Perbandingan Hutang terhadap Ekuitas, Arus Kas Operasi, dan Nilai Perusahaan Konstruksi

https://doi.org/10.35912/rambis.v5i1.4158
Published: Jun 4, 2025

Abstract:

Purpose: The aim of this research is to analyze the influence of the debt-to-equity ratio (DER) and operating cash flow on company value.

Methodology: This study examines the impact of debt-to-equity ratio and operating cash flow (OCF) on firm value, using data from 15 IDX-listed construction companies during 2022–2023. Companies were selected through purposive sampling, based on their financial report completeness and continuous listing. Data were sourced from documentation and the IDX website and analyzed using statistical methods, including multiple regression.

Result: The study finds that the inefficient use of OCF significantly reduces firm value, as high operational costs without matching revenue lower investor confidence.

Conclusions: This study shows that a high debt-to-equity ratio and inefficient use of Operating Cash Flow negatively affect the IDX value of construction companies. High debt increases financial risk, while poor cash flow management reduces investor confidence, both of which lead to lower firm value.

Limitations: This study is limited by the availability and consistency of financial report data, as not all companies may have complete records for the period 2022–2023. Additionally, the short research timeframe may not fully reflect the long-term patterns or trends that could influence the relationship between operating cash flow, capital structure, and firm value.

Contribution: This study adds to financial theory by exploring the relationship between operating cash flow, capital structure, and firm value, and offers practical insights for construction company managers in planning effective funding strategies.

Keywords:
1. Debt to equity
2. Operating cash flow
3. Firm Value
4. Construction Companies
Authors:
1 . Mutiara Lusiana Annisa
2 . Rizki Fitri Amalia
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How to Cite
Annisa, M. L., & Amalia, R. F. (2025). Perbandingan Hutang terhadap Ekuitas, Arus Kas Operasi, dan Nilai Perusahaan Konstruksi. Reviu Akuntansi, Manajemen, Dan Bisnis, 5(1), 17–32. https://doi.org/10.35912/rambis.v5i1.4158
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Vol. 5 No. 1 (2025): Juni
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References

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    Aghitsni, W. I., & Busyra, N. (2022). JIMEA | Jurnal Ilmiah MEA ( Manajemen , Ekonomi , dan Akuntansi ). Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 6(3), 38–51. Https://doi.org/10.31955/mea.v6i3.2271

    Aisya, S., & Purwantini, V. T. (2022). Analisis Size Corporate, Debt To Equity Ratio Dan Total Assets Turnover Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Food And Beverages Yang Terdaftar Di Bei Periode 2018-2020. Aktual: Jurnal Akuntansi Dan Keuangan, 7(1), 47–62. Http://doi.org/10.21009/JRMSI

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    Fadhil Fatih, F. A., Rita J.D. Atarwaman, & Senda Yunita Leatemia. (2023). Pengaruh Arus Kas Operasi, Ukuran Perusahaan,Dan Leverage Terhadap Nilai Perusahaan PadaPerusahaan Manufaktur Sektor Industri DasarDan Kimia Yang Terdaftar Di Bursa Efek IndonesiaTahun 2019-2021. Jurnal Akuntansi, 9(1), 29–40. Https://doi.org/10.30598/jak.9.1.29-40

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    Info, A. (2024). Pengaruh Arus Kas , Pertumbuhan Perusahaan , Profitabilitas ,. 5(3), 2137–2151.

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    Jarkawi, J. (2022). Manajemen Pendidikan Kearifan Lokal Syekh Muhammad Arsyad Al Banjari Kalimantan Selatan Indonesia sebagai Sumber Kekayaan Pendidikan. Jurnal Humaniora dan Ilmu Pendidikan, 2(1), 1-11. Https://doi.org/10.35912/jahidik.v2i1.1552

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    Oranefo, P. C., & Egbunike, C. F. (2023). Gearing ratio and operating cash flow performance of quoted manufacturing firms in Nigeria. 4(4), 395–410. https://doi.org/10.35912/ijfam.v4i4.1090

    Pradina, S. A., & Hasanah, A. N. (2021). Pengaruh Good Corporate Governance, Return on Equity dan Debt to Equity Ratio Terhadap Nilai Perusahaan Bank Rakyat Indonesia. Jurnal Ekonomi Vokasi, 5(1), 68–81. https://e-jurnal.lppmunsera.org/index.php/JEV/article/view/4240%0Ahttps://e-jurnal.lppmunsera.org/index.php/JEV/article/download/4240/1933

    Rahmawati, D., Antoni, D., & Kurniawan. (2021). Faktor-faktor UMKM dalam Mengadopsi E-Market di Kabupaten Ogan Ilir. Jurnal Bisnis Dan Pemasaran Digital, 1(1), 13-31. doi:10.35912/jbpd.v1i1.455

    Rangkuty, N., Yunina, Y., Naz’aina, N., & Usman, A. (2024). Pengaruh Operating Cash Flow, Economic Value Added Dan Dividen Yield Terhadap nilai perusahaan Pada Perusahaan Sektor Infrastruktur Yang Terdaftar Di Bursa Efek Indnesia (BEI) Tahun 2018-2021. Jurnal Akuntansi Malikussaleh (JAM), 2(4), 592. https://doi.org/10.29103/jam.v2i4.11491

    Ristiya, R., Suryaningprang, A., Herlinawati, E., Sudaryo, Y., & Supiyadi, D. (2024). Pengaruh Current Ratio (CR), Debt to Equity Ratio (DER), Earning Per Share (EPS) dan Price Earning Ratio (PER) Terhadap Harga Saham. Jurnal Ekonomi Bisnis, Manajemen Dan Akuntansi (JEBMA), 4(1), 278–290. https://doi.org/10.47709/jebma.v4i1.3622

    Septiany, A. M., & Suharyono, S. (2019). Pengaruh Debt To Equity Ratio, Price Earning Ratio, Return Onequity Ratiodanaruskasoperasi Terhadaphargasahampada Subsektor Kontruksi Bangunan Dan Subsektor Property Yangterdaftar Di Bei Tahun 2011-2015. Oikonomia: Jurnal Manajemen, 14(2), 59–76. https://doi.org/10.47313/oikonomia.v14i2.521

    Shabrina, W., & Hadian, N. (2021). The influence of current ratio, debt to equity ratio, and return on assets on dividend payout ratio. International Journal of Financial, Accounting, and Management, 3(3), 193–204. https://doi.org/10.35912/ijfam.v3i3.221

    Soje, B., & Tanko, U. M. (2024). Book value and share prices: The mediating effect of inflation in Nigeria. International Journal of Financial, Accounting, and Management, 6(1), 61–74. https://doi.org/10.35912/ijfam.v6i1.1747

    Utami, N. C. R., & Astika, I. B. P. (2024). Profitabilitas, Arus Kas Bebas, dan Nilai Perusahaan. E-Jurnal Akuntansi, 34(4), 1079. https://doi.org/10.24843/eja.2024.v34.i04.p19

    Yang, G., Di, T., Efek, B., & Bei, I. (2021). JURNAL FAIR VALUE. 4(1), 264–276.

    https://investor.waskitaprecast.co.id/misc/AR/flipbook/AR2023/254/ diakses pada tanggal 2 Desember 2024

  1. Abduh, M. (2012). Kontruksi Indonesia 2012?: Harmonisasi Rantai Pasok Konstruksi (Konsepsi, Inovasi dan Aplikasi di Indonesia). Kementrian Pekerjaan Umum, 45.
  2. Aghitsni, W. I., & Busyra, N. (2022). JIMEA | Jurnal Ilmiah MEA ( Manajemen , Ekonomi , dan Akuntansi ). Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 6(3), 38–51. Https://doi.org/10.31955/mea.v6i3.2271
  3. Aisya, S., & Purwantini, V. T. (2022). Analisis Size Corporate, Debt To Equity Ratio Dan Total Assets Turnover Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Food And Beverages Yang Terdaftar Di Bei Periode 2018-2020. Aktual: Jurnal Akuntansi Dan Keuangan, 7(1), 47–62. Http://doi.org/10.21009/JRMSI
  4. Dewi, F. M., & Sembiring, F. M. (2022). Pengaruh Debt To Equity Ratio, Return On Assets, Return On Equity, dan Ukuran Perusahaan Terhadap Nilai Perusahaan pada Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2015-2019. Portofolio: Jurnal Ekonomi, Bisnis, Manajemen, Dan Akuntansi, 19(1), 1–19. https://doi.org/10.54783/portofolio.v19i1.238
  5. Fadhil Fatih, F. A., Rita J.D. Atarwaman, & Senda Yunita Leatemia. (2023). Pengaruh Arus Kas Operasi, Ukuran Perusahaan,Dan Leverage Terhadap Nilai Perusahaan PadaPerusahaan Manufaktur Sektor Industri DasarDan Kimia Yang Terdaftar Di Bursa Efek IndonesiaTahun 2019-2021. Jurnal Akuntansi, 9(1), 29–40. Https://doi.org/10.30598/jak.9.1.29-40
  6. Fajri, & Juandra. (2021). Pengaruh Arus Kas Operasi, Investasi, dan Pendanaan Terhadap Nilai Perusahaan Pada Sektor Keuangan di Indonesia. Jurnal Ilmiah Mahasiswa Ekonomi Manajemen TERAKREDITASI SINTA, 4(3), 486–489. http:jim.unsyiah.ac.id/ekm
  7. Febrian, L. A., Sunarto, A., & Elwardah, K. (2022). Pengaruh Return on Assets (ROA) , Debt to Equity Ratio (DER) , dan Current Ratio (CR) terhadap Nilai Perusahaan pada Jakarta Islamic Index 70. EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi Dan Bisnis, 10(2), 991–1002. https://doi.org/10.37676/ekombis.v10i2.2218
  8. Hambali, D. (2017). Jurnal tambora. Jurnal Tambora, 2(2), 45–54. https://www.google.com/url?sa=t&source=web&rct=j&url=https://media.neliti.com/media/publications/328626-studi-kualitatif-dan-kuantitatif-minyak 541eec3f.pdf&ved=2ahUKEwjCxuTHkJj3AhUC7HMBHbuKDJwQFnoECBMQAQ&usg=AOvVaw3JZaYjWMKQllqvCJM3W0eG
  9. Imanah, M., Alfinur, & Setiyowati, S. W. (2021). Pengaruh debt to equity ratio dan current ratio terhadap nilai perusahaan dengan return on asset sebagai variabel intervening. Jurnal Riset Mahasiswa Akuntansi, 8(2), 1–13. https://doi.org/10.21067/jrma.v8i2.5231
  10. Info, A. (2024). Pengaruh Arus Kas , Pertumbuhan Perusahaan , Profitabilitas ,. 5(3), 2137–2151.
  11. Ishak, J. F. (2024). The role of earnings quality in the impact of earnings management and leverage on firm value. International Journal of Financial, Accounting, and Management, 5(4), 419–428. https://doi.org/10.35912/ijfam.v5i4.1204
  12. Jarkawi, J. (2022). Manajemen Pendidikan Kearifan Lokal Syekh Muhammad Arsyad Al Banjari Kalimantan Selatan Indonesia sebagai Sumber Kekayaan Pendidikan. Jurnal Humaniora dan Ilmu Pendidikan, 2(1), 1-11. Https://doi.org/10.35912/jahidik.v2i1.1552
  13. Karmawan, P. D. P., & Badjra, I. B. (2019). Pengaruh Economic Value Added, Debt To Equity Ratio Dan Komposisi Komisaris Independen Terhadap Nilai Perusahaan. E-Jurnal Manajemen Universitas Udayana, 8(12), 7033. https://doi.org/10.24843/ejmunud.2019.v08.i12.p07
  14. Nurmalasari, P., & Maradesa, D. (2021). Pengaruh Agency Cost Terhadap Nilai Perusahaan Pada Subsektor Property Dan Real Estate Yang Terdaftar Di Bursa Efek Indonesia Periode 2016-2020. Going Concern?: Jurnal Riset Akuntansi, 16(4), 355–365. www.cnnindonesia.com,
  15. Nwonye, N. G., & Ugwuegbe, S. U. (2020). Testing the validity of free cash flow hypothesis: Evidence from Nigeria. International Journal of Financial, Accounting, and Management, 1(3), 155–165. https://doi.org/10.35912/ijfam.v1i3.123
  16. Oranefo, P. C., & Egbunike, C. F. (2023). Gearing ratio and operating cash flow performance of quoted manufacturing firms in Nigeria. 4(4), 395–410. https://doi.org/10.35912/ijfam.v4i4.1090
  17. Pradina, S. A., & Hasanah, A. N. (2021). Pengaruh Good Corporate Governance, Return on Equity dan Debt to Equity Ratio Terhadap Nilai Perusahaan Bank Rakyat Indonesia. Jurnal Ekonomi Vokasi, 5(1), 68–81. https://e-jurnal.lppmunsera.org/index.php/JEV/article/view/4240%0Ahttps://e-jurnal.lppmunsera.org/index.php/JEV/article/download/4240/1933
  18. Rahmawati, D., Antoni, D., & Kurniawan. (2021). Faktor-faktor UMKM dalam Mengadopsi E-Market di Kabupaten Ogan Ilir. Jurnal Bisnis Dan Pemasaran Digital, 1(1), 13-31. doi:10.35912/jbpd.v1i1.455
  19. Rangkuty, N., Yunina, Y., Naz’aina, N., & Usman, A. (2024). Pengaruh Operating Cash Flow, Economic Value Added Dan Dividen Yield Terhadap nilai perusahaan Pada Perusahaan Sektor Infrastruktur Yang Terdaftar Di Bursa Efek Indnesia (BEI) Tahun 2018-2021. Jurnal Akuntansi Malikussaleh (JAM), 2(4), 592. https://doi.org/10.29103/jam.v2i4.11491
  20. Ristiya, R., Suryaningprang, A., Herlinawati, E., Sudaryo, Y., & Supiyadi, D. (2024). Pengaruh Current Ratio (CR), Debt to Equity Ratio (DER), Earning Per Share (EPS) dan Price Earning Ratio (PER) Terhadap Harga Saham. Jurnal Ekonomi Bisnis, Manajemen Dan Akuntansi (JEBMA), 4(1), 278–290. https://doi.org/10.47709/jebma.v4i1.3622
  21. Septiany, A. M., & Suharyono, S. (2019). Pengaruh Debt To Equity Ratio, Price Earning Ratio, Return Onequity Ratiodanaruskasoperasi Terhadaphargasahampada Subsektor Kontruksi Bangunan Dan Subsektor Property Yangterdaftar Di Bei Tahun 2011-2015. Oikonomia: Jurnal Manajemen, 14(2), 59–76. https://doi.org/10.47313/oikonomia.v14i2.521
  22. Shabrina, W., & Hadian, N. (2021). The influence of current ratio, debt to equity ratio, and return on assets on dividend payout ratio. International Journal of Financial, Accounting, and Management, 3(3), 193–204. https://doi.org/10.35912/ijfam.v3i3.221
  23. Soje, B., & Tanko, U. M. (2024). Book value and share prices: The mediating effect of inflation in Nigeria. International Journal of Financial, Accounting, and Management, 6(1), 61–74. https://doi.org/10.35912/ijfam.v6i1.1747
  24. Utami, N. C. R., & Astika, I. B. P. (2024). Profitabilitas, Arus Kas Bebas, dan Nilai Perusahaan. E-Jurnal Akuntansi, 34(4), 1079. https://doi.org/10.24843/eja.2024.v34.i04.p19
  25. Yang, G., Di, T., Efek, B., & Bei, I. (2021). JURNAL FAIR VALUE. 4(1), 264–276.
  26. https://investor.waskitaprecast.co.id/misc/AR/flipbook/AR2023/254/ diakses pada tanggal 2 Desember 2024