Determinasi Tingkat Pertumbuhan pada Industri Energi: Peran Modal Intelektual, Efisiensi Aset, dan Struktur Modal

Siti Nurrohmah; Juniati Gunawan

doi:10.31004/riggs.v5i2.10450

Authors

Siti Nurrohmah Universitas Trisakti
Juniati Gunawan Universitas Trisakti

DOI:

https://doi.org/10.31004/riggs.v5i2.10450

Keywords:

Tingkat Pertumbuhan, Modal Intelektual, Efisiensi Aset, Struktur Modal

Abstract

Tingkat pertumbuhan perusahaan merupakan indikator penting dalam menilai kemampuan perusahaan mempertahankan keberlanjutan usahanya melalui pemanfaatan sumber daya internal secara optimal. Pada sektor energi, pencapaian tingkat pertumbuhan dipengaruhi oleh berbagai faktor, termasuk pengelolaan modal intelektual, efisiensi aset, dan struktur modal, mengingat karakteristik industri yang padat modal serta menghadapi dinamika harga komoditas dan tuntutan transisi energi. Penelitian ini bertujuan untuk menganalisis pengaruh modal intelektual, efisiensi aset, dan struktur modal terhadap tingkat pertumbuhan. Penelitian menggunakan pendekatan kuantitatif dengan memanfaatkan data sekunder berupa laporan tahunan perusahaan yang telah diaudit dan dipublikasikan. Teknik pengambilan sampel menggunakan metode saturated sampling, sehingga diperoleh 398 data observasi selama lima tahun. Analisis data dilakukan menggunakan regresi data panel dengan bantuan perangkat lunak EViews 14. Hasil penelitian menunjukkan bahwa modal intelektual tidak berpengaruh signifikan terhadap tingkat pertumbuhan perusahaan. Sebaliknya, efisiensi aset berpengaruh positif dan signifikan terhadap tingkat pertumbuhan, yang menunjukkan bahwa kemampuan perusahaan dalam mengoptimalkan penggunaan aset menjadi faktor utama dalam mendorong pertumbuhan berkelanjutan. Sementara itu, struktur modal berpengaruh negatif dan signifikan terhadap tingkat pertumbuhan, yang mengindikasikan bahwa peningkatan penggunaan utang dapat menghambat kemampuan perusahaan untuk tumbuh secara berkelanjutan. Temuan penelitian ini diharapkan dapat menjadi referensi bagi manajemen perusahaan, investor, dan akademisi dalam merumuskan strategi pengelolaan sumber daya serta kebijakan pendanaan yang mampu mendukung pertumbuhan perusahaan sektor energi secara berkelanjutan.

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