The Firm-Specific Determinants of Capital Structure in Beverage Industry in Europe

This study seeks to investigate the impact of capital structure on the performance of organizational performance with particular reference to Nigerian Food and Beverage Companies. Secondary data was used for this study. It was adopted from the audited financial statements of the listed food and beverages companies in the Nigerian Stock Exchange (NSE), for the period of the year 2014 – 2018. The method of analysis used was Pearson Moment Correlation Coefficient and Linear Regressions. The results reveal that firm leverage, tangibility of assets and liquidity have an inverse relationship with the financial performance of the Nigerian food and beverage industry, while, growth and firm’s size have a positive relationship with the financial performance of Nigerian food and beverages industry. The study, recommends that Nigerian Food and Beverage should, therefore, strike a balance between their choice of capital structure and the effect on its performance as it affects the shareholder's risks.

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Does capital structure affect firm value in Vietnam?

Investment Management and Financial Innovations ◽

10.21511/imfi.18(1).2021.03 ◽

2021 ◽

Vol 18 (1) ◽

pp. 33-41

Author(s):

Tien Dat Dang ◽

Thi Van Trang Do

Keyword(s):

Capital Structure ◽

Firm Value ◽

Positive Impact ◽

Stock Exchanges ◽

Enterprise Value ◽

Control Factors ◽

Beverage Industry ◽

Food And Beverage ◽

Negative Effect ◽

The Impact

This study aims to examine whether the capital structure and several factors have significant influences on firm value in Vietnam. To achieve this objective, 435 non-financial listed companies have been selected from 2012 to 2019 on Vietnamese stock exchanges. Four groups of firms continue to be chosen from the total to investigate the differences in the outcomes among industries. The results altogether using the GMM method show that the impact of capital structure and other control variables on firm value is significant, yet different across industries: capital structure has a significant positive impact on firm value in the food and beverage industry, but has a significant negative effect on the value of the firm in wholesale trade and construction, as well as real estate industry, while has an insignificant influence on enterprise value considering all industries. Apart from the firm size, the impact of other control factors on firm value also indicates mixed results.

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PENGARUH STRUKTUR MODAL DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN MANUFAKTUR SEKTOR INDUSTRI MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI)

Jurnal Ilmu Manajemen Universitas Tadulako (JIMUT) ◽

10.22487/jimut.v1i2.20 ◽

2015 ◽

Vol 1 (2) ◽

pp. 195-206

Author(s):

Fachturahman Triatmaja ◽

Muhammad Faisal ◽

Husnah Husnah

Keyword(s):

Capital Structure ◽

Significant Influence ◽

Stock Exchange ◽

Sampling Technique ◽

Negative Influence ◽

Manufacturing Companies ◽

Purposive Sampling ◽

Independent Variables ◽

Beverage Industry ◽

Food And Beverage

This study aims to determine and analyze the influence of capital structure and the size of the company on the company values in manufacturing companies of food and beverage industry sectors listed on the Indonesia Stock Exchange (BEI). The sample in this study consists of 11 companies that selected by purposive sampling technique. Method of data analysis is multiple linear regression using SPSS version 16.0. The results show that both independent variables simultaneously have positive and significant influence on value of the company with sig-F of 0.093 ≤ α 0.10 at confidence level of 90%. The t-test shows that the capital structure significantly has negative influence on the value of thecompany with sig-t of X1 = 0.032 ≤ α of 0.10 and beta value of -0882. While the company size has 2 non-significant influence on the value of the company with sig-t X2 = 0.787 ≥ α of 0.10 with R values of 0.052 or 5.2%. Both independent variables studied simultaneously influence the dependent variable (enterprise value), while the remaining 94.8% is influenced by other variables that are not studied. Penelitian ini bertujuan untuk mengetahui dan menganalisis pengaruh struktur modal dan ukuran perusahaan terhadap nilai perusahaan di sektor industri makanan dan minuman manufaktur yang terdaftar di Bursa Efek Indonesia (BEI). Sampel dalam penelitian ini sebanyak 11 perusahaan diambil dengan metode purposive sampling. Metode analisis data dilakukan dengan menggunakan regresi linier berganda dengan menggunakan SPSS versi 16.0. Hasil penelitian menunjukkan bahwa kedua variabel bebas yang dipelajari secara simultan terbukti berpengaruh positif dan signifikan terhadap variabel terikatnya yaitu nilai perusahaan dengan sig-F sebesar 0,093 ≤ α 0,10 pada tingkat kepercayaan 90%. Kemudian melalui uji-t menunjukkan bahwa struktur modal dari efek negatif yang signifikan terhadap nilai perusahaan dengan sig-t X1 = 0,032 ≤ α sebesar 0,10 dan nilai beta -0882. Sedangkan ukuran perusahaan tidak berpengaruh signifikan terhadap nilai perusahaan dengan sig-t X2 = 0,787 ≥ α 0,10. Nilai R2 0,052 atau 5,2% sehingga kedua variabel independen yang dipelajari secara simultan mempengaruhi variabel dependen (nilai perusahaan), sedangkan sisanya 94,8% dipengaruhi oleh variabel lain yang tidak diteliti.

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WHY PROFITABILITY NEGATIVELY AFFECT THE CAPITAL STRUCTURE IN FOOD AND BEVERAGE INDUSTRY?

THE Journal : Tourism and Hospitality Essentials Journal ◽

10.17509/thej.v9i1.16987 ◽

2019 ◽

Vol 9 (1) ◽

pp. 31

Author(s):

Oman Sukirman

Keyword(s):

Capital Structure ◽

Negative Impact ◽

Stock Exchange ◽

Good Condition ◽

Beverage Industry ◽

Food And Beverage Industry ◽

Food And Beverage ◽

Retained Earnings ◽

A Company ◽

The Capital Structure

The capital structure became the foundation for a company. Conditions of the capital structure will greatly affect the survival of a company. The financial manager is obliged to maintain the stability and the good condition of the capital structure with capital sourced from the selection of internal and external. The company's profit is the source of internal capital, so that profitability has a relationship with the capital structure. The purpose of this study was to obtain evidence on whether profitability has a negative impact on the capital structure. This study used secondary data from company financial statements of Consumer Goods Industry sector, more specifically Food and Beverage sub-sector obtained from the Indonesian Stock Exchange (BEI). The sample used was 14 companies of the food and beverage industry. The analysis technique used was a simple linear regression. The results showed that there was a negative effect on the profitability of the capital structure, which means that food and beverage companies have formed a theory of Pecking Order in which internal financing has used retained earnings.

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Correlation and Relationship Analisys for Business Risk and Company Assets

ECONOMICS ◽

10.1515/eoik-2017-0026 ◽

2017 ◽

Vol 5 (2) ◽

pp. 47-53

Author(s):

Ahmad Subagyo

Keyword(s):

Capital Structure ◽

Financial Analysis ◽

Business Risk ◽

Significant Relation ◽

A Value ◽

Beverage Industry ◽

Food And Beverage Industry ◽

Net Profit ◽

Food And Beverage ◽

The Impact

Summary Purpose : This study aims to investigate how variable ratios such as capital structure, NPM, ROA, asset structure and business risk on 60 companies listed on the IDX to know the book ending 2016. Research methodology : The method used in this research is descriptive statistic analysis, correlation analysis and multiple regression analysis. Findings : result of research explains that capital structure of 60 food and beverage industry company have significant relation with variable of Net Profit Margin (NPM) equal to 0,0658, business risk equal to 0,0401, asset structure equal to 0,0019 and for ROA variable with no relation significant with a value of 0.5929. So that 3 variables that have significant relationship and 1 variable of capital structure with ROA is not significant. Originality : This study can contribute to the existing literature, especially those related to the analysis of the company’s financial ratios. And later the results of this study can be used as an investigation tool about the impact of business risk to the company’s financial analysis of the food and beverage industry.

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ANALISIS STRUKTUR MODAL PERUSAHAAN INDUSTRI MAKANAN DAN MINUMAN DI BURSA EFEK INDONESIA

Ekspektra Jurnal Bisnis dan Manajemen ◽

10.25139/ekt.v0i0.135 ◽

2017 ◽

Vol 1 (2) ◽

pp. 81

Author(s):

Yuliani Yuliani Yuliani

Keyword(s):

Capital Structure ◽

Sampling Technique ◽

Current Ratio ◽

Public Companies ◽

Financial Decisions ◽

Simultaneous Test ◽

Beverage Industry ◽

Corporate Growth ◽

Food And Beverage ◽

Equity Ratio

ABSTRACT The funding decision is one of the financial decisions that are made by the manager. The determination of funding appears in the composition of capital structure owned by the company. Changes in capital structure ratios can be attributed to several factors that are the focus of this research. This study aims to determine the effect of current ratio, asset structure, corporate growth, and price earning ratio (PER) and return on assets (ROA), to debt to equity ratio (DER). The sampling technique is purposive based on several predefined criteria, with the research period is 2010-2015. The unit of analysis in this research consists of 50 observations of public companies categorized under food and beverage industry as the study object. Data analysis techniques used is statistic descriptive and inferential, meanwhile, the hypothesis is tested using multiple linear regressions. The results of this study indicate that the variable of current ratio, asset structure and ROA have a significant effect on DER while the growth of company and PER have no significant effect. The simultaneous test results show that the variables can be used in predicting the DER, thus, the model is said to be feasible to use. Further research can include external variables in the research model so that the broader scope of research will be obtained. ABSTRAK Keputusan pendanaan menjadi tugas dari seorang manajer keuangan dalam keputusan keuangan. Penentuan pendanaan tampak pada komposisi struktur modal yang dimiliki perusahaan. Perubahan rasio struktur modal dapat disebabkan oleh beberapa faktor yang menjadi fokus penelitian ini. Penelitian ini bertujuan untuk mengetahui pengaruh current ratio, struktur aktiva, pertumbuhan perusahaan, Price Earning Ratio (PER), Return On Asset (ROA) terhadap Debt to Equity Ratio (DER). Teknik pengambilan sampel adalah purposive berdasarkan beberapa kriteria yang telah ditetapkan. Periode penelitian adalah 2010-2015. Unit analisis sebanyak 50 pengamatan dengan objek penelitian pada sub sektor industri makanan dan minuman di Bursa Efek Indonesia. Teknik analisis data yang digunakan adalah secara statistik deskriptif dan inferensial. Pengujian hipotesis menggunakan regresi linear berganda. Hasil penelitian ini menunjukkan bahwa variabel current ratio, struktur aktiva dan ROA berpengaruh signifikan terhadap DER sedangkan pertumbuhan perusahaan dan PER tidak berpengaruh signifikan. Hasil penelitian secara simultan menunjukkan bahwa variabel yang digunakan dapat memprediksi DER sehingga model dinyatakan layak untuk digunakan. Penelitian selanjutnya dapat memasukkan variabel eksternal dalam model penelitian sehingga akan diperoleh cakupan penelitian yang lebih luas.

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Analysis of Factors Affecting Capital Structure in Food and Beverage Manufacturing Company

International Journal on Advanced Science Education and Religion ◽

10.33648/ijoaser.v1i2.7 ◽

2018 ◽

Vol 1 (2) ◽

pp. 1-14

Author(s):

Nur Hajja Aini ◽

St Habibah

Keyword(s):

Capital Structure ◽

Firm Size ◽

Significant Influence ◽

Fixed Effects ◽

Random Effect Model ◽

Manufacturing Companies ◽

Business Risk ◽

Growth Opportunities ◽

Food And Beverage ◽

The Capital Structure

The purpose of this research to analyze the influence of firm size, liquidity, growth opportunities, tangibility asset, and business risk to the capital structure of listed food and beverage manufacturing companies in Indonesia and Vietnam Stock Exchange from 2010 to 2016. The result shows that the fixed effects model should be appropriate for this study as compared to the random effect model. Capital structure significantly differences between the two countries. Firm size has a positive but insignificant influence on the capital structure in Indonesia, whereas it has a positive and a significant influence on the capital structure in Vietnam. Liquidity has a negative and significant influence on the capital structure both in Indonesia and Vietnam. Growth opportunities have a negative but insignificant influence on the capital structure both in Indonesia and Vietnam. Asset tangibility has a positive but insignificant influence on the capital structure in Indonesia, but it has the negative but insignificant influence on the capital structure in Vietnam. Ultimately, the business risk has a negative and significant influence on the capital structure in Indonesia but has a positive and insignificant influence on the capital structure in Vietnam.

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