Leasing as a Corporate Financing Strategy from a Management Accounting Perspective: A Literature Review Following the Implementation of PSAK 73 (PSAK 116)

Abstract

The increasing demand for productive assets has encouraged companies to adopt leasing as an alternative financing strategy that supports business expansion without requiring substantial initial capital investment. The implementation of PSAK 73, which was renumbered as PSAK 116 effective January 1, 2024, has transformed lease accounting by requiring the recognition of right-of-use assets and lease liabilities in the statement of financial position, thereby affecting liquidity, capital structure, and corporate financial performance. This study aims to analyze leasing as a corporate financing strategy from a management accounting perspective using a literature review approach. The data were obtained from accounting standards, academic books, and national and international scholarly publications published between 2020 and 2025. The analysis was conducted through the identification, classification, synthesis, and interpretation of literature discussing lease-versus-buy analysis, Net Present Value (NPV), Net Advantage to Leasing (NAL), cash flow analysis, capital structure, and the implications of PSAK 116 implementation. The findings indicate that leasing enhances financing flexibility, maintains liquidity, and optimizes the allocation of corporate financial resources. However, the recognition of lease liabilities under PSAK 116 may increase leverage and influence the interpretation of profitability ratios. This study concludes that leasing is a strategic financing instrument that supports financial planning, investment decision-making, and sustainable corporate financial risk management.