PANDEMI COVID-19: LEBIH BAIK MENAMBAH UTANG ATAU EKUITAS?

2021 ◽  
Vol 19 (1) ◽  
pp. 23
Author(s):  
Bayu Aprillianto ◽  
Oktaviani Ari Wardhaningrum
Keyword(s):  
Capital Structure ◽  
Financial Performance ◽  
Banking Sector ◽  
Stock Exchange ◽  
Equity Capital ◽  
Debt Capital ◽  
Huge Impact ◽  
The Government ◽  
Operational Activities ◽  
Positive Effect

ABSTRACTCovid-19 Pandemic has caused massive changes. Lockdown policy set by the government to suppress the rate of transmission of the virus has had huge impact on the economy. Many companies must suffer losses, even have to declare bankruptcy. Operational activities had been limited that caused the company no longer being able to rely on internal funding to finance its business. The company is faced with a choice of external funding decisions, that is increasing debt (on liability side) or issue shares (on the equity side). This study aims to examine the effect of capital structure during the pandemic on financial performance. This research conducted on 121 companies from consumer non-cyclicals, transportation & logistic, and banking sector listed on Indonesia Stock Exchange. The results show that during the pandemic companies tend to prefer to increase debt than equity. Further testing shows that the companies with dominant debt capital structure have positive effect on financial performance. Meanwhile, the companies with a dominant equity capital structure have no significant effect.Keywords: debt, equity, financial performance, pandemicABSTRAKPandemi Covid-19 menyebabkan perubahan yang sangat masif. Kebijakan lockdown yang dilakukan oleh pemerintah untuk menekan laju penularan virus memberikan dampak yang sangat besar bagi perekonomian. Banyak perusahaan yang harus mengalami kerugian, bahkan harus mengumumkan kebangkrutan. Kegiatan operasional perusahaan yang terbatas mengakibatkan perusahaan tidak lagi dapat mengandalkan pendanaan internal untuk membiayai usahanya. Perusahaan dihadapkan pilihan keputusan pendanaan eksternal, yaitu menambah utang (di sisi liabilitas) atau menerbitkan saham (di sisi ekuitas). Penelitian ini bertujuan untuk menguji pengaruh struktur modal di masa pandemi terhadap kinerja keuangan. Pengujian dilakukan ke 121 perusahaan dari perusahaan sektor barang konsumen non-primer, transport dan logistik, dan perbankan yang terdaftar di Bursa Efek Indonesia. Hasil penelitian menunjukkan bahwa di masa pandemi, perusahaan cenderung lebih memilih menambah utang dibandingkan ekuitas. Pengujian lebih lanjut menunjukkan bahwa sampel perusahaan dengan struktur modal dominan utang menunjukkan hasil berpengaruh positif pada kinerja keuangan. Sedangkan pada sampel perusahaan dengan struktur modal dominan ekuitas menunjukkan hasil tidak signifikan.Kata kunci: ekuitas, kinerja keuangan, pandemi, utang

The Influence of Risk Management, Third-Party Funds and Capital Structure on Banking Sector Financial Performance in Indonesia and Thailand with Corporate Governance as Moderating Variable in 2015-2019

2021 ◽  
pp. 71-80
Author(s):  
Nurtika Ekawati ◽  
◽  
Unggul Purwohedi ◽  
Ari Warokka ◽  
◽  
...  
Keyword(s):  
Risk Management ◽  
Corporate Governance ◽  
Capital Structure ◽  
Financial Performance ◽  
Banking Sector ◽  
Stock Exchange ◽  
Partial Least Square ◽  
Third Party ◽  
Return On Assets ◽  
Study Results

The banking sector plays an important role in the country's economic growth. International experience shows that a weak banking sector not only threatens the long-term stability of a country's economy. It can also cause a financial crisis which can lead to economic crisis. Therefore, it is important to identify and investigate the factors on which the financial performance of banks depends. The purpose of this study is to analyze the influence of risk management, third-party funds and capital structure on banking sector financial performance in Indonesia and Thailand with corporate governance as moderating variable. The authors use return on assets (ROA) as the key indicator of bank efficiency. The data used in this study are secondary data, including nonperforming loan (NPL), loan-to-deposit ratio (LDR), operating expenses to operating income (BOPO), net interest margin (NIM), third party funds (TPF), debt-to-equity ratio (DER), return on assets (ROA), corporate governance. The data was obtained from the official website of the Indonesia Stock Exchange (www.idx.co.id) and the Thai Stock Exchange (www.set.or.th). The sample used in this study is 20 conventional banks listed on the Indonesia and Thailand Stock Exchange from 2015-2019. The methodological basis of this study is the use of the Structural Equation Model (SEM) with Partial Least Square (PLS). Data processing was performed in the WarpPLS 7.0 software. The study results show that NPL and LDR have a negative and significant influence on the financial performance of banks. At the same time, the BOPO and DER do not affect the financial performance of banks. The NIM and TPF have a significant and positive influence on the bank's financial performance. In addition, corporate governance does not moderate risk management relationship to the bank's financial performance. The results of this study can benefit bank shareholders and customers, and bank management.

scholarly journals Does Capital Structure Affects Firms’ Performance in Ghana? Panel Data Analysis

2019 ◽  
Vol 8 (4) ◽  
pp. 131
Author(s):  
John MacCarthy ◽  
Helena Ahulu
Keyword(s):  
Panel Data ◽  
Capital Structure ◽  
Quantitative Research ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Negative Relationship ◽  
Equity Capital ◽  
Debt Capital ◽  
Tangible Assets ◽  
Ghana Stock Exchange

This paper examines the effect of capital structure on the firms’ performance. The study collected data from seventeen firms listed on the Ghana Stock Exchange from 2009 to 2018. A quantitative research technique is used to collect data to test two hypotheses. Panel data regression is employed to determine the effect of capital structure on firms’ performance. The study revealed that short-term debt and total debt accounted for 67% and 76.3% respectively of capital used to finance the operations for the period. Furthermore, the study revealed that there is significant and negative relationship between capital structures and firms’ performance. The study concludes that firms should minimise the use of debt capital and rather concentrate on equity capital to finance their operations. The study recommends that firms should increase sales and invest in tangible assets to maximise the firms’ performance. 

scholarly journals Risiko Kredit, Risiko Pasar, Dan Kinerja Keuangan Perbankan Pada Masa Pandemi Covid-19

2021 ◽  
Vol 6 (2) ◽  
pp. 150-157
Author(s):  
Rini Dwi Astuti ◽  
Dewa Putra Krishna Mahardika
Keyword(s):  
Credit Risk ◽  
Financial Performance ◽  
Sampling Method ◽  
Banking Sector ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Market Risk ◽  
Industrial Sectors ◽  
Positive Effect

The Covid-19 pandemic began to spread in Indonesia in March 2020. This caused a number of industrial sectors in Indonesia to experience a decrease in financial performance. One of the sectors that experienced a decline in financial performance was the banking sector. This study has purpose to determine the effect of credit risk and market risk on financial performance in commercial banks registered on the Indonesia Stock Exchange in the first until fourth quarters of 2020. The samples in this study is 35 banks. The sample is obtained by purposive sampling method. The method of analysis in this study is multiple linear regression analysis. From the results of the study, simultaneously credit risk and market risk affect financial performance. credit risk negatively affects financial performance. while market risk has a positive effect on financial performance

scholarly journals Pengaruh Kinerja Lingkungan dan Struktur Kepemilikan terhadap Kinerja Keuangan dengan Pengungkapan Lingkungan sebagai Variabel Intervening

2019 ◽  
Vol 5 (2) ◽  
pp. 1467-1482
Author(s):  
Vivian Angelina Soegiharto Wibowo ◽  
Teng Jesica Handoko
Keyword(s):  
Financial Performance ◽  
Environmental Performance ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Foreign Ownership ◽  
Managerial Ownership ◽  
Environmental Disclosure ◽  
Negative Effect ◽  
Operational Activities ◽  
Positive Effect

Financial performance is the result of management's efforts in managing and carrying out operations using resources effectively in a given period. Financial performance is often used by stakeholders in making decisions, namely Return on Assets. In addition to financial performance, environmental performance is important for the company to preserve nature and prevent risks due to its operational activities. Implementation of good environmental performance requires substantial funds and funding that is often used, namely shares that create ownership structures. In return for investor funds, companies have an obligation to make disclosures, one of which is environmental disclosure. Environmental disclosure is expected to be able to show environmental performance and company ownership and this research environmental disclosure is used as an intervening variable.This study aims to obtain empirical evidence regarding the effect of environmental performance and ownership structure on financial performance with environmental disclosure as an intervening variable. The research population is all companies listed on the Indonesia Stock Exchange for the period 2015-2017 with purposive sampling, namely non-financial companies that obtain PROPER ratings and publish annual and financial reports on the IDX. This study uses SPSS 23 with secondary data and analyzed using regression analysis and path analysis.The results of his research are environmental performance has a positive effect on environmental disclosure and financial performance; institutional ownership has a negative effect on environmental disclosure and has no effect on financial performance; Managerial ownership has a negative effect on environmental disclosure, but has a positive effect on financial performance; foreign ownership has no effect on environmental disclosure and financial performance; environmental disclosure has no effect on financial performance; and environmental disclosure is not able to mediate environmental performance, institutional ownership, managerial ownership, foreign ownership of financial performance.

scholarly journals Intellectual Capital, Firm Value, and Financial Performance

2017 ◽  
Vol 1 (01) ◽  
pp. 29
Author(s):  
Aida Irsyahma ◽  
Nikmah Nikmah
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Firm Value ◽  
Banking Sector ◽  
Stock Exchange ◽  
Analysis Method ◽  
The Relationship ◽  
Modern Era ◽  
Positive Effect ◽  
Test Result

<p>The ownership of intangible assets especially intellectual capital has becoming more important in this modern era where technology and knowledge have significant roles in company operating activities. The objective of this study is to examine the effect of intellectual capital on firm value and financial performance as intervening variable. The sample in this study is the banking sector listed in Indonesia Stock Exchange between 2011-2014 and 15 banks become samples in this study. The data was analyzed using the path analysis method with SPSS.<br />The test result shows that intellectual capital has a positive effect on firm value, intellectual capital has a positive effect on financial performance, financial performance has a positive effect on firm value, and financial performance proved to intervene the relationship between intellectual capital and firm value.</p><p><br />Keywords: Financial Performance, Firm Value, Intellectual Capital</p>

scholarly journals The effect of capital expenditure, company growth and company size on firm value through financial performance moderated by capital structure

2019 ◽  
Vol 17 (1) ◽  
pp. 236-244
Author(s):  
Salimah ◽  
Yudhi Herliansyah
Keyword(s):  
Capital Structure ◽  
Financial Performance ◽  
Firm Value ◽  
Quantitative Methods ◽  
Capital Expenditure ◽  
Stock Exchange ◽  
Company Size ◽  
Company Value ◽  
Company Growth ◽  
Positive Effect

This study aims to examine the influence of capital expenditure variables, company growth, and company size on firm value through financial performance is moderated by the capital structure of the company in LQ 45 companies listed on the Indonesia Stock Exchange. The research methodology uses quantitative methods, the number of observations as many as 50 sourced from 45 companies over 5 annual periods. The results of this study found that: (1) Capital Expenditure (Capex), Company Growth (Growth) and Company Size (Size) had no effect on Company Value (PBV), (2) Capital Expenditure (Capex) does not affect Financial Performance (ROE), (3) Company Growth (Growth) and Company Size (Size) have a significant effect on ROE, (4) Financial Performance (ROE) has a significant positive effect on Value Company (PBV), (5) Financial Performance (ROE) does not mediate the effect of Capital Expenditure (Capex), Company Growth (Growth) and Company Size (Size) on Firm Value (PBV), (6) Capital Structure (DER) moderates the influence of Financial Performance (ROE) to Company Value (PBV)

scholarly journals Analisis financial performance dan firm value perusahaan sektor industri logam di Indonesia

2020 ◽  
Vol 16 (1) ◽  
pp. 19-30
Author(s):  
Yuniep Mujati Suaidah
Keyword(s):  
Capital Structure ◽  
Financial Performance ◽  
Firm Value ◽  
Stock Exchange ◽  
Secondary Data ◽  
Industrial Sector ◽  
Significant Positive Effect ◽  
Manufacturing Companies ◽  
Insignificant Effect ◽  
Positive Effect

This study aims to determine the direct effect of capital structure, CSR and financial performance on firm value, and to determine whether financial performance can be a mediating variable between capital structure and CSR on firm value. This study uses secondary data, data collection with documentation on metal industrial sector manufacturing companies in the Indonesia Stock Exchange (IDX), as many as 14 companies were used as research samples with purposive sampling method, for 4 years so that the sample used 56 financial reports. Measurement of capital structure variables using DER, CSR with GRI-G4 guidelines, financial performance with ROA, firm value with PBV. Hypothesis testing using Path Anaysis. The results showed that capital structure had a positive and insignificant effect on financial performance, CSR had a significant positive effect on financial performance, and capital structure had a significant positive effect on firm value. CSR has a positive and insignificant effect on firm value, financial performance has a significant negative effect on firm value. The financial performance variable is not a mediating variable between capital structure and firm value, but is a mediating variable between CSR and firm value.

scholarly journals DETERMINANTS OF FINANCIAL PERFORMANCE ON THE GO PUBLIC COMPANY ON BEI

TRIKONOMIKA ◽  
2020 ◽  
Keyword(s):  
Capital Structure ◽  
Financial Performance ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Investment Decision ◽  
Public Companies ◽  
Dividend Policies ◽  
Public Company ◽  
Theoretical Finding ◽  
Positive Effect

The objective of this research is to get an understanding on the effect of the investment decision, capital structure and dividend policy on financial performance using the Multiple Regression Analysis. It is expected that this model will give more comprehensive analysis on the effect of the investment decision, capital structure and dividend policy on financial performance of public companies, which includes the direct or indirect effect on one variable against the others variables. on public companies in Indonesian Stock Exchange in 2014-2017. The findings reveal that, the investment decision has a more dominant effect on financial performance. The investment decision, capital structure and dividend policy have a positive effect on financial performance. The theoretical finding on this research can be developed to make investment decisions, capital structures and dividend policies of public companies. In other words, the three variables will have some means of effect on financial performance, compare with other factors.

scholarly journals Effect of Capital Structure on the Performance of Deposit Money Banks

2017 ◽  
Vol 1 (1) ◽  
pp. 12-23
Author(s):  
Abdulrashid Ibrahim Sadiq ◽  
Pofi Wendy Kachollom ◽  
Saminu Inuwa Dasuki ◽  
Mohammad Yusuf
Keyword(s):  
Capital Structure ◽  
Financial Performance ◽  
Pearson Correlation ◽  
Secondary Data ◽  
Financial Statements ◽  
Equity Capital ◽  
Return On Equity ◽  
Return On Capital ◽  
The Government ◽  
The Cost

The objective of this study is to examine the effect of capital structure onthe financial performance of Deposit Money Banks in Nigeria. Secondary data was obtained from the financial statements of Deposit Money Banks listed in the Nigerian Stock Exchange.Four banks were selected as samples and data from their financial statements for a period of 10 years (2006-2015). The study has employed the use of Pearson correlation coefficient and GLS regression model to analyze the effect of capital structure on the performance of some selected. The performance variables used in the study were, Return on Asset (ROA), Return on Equity (ROE) and Return on Capital Employed (ROCE). Findings from the study showed that capital structure has an effect on the financial performance of listed deposit money banks in Nigeria.Based on the results, the study recommends thatdeposit money banks in Nigeria should employ an appropriate mix of debt and equity capital and strike a balance between their choice of capital structure and its effect on their performance, as this will affect the shareholders risk returns and the cost of capital. Furthermore, the banks should increase their assets as this will help them to be more positioned for better performance and the government should improve liquidity in the Nigerian Financial Market to enable deposit money banks raise long term debt and reduce over dependency on short term debt.

scholarly journals Pengukuran Efisiensi Serta Analisis Faktor Internal dan Eksternal Bank yang Memengaruhinya

2020 ◽  
Vol 10 (1) ◽  
pp. 48-62
Author(s):  
Aron Marsondang ◽  
Budi Purwanto ◽  
Heti Mulyati
Keyword(s):  
Financial Performance ◽  
Interest Rates ◽  
Stock Exchange ◽  
Capital Adequacy ◽  
Significant Positive Effect ◽  
Negative Effect ◽  
Input Variables ◽  
The Government ◽  
Model Bank ◽  
Positive Effect

Efficiency for the banking industry as a whole is the most important aspect considered to realize healthy and sustainable financial performance. Therefore, to realize a healthy and sustainable financial performance, the government intervenes in the banking business to divide or categorize banks based on core capital. This study will measure the efficiency level of conventional commercial banks with input variables that are thought to affect the output variable using non-parametric methods with the Data Envelopment Analysis (DEA) model. Bank size (SIZE), Capital Adequacy Ratio (CAR), and Loan to Deposit Ratio (LDR) proved to have a significant positive effect on the efficiency of banks listed on the Indonesia Stock Exchange for the period 2013-2017. Meanwhile, non-performing loan (NPL) proved to have a significant negative effect on the efficiency of banks listed on the Indonesia Stock Exchange for the period 2013-2017. External factors such as the rupiah exchange rate (KURS), Bank Indonesia interest rates (SBI), and gross domestic product (GDP) have proven to have no significant positive effect on the efficiency of banks listed on the Indonesian Stock Exchange in the period 2013-2017.

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