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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) · pp. 33–48

DOI
10.22437/jca.v18i1.49618
ISSN
3123-1918, 1979-4851
Published
2026-02-01
Publisher
Faculty of Economics and Business Universitas Jambi
Language
en
License
creativecommons.org/licenses/by/4.0

Abstract

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.

Keywords

Collaboration network of the authors

40 authors · 100 co-authorship links · 6 across different organisations · showing the 40 most connected

Hover or tap a name to highlight its co-authors. Double-click to open the author's page.

  • Hasanuddin University
  • University of Brawijaya
  • Universitas Halu Oleo
  • IPB University
  • State University of Malang
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Yudi YudiAffiliation unknown10
RAHAYU RAHAYUUniversitas Halu Oleo6
Dheny WahyudhiAffiliation unknown6
Sri WidyartiAffiliation unknown5
Muhaimin Rifa’iUniversity of Brawijaya5
Haryadi HaryadiAffiliation unknown4
Herry LiyusAffiliation unknown4
Aris SoewondoAffiliation unknown4
Iskandar SamAffiliation unknown4
Asnath Maria FuahAffiliation unknown3
Runjati RunjatiAffiliation unknown3
Muhammad RidwanHasanuddin University3
Fikriya Novita SariAffiliation unknown3
Wiwik TiswiyantiAffiliation unknown3
Muhammad GowonAffiliation unknown3
Luki AbdullahIPB University2
Rachmat SomanjayaAffiliation unknown2
Mohamad Agus SetiadiAffiliation unknown2
Netty HerawatyAffiliation unknown2
Sahuri LasmadiAffiliation unknown2
Hamzah HamzahAffiliation unknown2
Rainiyati RainiyatiAffiliation unknown2
Elly SudartiAffiliation unknown2
Amri AmirAffiliation unknown2
Susfa YettiAffiliation unknown2
Ratih KusumastutiAffiliation unknown2
Dewi FitriyaniAffiliation unknown2
Fauziatul FajarohState University of Malang2
Iwan RudiartoAffiliation unknown2
Muhammad Halim NatsirUniversity of Brawijaya2
Muktiningsih NurjayadiAffiliation unknown2
Gladys Indira PutriAffiliation unknown2
Jefferson Lynford DeclanAffiliation unknown2
Rosita GIo AnggraeniAffiliation unknown2
Tiara FahrizaAffiliation unknown2
Adinda Myra Amalia PutriAffiliation unknown2
elda azizah putriAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://online-journal.unja.ac.id/index.php/jca/oai, first harvested 6 Nov 2026, last seen 8 Nov 2026.
Original metadata (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>
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