scholarly journals The Effect of Ownership Structure, Profitability, Firm Size and Tangibility on Capital Structure

2018 ◽  
Vol 7 (4) ◽  
pp. 494-505
Author(s):  
Tika Iswarini ◽  
Anindya Ardiansari
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Ownership Structure ◽  
Financial Management ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Company Value ◽  
Optimal Value

The important decision faced by financial management which relates to the continuity of company operations is funding decision which is capital structure. Capital structure achieves optimal value if the composition of debt and capital are able to increase company value. The purpose of this research is to examine the effect of ownership structure, profitability, firm size, and tangibility against capital structure (research on manufacturing companies listed on Indonesia Stock Exchange period 2012-2016). The population in this research were all manufacturing companies listed on the Indonesia Stock Exchange 2012-2016. This research used purposive sampling method with certain criteria to determine the sample. The sample used was 38 companies with the research period 2012-2016 at manufacturing companies listed on the Indonesia Stock Exchange. Multiple regression analysis using Eviews 8 was used to analyze the data. The result of multiple linear regression test showed that there were three independent variables that affect capital structure they were managerial ownership, firm size and tangibility. Whereas institutional ownership and profitability did not affect the capital structure of manufacturing companies in 2012-2016. The conclusion of this research is managerial ownership, firm size and tangibility have positive and significant effect on capital structure, while institutional ownership and profitability have negative and insignificant effect on capital structure.

scholarly journals The Effects of Managerial Ownership, Institutional Ownership, and Profitability on Capital Structure: Firm Size as the Moderating Variable

2020 ◽  
Vol 11 (4) ◽  
pp. 493
Author(s):  
Muhammad Khafid ◽  
Rida Prihatni ◽  
Ira Eva Safitri
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Institutional Ownership ◽  
Analysis Data ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Unit Of Analysis ◽  
Basic Industry

This study was to analyze the effects of managerial ownership, institutional ownership, and profitability on capital strucuture with firm size as the moderating variable. All manufacturing companies of basic industry and chemical sector listed on Indonesia Stock Exchange during the period of 2014-2017 were the population of the study. There were 66 taken as the samples by using purposive sampling technique. There were 39 companies as research samples and 115 as unit of analysis. Data were collected by documentation method. Then, data were analyzed by using descriptive statistics and inferential statistics. The results of the study indicated that managerial ownership and institutional ownership did not significantly affect capital structure, but profitability had a negative and significant effect on capital structure. Firm size did not have any moderating effect between managerial ownership and profitability on capital strucuture, but firm size moderated the effect between institutional ownership and capital structure. It was concluded that only profitability significantly influenced capital structure, and firm size was able to moderate the effect between institutional ownership and capital structure.

STRUKTUR KEPEMILIKAN DAN NILAI PERUSAHAAN: (STUDI PADA PERUSAHAAN MANUFAKTUR YANG LISTING DI BURSA EFEK INDONESIA)

Jurnal Varian ◽  
2018 ◽  
Vol 1 (2) ◽  
pp. 41-49
Author(s):  
Restu Fahdiansyah ◽  
Jihadil Qudsi ◽  
Adam Bachtiar
Keyword(s):  
Ownership Structure ◽  
Firm Value ◽  
Stock Exchange ◽  
Agency Problems ◽  
Institutional Ownership ◽  
Shareholder Wealth ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Ownership Structures ◽  
Company Value

The purpose of company management in general is to generate profit, but furthermore the management of the company is required to improve the welfare of the owners of the company or in this case the shareholders. To achieve these objectives, it is necessary to have ownership structures that can provide maximum supervision to managers in order to carry out their duties to improve the welfare of the owners of the company through increasing the value of the company. This is in accordance with the agency theory developed by Jensen Meckling stating that the manager as an agent delegated by the owner of the company to manage the company. In the process of managing the company, according to Jensen Meckling there is possible occurrence of agency problems, which arise because of the tendency of managers to not always make decisions that aim to meet the interests of principals or owners of the company to the fullest. To align the interests of managers and owners of the company so as to reduce agency problems, it is necessary to have a good ownership structure, capable of monitoring the performance of management in meeting the interests of the owner of the company. Therefore, this study would like to examine how ownership structures proxied with institutional ownership and managerial ownership can influence the value of firms that can ultimately have an impact on increasing shareholder wealth. This study tested 71 manufacturing companies listed on the Indonesian Stock Exchange in 2016 using multiple regression analysis techniques. The test results show the significant influence of variables with institutional ownership and managerial ownership of firm value, which shows that the ownership structure that allows the owner of the company to supervise the performance of the company's management can have an impact on the increase of company value.

scholarly journals Pengaruh Kebijakan Deviden, Profitabilitas Dan Struktur Kepemilikan Institusional Terhadap Struktur Modal Dan Nilai Perusahaan

2016 ◽  
Vol 2 (2) ◽  
pp. 100-108
Author(s):  
Idel Waldelmi
Keyword(s):  
Capital Structure ◽  
Ownership Structure ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Significance Test ◽  
Test Results ◽  
Manufacturing Companies ◽  
Company Value ◽  
Anova Table ◽  
Coefficient Of Regression

Abstract: The present research was set to investigate the effect of dividend policy, profitability dan institutional ownership structure to the capital structure and company value of manufacturing companies listed at Indonesia Stock Exchange. The sample consisted of 78 manufacturing companies which were selected using a purposive sampling technique.  The data source came from Indonesia Stock Exchange and ICMD (2010 – 2012) dan emittent financial data. The data were analyzed with path analysis which was applied withSPSS software, the hypotheses were tested using a t-test. The results show that (1) The significance test results of ANOVA table indicated significance value for 0.645, where 0.645 > 0.05. Thus, Ho was accepted and Ha was rejected. It means that the coefficient of regression was not significant. The conclusion was that variables X1, X2 and X3 had no effect or contribution to variable Y. (2) The significance test results of ANOVA table indicated the significance value for 0.000, where 0.000 <0.05. Thus, Ho was rejected and Ha was accepted. It means that the coefficient of regression was significant. Thus, the conclusion was that variables Y1, X1, X2 and X3 had effects or contributions to variable Y2. Keywords: dividend policies, profitability, institutional ownership structure, capital structure and company value

scholarly journals The effect of capital structure, institutional ownership, managerial ownership, and profitability on company value in manufacturing companies

2019 ◽  
Vol 9 (1) ◽  
pp. 27
Author(s):  
Jhonatan Trafalgar ◽  
Laely Aghe Africa
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Secondary Data ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Return On Equity ◽  
Company Value ◽  
Equity Ratio

This study aimed to examine the effect of capital structure, institutional ownership, managerial ownership, and profitability on company value. It used independent variables such as capital structure with a proxy of Debt to Equity Ratio (DER), institutional ownership, managerial ownership, and profitability with a proxy of Return on Equity (ROE), and the dependent variable such as company value. This study uses secondary data obtained from the Indonesia Stock Exchange (IDX) for the period 2014-2017, with the population of all manufacturing companies listed on the Indonesia Stock Exchange (IDX) with the sample of manufacturing companies in the sector of various industries in the period 2014-2017. It was taken by using purposive sampling method, where they were selected based on the criteria. The data were analyzed using a multiple linear regression analysis with SPSS 23. The results indicated that the Debt to Equity Ratio (DER), institutional ownership, and managerial ownership have no significant effect on company value, while Return on Equity (ROE) has a significant effect on company value. The company's goal can be achieved if the company's performance is able to optimize the value of the company.

scholarly journals The Effects Of Financial Performance Toward Firm Value With Ownership Structure As Moderating Variable (The Study On Manufacturing Companies Listed In Indonesia Stock Exchange In The Period Of 2012-2016)

2018 ◽  
Vol 2 (1) ◽  
pp. 18-27
Author(s):  
Anida Amalia Luthfiah ◽  
Suherman Suherman
Keyword(s):  
Financial Performance ◽  
Firm Size ◽  
Ownership Structure ◽  
Firm Value ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Control Variable ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Manufacturing Companies

The aim of this study is to determine the effect of Financial Performance toward Firm Value with Ownership Structure as Moderating Variable on Manufacturing Companies Listed in Indonesia Stock Exchange in The Period of 2012-2016. Independent variable of this study is Financial Performance with Return on Assets as a proxy. Dependent variable of this study is Firm Value with Tobin's Q as a proxy. While moderating variable used in this study is a mechanism of Corporate Governance in the form of Ownership Structure with Managerial Ownership and Institutional Ownership as the proxy. Then control variable in this study are Firm Size and Leverage. The research model of this study employs panel data analysis with Fixed Effect Model approach. The empirical result shows that Financial Performance has positive significant effect on Firm Value. Managerial Ownership and Institutional Ownership can't moderate the relation between Financial Performance on Firm Value. Firm Size has negative significant effect on Firm Value. And Leverage has insignificant effect on Firm Value.

The Influence of Capital Structure, Growth, Company Size to Profitability and Company Value of Manufacture Firms Listed in Indonesia Stock Exchange

2019 ◽  
Vol 1 (3) ◽  
pp. 66-78
Author(s):  
Bernon Sampe Tondok ◽  
Cepi Pahlevi ◽  
Andi Aswan
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Positive Impact ◽  
Stock Exchange ◽  
Company Size ◽  
Manufacturing Companies ◽  
Descriptive Research ◽  
Company Value ◽  
Quantitative Descriptive ◽  
Company Growth

This study examines the effect of capital structure, company growth, company size on profitability and company value the cases of manufacturing companies listed on the Indonesia Stock Exchange. This research is quantitative descriptive research using path analysis. Classical assumption evaluations are conducted comprising of normality, linearity, autocorrelation, multicollinearity, and heteroscedasticity test. The sample is 33 manufacturing companies listed on the Indonesia Stock Exchange from period 2013 – 2017. The results of the study found that there was a positive impact of capital structure, company growth, firm size on profitability and value of manufacturing companies.

STRUKTUR MODAL DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING. (STUDI KASUS PADA PERUSAHAAN MANUFAKTUR SEKTOR INDUSTRI BARANG KONSUMSI YANG TERDAFTAR DI BEI PERIODE 2016-2018).

2020 ◽  
Vol 4 (02) ◽  
Author(s):  
Anindiya Mustika Gunarwati ◽  
Siti Maryam ◽  
Sudarwati Sudarwati
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Firm Value ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Company Size ◽  
Manufacturing Companies ◽  
Descriptive Research ◽  
Company Value ◽  
Quantitative Descriptive

The purpose of this study was to determine the effect of Capital Structure and Firm Size on Firm Value with Profitability as Intervening Variables. (Case Study on Manufacturing Companies in the Consumer Goods Industry Sector which are listed on the Indonesia Stock Exchange for the 2016-2018 Period). This research uses quantitative descriptive research type. Sample 27 companies using Purposive sampling technique. The analysis method uses path analysis with SPSS software version 21.Based on the test result min this study that the variable capital structure and company size have a positive and significant effect on profitability. Capital structure has no effect on firm value, firm size and profitability affect company value, and profitability is able to mediate the effect of capital structure and firm size on firm value. Keywords: capital structure, company size, profitability and firm value.

scholarly journals PENGARUH FIRM SIZE, SALES GROWTH, STRUKTUR ASET, DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN DENGAN STRUKTUR MODAL SEBAGAI VARIABEL INTERVENING (Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2012 – 2017)

2020 ◽  
Vol 12 (1) ◽  
pp. 47-68
Author(s):  
Suci Atiningsih ◽  
Asri Nur Wahyuni
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Firm Value ◽  
Stock Exchange ◽  
Sales Growth ◽  
Manufacturing Companies ◽  
Company Value ◽  
Negative Effect ◽  
Positive Effect ◽  
Data Analysis Methods

  The purpose of this study is to examine the effect of firm size, sales growth, asset structure, and profitability on firm value with capital structure as an intervening variable. The population are all companies listed on the Indonesia Stock Exchange. While the sample in this study were all manufacturing companies listed on the Indonesia Stock Exchange Period 2012 - 2017. Sampling using purposive sampling and data analysis methods using multiple linear regression and path analysis. The results of this study are firm size and asset structure have a positive effect on capital structure. Sales growth and profitability have a negative effect on capital structure. Capital structure, sales growth, and asset structure have a negative effect on firm value. Firm size has a positive effect on company value. Capital structure cannot mediate the influence of firm size and profitability on firm value. Capital structure can mediate the effect of sales growth and asset structure on firm value.  

scholarly journals PENGARUH STRUKTUR KEPEMILIKAN, STRUKTUR MODAL, DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN SEKTOR PERTAMBANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

2015 ◽  
Vol 3 (2) ◽  
pp. 724
Author(s):  
Ikin Solikin ◽  
Mimin Widaningsih ◽  
Sofie Desmiranti Lestari
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Ownership Structure ◽  
Firm Value ◽  
Linear Regression Analysis ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Mining Sector ◽  
Linearity Test ◽  
Positive Effect

This study aims to determine whether there is influence of managerial ownership structure, institutional ownership structure, capital structure, and firm size to company value in mining sector companies listed in Indonesia Stock Exchange.The method of this research is descriptive method used to analyze data by way of describing or giving description to the object under study through sample data or population as it is without doing analysis and make conclusion which apply to public. This research uses managerial ownership variable, institutional ownership, capital structure, and firm size as independent variable, and firm value as dependent variable. The population of this study is a mining sector company listed on the Indonesia Stock Exchange in 2010-2012. After going through purposive sampling, obtained 29 companies as sample. The type of data used in this study is secondary data in the form of annual financial statements of the company. The method of analysis used is simple linear regression analysis. Before performing regression test, data analysis test consisted of linearity test and normality test.The results of this study indicate that managerial ownership, capital structure and firm size have a positive effect on firm value. While institutional ownership variable has no positive effect on firm value.

scholarly journals Ownership Structure and Earnings Management

2019 ◽  
Vol 4 (2) ◽  
pp. 38-42
Author(s):  
Nico Alexander
Keyword(s):  
Earnings Management ◽  
Ownership Structure ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Foreign Ownership ◽  
Jel Classification ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Management Ownership ◽  
Independent Variable

Objective – The purpose of this research is to analyze the effect of ownership structure toward earnings management. Methodology/Technique – The population of this research consist of manufacturing companies listed on the Indonesian Stock Exchange (IDX) from 2014 to 2016. This research uses 3 recent years and adds variables that have not been used in prior research. The sample of this research is chosen using a purposive sampling method. Findings – The hypothesis is tested by multiple regressions using an Eviews program to investigate the influence between each independent variable to earnings management. Novelty – The research results shows that institutional ownership, controlling ownership, and foreign ownership affect earnings management whilst managerial ownership has no effect on earnings management. Type of Paper: Empirical. Keywords: Earnings Management; Ownership Structure; Institutional Ownership; Controlling Ownership; Foreign Ownership. Reference to this paper should be made as follows: Alexander, N.; 2019. Ownership Structure and Earnings Management, Acc. Fin. Review 4 (2): 38 – 42 https://doi.org/10.35609/afr.2019.4.2(1) JEL Classification: G40, G41, G49.

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