculty of Economics and Business Universitas Jambi</dc:publisher>
	<dc:date>2026-02-01</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://online-journal.unja.ac.id/jca/article/view/49618</dc:identifier>
	<dc:identifier>10.22437/jca.v18i1.49618</dc:identifier>
	<dc:source xml:lang="en">Jurnal Cakrawala Akuntansi; Vol. 18 No. 1 (2026): Jurnal Cakrawala Akuntansi; 33 - 48</dc:source>
	<dc:source>3123-1918</dc:source>
	<dc:source>1979-4851</dc:source>
	<dc:language>en</dc:language>
	<dc:relation>https://online-journal.unja.ac.id/jca/article/view/49618/23490</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2026 Prabu Ikhlas, Sri Rahayu, Misni Erwati</dc:rights>
	<dc:rights xml:lang="en">https://creativecommons.org/licenses/by/4.0</dc:rights>
</oai_dc:dc>