scholarly journals Pengaruh Risiko Bisnis, Life Cycle Dan Diversifikasi Terhadap Struktur Modal Serta Hubungannya Dengan Nilai Perusahaan Manufaktur Di Indonesia

2016 ◽  
Vol 9 (1) ◽  
Author(s):  
Septi Diana Sari
Keyword(s):  
Life Cycle ◽  
Capital Structure ◽  
Firm Value ◽  
Order Theory ◽  
Diversification Strategy ◽  
Single Segment ◽  
Unrelated Diversification ◽  
Related Diversification ◽  
Positive Effect ◽  
The Capital Structure

This study aims to examine the factors that affect the capital structure. The task of the financial manager is to determine the amount of capital structure to enhance shareholder value. Since the capital structure associated with firm value , this study also aimed to examine the effect of capital structure on firm value by considering the company's diversification strategy and corporate life cycle stages . By using the data obtained from the OSIRIS period 2009-2012, researchers used multiple regression test and path analysis to test the hypothesis. From the test results stated that only companies which are in the start-up phase which has a significant positive effect on the capital structure , as well as the diversification strategy has an influence on the capital structure of the company's capital structure with a sequence of related diversification > unrelated diversification > single segment. But when regressed diversification strategy with corporate values, only a single segment strategy and related diversification which significantly affect the value of the company, as well as the positive effect of capital structure on firm value. Most of the results of this study can be explained by the signaling effect and the pecking order theory. 

scholarly journals The Influence Of Financial Flexibility, Managerial Ownership, Firm Size On Capital Strukture, And Firm Value On Infrastructure, Utility And Transportation Companies

2021 ◽  
Vol 2 (4) ◽  
pp. 1371-1377
Author(s):  
Asrul Jaya ◽  
Djabir Hamzah ◽  
Maat Pono ◽  
Idayanti Nursyamsi
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Firm Value ◽  
Managerial Ownership ◽  
Significant Positive Effect ◽  
Financial Flexibility ◽  
Significant Negative Effect ◽  
Negative Effect ◽  
Positive Effect ◽  
The Capital Structure

This study aims to analyze the effect of financial flexibility, managerial ownership, and firm size on firm value with capital structure as an intervening variable for infrastructure, utility, and transportation companies. This research was a quantitative study. The data used were secondary data in the form financial statements of infrastructure, utility and transportation companies listed in the Indonesia Stock Exchange during the period 2015-2019. The sample used was a purposive sampling technique consisting of 30 companies infrastructure, utility and transportation. The data were analyzed using path analysis supported by SmartPLS 3.3 software. The results show that financial flexibility has no significant negative effect on the capital structure; managerial ownership has a significant negative effect on the capital structure; firm size has a significant positive effect on the capital structure; financial flexibility has a significant negative effect on firm value; managerial ownership has no significant positive effect on firm value; firm size has no significant positive effect on firm value; capital structure has a significant positive effect on firm value; financial flexibility had no significant effect on firm value through capital structure; managerial ownership has a significant effect on firm value through capital structure; firm size has a significant effect on firm value through capital structure.

scholarly journals PENGARUH STRUKTUR MODAL, UKURAN PERUSAHAAN DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN (Studi Empiris pada Sektor Pertambangan yang Terdaftar di Bursa Efek Indonesia periode 2013-2017)

2019 ◽  
Vol 2 (1) ◽  
Author(s):  
Ratnasari Dewi Gita ◽  
Ayus Ahmad Yusuf
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Firm Value ◽  
Stock Exchange ◽  
Corporate Value ◽  
Purposive Sampling ◽  
Panel Data Regression ◽  
Analysis Technique ◽  
Positive Effect ◽  
The Capital Structure

ABSTRACT�This study aims to test and analyze the effect of Capital Structure, Firm Size and Profitability on Corporate Value both partially and simultaneously of The Mining Sector Companies registered in Indonesian Stock Exchange period 2013-2017. The research method used in this research is descriptive and verificative method with quantitative approach. The population in this research is all mining companies of Indonesian Stock Exchange period 2013-2017. The samples taken by using purposive sampling method and acquired 15 companies. Analysis technique used is panel data regression analysis. The results of this research show that the Capital Structure, Firm Size and Profitability have significant and positive effect on Corporate Value simultaneously. While, the Capital Structure, Firm Size and Profitability have significant and positive effect on Corporate Value partially.�Keyword: Capital Structure (DER), Firm Size (Total Asset), Profitability (ROA) and Firm Value (Tobin�s Q).ABSTRAK�Tujuan dari penelitian ini adalah untuk menguji dan menganalisis pengaruh Struktur Modal, Ukuran Perusahaan dan Profitabilitas terhadap Nilai Perusahaan baik secara parsial maupun secara simultan pada Sektor Pertambangan yang terdaftar di Bursa Efek Indonesia Periode 2013-2017. Metode penelitian yang digunakan dalam penelitian ini yaitu metode deskriptif dan verifikatif dengan pendekatan kuantitatif. Populasi dalam penelitian ini adalah semua perusahaan pertambangan di Bursa Efek Indonesia Periode 2013-2017. Sampel diambil dengan menggunakan metode purposive sampling, dan diperoleh 15 perusahaan. Teknik analisis data yang digunakan adalah analisis regresi data panel. Hasil penelitian menunjukkan bahwa Struktur Modal, Ukuran Perusahaan dan Profitabilitas secara simultan berpengaruh positif signifikan terhadap Nilai Perusahaan. Dan secara parsial menunjukkan hasil bahwa Struktur Modal, Ukuran Perusahaan dan Profitabilitas masing-masing berpengaruh positif signifikan terhadap Nilai Perusahaan.�Kata Kunci: Struktur Modal (DER), Ukuran Perusahaan (Total Aset), Profitabilitas (ROA) dan Nilai Perusahaan (Tobin�s Q).

Faktor-Faktor Yang Mempengaruhi Profitabilitas dan Nilai Perusahaan

2014 ◽  
Vol 5 (1) ◽  
pp. 464-472
Author(s):  
Frans Papilaya ◽  
Samel Watina Ririhena
Keyword(s):  
Capital Structure ◽  
Path Analysis ◽  
Firm Value ◽  
Stock Price ◽  
Stock Exchange ◽  
Research Problem ◽  
Telecommunications Industry ◽  
Significant Positive Effect ◽  
Positive Effect ◽  
The Capital Structure

   This study aims to analyze and test the significance of the effect of capital structure, the growth of the company to profitability and corporate value in the telecommunications industry companies listed on the Indonesia Stock Exchange. Value of the company is investor perception of the level of success that is often associated with the company's stock price. The sampling method using purposive sampling, with some predetermined criteria, the number of samples is as much as 6 telecom industry companies. Secondary data obtained from the Indonesian Capital Market Directory (ICMD) in 2008-2012. The model is used to answer the research problem and hypothesis testing research used path analysis technique (path analysis), with the application tool SPSS version 20.0.       The results showed that: 1) the capital structure and significant effect on profitability negatiff, 2) the company's growth and a significant positive effect on profitability, 3) capital structure and significant positive effect on firm value, 4) the company's growth and a significant positive effect on the value 5 companies) profitability and significant positive effect on the value enterprise.And 6) indirectly influence the capital structure, the company's growth to company value through profitability and significant positive effect.  

scholarly journals Testing the pecking order theory of capital structure: the case of Islamic financing modes

2020 ◽  
Vol 6 (1) ◽  
Author(s):  
Moncef Guizani
Keyword(s):  
Capital Structure ◽  
Random Effect ◽  
Order Theory ◽  
Equity Financing ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Corporate Financing ◽  
Financing Decisions ◽  
Executive Managers ◽  
The Capital Structure

AbstractThe purpose of this paper is to examine whether or not the basic premises according to the pecking order theory provide an explanation for the capital structure mix of firms operating under Islamic principles. Pooled OLS and random effect regressions were performed to test the pecking order theory applying data from a sample of 66 Islamic firms listed on Kingdom of Saudi Arabia stock market over the period 2006–2016. The results show that sale-based instruments (Murabahah, Ijara) track the financial deficit quite closely followed by equity financing and as the last alternative to finance deficit, Islamic firms issue Sukuk. In the crisis period, these firms seem more reliant on equity, then on sale-based instrument and on Sukuk as last option. The study findings also indicate that the cumulative financing deficit does not wipe out the effects of conventional variables, although it is empirically significant. This provides no support for the pecking order theory attempted by Saudi Islamic firms. This research highlights the capital structure choice of firms operating under Islamic principles. It explores the implication of the relevant Islamic principles on corporate financing preferences. It can serve firm executive managers in their financing decisions to add value to the companies.

scholarly journals PENGARUH PROFITABILITAS TERHADAP NILAI PERUSAHAAN DENGAN STRUKTUR MODAL SEBAGAI MEDIATOR PADA PERUSAHAAN PEMBIAYAAN

2019 ◽  
Vol 9 (1) ◽  
Author(s):  
Ni Ketut Sulastri ◽  
Ni Ketut Surasni
Keyword(s):  
Data Analysis ◽  
Capital Structure ◽  
Path Analysis ◽  
Firm Value ◽  
Analytical Tool ◽  
Purposive Sampling ◽  
Analysis Technique ◽  
Finance Company ◽  
The Capital Structure

This study aims to analyze the effect of profitability on capital structure, the effect of capital structure on firm value, the effect of profitability on firm value and analyze the effect of profitability on firm value through the capital structure of finance companies on the IDX. This type of research is causal associative research. The population of this study is a finance company listed on the IDX, while the selected sample consists of 11 companies. Determination of samples with Purposive sampling. The data analysis technique uses Path Analysis (path analysis) and the analytical tool used is IBM SPSS 23. The results show that (1) profitability has a positive and not significant effect on capital structure (2) the capital structure has a positive and not significant effect on firm value ( 3) profitability has a positive and significant effect on firm value (4) capital structure is not able to mediate the influence of profitability on firm value.Keywords:Perusahaan Pembiayaan;Profitabilitas;Nilai Perusahaan;Struktur Modal

scholarly journals Pengaruh Profitabilitas, Tingkat Pertumbuhan Aktiva, Leverage Operasi, Stabilitas Penjualan terhadap Struktur Modal dan Nilai Perusahaan

IQTISHODUNA ◽  
2020 ◽  
Vol 16 (1) ◽  
pp. 17-38
Author(s):  
Kety Lulu Agustin ◽  
Ubud Salim ◽  
Andarwati Andarwati
Keyword(s):  
Capital Structure ◽  
Firm Value ◽  
Stock Exchange ◽  
Partial Least Square ◽  
Least Square ◽  
Manufacturing Companies ◽  
Company Value ◽  
Asset Growth ◽  
Operating Leverage ◽  
The Capital Structure

The purpose of this research is to determine the effect of profitability, asset growth, operating leverage and sales stability on the capital structure and firm value. The company value in this study was published with Tobin Q. The population of this study were all manufacturing companies reported on the Indonesia Stock Exchange for the period 2015-2017. In accordance with the selection criteria, there are 46 filtered sample companies. The analysis technique that used is Partial Least Square (PLS).  The results of hypothesis indicate profitability and sales that are significant to the capital structure while increasing performance and leverage of operations do not have a significant effect on capital structure. Profitability, asset growth, sales stability have a significant effect on firm value while operating leverage does not involve significance to firm value. Profitability and influence of sales have a significant effect on firm value through capital structure, while yield growth and operating leverage are opposite.

scholarly journals Determinants of the Capital Structure of Companies Listed on the Stock Exchanges of Argentina, Brazil and Chile: An Empirical Analysis of the Period from 2007 to 2016

2020 ◽  
Vol 12 (6) ◽  
pp. 18
Author(s):  
Marcelo Rabelo Henrique ◽  
Sandro Braz Silva ◽  
Antônio Saporito ◽  
Sérgio Roberto da Silva
Keyword(s):  
Panel Data ◽  
Capital Structure ◽  
Order Theory ◽  
Future Research ◽  
Stock Exchanges ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Speed Of Adjustment ◽  
Asset Growth ◽  
The Capital Structure

The present investigation refers to the determinants of the capital structure, using the technique of multiple regression through Panel Data of open capital companies in the stock exchanges of Argentina, Brazil and Chile, in order to know the behavior of determinants of the capital structure in relation to Trade-Off Theory (TOT) and Pecking Order Theory (POT). The POT offers the existence of a hierarchy in the use of sources of resources, while the TOT considers the existence of a target capital structure that would be pursued by the company. Sixteen accounting variables were used, in which five are dependent (related to indebtedness) and eleven are independent variables (explaining the determinants of the capital structure). It is observed that, with the use of the Panel Data, the determinants that seem to influence in a more accentuated way the levels of debt of the companies are: current liquidity, tangibility, return to shareholders, return of assets, sales growth, asset growth, market-to-book and business risk measured by the volatility of benefits. Suggestions for future research include the use of Panel Data to analyze other factors that may influence indebtedness, mainly taxes and dividends, as well as a deeper analysis of factors that may influence the speed of adjustment towards the supposed objective level.

scholarly journals The choice of the capital structure of the company according to the framework of theories of capital structure

2015 ◽  
Vol 4 ◽  
pp. 22-27
Author(s):  
Mitenkova E.N.
Keyword(s):  
Capital Structure ◽  
System Analysis ◽  
Credit Rating ◽  
Developed Countries ◽  
Order Theory ◽  
Share Price ◽  
Actual Problem ◽  
Pecking Order Theory ◽  
Tax Shield ◽  
The Capital Structure

This article deals with the actual problem of choosing capital structure of a company, because debt ratio has an influence on making strategic decisions of the long-term company’s development, its investment risks, potential interest conflicts between management, owners and lenders. The article analyzes the principles of the construction of capital structure in terms of classical and modern theories of capital structure using methods of scientific knowledge: system analysis, synthesis, logical analysis, empirical researches. According to the first theory of the capital structure, developed by M. Miller and F. Modigliani through a number of strict preconditions, capital structure does not affect the company’s value. By adding a tax factor authors showed that in this case the choice of capital structure affects the company’s value, because debt capital increases it by the value of the tax shield. According to trade-off theory the main determinants of capital structure are the size of the tax shield, the probability of bankruptcy and the credit rating. According to the theory of the signal the capital structure depends on such factors as the information asymmetry and the credit rating. According to the pecking order theory capital structure the choice of it is determined by the hierarchy of sources of financing: firstly companies prefer to use internal sources of financing, then - debt financing. According to the market timing theory the key factors of capital structure are share price fluctuations. Analysis of various theories of the capital structure has showed that most theories have been developed by economists represented countries with developed markets. But developed countries and emerging countries have a lot of differences, which have an impact on choosing capital structure by companies.

scholarly journals The Indirect Impact of Profitability on Firm Value: Evidence Dividend Policy as Moderators and Capital Structure as Mediator

2020 ◽  
Vol 10 ◽  
pp. 299-311
Author(s):  
Achmad Budi Susetyo ◽  
Agus Eko Sujianto ◽  
Mochamad Arif Faizin ◽  
Kiki Yunita Anjarsari ◽  
Charina Dwi Rivylina Nafisah
Keyword(s):  
Capital Structure ◽  
Capital Market ◽  
Indirect Effect ◽  
Firm Value ◽  
Dividend Policy ◽  
The Other ◽  
Indirect Impact ◽  
Path Analysis Approach ◽  
The Relationship ◽  
The Capital Structure

Firm value is a basis for investors in deciding whether or not to invest in a firm. Therefore, a study on issuer’s strategies to maximize firm value requires special attention, especially in dealing with the Islamic capital market which is growing rapidly from time to time. A particular study is important to be conducted to look at the factors that have a direct or indirect effect on a firm's value, which includes; profitability, capital structure, and dividend policy. The path analysis approach is employed in the current study to reveal the effect of profitability on firm value, both directly and indirectly, with the intermediaries of capital structure and dividend policy. The results of the analysis indicate that profitability has a direct positive and significant effect on firm value and a negative and significant effect on capital structure, while the capital structure has a negative and insignificant effect on firm value. Indirectly, dividend policy moderates and strengthens the effect of profitability on firm value, but on the other hand, the capital structure does not mediate the effect of profitability on firm value. The absence of capital structure role in mediating the relationship between profitability and the firm value indicates that investors can determine the value of the firm directly by simply looking at the level of profitability, regardless of management’s strategy in arranging the capital structure.

Corporate or Product Diversification

2017 ◽  
Author(s):  
Margarethe F. Wiersema ◽  
Joseph B. Beck
Keyword(s):  
Distribution Channels ◽  
Shareholder Wealth ◽  
Product Diversification ◽  
Strategic Decision ◽  
Business Trend ◽  
Corporate Diversification ◽  
Diversification Strategy ◽  
Unrelated Diversification ◽  
Strategic Assets ◽  
Related Diversification

Corporate or product diversification represents a strategic decision. Specifically, it addresses the strategic question regarding in which businesses the firm will compete. A single-business company that expands its strategic scope by adding new businesses becomes a diversified, multibusiness company. The means by which a company expands its strategic scope is by acquiring businesses, investing in the development of new businesses, or both. Similarly, an already diversified firm can reduce its strategic scope by divesting from or closing businesses. There are two fundamentally different types of corporate diversification strategy, depending on the interrelatedness of the businesses in the company’s portfolio: related diversification and unrelated diversification. Related diversification occurs when the businesses in the company’s portfolio share strategic assets or resources, such as technology, a brand name, or distribution channels. Unrelated diversification occurs when a company’s businesses do not share strategic assets or resources and do not have interrelationships of strategic importance. Companies can pursue both types of diversification simultaneously, and thus have a portfolio of businesses both related and unrelated. In addition to variations in the type of diversification, companies can vary in the extent of their diversification, ranging from business portfolios with very limited diversification to highly diversified portfolios. Decisions regarding the diversification strategy of a firm represent major strategic scope decisions since they impact the markets and industries in which the company will compete. Companies can increase or reduce their level of diversification for a variety of reasons. Economic motives, for example, include the pursuit of economies of multiproduct scale and scope, whereby per-unit costs may be lowered through the increase in sales volume or other fixed-cost reducing benefits associated with growth through diversification. In addition, companies may diversify for strategic reasons, such as enhancement of capabilities or superior competitive positioning through entry into new product markets. Similarly, economic and strategic reasons can motivate the firm to refocus and reduce its level of diversification when the strategic and economic rationales for being in a particular business are no longer justified. The performance consequences of corporate diversification can vary, depending on both the extent of the firm’s diversification and the type of diversification. In general, research indicates that high levels of diversification are value-destroying due to the integrative and complexity-associated costs that administering an extremely diversified portfolio imposes on management. Nevertheless, related diversification, where the company shares underlying resources across its business portfolio (e.g., brand, technology, and distribution channels), can lead to higher levels of performance than can unrelated diversification, due to the potential for enhanced profitability from leveraging shared resources. Corporate diversification was a major U.S. business trend in the 1960s. During the 1980s, however, pressure from the capital market for shareholder wealth maximization led to the adoption of strategies whereby many companies refocused their business portfolios and thus reduced their levels of corporate diversification by divesting unrelated businesses in order to concentrate on their predominant or core business.

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