Pengaruh Financial Flexibility, Growth Opportunity dan Bankruptcy Risk terhadap Struktur Modal pada Perusahaan Infrastruktur Sub Sector Heavy Kontruksion dan Civil Engineering yang terdaftar di BEI Tahun (2021-2023)

WULANDARI, Sri rejeki (2025) Pengaruh Financial Flexibility, Growth Opportunity dan Bankruptcy Risk terhadap Struktur Modal pada Perusahaan Infrastruktur Sub Sector Heavy Kontruksion dan Civil Engineering yang terdaftar di BEI Tahun (2021-2023). Masters thesis, Universitas Katolik Widya Mandira.

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Abstract

This study, entitled “The Influence of Financial Flexibility, Growth Opportunity, and Bankruptcy Risk on Capital Structure in Infrastructure Companies within the Heavy Construction and Civil Engineering Sub-Sector Listed on the Indonesia Stock Exchange (2021–2023)”, was conducted by Sri Rejeki Wulandari, SE (Student ID: 811231027), under the supervision of Dr. Yolinda Yanti Sonbay, SE, M.Sc., and P. Dr. Paskalis Seran, SVD., Dipl. Theol., MBA. The primary objective of this research is to empirically examine the extent to which financial flexibility, growth opportunity, and bankruptcy risk affect the capital structure of infrastructure companies in the heavy construction and civil engineering sub-sector listed on the Indonesia Stock Exchange during the 2021–2023 period. Specifically, the study aims to: (1) assess the joint influence of financial flexibility, growth opportunity, and bankruptcy risk on capital structure; (2) determine the significant effect of financial flexibility on capital structure; (3) evaluate the significant effect of growth opportunity on capital structure; and (4) analyze the significant effect of bankruptcy risk on capital structure. The study population comprises 27 companies, from which 18 firms were selected as samples using a purposive sampling technique. The research employs quantitative data obtained through documentation. Panel data analysis was carried out using EViews 13, with the random effects model identified as the most appropriate specification. The empirical findings reveal that financial flexibility has a significantly negative effect on capital structure, bankruptcy risk likewise exhibits a significantly negative effect on capital structure, while growth opportunity demonstrates a significantly positive effect on capital structure.

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