scholarly journals The Influence of Profitability on Firm Value with Capital Structure as The Mediator

2020 ◽  
Vol 16 (2) ◽  
pp. 184-199
Author(s):  
Novi Mubyarto
Keyword(s):  
Panel Data ◽  
Capital Structure ◽  
Path Analysis ◽  
Direct Effect ◽  
Indirect Effect ◽  
Firm Value ◽  
Direct Influence ◽  
Analysis Method ◽  
The Relationship ◽  
Significant Direct Effect

Abstract: The purpose of this research was to determine the direct and indirect effect of profitability on firm value using capital structure as a mediator. This involves using panel data from 44 companies listed on LQ45 as of 31st December 2015-2018 and analyzed using the path analysis method including Sobel Test and Bootstrapping technique. The results showed a positive and significant direct effect of profitability on firm value while the indirect effect using capital structure as a mediator between the two variables was found to be negative and significant. Moreover, the direct influence of capital structure on firm value was discovered to be negative and significant while the introduction of profitability variables in the relationship led to a positive and significant influence. Similarly, the direct effect of profitability on firm value using capital structure as the controlling variable was also found to be positive and significant.Keywords: firm value, capital structure, profitabilityPengaruh Profitabilitas Terhadap Nilai Perusahaan dengan Struktur Modal Sebagai MediatorAbstrak: Tujuan dari penelitian ini adalah untuk mengkaji bagaimana pengaruh langsung profitabilitas terhadap nilai perusahaan, dan pengaruh tidak langsung melalui struktur modal sebagai mediator. Menggunakan data panel dari 44 perusahaan yang tercatat di LQ45 per tanggal 31 Desember selama periode 2015 sampai 2018. Metode analisis yang digunakan adalah metode analisis jalur (Path Analysis), dengan Teknik Sobel Test dan Bootsrapping. Hasil riset membuktikan bahwa terdapat pengaruh langsung yang positif dan signifikan antara profitabilitas terhadap nilai perusahaan. Namun, jika dilihat secara tidak langsung pengaruh profitabilitas terhadap nilai perusahaan melalui struktur modal sebagai mediator adalah negatif dan signifikan. Selanjutnya, pengaruh langsung profitabilitas terhadap struktur modal adalah negatif dan signifikan. Sementara ketika dikontrol oleh variabel profitabilitas, pengaruh struktur modal terhadap nilai perusahaan positif dan signifikan. Begitu pula dengan pengaruh langsung profitabilitas terhadap nilai perusahaan dengan mengontrol variabel struktur modal juga positif dan signifikan.Kata kunci: nilai perusahaan, struktur modal, profitabilitas

scholarly journals The Effect of Intelligence Numeric, Learning Discipline and Learning Motivation on Formative Test Results

2020 ◽  
Vol 1 (1) ◽  
Author(s):  
Muh. Aripin Nurmantoro ◽  
Dedy Yusuf Aditya ◽  
Dede Irawan
Keyword(s):  
Path Analysis ◽  
Direct Effect ◽  
Indirect Effect ◽  
Research Data ◽  
Learning Motivation ◽  
Motivation To Learn ◽  
Direct Influence ◽  
Test Results ◽  
Analysis Method ◽  
Significant Direct Effect

The purpose of this study was to determine the direct effect and indirect influence of a variable. The research data was processed and analyzed using path analysis method. Conclusions are obtained (1) There is a significant direct effect of intelligence numeric on the results of formative tests; (2) There is a significant direct effect of learning discipline on the results of formative tests; (3) There is a significant direct effect of learning motivation on the results of formative tests; (4) There is a significant direct effect of intelligence numeric on learning motivation; (5) There is a significant direct influence of intelligence numericalon learning discipline; (6) There is a significant direct effect of learning discipline on learning motivation; (7) There is no significant indirect effect of intelligence numeric on motivation to learn through learning discipline; (8) There is no significant indirect effect of intelligence numeric on the results of formative tests through learning discipline; (9) There is no significant indirect effect of intelligence numeric on the results of formative tests through learning motivation; and (10) There is no significant indirect effect of intelligence numeric on the results of formative tests through learning discipline and learning motivation.

scholarly journals Pengaruh Profitabilitas dan Kebijakan Dividen Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Mediasi

2019 ◽  
Vol 8 (2) ◽  
pp. 177-192
Author(s):  
Muslichah Muslichah ◽  
Oniber subana Hauteas
Keyword(s):  
Capital Structure ◽  
Path Analysis ◽  
Direct Effect ◽  
Indirect Effect ◽  
Firm Value ◽  
Sampling Method ◽  
Dividend Policy ◽  
Purposive Sampling

This study aims to analyze the direct and indirect effect of profitability and dividend policy on the value of the company. Objects in this research are companies incorporated in LQ 45 in the period of 2015-2017. Samples are taken using purposive sampling method. Data of this study was analyzed using path analysis. The results of the study show four important findings: (1) the effect of profitability on firm value is positive and significant, (2) the direct effect of dividend policy on firm value is not significant, (3) the effect of profitability and dividend policy on capital structure is positive and significant (4) capital structure mediates the effect of profitability and dividend policy on firm value

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.

scholarly journals PENGARUH PERTUMBUHAN PERUSAHAAN DAN STRUKTUR MODAL PADA NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING (STUDI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2011-2015)

2017 ◽  
Vol 6 (3) ◽  
Author(s):  
Sayida Gamaputri
Keyword(s):  
Capital Structure ◽  
Path Analysis ◽  
Direct Effect ◽  
Stock Exchange ◽  
Purposive Sampling ◽  
Negative Effect ◽  
Company Growth ◽  
Positive Effect ◽  
Significant Direct Effect ◽  
The Capital Structure

            This research is aimed at analyzing the effect of company growth, capital structure, and profitability on the value of the company. The object of  this research is manufacture companies registered in Indonesian Stock Exchange in 2011-2015. The sample of this research is selected through purposive sampling. There are 21 companies of 146 manufacture companies selected as the samples. The data were analyzed with path analysis. The research showed that company growth did not have significant direct effect on the value of company, while the capital structure and profitability had significant effect on the value of the company. Company growth and capital structure did not have significant effect on the value of company through profitability. Company growth had negative effect on profitability while profitability had positive effect on the value of the company. Profitability is not able to be the intervening variable.Keywords : company growth, capital structure, profitability, and value of the company.

scholarly journals ANALISIS PERBANDINGAN PENGARUH LANGSUNG DAN TAK LANGSUNG FAKTOR BUDAYA ORGANISASI DAN KOMITMEN TERHADAP KINERJA KARYAWAN PADA UPTD PARKIR KOTA SURABAYA

2017 ◽  
Vol 13 (2) ◽  
pp. 241
Author(s):  
Lilis Ardini
Keyword(s):  
Organizational Culture ◽  
Path Analysis ◽  
Direct Effect ◽  
Indirect Effect ◽  
Employee Performance ◽  
Employee Commitment ◽  
Organization Culture ◽  
Direct Influence ◽  
Managerial Work ◽  
Indirect Influence

UPTD  Public Parking DISHUB Surabaya intends  to run its working durability which one of them is caused by customer’s high loyalty. Service and post-service are factors that are important to create organizational culture towards managerial work and commitment. Therefore, we should examine the role of service variable to commitment variable as intervening variable.Respondents of this study are 87 samples by using purposive sampling method. Questionnaire consists of 3 variables, those are organizational culture with 26 indicators, then commitment with 15 indicators, and managerial work  with 10 indicators .Suitable method to answer above problem is Path Analysis. The result is that path analysis shows that managerial work  may have direct influence to commitment  and have indirect influence that is from organizational culture to commitment as a new intervening to managerial work. Direct influence of organizational culture  to managerial work  that is  is 0,232. Indirect influence of organizational culture  to commitment  that is 0,810, meanwhile from commitment to managerial work, that is 0,617. Therefore, indirect influence, that (0,810)*(0,617)=0,4997.Hypothesis stating that assumption of organization culture direct effect on performance be higher than organization culture indirect effect via employee performance commitment in UPTD Parkir of Surabaya City are refused. Cause organization culture indirect effect through employee performance are 0,49977 while organization culture direct effect on employee performance are 0,232. This result proving that Organization Culture which created the company as conducive will emerging Employee Commitment. Through this Employee Commitment. Will be effected on Employee Performance then furthermore effecting Organization Performance. Based on those results, it can be suggested that a company should give more emphasize to organizational culture  and commitment  because there is evidence that it may cause customer’s managerial work because organizational culture is a very important factor in guaranteeing UPTD  Public Parking DISHUB Surabaya.

scholarly journals The effect of stakeholder on firm value and environmental performance as intervening variable

2020 ◽  
Vol 2 (1) ◽  
pp. 41-56
Author(s):  
Djoko Suhardjanto ◽  
◽  
Sigit Santosa ◽  
Tri Fitrianto Suratno ◽  
Rini Fatmawati ◽  
...  
Keyword(s):  
Regression Analysis ◽  
Path Analysis ◽  
Research Methodology ◽  
Environmental Performance ◽  
Firm Value ◽  
Stock Exchange ◽  
Managerial Ownership ◽  
Analysis Method ◽  
Negative Effect ◽  
The Relationship

Purpose: This study aimed to understand the relationship between stakeholder and firm value with environmental performance as the intervening variable. The study was conducted on companies listed in Indonesia Stock Exchange and listed in the PROPER program during 2016 and 2017. The stakeholder variables in this study consist of managerial ownership (manager), consumer, and employee. Research methodology: The samples were determined using purposive sampling with a total of 131 companies and using path analysis method as an expansion of regression analysis. Result: The result is managerial ownership, consumer, and employee do not affect firm value directly. Managerial ownership has a positive and significant effect on firm value through environmental performance. The consumer has a significant and negative effect on the firm value through environmental performance and employee has a significant and negative effect on the firm value. Limitation: The sample is limited for two years period and adjusted R2 is 21.5%. Contribution: This study can identify variables that affect firm value, especially: manager, consumer, employee and environmental performance. Keywords: Firm value, Stakeholder, Environmental performance

scholarly journals PERANAN DISIPLIN KERJA DAN KOMPENSASI DALAM MENDETERMINASI KINERJA KARYAWAN DENGAN MOTIVASI KERJA SEBAGAI VARIABEL INTERVENING PADA PT CAHAYA PULAU PURA DI KOTA BATAM

2018 ◽  
Vol 6 (2) ◽  
pp. 22
Author(s):  
Mauli Siagian
Keyword(s):  
Direct Effect ◽  
Indirect Effect ◽  
Quantitative Research ◽  
Work Motivation ◽  
Employee Performance ◽  
Direct Influence ◽  
Quantitative Research Methods ◽  
Relationship Of ◽  
The Relationship ◽  
Intervening Variables

This study aims to examine the extent of work discipline, compensation in mendeterminasi employee performance with work motivation as intervening variables at PT Cahaya Pulau Pura in Batam City, using quantitative research methods with data analysis techniques with path analysis of employees as many as 160 reponden made a sample of a population of 268 employees, whose data were tested using SPSS 21 software tools. The results of the study were; Work discipline has a significant influence on work motivation with the coefficient of direct effect of work discipline on work motivation is 0,513. Compensation has no significant effect on work motivation with coefficient of direct effect of compensation on work motivation is 0,015. Work discipline has a significant effect on employee performance with coefficient of direct effect of work discipline on employee performance is 0,249. Compensation has a significant effect on employee performance with coefficient of direct effect of compensation on employee performance is 0,159. Motivation of work has a significant effect on employee performance with coefficient of direct influence of work motivation on employee performance is 0,559. Coefficient of indirect effect> direct effect (0.2867> 0.249). So that work discipline has a significant effect on employee performance through work motivation. Or it could be concluded that the motivation of work as an intervening variable in mediating the relationship of work discipline to the performance of employees. Coefficient of indirect effect> direct influence (0,1674> 0,159). So that compensation has a significant effect on employee performance through work motivation. Or it could be concluded that the motivation of work as an intervening variable in mediating the compensation relationship on employee performance.

scholarly journals A Path Analysis to Investigate the Interaction between Serum, Urinary and Demographic Factors Influencing Urine Calcium in Kidney Stone Formers

2021 ◽  
Author(s):  
Fatemeh Taheri ◽  
Maryam Taheri ◽  
Sanaz Tavasoli ◽  
Nasrin Borumandnia ◽  
Abbas Basiri
Keyword(s):  
Risk Factors ◽  
Path Analysis ◽  
Direct Effect ◽  
Indirect Effect ◽  
Kidney Stone ◽  
Demographic Factors ◽  
Calcium Excretion ◽  
Factors Influencing ◽  
Stone Formers ◽  
Significant Direct Effect

Abstract Background: Hypercalciuria is one of the most important urinary risk factors in kidney stone formers. This study aimed to delineate the interaction of some demographic, serum, and urinary risk factors influencing 24-hour urinary (24-U) calcium excretion.Methods: This study was secondary data analysis, using data from 593 kidney stone patients referred to the Labbafinejad kidney stone prevention clinic from March 2015 to May 2019. The study considered serum, urinary and demographic factors that interact to influence 24-U calcium using path analysis.Results: The results showed that age and weight had an indirect effect on 24-U calcium. Among serum variables, PTH and creatinine had a significant direct effect on 24-U calcium. In comparison, 25-hydroxy vitamin D (25(OH)D) and phosphorus appeared to influence 24-U calcium through serum parathormone. Regarding 24-U metabolites, 24-U sodium, 24-U Urea, and 24-U citrate had a significant direct effect on 24-U calcium. Moreover, 24-U creatinine has a significant direct and indirect effect on 24-U calcium through 24-U citrate and 24-U Urea as mediating variables. 24-U citrate had the most effect on 24-U calcium, following 24-U creatinine, 24-U Urea, 24-U sodium, serum creatinine, and weight.Conclusion: Except for serum calcium, all other predictors had direct and/or indirect effects on 24-U calcium. Serum 25(OH)D had a negligible indirect effect on 24-U calcium. Controlling dietary intake of protein and sodium and bodyweight seems very important in kidney stone formers with hypercalciuria.

scholarly journals Application of Biometric Traits for Predicting Weaning Weight of Dorper Sheep using Path Analysis

2021 ◽  
Vol 10 (4) ◽  
pp. 335-339
Keyword(s):  
Data Analysis ◽  
Path Analysis ◽  
Body Length ◽  
Direct Effect ◽  
Indirect Effect ◽  
Statistical Correlation ◽  
Weaning Weight ◽  
Dorper Sheep ◽  
Correlation And Path Analysis ◽  
The Relationship

The current study was conducted to examine the relationship between weaning weight and biometric traits viz; heart girth (HG), rump height (RH), body length (BL), withers height (WH) and sternum height (SH) and, also to determine direct and indirect influence of biometric traits on weaning weight (WW) of Dorper sheep. Dorper sheep lambs (females=23, males=16) were used. Pearson’s correlation and path analysis were used for data analysis. Female correlation results indicated that WW had a positive highly significant correlation with HG (r=0.66), BL (r=0.66) and RH (r=0.55), and positively statistical correlation with WH (r=0.45) at P<0.05 whereas in males, results demonstrated that WW had a negative highly significant correlation with HG (r=-0.51) at P<0.05. Path analysis results on females showed that BL (0.34) had the greatest direct effect on WW while HG (0.31) had the highest indirect contribution on WW, males’ results indicated that HG (0.97) had the highest direct contribution on WW while WH (0.69) had the greatest indirect effect on WW. Current study information will assist rural farmer who lack weighing scales to predict weight of their animals for various reasons such as for breeding and marketing purposes and again study outcome will help sheep breeders to select direct and indirect traits influencing weaning weight for improvement.

scholarly journals Effect of Firm Size on Sales Growth with Capital Structure as An Intervening Variable

2021 ◽  
Vol 4 (1) ◽  
pp. 93-103
Author(s):  
Shafarina Dewi Kusuma ◽  
Nurika Restuningdiah ◽  
Puji Handayati
Keyword(s):  
Capital Structure ◽  
Path Analysis ◽  
Direct Effect ◽  
Firm Size ◽  
Indirect Effect ◽  
Consumer Goods ◽  
Research Approach ◽  
Sales Growth ◽  
Significant Positive Effect ◽  
Positive Effect

The increasing need for consumer goods can cause the sectors of consumer goods are trying to increase their production activity which is supported by the firm's performance. It gives a signal of the high level of cash flow in the future and as a positive signal to creditors as an indication of the firm's sales growth. The purpose of this research is to test the validity of trade-off theory and resource-based view theory. In addition, this study aims to determine the direct effect and indirect effect between firm size on sales growth through capital structure. The sample used in this study are the sixteen companies for three years and those were tested by using path analysis and uses a quantitative research approach. The results of this study prove that firm size has a significant positive effect on sales growth through capital structure, which is proven based on the comparison of the indirect effect with the direct effect. This study aims to determine the direct effect and indirect effect between firm size on sales growth through capital structure. The sample used in this study is sixteen consumer goods sector companies that are listed on the Indonesia Stock Exchange throughout 2016-2018. Sixteen companies were tested using path analysis. The result of this study shows that firm size has a significant positive effect on sales growth through capital structure, which is proven based on the comparison of the indirect effect with the direct effect.

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