THE EFFECT OF CAPITAL STRUCTURE AND FINANCING RISK ON FINANCIAL STABILITY WITH PROFITABILITY AS A MODERATING VARIABLE
DOI:
https://doi.org/10.32332/finansia.v9i2.12972Keywords:
Financial Stability, Capital Structure, Financing Risk, Profitability, BPRSAbstract
This study examines the impact of capital structure and financing risk on the financial stability of BPRS in Java during the 2020–2024 period, with profitability as a moderating variable. A quantitative causal approach was applied using secondary data from the annual financial reports of 82 BPRS, resulting in 410 observations. Panel data regression analysis was conducted using EViews 12. Financial stability was measured by the Z-score, capital structure by CAR, financing risk by NPF, and profitability by ROA. The results show that capital structure significantly affects financial stability, with adequate capital strengthening BPRS's resilience. Financing risk has a negative impact since higher unproductive financing weakens asset quality and stability. Profitability moderates the relationship between capital structure and financial stability, but does not moderate the impact of financing risk. These findings highlight the importance of effective capital and risk management in maintaining BPRS's financial stability.
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