scholarly journals The Effect of Capital Structure on Profitability: An Empirical Panel Data Study

2019 ◽  
Vol 8 (1) ◽  
pp. 65-77 ◽  
Author(s):  
Narinder Pal Singh ◽  
Mahima Bagga
Keyword(s):  
Panel Data ◽  
Capital Structure ◽  
Fixed Effects ◽  
Regression Models ◽  
Positive Impact ◽  
Stock Exchange ◽  
Panel Data Regression ◽  
Data Regression ◽  
The Individual ◽  
The Relationship

One of the most perplexing issues faced by finance managers is to know about the effect of capital structure on the profitability of firm. Many studies have been carried out to examine the effect of capital structure on the profitability of firms, but most of them belong to other parts of the world, and only few studies have been conducted in India. Thus, the present study has been undertaken to evaluate the effect of capital structure on the profitability of Nifty 50 companies listed on National Stock Exchange of India from 2008 – 2017. The data has been analyzed by using descriptive statistics, correlation and multiple panel data regression models. Four different regression models have been used to study the relationship between capital structure and profitability. In these models, we study the individual effect of total debt and total equity ratios on profitability, that is, ROA and ROE. All four models have been tested with pooled OLS, fixed effects, and random effects. We conclude that there is significant positive impact of capital structure on firm’s profitability.

scholarly journals Capital Structure of Companies Listed at the Warsaw Stock Exchange and the COVID-19 Pandemic Effect on Their Risk

2021 ◽  
Vol 4 (32) ◽  
pp. 153-166
Author(s):  
Jerzy Gajdka ◽  
Marek Szymański
Keyword(s):  
Panel Data ◽  
Capital Structure ◽  
Financial Management ◽  
Stock Exchange ◽  
Idiosyncratic Risk ◽  
Total Risk ◽  
Panel Data Regression ◽  
Data Regression ◽  
Warsaw Stock Exchange ◽  
The Relationship

Subject: The financial management of companies is examined in the context of the COVID-19 pandemic. Specifically, the relationship between their capital structure and risk changes during the pandemic is scrutinised. The purpose of the article: To determine how companies’ total, systematic and idiosyncratic risks changed during the COVID-19 pandemic depending on their capital structure based on a sample of organisations listed at the Warsaw Stock Exchange. Methodology: The study involves the use of a panel data regression model. Results of the research: The COVID-19 pandemic had an impact on the risk of overleveraged companies and underleveraged ones alike. Its influence on their total risk was weaker among the underleveraged organisations. Regarding systematic risk, its levels did not generally change significantly in the wake of the pandemic, but idiosyncratic risk, only in the case of the overleveraged companies increased statistically significantly.

FAKTOR DETERMINAN PEMBENTUK STRUKTUR MODAL PADA PERUSAHAAN SEKTOR FARMASI PERIODE 2012 - 2016

2017 ◽  
Vol 2 ◽  
pp. 241-250
Author(s):  
Neng Ria Kanita ◽  
Hendryadi Hendryadi
Keyword(s):  
Panel Data ◽  
Capital Structure ◽  
Firm Size ◽  
Stock Exchange ◽  
Pharmaceutical Manufacturing ◽  
Manufacturing Companies ◽  
Purposive Sampling ◽  
Panel Data Regression ◽  
Data Regression ◽  
Partial Effects

This study aims to examine the simultaneous and partial effects of profitability, liquidity, and firm size on capital structure. The sample is 10 pharmaceutical manufacturing companies listed in Indonesia Stock Exchange period 2012-2016, using purposive sampling. The technique of analysis used is panel data regression (pooled regression). The results showed that the selected model is the fixed effect. Simultaneously NPM, CR, and Firm Size have a significant effect on capital structure. Partially NPM has a negative and significant effect on capital structure. CR partially have a negative and not significant effect on capital structure. Partially Firm Size have a positive and significant effect on capital structure. Variables that have a significant effect on capital structure are NPM and Firm Size. While CR does not significantly affect the capital structure. Keywords: Capital Structure, Profitability, Liquidity, Firm Size

scholarly journals Pengaruh Struktur Modal, Likuiditas dan Ukuran Perusahaan terhadap Kinerja Keuangan Perusahaan

2020 ◽  
Vol 2 (4) ◽  
pp. 847
Author(s):  
Amelia Harsono ◽  
Ary Satria Pamungkas
Keyword(s):  
Panel Data ◽  
Capital Structure ◽  
Financial Performance ◽  
Stock Exchange ◽  
Secondary Data ◽  
Financial Statement ◽  
Microsoft Excel ◽  
Purposive Sampling ◽  
Panel Data Regression ◽  
Data Regression

The purpose of this research is to analyze effect of capital structure, liquidity, and firm size on the firms financial performance listed on the Indonesia Stock Exchange (IDX). This research was analyzed using panel data regression with eighty-five companies in the 2014-2018 period, generate four hundred twenty-five data observations. The research used purposive sampling to get the sample. The data used is secondary data from company financial statement data that obtained from Indonesia Stock Exchange (IDX), then its tabulated using Microsoft Excel 2016 and analyzed using Eviews-10. The results of this study indicate that the size of the company affects the financial performance of the company. However, capital structure and liquidity do not affect the company's financial performance. Tujuan dari penelitian ini untuk melihat pengaruh struktur modal, likuiditas dan ukuran perusahaan terhadap kinerja keuangan perusahaan yang terdaftar pada Bursa Efek Indonesia (BEI). Penelitian ini di analisis menggunakan alat regresi data panel dengan delapan puluh lima perusahaan pada periode 2014-2018, menghasilkan empat ratus dua puluh lima data observasi. Teknik pengambilan sampel dalam penelitian ini menggunakan purposive sampling. Data yang digunakan berupa data sekunder yaitu laporan keuangan yang didapat dari Bursa Efek Indonesia (BEI), kemudian ditabulasi dengan Microsoft Excel 2016 dan dianalisis dengan menggunakan aplikasi Eviews 10. Hasil penelitian ini menunjukkan bahwa ukuran perusahaan berpengaruh pada kinerja keuangan perusahaan. Tetapi, struktur modal dan likuiditas tidak berpengaruh terhadap kinerja keuangan perusahaan.

scholarly journals ANALYSIS OF EFFECT OF PROFITABILITY, ASSETS STRUCTURE, SIZE OF COMPANIES, AND LIQUIDITY TO CAPITAL STRUCTURES IN MINING COMPANIES LISTED IN INDONESIA STOCK EXCHANGE PERIOD 2012 - 2015

2017 ◽  
Vol 8 (2) ◽  
pp. 339 ◽  
Author(s):  
Gatot Nazir Ahmad ◽  
Ripa Lestari ◽  
Sholatia Dalimunthe
Keyword(s):  
Data Analysis ◽  
Panel Data ◽  
Capital Structure ◽  
Firm Size ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Mining Companies ◽  
Panel Data Regression ◽  
Analysis Technique ◽  
Data Regression

The purpose of this study is to analyze the effect of profitability, structure assets, firm size and liquidity to the capital structure of mining companies listed on the Indonesia Stock Exchange for the period 2012-2015. Sampling technique using purposive sampling. Data analysis technique used in this research is panel data regression. The results showed that partially profitability had negative and significant effect to capital structure, asset structure had positive and significant effect to capital structure, firm size had positive and significant effect to capital structure, and liquidity had negative and significant effect to capital structure. Simultaneously profitability, asset structure, firm size and liquidity have a significant effect on capital structure.

scholarly journals Faktor-Faktor yang Mempengaruhi Struktur Modal pada Perusahaan Pertambangan di Bursa Efek Indonesia Periode 2015-2018

2020 ◽  
Vol 4 (1) ◽  
pp. 224
Author(s):  
Nurul Aryanti ◽  
Riana Rachmawati Dewi ◽  
Purnama Siddi
Keyword(s):  
Panel Data ◽  
Capital Structure ◽  
Stock Exchange ◽  
Sample Selection ◽  
Company Size ◽  
Test Results ◽  
Panel Data Regression ◽  
Data Regression ◽  
Regression Test ◽  
The Capital Structure

This study examines and analyzes the factors that influence capital structure.  Independent variables in this study are company size, liquidity, profitability and asset structure.  The population in this study are mining companies listed on the Indonesia Stock Exchange for the 2015-2018 period.  The sample selection technique uses purposive sampling and 12 company samples are obtained within a period of 4 years so that 48 company samples are obtained.  The data analysis method used in this study is panel data regression.  Hypothesis testing is done using the t test and the F test. The panel data regression test results show that simultaneously company size, liquidity, profitability and asset structure have an influence on capital structure.  While partially the variables that significantly influence the capital structure are company size.  While the liquidity, profitability and asset structure variables do not significantly affect the capital structure.

Social Factors Associated with the Decline in Caries in Brazilian Children between 1996 and 2010

2016 ◽  
Vol 50 (6) ◽  
pp. 551-559 ◽  
Author(s):  
Angelo Giuseppe Roncalli ◽  
Aubrey Sheiham ◽  
Georgios Tsakos ◽  
Georgia Costa de Araújo-Souza ◽  
Richard G. Watt
Keyword(s):  
Panel Data ◽  
Dental Caries ◽  
Human Development ◽  
Social Factors ◽  
Fixed Effects ◽  
Secondary Analysis ◽  
Panel Data Regression ◽  
Data Regression ◽  
The Relationship ◽  
Brazilian Children

Dental caries levels have declined in children since the 1970s in many countries. Most of the postulated main reasons for the decline are speculative and have not been rigorously evaluated. The objective of this study was to assess the relationship between some social factors and the decline in dental caries in Brazilian 12-year-old children from 1996 to 2010. Secondary analysis of national data was performed in 27 Brazilian state capitals. A panel data regression model with fixed effects and multiple linear regression were used to verify the relationship between the explanatory and the dependent variables and also the time-trend effect. The results showed that the DMFT (decayed, missing, and filled teeth) decreased by about 3% per year, and the percentage of caries-free children increased by 4.5% per year. For DMFT and percentage caries free, the results for the panel data regression showed a significant association for the Human Development Index (HDI) in the adjusted model (p = 0.010). When the overall changes over time were compared, the Gini index had a significant association with the overall change in DMFT in the final model of the multiple regression analysis (p = 0.033). Our results indicate that the maintenance of good levels of human development, which includes better education, income, and longevity, are important factors relating to improving levels of oral health in 12-year-old Brazilian children. However, to accelerate this process in cities with the worst caries situation, income inequality should be tackled.

PENGARUH KEPEMILIKAN INSTITUSIONAL DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN

2017 ◽  
Vol 2 ◽  
pp. 293-306
Author(s):  
Lestari Lestari
Keyword(s):  
Capital Structure ◽  
Fixed Effects ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Positive Influence ◽  
Financial Data ◽  
Manufacturing Companies ◽  
Hausman Test ◽  
Panel Data Regression ◽  
Data Regression

This study is aimed to examine the effect of institutional ownership and capital structure on the company’s value. The population used in this study are all manufacturing companies listed in Indonesia Stock Exchange from 2010 until 2014. The main data used in this research is the financial data in 2010 until 2014. Completed and selected financial data this research are 32 companies so that the samples in this research using five periods are 160. For examining data, this research uses panel data regression model. After running chow test and Hausman test, the most suitable method for the regression is fixed effects method. This research shows that institutional ownership has positive influence significantly on the company’s value, capital structure has no influence significantly on the company’s value Keywords: institutional ownership, capital structure, the company’s value

scholarly journals Pengaruh Struktur Modal, Profitabilitas, Rasio Aktivitas Terhadap Nilai Perusahaan

2021 ◽  
Vol 3 (1) ◽  
pp. 34
Author(s):  
Della Noviyanti ◽  
Herman Ruslim
Keyword(s):  
Panel Data ◽  
Capital Structure ◽  
Activity Ratio ◽  
Stock Exchange ◽  
Secondary Data ◽  
Sampling Technique ◽  
Financial Statements ◽  
Panel Data Regression ◽  
Data Regression ◽  
Activity Ratios

The purpose of this study is to look at the effect of capital structure, profitability, activity ratio (TATO) on the value of companies listed on the Indonesia Stock Exchange (IDX). This study was analyzed using a panel data regression tool with 21 companies in the 2014-2019 period, producing 126 data observation. The sampling technique in this study used purposive sampling. The data used in the form of secondary data, namely financial statements. Data processing using the application e-views 11. The results of this study indicate that profitability and activity ratios (TATO) significantly influence the value of the company. However, capital structure has no significant effect on firm value.Tujuan dari penelitian ini untuk melihat pengaruh struktur modal, profitabilitas, rasio aktivitas (TATO) terhadap nilai perusahaan yang terdaftar pada Bursa Efek Indonesia (BEI).Penelitian ini dianalisis menggunakan alat regresi data panel dengan 21 perusahaan pada periode 2014-2019, menghasilkan 126 data observasi. Teknik pengambilan sampel dalam penelitian ini menggunakan purpossive sampling. Data yang digunakan berupa data sekunder yaitu laporan keuangan.Pengolahan data menggunakan aplikasi e-views 11. Hasil penelitian ini menunjukkan bahwa profitabilitas dan rasio aktivitas (TATO) berpengaruh secara signifikan terhadap nilai perusahaan. Tetapi, struktur modal berpengaruh tidak signifikan terhadap nilai perusahaan.

scholarly journals The Effect of Capital Structure on Firms’ Profitability (Evidenced from Ethiopian)

2016 ◽  
Author(s):  
Tariku Negasa
Keyword(s):  
Panel Data ◽  
Capital Structure ◽  
Regression Model ◽  
Random Effect ◽  
Secondary Data ◽  
Manufacturing Firms ◽  
Least Square ◽  
Panel Data Regression ◽  
Data Regression ◽  
The Relationship

This study was aimed to investigate the effect of capital structure on firms’ profitability with special emphasis on Ethiopian Large Private Manufacturing Firms using panel data of five consecutive years (2006/07-2010/11G.C). The secondary data sources (audited financial statements) have been collected from the randomly selected thirty three large private manufacturing firms in Ethiopia. Linear regression model has been employed to analyze the relationship between firms’ profitability and capital structure. Specifically, Random-effect Generalized Least Square of panel data regression model has been selected to empirically test the literature driven hypotheses. Finally, the findings of this study revealed that a significant positive relationship between firms’ profitability and total debt ratio which indicate firm’s capital structure.

scholarly journals PENGARUH STRUKTUR MODAL, UKURAN PERUSAHAAN, LIKUIDITAS TERHADAP KINERJA KEUANGAN YANG DIMODERASI INFLASI

2019 ◽  
Vol 2 (2) ◽  
pp. 483
Author(s):  
Cindhy Dahlia
Keyword(s):  
Panel Data ◽  
Capital Structure ◽  
Financial Performance ◽  
Firm Size ◽  
Significant Positive Effect ◽  
Panel Data Regression ◽  
Data Regression ◽  
Negative Effect ◽  
The Relationship ◽  
Positive Effect

This study aims to obtain empirical evidence on the effect of capital structure, firm size, liquidity of financial performance and inflation as a moderating variable. The number of sample companies used in this study is 168 non financial companies period from 2012 to 2016. The results of this study indicate that on the capital structure have a significant negative effect of financial performance, firm size have a significant positive effect of financial performance, and liquidity have an non significant and positive effect of financial performance. Data were analyzed using panel data regression. Based on the analysis of regression panel data, we concluded that the inflation proved to have a pure moderating influence on the relationship between liquidity of the financial performance. Keyword: Capital Structure, Firm Size, Liquidity, Inflation, Financial performanceAbstrakPenelitian ini bertujuan untuk mendapatkan bukti empiris mengenai pengaruh struktur modal, ukuran perusahaan, likuiditas terhadap kinerja keuangan yang dimoderasi oleh inflasi. Jumlah sampel perusahaan yang digunakan dalam penelitian ini adalah 168 perusahaan non keuangan tahun 2012-2016. Hasil penelitian ini menunjukkan struktur modal berpengaruh negatif dan signifikan terhadap kinerja keuangan, ukuran perusahaan berpengaruh positif dan signifikan terhadap kinerja keuangan, likuiditas berpengaruh positif dan tidak signifikan terhadap kinerja keuangan. Data yang dianalisis menggunakan regresi data panel. Berdasarkan analisis regresi data panel, dapat disimpulkan bahwa inflasi sebagai variabel pure moderating antara pengaruh likuditas terhadap kinerja keuangan.Keyword: struktur modal, ukuran perusahaan, likuiditas, inflasi, kinerja keuangan

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