



































www.ijmsssr.org


 Global Journal of Education and Allied  

Research (GJEAR) 
Volume.13, Number 1; January-2022; 

ISSN: 2837-3707 | Impact Factor: 6.79 

https://zapjournals.com/Journals/index.php/gjear  

Published By: Zendo Academic Publishing 

 

 

pg. 11 

VENTURE CAPITAL DYNAMICS: EXPLORING PROFITABILITY 

BOOSTS FOR COMPANIES IN CRISIS 

 
1Dr. Amanda Sofia Johnson and 2Prof. David Alexander Williams 

 

Article Info  Abstract 

Keywords: COVID-19 

pandemic, venture capital, 

profitability, finance companies, 

financial performance 

 The COVID-19 pandemic has exerted substantial impacts on various 

facets, notably health and economics. Companies have adopted diverse 

strategies, including seeking external financing, to enhance resilience 

and performance during these turbulent times. This study investigates 

the effects of venture capital infusion on a company's profitability in 

the context of the pandemic. Drawing from Ratna (2013) and 

Kurniawati (2017), the study emphasizes the critical role of finance 

companies, particularly amidst intense business competition, as 

essential sources of funds for investment, working capital, and 

economic growth. 

Profitability serves as a cornerstone for a company's sustenance and 

advancement, influencing operational and maintenance aspects as 

articulated by Marlinah (2014). Analyzing financial statements and 

profitability ratios, the study assesses the relationship between venture 

capital injection and net income generation, which indicates managerial 

efficacy and overall company performance. A case in point is presented 

through PT Buana Finance Tbk, highlighting the industry's challenges 

and experiences during the initial wave of the pandemic (Agustine, 

2015). This research contributes to understanding the dynamics of 

financial strategies during crises and offers insights into sustaining 

profitability within the financing sector. By evaluating the correlation 

between external financing and company performance, this study 

provides actionable insights for firms navigating uncertain economic 

landscapes. 
 

 

 

                                                      
1 Faculty of Economic Business, Universitas Mecu Buana Indonesia 
2 Faculty of Economic Business, Universitas Mecu Buana Indonesia 

https://zapjournals.com/Journals/index.php/gjear


Global Research Journal of Management and Social Sciences (GRJMSS) Vol. 13 (1) 
 

pg. 12 

1. INTRODUCTION  

As we now know that the impact of the COVID-19 pandemic is very influential in all aspects, especially on health 

and economic conditions. In order to maintain its existence and improve its performance, various efforts have 

been made by the company, one of which is by increasing capital by seeking financing from outside the company. 

The addition of venture capital aims to increase the company's profit which in the end the company is able to 

survive in this very unstable condition Ratna (2013).  

The role of finance companies is now felt very much needed, in line with the development of the business world 

and intense competition. Financial institutions can be an alternative for the development of several business 

sectors. The role of the financing services industry is to provide funds for people who need sources of financing 

funds, both for investment, working capital, and consumption purposes, which are expected to be useful in 

boosting the national economy. Finance companies are business entities outside banks and non-bank financial 

institutions that are specifically established to carry out activities that are included in the business field of 

financing institutions. A finance company is also one of the business entities of a financing institution consisting 

of the finance company itself, venture capital company, and infrastructure finance company. As an institution 

financing is a business entity that carries out financing activities in the form of providing funds or capital goods 

Kurniawati(2017).  

  

Profitability allows companies to survive and thrive, even profitability can be said to be a benchmark for the 

establishment of a company. With profitability, companies can turn on elements in it such as operations and 

maintenance Marlinah (2014).  

The company's profitability is the company's ability to generate net income from activities carried out in the 

accounting period. Profit is a description of the performance achieved from the general transaction process carried 

out by the company during a certain period. Profit is used as an indicator for stakeholders to assess the extent to 

which management is performing in managing a company. The level of the company's ability to earn profits can 

be seen and measured by analyzing financial statements through profitability ratios. This ratio shows the success 

of a company in generating profits. Profitability is also important to strengthen the financial position. According 

to the OJK, the financing industry is currently facing quite a tough challenge. In the last 2 years, the financing 

industry only grew by 4%. There is a phenomenon regarding the decline in net profit at the Financing Institution 

by 22.9% in the first quarter of 2015. One of the multi-finance companies that experienced a decrease in profit in 

the first quarter of 2015 was PT Buana Finance Tbk. Antoni Muljono, Finance Director of Buana Finance said 

that his party experienced a 25% decrease in net profit to Rp25.83B when compared to the same period in 2014 

of Rp34.45B (Agustine, 2015) (source: https://finansial.bisnis.com accessed on 7 November 2020). 

Furthermore, the phenomenon of a decline in net profit at the Performance Financing Institution PT Verena Multi 

Finance Tbk declined in the third quarter of 2018. This multi-finance company had to be satisfied with the revenue 

and profit that fell significantly from 2017. Based on the company's financial statements, as of September 2018, 

Verena Multi Finance recorded revenue of Rp 177.98 billion own 26.7 percent from last year. This decline was 

also followed by the company's profit performance, which was minus Rp 171.26 billion, whereas in September 

last year it was still positive at Rp 4.04 billion. President Director of Verena Multi Finance, Andi Harjono, said 

the decline in the company's revenue and profit performance was due to a decline in the financing portfolio. “The 

decline occurred due to a decrease in the financing portfolio. However, the company's liquidity condition is still 

good, because funding comes from Panin Bank and other banks," Andi told Kontan.co.id, Tuesday (6/11). The 

decline in profit and revenue performance has resulted in a 32.5 percent decline in the company's assets to Rp 



Global Research Journal of Management and Social Sciences (GRJMSS) Vol. 13 (1) 
 

pg. 13 

1.18 trillion. This condition was further exacerbated by the 50.72% increase in the company's expenses, Rp. 

357.92 billion. Verena Multi Finance decided to increase capital by conducting a rights issue II or preemptive 

rights II (HMETD). The company offered 3.1 billion ordinary shares with a nominal value of Rp 100. The offering 

price was Rp 140 per share, meaning that Verena could reap fresh funds of Rp 434.3 billion. IBJ Leasing Company 

(IBJL), a Japanese financing company will act as a  standby buyer.   

Furthermore, the phenomenon regarding debt policy is alternative funding for a company in increasing 

productivity and financing business expansion in the future, the Financial Services Authority (OJK) will provide 

relaxation for the issuance of debt securities to strengthen the financing for finance companies or multi-finance 

companies. This new rule is a refinement of POJK No. 35/2018 concerning the Implementation of Financing 

Company Business. With this regulation, he hopes that finance companies can take advantage of this relaxation 

to support productive financing in the micro, small and medium enterprise (MSME) sector during limited funds 

from banks.  

Researchers use the ROI indicator to analyze the profitability data as a whole and to measure the level of profit 

invested by the company in capital. ROI is relatively simple, it can be seen from the formula that if you want to 

increase your return on investment, you only need to reduce costs and increase profits. 

This study will look at how to find out the effect of funding from long-term debt, short-term debt, and own capital 

either simultaneously or partially on the level of profitability in companies engaged in financing institutions where 

the company is engaged in financing institutions, especially during the pandemic finance company. need the 

ability to survive. Which of the long-term debt, short-term debt and capital is the most dominant influence on the 

profitability of a finance company.   

2. THEORYANDHYPOTHESESDEVELOPMENT   

2.1. Packing Order Theory.  

Pecking Order Theory According to Saputra (2012) Pecking order theory assumes that the company aims to 

maximize shareholder welfare. Pecking order theory predicts that external debt financing is based on an internal 

funding deficit.  

The following is the order (hierarchy) in selecting funding sources, namely:  

a. The company prefers to use internal funding sources or internal funding rather than external funding. The 

internal funds are obtained from retained earnings generated from the company's operational activities.  

b. If external funding is needed, the company will choose first from the safest securities, namely the lowest 

risk debt, down to riskier debt, hybrid securities such as convertible bonds, preferred stock, and finally common 

stock. 

c. There is a constant dividend policy, namely the company will set a constant amount of dividend payments, 

regardless of how much the company gains or loses.  

e. To anticipate a cash shortage due to a constant dividend policy and fluctuations in profit levels, as well as 

growth opportunities, the company will take an investment portfolio that is readily available.  

2.2. Modigliani-Miller (MM) Theory 

According to Brigham (2011) MM theory is divided into 2 conditions, namely:  

1) No tax 

By assuming that there is neither corporate tax nor tax and based on the assumptions previously mentioned, MM 

uses the following prepositions:  

a) Preposition I Modigliani and Miller (MM) explain that there is no effect of financial leverage on firm value. 

According to MM 1 theory, changes in capital structure do not affect the value of the company in other words 



Global Research Journal of Management and Social Sciences (GRJMSS) Vol. 13 (1) 
 

pg. 14 

there is no optimal capital structure for the company b) MM II proposition which states that the expected value 

of the rate of return on capital / Return on Equity (ROE) increases in line with the increase in the debt-to-equity 

ratio (DER). The increase in ROE expectations is driven by an increase in financial risk that will be borne by 

corporate investors due to increased debt (DER), so that if financial leverage increases, the cost of capital/equity 

will also increase linearly because shareholders are faced with greater risk.   

2) With the company tax 

a) Preposition I state that the value of a company with debt will be greater than the value of a company 

without debt. The value of the company that will have the debt is equal to the value of the company without debt 

plus the tax savings. The theory of the MM Proposition underwent a change with the inclusion of the tax element 

by Miller. MM admits that an increase in the amount of debt has a positive effect on firm value. 

b) Preposition II states that the cost of equity in companies that have debt is equal to the cost of equity of 

companies without debt plus a risk premium. So, the MM theory with corporate tax states that the value of the 

company will increase in line with the increase in the use of debt. Debt interest costs can reduce taxes so that a 

larger portion of the company's income becomes the investor's share. 

This implies that organizations that issue debt are sending out favorable signals about their future prospects. In 

contrast, fresh equity is issued with the goal of distributing risk among shareholders; therefore, this is the last 

option for corporations seeking to acquire cash.(Endri,E., et.al.2021).  

2.3. Trade-Off Theory (TOT)  

According to Ferdiansya .et,al(2013) Trade-Off theory has the implication that managers will think in terms of 

trade-offs between tax savings and bankruptcy costs in determining capital structure. According to Ferdiansya 

.et.al (2013) in reality, there are things that prevent companies from using as much debt as possible. An important 

thing is that the higher the debt, the higher the probability of bankruptcy.  

This theory incorporates the effects of personal taxes, agency costs, and financial distress costs as a 

counterbalance to the benefits of using debt. According to the trade-off model, the optimal capital structure is a 

balance between tax savings on the use of debt and the costs of financial difficulties due to the use of debt, because 

the costs and benefits will cancel each other out (trade-off). The optimal level of debt is achieved when the effect 

of the interest tax shield reaches the maximum amount on the expected cost of financial distress.  

At the optimal level of debt, it is expected that the value of the company will reach the optimal level, and 

conversely,, there will be a change in the level of debt until it passes the optimal level or bankruptcy costs, and 

financial distress costs are greater than the interest tax shield effect, debt will have a negative effect on firm value.   

Thitrade-offff theory recognizes the existence of a targeted debt level  

3. RESEARCHMETHODS  

3.1. Research design  

Financing companies are are listed on the Indonesia Stock Exchange (IDX) 2015-2020 through the website 

(Financial and Annual Report, 2020) which is the official website of the Indonesia Stock Exchange (IDX) and 

the website of the Financing company.  

To obtain data and answer the problem to be studied, the authors use secondary data. Secondary data is a data 

source that does not directly provide data to data collectors, for example through other people or through 

documents Sugiyono, (2016). The data used in this study is company data on the Indonesia Stock Exchange which 

has been published in 2015-2020.  

The population is a generalization area consisting of: objects/subjects that have certain qualities and 

characteristics determined by the researcher to be studied and then draw conclusions Sugiyono, (2017) The 



Global Research Journal of Management and Social Sciences (GRJMSS) Vol. 13 (1) 
 

pg. 15 

population used in this research is a financing institution sub-sector company listed on the Indonesia Stock 

Exchange Sugiyono, (2017). BEI) in 2015-2020 as many as 16 companies.  

The sample is part of the number and characteristics possessed by the population. If the population is large, then 

researchers can use samples taken from that population, for that samples taken from the population must be truly 

representative Sugiyono, (2017). The sample in this study is part of the total population of Financing Institutions 

Subsector companies listed on the Indonesia Stock Exchange (IDX) in 2015-2020 as many as 13 companies.  

3.2. Variable Operational Definition  

According to Siregar,(2017) the definition of a variable is a construct whose properties have been numbered 

(quantitative) or it can also be interpreted that a variable is a concept that has various values, both quantitative 

and qualitative, which can change in value. The variables used in this study are:  

1. Dependent Variable (Y)  

The dependent variable is often referred to as the output variable, criteria, and consequent. In Indonesian, it is 

often referred to as the dependent variable. The dependent variable is a variable that is influenced or becomes a 

result because of the independent variable Sugiyono, (2017). The dependent variable in this study is Profitability. 

Profitability is a ratio to assess the company's ability to seek profit. The level of company profitability is expressed 

in Return on Investment (ROI). 

2. Independent Variable (X)  

 Independent variables are often referred to as stimulus, predictor, and antecedent variables. In Indonesian it is 

often referred to as the independent variable. The independent variable is the variable that affects or is the cause 

of the change or the emergence of the dependent (bound) variable Sugiyono, (2017). The independent variables 

in this study are:  

a. Short Term Debt  

According to Harahap Saputra, (2012) short-term debt as a variable CL (current liabilities), where in this variable 

current assets can pay current liabilities.  

b. Long-term debt  

According to Kaunang, (2013) the calculation of the long term debt to equity ratio is the same as the calculation 

of the debt to equity ratio, where the long term debt to equity ratio measures how much equity or own capital is 

used as collateral for long-term debt.  

c. Owner's equity  

According to Harahap in Saputra, (2012) own capital as a variable SE (shareholder's equity), To analyze the effect 

of own capital with profitability, the ratio that will represent own capital. (DepreciationExpense+OCI)/Total  

4. RESULTSANDDISCUSSION  

4.1. Researchresult  

4.1.1. DescriptiveStatistics  

Table1.Descriptivestatisticaltest  

  

  

  

CR  

  

LTDtER  

  

PR  

  

ROI  

  

  

 Mean    

  

  

10.83473  

  

  

 2.030462  

  

  

 0.349911  

  

  

 0.009566  

 Median    6.734996   1.632596   0.268174   0.021459  



Global Research Journal of Management and Social Sciences (GRJMSS) Vol. 13 (1) 
 

pg. 16 

 Maximum    47.94564   11.71173   1.000000   0.139314  

 Minimum    0.680385  -3.285551  -0.367760  -0.682442  

 Std. Dev.    11.06105   2.217365   0.249166   0.096353  

s Skewness    1.387783   1.537089   0.741256  -4.964839  

 Kurtosis    4.402719   7.101546   3.683532   35.50420  

  

 Jarque-Bera    

  

31.43202  

  

 85.38806  

  

 8.661446  

  

 3754.145  

 Probability    0.000000   0.000000   0.013158   0.000000  

  

 Sum    

  

845.1087  

  

 158.3760  

  

 27.29307  

  

 0.746179  

 Sum Sq. Dev.    

  

9420.711  

  

 378.5866  

  

 4.780433  

  

 0.714861  

  

 Observations   78   78   78   78  

Source: statisticaltesttool  

According to the data processing results in table 1 above, the following observations or the amount of data studied 

and processed in this study amounted to 78 samples, namely 13 companies with a research period of 6 years, 

consisting of variable data short-term debt, long-term debt Length, Own Capital, and Profitability. Indomobil 

Multi Jasa Tbk has a minimum CR value of 0.680385 in 2018, while Buana Finance Tbk has a maximum value 

of 47.94564 in 2018. Intan Baruprana Finance Tbk's minimum value of LTDter in 2020 is 3.285551. Intan 

Baruprana Finance Tbk also has the highest valuation in 2017, which is 11,71173. Intan Baruprana Finance Tbk 

2020 has the lowest PR value, which is -0.367760. Radana Bhaskara Finance Tbk has a maximum value of 

1,000000 in 2016. Intan Baruprana Finance Tbk has a minimal ROI value of -0.682442 in 2020. Batavia 

Prosperindo Finance Tbk has the highest value in 2017, which is 0.139314.  

4.1.2. Normalitytest 

According to the normality test findings, the probability value is 0.358188 > 0.05, indicating that the data was 

regularly distributed and free of the normalcy problem. The data sample in this study was reduced from 78 to 52 

due to the deletion of data (outliers) on various variables, which reduced the number of data samples, and data 

improvement with the Chocrane Orcutt technique. 

4.1.3.MulticollinearityTest 

MulticollinearitytestresultsbasedontheCollinearityStatisticscolumnToleranceandVarianceInflationFactor(VIF)ob

tainedthemulticollinearitytestresultshaveavaluecloseto1andVarianceInflationFactor(VIF)worth<10forallindepen

dentvaria blesX.Thus,regressionmodel analysiscanbeusedinthisstudy.   

4.1.4. HeteroscedasticityTest  

There are results of the Chi-Square Prob on Obs*R-Squared 0.4501 > 0.05, then H0 is accepted or it means that 

the regression model is homoscedasticity or in other words there is no problem with the assumption of 

heteroscedasticity. 

4.1.5. Coefficient of Determination Test (R²)  

The coefficient of determination (R2) measures the influence of the independent variables, CR, LTDter, and PR, 

on the dependent variable, ROI. Based on the analysis of data, the Random Effect test findings of 72.72 percent 

indicate that these variables may explain each other's relationships.  



Global Research Journal of Management and Social Sciences (GRJMSS) Vol. 13 (1) 
 

pg. 17 

4.1.6. Hypothesis TestingResults   

The probability value of 0.2301 is larger than the significance threshold of 0.05, H0 is rejected and H1 is accepted. 

This demonstrates that the CR variable has a limited impact on Productivity (ROI) between 2015 and 2020. H0 

is rejected since the probability value of 0.1041 is larger than the significance threshold of 0.05, but H1 is 

accepted. This demonstrates that LTDtER has a limited impact on productivity (ROI).And the PR variable has a 

t-count value of 3.250265 and a probability value of 0.0021, both of which are less than the significance level of 

0.05, H0 is accepted and H1 is rejected. This demonstrates that the PR variable has a limited impact on the 

Profitability (ROI) of the Financing Institutions Sub-sector between 2015 and 2020.   

4.2. Discussion   

a) The Effect of Short-Term Debt on Profitability 

Based on the results of the output, the coefficient value is -0.015754, the t statistic value is -1.215560 with a 

probability of 0.2301 > 0.05, then H0 is rejected and H1 is accepted, Short-Term Debt has no effect on 

Profitability in the Financing Institutions Sub-sector in the 2015-2020 period.  

Houston and Brigham (2011) suggest that Modigliani and Miller's theory shows the relationship between 

profitability and the use of debt in the company. The value of the company with debt is higher than the value of 

the company without debt. The increase in value was due to tax savings from the use of debt. Companies with a 

high level of profitability will try to reduce their taxes by increasing their debt ratio.In this study, it is proven that 

short-term debt has no effect on the profitability of the Financing Institutions Sub-sector in the 2015-2020 period. 

The results of this study are supported by research conducted by Sunaryo (2018) which states that Short-Term 

Debt has no impact on  

Profitability.   

b) The Effect of Long-Term Debt on Profitability   

Based on the results of the output coefficient 0.219504, the statistical t value is 1.656726 with a probability of  

0.1041 < 0.05, then H0 is rejected and H1 is accepted, Long-Term Debt has no effect on Profitability in the 

Financing Institutions Subsector in the 2015-2020 period. Long-term debt is considered as one of the driving 

factors for the profitability of a company. The relationship between debt and profit is that more debt, both 

shortterm and long-term, will result in increased interest costs which will ultimately result in reduced company 

profits. This study's findings are confirmed by studies by Sunaryo (2018) and Irawan  (2012), which show that 

long-term debt influence on profitability.  

c) Effect of Equity on Profitability  

Based on the output coefficient value of 3.325453, the statistical t value is 3.250265 with a probability of 0.0021  

< 0.05, and H0 is accepted while H1 is rejected. Own capital has an impact on the profitability of the Financing 

Institutions Subsector from 2015 to 2020.Conceptually, the relationship between working capital and profitability 

is that if the capital itself is not sufficient, it will affect the decline in profitability. If excessive working capital 

results in inefficiency or waste, it will ultimately affect the level of profitability. In other words, one's own capital 

must be managed properly. and you cannot go wrong with the placement. Increasing the proportion of the use of 

own capital funds rather than debt used in investment will reduce the amount of interest costs that must be borne 

by the company. So, if additional capital alone can increase the company's net profit, then profitability will 

increase. So, in this study, it is proven that own capital influences the profitability of the Financing Institutions 

Sub-sector in the 2015-2020 period. The results of this study are supported by research conducted by Dewi (2012) 

and Suartika et al. (2013), which states that equity influences profitability.  



Global Research Journal of Management and Social Sciences (GRJMSS) Vol. 13 (1) 
 

pg. 18 

4.2.8. Research Findings   

The results showed that the short-term debt and long -term debt variable had no relevance to profitability. So, 

profitability is dominated by the influence of equity.  

4.3. Conclusion  

Equity affects the profitability (ROI) of financing institutions and sub-sector companies listed on the Indonesia 

Stock Exchange (IDX) for the 2015-2020 period. Company capital can partially affect the company's net profit 

because, with optimal capital, the company will be able to carry out company activities while both buying and 

selling debt payments on time, so that it also has an impact on company profits or profitability. By increasing the 

proportion of own capital funds used in investment over debt, the company's costs are reduced. So if additional 

capital alone can increase the company's net profit, then profitability will increase.   

4.4. Recommendation  

Companies in the Financial Institutions sub-sector must continue to improve the effectiveness of their use of debt, 

both short-term and long-term debt, so that the use of debt can be maximized, which will increase the company's 

profitability. Research can take samples of companies with different sectors and can be added related to the period 

or after the pandemic. 

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