scholarly journals The influence of profitability, size, and growth on the capital structure in consumer goods companies

2019 ◽  
Vol 7 (2) ◽  
Author(s):  
Yovilanda Anggraeni Puspitasari ◽  
Diah Ekaningtias
Keyword(s):  
Regression Analysis ◽  
Capital Structure ◽  
Consumer Goods ◽  
Stock Exchange ◽  
Study Data ◽  
Optimal Capital Structure ◽  
Internal Funds ◽  
Optimal Capital ◽  
Operational Activities ◽  
The Capital Structure

Capital structure is a very important element needed by companies to conduct the companies’ operational activities. Companies must determine whether to use internal funds first or external funds to finance investment in getting an optimal capital structure. The purpose of this study is to examine the influence of the variables of profitability, size and growth on the capital structure in consumer goods companies. Multiple regression analysis is used to analyze the data in this study. Data analysis is conducted on consumer goods companies listed on the Indonesia Stock Exchange period 2012-2016. Based on the analysis, it is found that profitability, size, and growth have an effect on capital structure in consumer goods companies listed on the Indonesia Stock Exchange 2012-2016.

ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL PADA PERUSAHAAN BATUBARA

2020 ◽  
Vol 3 (2) ◽  
pp. 109
Author(s):  
Rahmad Fuadiantoni ◽  
Suratna Suratna ◽  
Indro Herry Mulyanto
Keyword(s):  
Capital Structure ◽  
Growth Rates ◽  
Financial Management ◽  
Stock Exchange ◽  
National Development ◽  
Sales Growth ◽  
Optimal Capital Structure ◽  
Optimal Capital ◽  
Operating Leverage ◽  
The Capital Structure

Rahmad Fuadiantoni, Student Identity Number 152140102, Business Administration Study Program, Faculty of Social and Political Sciences, National Development University "Veteran" Yogyakarta. Title of research Analysis of Factors Affecting Capital Structure of Coal Companies Listed on Indonesia Stock Exchange Period 2012-2016. Advisor Suratna and IndroHerry Mulyanto.This study aims to determine the factors that affect the capital structure of coal companies listed on the Indonesia Stock Exchange either partially or simultaneously. This type of research is explanatory research. The sampling technique used is purposive sampling. Of the 22 coal companies listed on the Indonesia Stock Exchange, only 19 companies were taken as samples, because they have complete financial statements for 2012-2016. The analysis technique used is multiple linear regression analysis, which was previously tested with the classical assumption test and hypothesis testing using partial t test, simultaneous F test with a level of significance of 5%.The result of this research, asset structure has significant effect to capital structure. This is evidenced by a significance value of 0.017 (p ≤ 0.05). Operating leverage has a significant effect on capital structure. This is evidenced by a significance value of 0.036 (p ≤ 0.05). The level of sales growth has a significant effect on capital structure. This is evidenced by a significance value of 0.028 (p ≤ 0.05). Profitability has a significant effect on capital structure. This is evidenced by the significance value of 0.032 (p ≤ 0.05). Liquidity significantly affects the capital structure. This is evidenced by a significance value of 0.029 (p ≤ 0.05). Asset structure, operating leverage, sales growth rate, profitability, and liquidity simultaneously have a significant effect on the capital structure. This is evidenced by the significance value of F of 0.000 (p ≤ 0.05).          Conclusion, partially asset structure variables, operating leverage, sales growth rates, profitability, and liquidity have a significant effect on the capital structure. While simultaneously asset structure variables, operating leverage, sales growth rates, profitability (ROA), and liquidity have a significant effect on the capital structure. Research suggestions, for companies, companies should have plans and strategies in financial management to establish an optimal capital structure in order to maximize company profits and value. For financial management in determining the optimal capital structure should consider the factors that affect the capital structure of the asset structure, operating leverage, the level of sales growth, profitability, and liquidity. By considering these factors it is expected that the management will be easier in determining the optimal capital structure. For the researcher, for the next research should be able to use or add variables and samples in order to get better results and extend the period or time period in the observation, because the opportunity to obtain more information.

scholarly journals Dividend Policy as Moderating Variable to the Consumer Goods Company on the Indonesia Stock Exchange

2021 ◽  
Vol 12 (3) ◽  
pp. 189-196
Author(s):  
Nagian Toni ◽  
Enda Noviyanti Simorangkir ◽  
Thomas Sumarsan Goh
Keyword(s):  
Capital Structure ◽  
Consumer Goods ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Company Size ◽  
Optimal Capital Structure ◽  
Company Value ◽  
Equity Ratio ◽  
Optimal Capital ◽  
Food And Drink

The capital market in Indonesia includes many companies from several sectors. One company that cannot be separated from the Indonesian stock market is a consumer goods company. The research aimed to analyze the effect of profitability and capital structure on the company with dividend policy as moderating variable to the consumer goods companies registered on the Indonesia Stock Exchange in the period of 2014-2018. The population in the research was consumer goods companies with subsector of food and drink, cigarette, cosmetic pharmacy, and household goods and appliances. The research applied purposive sampling and obtained 15 companies with 5 years of observation or around 75 samples. Then, the data were analyzed using Smart PLS 3.0. The analysis result shows that profitability, capital structure, and company size positively and significantly influence the company value. However, dividend policy cannot moderate the effect of profitability and capital structure on the company value. The dividend policy can moderate the effect of company size on the company value. Then, profitability, capital structure, and company size influence the company value of 88,6%, while the other factors influence the rest. Investors should decide on issuers with high profitability above 5%, the optimal capital structure with the debt-to-equity ratio between 0,8-1,2, and total assets above five trillion Rupiah.

scholarly journals Determinants of Capital Structure across Industries at Jakarta Stock Exchange

2008 ◽  
Vol 1 (1) ◽  
pp. 99-115
Author(s):  
Christina Christina ◽  
Johan Halim
Keyword(s):  
Capital Structure ◽  
Significant Relationship ◽  
Stock Exchange ◽  
Negative Relationship ◽  
Competitive Environment ◽  
Dividend Payout ◽  
Optimal Capital Structure ◽  
Optimal Capital ◽  
A Company ◽  
The Capital Structure

There are several objectives to be accomplished in this study. The main purpose of this research is to determine the nature of capital structure across non-finance industries in Indonesia, whether they prefer to use debt or equity as their source of financing. Subsequently, factors that influenced the capital structure of a company are then identified. In this study, the company’s profitability, size, and dividend payout are considered as those factors that have relationship with leverage. Finally, this research also conducted to examine whether a company’s capital structure decision affects its growth of shares price. In doing so, multiple regression analysis is used in order to determine whether there is relationship between variables tested. The sample of analysis includes 230 companies listed in Jakarta Stock Exchange from all industries, except finance, in 2006. The findings of this research confirm that, first of all, capital structure varies across industries. Each industry would have different decisions regarding its optimal capital structure, depends on several factors. This leads to the second findings, in which it proves that there is negative significant relationship between profitability and leverage, positive significant relationship between company’s size and leverage, and negative relationship between dividend payout and leverage. Finally, this research also verifies that there is no relationship between leverage and company’s growth of shares price, which means that the growth of shares price is not influenced by the company’s capital structure decision. Capital structure decision plays an important role in maximizing the firm’s value. By having the most optimal capital structure, firms might be able to push its cost to the minimum point, which then assist them in dealing with the competitive environment. Consequently, it is important to determine the factors that influence the capital structure of companies.

scholarly journals The Effect of Profitability and Asset Structure to Capital Structure on Non-Bank Financial Institutions Listed On Indonesian Stock Exchange

2021 ◽  
Vol 04 (02) ◽  
Author(s):  
Yuli Rawun ◽  
Keyword(s):  
Capital Structure ◽  
Financial Institutions ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Direct Consequence ◽  
Optimal Capital Structure ◽  
Negative Effect ◽  
Internal Funds ◽  
Optimal Capital ◽  
The Cost

One of the key decisions faced by financial managers in relation to company operations is funding decisions. The funding decision is seen from the capital structure, good capital structure is the optimal capital structure. The optimal capital structure is a condition in which a firm can use a combination of debt and equity ideally and balancing the value of the firm and the cost of its capital structure. The cost of capital arose is a direct consequence of the decision taken when the manager uses the debt in which there will be the capital cost of interest expense required by creditor. However, if the manager decides to use internal funds, an opportunity cost of funds will be incurred. This research that was used is quantitative data with financial data from the site Indonesian Stock Exchange. The companies that was used is Non-Bank Financial Institutions which published financial statements of the period 2014 – 2016. This research aims to know the effect of profitability and asset structure to capital structure on Non-Bank Financial Institutions Listed on Indonesian Stock Exchange. Analysis method that was used in this thesis is panel data regression with statistical software Views 7 Version. The sample was 30 companies by purpose sampling technique. The independent variables that used are profitability and asset structure, and the variable dependent is capital structure. The results show that profitability partially has insignificant negative effect on capital structure with value of -0.469. Asset structure partially has insignificant positive effect on capital structure with value of 0.945. Profitability and asset structure during 2014 – 2016 simultaneously has significant effect on capital structure on Non-Bank Financial Institutions with value of 0.018. The companies are expected to pay attention to profitability, as it increases profitability equally by increasing internal funding. The used of long term debt align with their firm size because debt will also have its effect to all operational aspect so that asset structure will become optimal.

scholarly journals ANALISIS STRUKTUR MODAL PADA PERUSAHAAN SEMEN YANG TERDAFTAR DI BURSA EFEK INDONESIA

2019 ◽  
Vol 3 (2) ◽  
pp. 235-252
Author(s):  
Dirah Nurmila Siliwadi ◽  
Siti Hartati Muliawani
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Weighted Average ◽  
Optimal Capital Structure ◽  
Debt Capital ◽  
Optimal Capital ◽  
The Cost ◽  
The Capital Structure

The aim to be achieved in this study is to analyze the capital structure of the Cement companies listed on the Indonesia Stock Exchange. Cement companies listed on the Indonesia Stock Exchange for 3 years namely 2011 to 2013 in setting their capital structure policies tend to use their own capital which is greater than debt capital, this can be seen from the proportion of own capital which is greater than the proportion of debt. The optimal capital structure of 3 years from 2011 to 2013 occurred in 2011, namely when the cost of the weighted average capital of the minimum Cement company.

scholarly journals Hubungan Struktur Modal Dan Profitabilitas: Analisis Perusahaan Infrastruktur pada Indonesian Stock Exchange Tahun 2012-2016

2019 ◽  
Vol 7 (2) ◽  
Author(s):  
Eddy Winarso, Francis M. Hutabarat
Keyword(s):  
Regression Analysis ◽  
Capital Structure ◽  
Significant Relationship ◽  
Stock Exchange ◽  
Statistical Software ◽  
Return On Equity ◽  
Correlation And Regression Analysis ◽  
Auto Correlation ◽  
The Relationship ◽  
The Capital Structure

The purpose of this research is to analyze the relationship between capital structure and profitability of infrastructure companies listed in SMINFRA18 on the Indonesia Stock Exchange from 2012-2016. The advantage of an appropriate capital structure can help companies to grow primarily in the profits of their companies. This research is descriptive-correlation and quantitative approach. The data used in this study is the Capital Structure and Profitability Data of Infrastructure Companies in the Indonesia Stock Exchange which are members of the SMINFRA Index. There are 18 companies listed in the index which are the best companies in the infrastructure industry. The ratio used to describe the capital structure is Debt to Equity and the profitability ratio used is Return on Equity. This study uses statistical software to analyze: Auto-correlation, Multicollinearity, Normality, Heterocedascity, Correlation, and Regression analysis. Thus, the results of the study show that there is a significant relationship between capital structure and profitability in the SMINFRA18 Infrastructure Company listed on the Indonesia Stock Exchange.Keywords: Capital Structure, Profitability, Infrastructure, return on equity

scholarly journals FAKTOR-FAKTOR STRUKTUR MODAL MENURUT TRADE OFF THEORY

2021 ◽  
Vol 26 (1) ◽  
pp. 55-67
Author(s):  
Farah Tri Megawati ◽  
Nana Umdiana ◽  
Lulu Nailufaroh
Keyword(s):  
Regression Analysis ◽  
Capital Structure ◽  
Quantitative Methods ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Manufacturing Companies ◽  
Corporate Tax ◽  
Trade Off ◽  
Tax Rate ◽  
The Capital Structure

This study purposed to examine the effect of Corporate tax rate and Non debt tax shield on their Capital Structure according to Trade Off Theory on manufacturing companiessubsector metal and allied product that listed in Indonesia Stock Exchange for period 2016-2019. The study was conducted uing quantitative methods with an associative approach.  The study population numbered 16 companies and 6 companies were sampled using purposive sampling.  The study was conducted at manufacturing companies subsector metal and allied product that listed in Indonesia Stock Exchange for period 2016-2019.  Classic assumption test using the test for normality, multicollinearity, autocorrelation, and heteroscedasticity.  The regression analysis used is multiple linear regression analysis.  Data was collected with the Financial Statement 2016-2019 and analyzed with IBM SPSS version 25. The results of this study indicate that the use of high debt to obtain a low corporate tax rate can cause a high risk for the company to go bankrupt, so the company prefers to use depreciation costs to obtain tax savings.  If the depreciation cost of the company is high, the company can also reduce the use of debt.  This shows that the higher the capital structure, the lower the corporate tax rate obtained by the company and the higher the NDTS, the lower the capital structure.  In this study, there are still many limitations and shortcomings namely the influence of the independent variable on the dependent variable can only explain by 63,2%.

scholarly journals Building an optimal capital structure of start‑ups

2017 ◽  
Vol 48 (3) ◽  
Author(s):  
Monika Burżacka
Keyword(s):  
Capital Structure ◽  
Financial Management ◽  
Financial Structure ◽  
Financing Structure ◽  
Factors Affecting ◽  
Optimal Capital Structure ◽  
Particular Solution ◽  
Optimal Capital ◽  
Start Ups ◽  
The Capital Structure

Effective financial management and optimal capital structure are important for companies to obtain better operational performance. The purpose of this study is the review of the most important theories in terms of optimal financial structure and to explore the most important factors affecting decisions in that area. A bad decision about the capital structure may lead to financial lack of balance and even to bankruptcy. There are many alternative theories on how to build optimal capital structures, which, as indicated by practice, may occur to be insufficient. There is no significant studies that clearly indicate the determinants of a particular solution in the financial structure of companies, especially those referred to as startup companies, mainly because of specifics of that group of companies. It is not possible to indicate which of the leading approaches to the capital structure more fully describes the decisions of start‑ups as to the financing structure. Nevertheless, the results indicate that managers of companies often include similar decisions competitors and modulate the policy of his company within the capital structure for a particular, market standard, which is confirmed by Abdulsaleh and Worthington.

scholarly journals Analisis Faktor-Faktor yang Mempengaruhi Struktur Modal pada Perusahaan Consumer Goods yang Terdaftar Di BEI Tahun 2017-2019

2021 ◽  
Vol 21 (3) ◽  
pp. 1277
Author(s):  
Yenny Yenny ◽  
Siti Aisyah Nasution
Keyword(s):  
Linear Regression ◽  
Capital Structure ◽  
Multiple Linear Regression ◽  
Consumer Goods ◽  
Quantitative Method ◽  
Stock Exchange ◽  
Company Size ◽  
Sales Growth ◽  
Research Model ◽  
The Capital Structure

This study aims to examine and analyze the factors that influence the capital structure of consumer goods companies listed on the IDX. The research’s method is using quantitative method. The population is taken from manufacturinng companies engaged in consumer goods listed on the IDX from 2017-2019. The total of  samples in this study were 87 samples : it is 29 companies multiplied by 3 research periods. The research model is multiple linear regression. The results of this study are Profitability, Asset Structure, Company Size, and Sales Growth partially have no and no significant effect on Capital Structure in Consumer Goods companies on the IDX for the 2017-2019. Liquidity partially has a negative and significant effect on the capital structure of the Consumer Goods sector companies on the Indonesia Stock Exchange for the 2017-2019.

FAKTOR-FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL PADA PERUSAHAAN SUBSEKTOR PROPERTY DAN REAL ESTATE YANG TERDAFTAR DI BURSA EFEK INDONESIA

2018 ◽  
Vol 3 (3) ◽  
pp. 423-430
Author(s):  
Siti Ruhana Dara ◽  
Mariah Mariah
Keyword(s):  
Regression Analysis ◽  
Real Estate ◽  
Capital Structure ◽  
Firm Size ◽  
Stock Exchange ◽  
Company Size ◽  
Structure Variable ◽  
Size Variable ◽  
The Capital Structure

The purpose of this study is to examines the antesedents of capital structure. The object is 42 companies in the property and real estate sub-sectors listed on the Indonesia Stock Exchange (IDX) in 2015-2017 periods. Regression analysis was used to test the hypothesis. The results showed that the firm size variable had a significant effect on the capital structure, the profitability variable had a significant effect on the capital structure while the asset structure variable had no effect on the capital structure. And together with company size variables, profitability and asset structure affect the capital structure. Keywords: Profitability, Asset Structure, Capital Structure

Sign in / Sign up

Export Citation Format

Share Document