scholarly journals Analisis faktor-faktor yang mempengaruhi struktur modal di Bursa Efek Indonesia

2021 ◽  
Vol 17 (2) ◽  
pp. 139-157
Author(s):  
Hendi Hendi ◽  
Yenny Susanti
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Annual Reports ◽  
Tax Rates ◽  
Sales Growth ◽  
Investment Opportunity ◽  
Corporate Tax ◽  
Opportunity Sets ◽  
Corporate Tax Rates ◽  
Tax Savings

Capital structure is a combination of capital and debt so that it is very influential on the company's financial position. To finance operations, companies can use funds from debt or capital. However, the company's management must know whether the company is able to bear the financial risks or costs of these funds to prevent the company's bankruptcy. The purpose of this research is to analyze the factors that influence the capital structure. The independent variables are corporate tax rates, non-debt tax savings, investment opportunity sets, sales growth, and profitability. The sample data tested were obtained from the annual reports of companies listed on the Indonesia Stock Exchange (IDX). The reporting period used in this study was five years and amounted to 2,210. The data obtained were then processed through the SPSS 25 and Eviews 10 systems. The results revealed that corporate tax rates and profitability have a significant negative effect on capital structure. There is a significant positive effect of the investment opportunity set variable and sales growth on the owned capital structure. Another finding is that non-debt tax savings have no significant effect on capital structure.

scholarly journals Factors affecting the dividend payout ratio of agriculture and mining companies

2020 ◽  
Vol 14 (1) ◽  
pp. 46-64
Author(s):  
Rosinta Ria Panggabean ◽  
Antonius Martin
Keyword(s):  
Quantitative Research ◽  
Stock Exchange ◽  
Annual Reports ◽  
Sales Growth ◽  
Investment Opportunity ◽  
Dividend Payout ◽  
Factors Affecting ◽  
Mining Companies ◽  
Panel Data Regression ◽  
Investment Opportunity Set

The main purpose of this research was to determine the effect of Cash Ratio (CR), Sales Growth (SG), and Investment Opportunity Set (IOS), on Dividend Payout Ratio (DPR). This quantitative research used a sample of 18 agriculture and mining companies listed in Indonesia Stock Exchange (IDX) within the period of 2013-2017. The data used in this research were ssecondary data such as financial statement and annual reports. Data analysis employed panel data regression test with Eviews program version 10. The results of hypothesis testing show that cash ratio has a significant and positive effect on dividend payout ratio, but sales growth and investment opportunity set do not have a significant effect on dividend payout ratio. Meanwhile, the simultaneous hypothesis results show that cash ratio, sales growth, and investment opportunity set have an effect on dividend payout ratio. This study adds new independent variables that are different from the reference research, namely the cash ratio and investment opportunity set.

Good Corporate Governance, Profitabilitas, Ukuran Perusahaan dan Struktur Modal

2017 ◽  
Vol 9 (1) ◽  
pp. 1-17
Author(s):  
Hesty Juni Tambuati Subing
Keyword(s):  
Capital Structure ◽  
Board Of Directors ◽  
Firm Size ◽  
Stock Exchange ◽  
Secondary Data ◽  
Institutional Ownership ◽  
Annual Reports ◽  
Financial Reports ◽  
Basic Industry ◽  
The Capital Structure

The purpose of this research is to know about the effect of these factors Corporate Governane proxy by Institutional Ownership and Number of Board of Directors, Firm Size, and Return On Asset in basic industry and chemistry towards capital structure, and also to determine which of those factors having powerful effect to the capital structure. This research is using secondary data, such as the financial reports, annual reports and other related information of basic industry and chemistry listed in Indonesian Stock Exchange which sample were taken from 45 companies for the period of 2013 to 2014, and the choosing of these samples was based on the purposive sampling method. Panel data is used to test the effect of Institutional Ownership, Board of Directors, Return on Asset and Firm Size among as independent variables, in regard to capital structure as dependent variables. The result shows that only Return On Asset have significant effect to the Capital Structure in the basic industry and chemistry. Meanwhile Institutional Ownership, Board of Directors and Firm Size have no effect to the Capital Structure in the basic industry and chemistry. Keywords: Institutional Ownership, Board of Directors, Return On Asset, Firm Size, Capital Structure

Public Utility Old Money Preferred Stocks

2002 ◽  
Vol 24 (1) ◽  
pp. 1-16 ◽  
Author(s):  
T. J. Atwood
Keyword(s):  
Capital Structure ◽  
Public Utility ◽  
Public Utilities ◽  
Tax Rates ◽  
Preferred Stock ◽  
Marginal Tax Rates ◽  
Flow Through ◽  
Corporate Investors ◽  
Tax Savings ◽  
Utility Managers

Public utilities can claim a partial dividends-paid deduction on “old money” preferred stock (OMPS) but the 42 percent dividends-received deduction (DRD) allowed to corporate investors is lower than the 70 percent DRD allowed on other types of preferred stock. This study provides evidence that the implicit tax borne by OMPS is lower than that of other preferred stock and that the estimated implicit tax associated with the 70 percent DRD is much higher than prior research suggests. Evidence is also presented indicating that marginal investors in OMPS are corporations with marginal tax rates between 26.3 percent and 27.2 percent. Finally, this study provides evidence that public utilities use OMPS financing in addition to, rather than as a substitute for, other types of preferred stock. This result suggests that tax considerations influence public utility managers' capital structure decisions even though tax savings flow through to ratepayers in the rate-making process.

scholarly journals Taxes and Capital Structure

2015 ◽  
Vol 50 (3) ◽  
pp. 277-300 ◽  
Author(s):  
Mara Faccio ◽  
Jin Xu
Keyword(s):  
Capital Structure ◽  
Income Taxes ◽  
Personal Income ◽  
Tax Rates ◽  
Personal Income Tax ◽  
Natural Experiments ◽  
Corporate Tax ◽  
Personal Taxes ◽  
Ex Post ◽  
Tax Payers

AbstractWe use nearly 500 shifts in statutory corporate and personal income tax rates as natural experiments to assess the effect of corporate and personal taxes on capital structure. We find both corporate and personal income taxes to be significant determinants of capital structure. Based on ex post observed summary statistics, across Organisation for Economic Co-Operation and Development (OECD) countries, taxes appear to be as important as other traditional variables in explaining capital structure choices. The results are stronger among corporate tax payers, dividend payers, and companies that are more likely to have an individual as the marginal investor.

Sign in / Sign up

Export Citation Format

Share Document