FAKTOR-FAKTOR STRUKTUR MODAL MENURUT TRADE OFF THEORY

This study purposed to examine the effect of Corporate tax rate and Non debt tax shield on their Capital Structure according to Trade Off Theory on manufacturing companiessubsector metal and allied product that listed in Indonesia Stock Exchange for period 2016-2019. The study was conducted uing quantitative methods with an associative approach. The study population numbered 16 companies and 6 companies were sampled using purposive sampling. The study was conducted at manufacturing companies subsector metal and allied product that listed in Indonesia Stock Exchange for period 2016-2019. Classic assumption test using the test for normality, multicollinearity, autocorrelation, and heteroscedasticity. The regression analysis used is multiple linear regression analysis. Data was collected with the Financial Statement 2016-2019 and analyzed with IBM SPSS version 25. The results of this study indicate that the use of high debt to obtain a low corporate tax rate can cause a high risk for the company to go bankrupt, so the company prefers to use depreciation costs to obtain tax savings. If the depreciation cost of the company is high, the company can also reduce the use of debt. This shows that the higher the capital structure, the lower the corporate tax rate obtained by the company and the higher the NDTS, the lower the capital structure. In this study, there are still many limitations and shortcomings namely the influence of the independent variable on the dependent variable can only explain by 63,2%.

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ANALISIS PENGARUH RASIO KEUANGAN TERHADAP NILAI PERUSAHAAN

MAKSIMUM ◽

10.26714/mki.8.3.2018.1-10 ◽

2019 ◽

Vol 8 (3) ◽

pp. 1

Author(s):

Ika Listyawati ◽

Rosiana Ramadhan

Keyword(s):

Regression Analysis ◽

Linear Regression ◽

Capital Structure ◽

Multiple Linear Regression ◽

Firm Value ◽

Stock Exchange ◽

Linear Regression Analysis ◽

Sampling Technique ◽

Multiple Linear Regression Analysis ◽

Manufacturing Companies

The purpose of this study was to test and analyze the influence of financial ratios on firm value carriedout in the manufacturing companies listed on the Indonesia Stock Exchange period 2013 to 2017. The samplingin this study used a purposive sampling technique. Based on predetermined criteria, this study uses multiplelinear regression analysis with the help of the SPSS program. The results of multiple linear regression analysis were obtained by the regression equation Y = α +β1x1 + β2x2 + β3x3 + ε. Based on the results of hypothesis testing, it was found that the variables of profitabilityand capital structure had a positive and significant effect on the value of the company, while the variablegrowth of the company was not significant towards firm value.

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PERAN PROFITABILITAS DALAM MEMODERASI PENGARUH STRUKTUR MODAL DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN

JURNAL AKUNTANSI ◽

10.37932/ja.v9i1.92 ◽

2020 ◽

Vol 9 (1) ◽

pp. 1-13

Author(s):

Mislia Ambar Sari ◽

Lela Nurlaela Wati ◽

Bambang Rahardjo

Keyword(s):

Regression Analysis ◽

Capital Structure ◽

Hypothesis Testing ◽

Firm Value ◽

Dividend Policy ◽

Stock Exchange ◽

Sampling Technique ◽

Manufacturing Companies ◽

Analysis Technique ◽

The Capital Structure

This study aims to determine the effect of capital structure and dividend policy on firm value by moderating profitability in food beverages companies. Samples are Food Beverages Sub Sector manufacturing companies listed on the Indonesia Stock Exchange in the 2014-2018 period, which were taken using purposive sampling technique. The analysis technique used is a moderation regression analysis (MRA) using eviews 9. The results of hypothesis testing show that the capital structure variable (DER) has a positive and significant effect on firm value (PBV), dividend policy (EPS) has a positive and significant effect on firm value ( PBV), profitability (ROA) strengthens the effect of capital structure (DER) on firm value (PBV), but profitability (ROA) does not strengthen the effect of dividend policy (EPS) on firm value (PBV). These results indicate that the higher the capital structure financed by debt and the greater the dividends distributed to investors, the higher the firm value.Keywords: Capital Structure, Dividend Policy, Profitability, Firm Value

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THE EFFECT OF PROFITABILITY ON CAPITAL STRUCTURE IN THE MANUFACTURING COMPANIES SUBSECTOR METALS LISTED IN INDONESIA STOCK EXCHANGE (IDX) YEAR 2011-2013

JURNAL PENDIDIKAN AKUNTANSI & KEUANGAN ◽

10.17509/jpak.v3i2.15439 ◽

2019 ◽

Vol 3 (2) ◽

pp. 51

Author(s):

Amelia Fitriani I.P

Keyword(s):

Capital Structure ◽

Stock Exchange ◽

Linear Regression Analysis ◽

Financial Statements ◽

Total Sample ◽

Significance Test ◽

Manufacturing Companies ◽

Return On Assets ◽

Equity Ratio ◽

The Capital Structure

This study aims to determine the effect of profitability on the capital structure of the Manufacturing Companies subsector Metals are Listed in Indonesia Stock Exchange in 2011-2013, in this study profitability is measured using the Return on Assets (ROA), and capital structure were measured using Debt to Equity Ratio (DER ). The method used is descriptive method verification. The data collection techniques used is a method of documentation. Data in the form of financial statements obtained from the official website of Indonesia Stock Exchange 2011-2013. With a total sample of 10 Metals Companies listed on the BEI for three periods of study in order to get 30 data observan. Statistical analysis used is simple linear regression analysis, which is preceded by a test for normality and linearity as a prerequisite regression test then testing the significance of regression (F test) and regression coefficient significance test (t test). Based on the results of data processing, the known value of ROA decreased, while DER increased. Based on the statistical test result that profitability does not affect the capital structure. Keywords: Profitability, Capital Structure.

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Pengaruh Perubahan Tarif Pajak Penghasilan, Struktur Modal Dan Kebijakan Dividen Terhadap Harga Saham

Gorontalo Accounting Journal ◽

10.32662/gaj.v4i2.1732 ◽

2021 ◽

Vol 4 (2) ◽

pp. 184

Author(s):

Puji Rahayu ◽

Ahmad Yani

Keyword(s):

Capital Structure ◽

Stock Prices ◽

Income Tax ◽

Dividend Policy ◽

Stock Exchange ◽

Linear Regression Analysis ◽

Sampling Technique ◽

Tax Rates ◽

Manufacturing Companies ◽

The Capital Structure

The purpose of this study is to analyze the effect of changes in income tax rates according to PP no. 30 of 2020, capital structure and dividend policy on stock prices in manufacturing companies in the Food and Beverage sector listed on the Indonesia Stock Exchange in 2016 –2020. This type of research uses descriptive quantitative. The population in this study were 30 companies. The sampling technique in this study was purposive sampling, so that a sample of 15 data from 3 companies was obtained for 5 years. Methods of data analysis using multiple linear regression analysis with the help of SPSS application. The results of the partial analysis show that the tax rate and dividend policy have no effect on stock prices. While the capital structure has a positive influence on stock prices. However, simultaneously stock prices are affected by changes in income tax rates, capital structure, and dividend policy. Based on the results of the study, it can be concluded that the high and low tax rates are not able to affect stock prices. the higher the capital structure will be followed by an increase in stock prices. While the dividend policy can not affect changes in stock prices.

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The Examination of Trade Off Theory and Pecking Order Theory to Capital Structure on Plantation Companies Listed in Indonesia Stock Exchange

Conference Series ◽

10.34306/conferenceseries.v3i2.600 ◽

2021 ◽

Vol 3 (2) ◽

pp. 323-338

Author(s):

Jesslyn Wijaya ◽

Ciptawan Cen

Keyword(s):

Capital Structure ◽

Stock Exchange ◽

Institutional Ownership ◽

Order Theory ◽

Effective Tax Rate ◽

Pecking Order ◽

Pecking Order Theory ◽

Trade Off ◽

Tax Rate ◽

The Capital Structure

Plantation is a promising sector, but just like other firms, this sector will also face the financing problem. Capital structure determines the cost of capital and the risk assumed by the firm. Trade-off and Pecking order theory are the most common theory used to determine the capital structure. The objective of this research is to examine plantation companies tend to use trade-off theory or pecking order theory in determining the capital structure decision. This research used multiple linear regression analysis methods with capital structure as the dependent variable, and the asset structure, firm size, company growth, institutional ownership, effective tax rate, and non-debt tax shield as the independent variables.This is a quantitative research that uses secondary data from financial statements of plantation companies listed in the Indonesia Stock Exchange for 2014 to 2019. The sample was determined by using the purposive sampling technique and 5 out of 21 companies fulfill the sampling requirements. This study conducted observations for 6 years with a total of 30 research samples. The results of this research are both trade-off and pecking order theory are used and still relevant in the capital structure determination. Trade-off theory exerts more influence on capital structure decisions than pecking order theory. This is confirmed by the partial T-test where firm size, institutional ownership, effective tax rate, and non-debt tax shields suggest the use of trade-off theory, only asset structure indicates the tendency of pecking order theory.

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The Effect of Profitability, Growth Opportunities and Liquidity on Company Capital Structure on the Indonesia Stock Exchange

International Journal of Management and Business (IJMB) ◽

10.46643/ijmb.v1i1.4 ◽

2020 ◽

Vol 1 (1) ◽

pp. 17-23

Author(s):

Elta Aprilia ◽

Yuliadi

Keyword(s):

Capital Structure ◽

Quantitative Methods ◽

Stock Exchange ◽

Linear Regression Analysis ◽

Secondary Data ◽

Multiple Linear Regression Analysis ◽

Growth Opportunities ◽

A Value ◽

Calculation Results ◽

The Capital Structure

This study discusses to examine the effect of profitability, growth opportunities and liquidity on the capital structure of companies on the Indonesia Stock Exchange for the period 2015 to 2019. This study uses secondary data with quantitative methods. The samples used were 8 companies from a total of 13 automotive sub sector companies and components obtained from the Indonesia Stock Exchange using a purposive sampling method. Using the method of multiple linear regression analysis, hypothesis testing (t test, f test and determination test) which tests with the classic assumption test and descriptive statistics. The results obtained are not significant profitability on the Capital Structure assessed by the probability value in the t-statistic test shows a value of 0.877 where the value is greater than the significance value of 0.05. Growth opportunities are not significant to the Capital Structure, the calculation results obtained from the t-statistic test show a probability value of 0.477 which means a value greater than 0.05. Liquidity has a significant effect on capital structure, the results of calculations obtained from the t-statistic test show a probability value of 0,000, which means a value less than 0.05 capital in companies on the Indonesia Stock Exchange.

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Pengaruh Ukuran Perusahaan, Struktur Aset, Pertumbuhan Penjualan, Profitabilitas dan Current Ratio terhadap Struktur Modal Pada Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia

Journal of Economic Bussines and Accounting (COSTING) ◽

10.31539/costing.v4i1.1463 ◽

2020 ◽

Vol 4 (1) ◽

pp. 156-166

Author(s):

Bayu Wulandari ◽

Veronika Marsaulina Lumbantoruan Lumbantoruan ◽

Jelita Wanna Naibaho ◽

Winna Regina ◽

R. Chairuddin Zufriansyah ◽

...

Keyword(s):

Capital Structure ◽

Stock Exchange ◽

Linear Regression Analysis ◽

Multiple Linear Regression Analysis ◽

Company Size ◽

Sales Growth ◽

Manufacturing Companies ◽

Current Ratio ◽

Financial Reports ◽

The Capital Structure

The amount of assets owned by the company is the value of the size of the company. This study aims to test whether company size, asset structure, sales growth, profitability and current ratio have an influence on the capital structure of manufacturing companies listed on the Indonesia Stock Exchange (BEI). This type of research is quantitative descriptive, using 144 manufacturing companies listed on the IDX. This study uses a sampling method, namely purposive sampling and has obtained as many as 216 samples. This study uses data in the form of annual financial reports from each sample company published on the website www.idx.co.id. The variables related to this study are company size, asset structure, profitability, sales growth, and current ratio. The research method used is descriptive method and multiple linear regression analysis method. The results showed that Company Size, Asset Structure, Profitability and Current Ratio had no significant effect on capital structure. Meanwhile, sales growth has a significant effect on the capital structure. Simultaneously, Company Size, Asset Structure, Profitability, Sales Growth and Current Ratio together have a significant and significant effect on the company's capital structure as measured by the capital structure listed on the IDX. Keywords: Company Size, Asset Structure, Sales Growth, Profitability, Current Ratio, and Capital Structure.

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Corporate Governance dan Keputusan Pendanaan

Jurnal Manajemen Bisnis ◽

10.38043/jmb.v17i4.2717 ◽

2020 ◽

Vol 17 (4) ◽

pp. 548-565

Author(s):

Annisa Yasmin ◽

Noorlaily Fitdiarini

Keyword(s):

Corporate Governance ◽

Capital Structure ◽

Stock Exchange ◽

Linear Regression Analysis ◽

Institutional Ownership ◽

Multiple Linear Regression Analysis ◽

Managerial Ownership ◽

Manufacturing Companies ◽

Board Size ◽

The Capital Structure

This research aims to examine the influence of corporate governance on financing decisions or capital structures on manufacturing companies listed on the Indonesia Stock Exchange for the period 2008-2010. In this study, corporate governance was projected with board size, independent commissioner, managerial ownership, and institutional ownership, while funding decisions were projected with debt ratio. The technique used to test the influence of corporate governance on capital structures is using multiple linear regression analysis. The results found that board size and board composition have a significant negative effect on the capital structure, while managerial ownership, and institutional ownership do not have a significant influence on the capital structure.

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Pengaruh Ukuran Perusahaan dan Profitabilitas Terhadap Struktur Modal Pada Perusahaan Makanan dan Minuman di Indonesia

Jurnal Manajemen Bisnis ◽

10.38043/jmb.v16i4.2216 ◽

2019 ◽

Vol 16 (4) ◽

pp. 162

Author(s):

Dyan Nur Aulia

Keyword(s):

Capital Structure ◽

Financial Management ◽

Stock Exchange ◽

Hypothesis Test ◽

Linear Regression Analysis ◽

Multiple Linear Regression Analysis ◽

Coefficient Of Determination ◽

Company Size ◽

Manufacturing Companies ◽

The Capital Structure

ABSTRACTThe research method used in this study is a quantitative method, the independent variables used in this study consist of company size, and profitability while the dependent variable is the capital structure. The population in this study are food and beverage sector manufacturing companies listed on the Indonesia Stock Exchange (IDX) listed on the Indonesia Stock Exchange 2013-2017 period. Sample selection through purposive sampling method. There are 9 (nine) companies that have criteria as research samples, so that the research data totaled 45 data. Data collection techniques used are document review, the data analyzed are annual financial reports (annual report), previous research journals and other literature relating to research problems. Data processing and analysis techniques include financial management analysis, multiple linear regression analysis, classic assumption test, hypothesis test, coefficient of determination test and coefficient of determination test. The results showed that the company size partially had no effect and no significant effect on capital structure, and profitability was partially positive and significant effect on capital structure. While simultaneously the size of the company, and profitability affect the capital structure.

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PENGARUH STRUKTUR AKTIVA, PROFITABILITAS, UKURAN PERUSAHAAN, DAN LIKUIDITAS TERHADAP STRUKTUR MODAL PADA PERUSAHAAN MANUFAKTUR , TAHUN 2014-2018

Journal of Applied Management and Accounting Science ◽

10.51713/jamas.v2i1.23 ◽

2020 ◽

Vol 2 (1) ◽

pp. 12-22

Author(s):

Alphonsius Umbu Manja ◽

Eka Putri Suryantari

Keyword(s):

Capital Structure ◽

Stock Exchange ◽

Linear Regression Analysis ◽

Sampling Technique ◽

Multiple Linear Regression Analysis ◽

Company Size ◽

Manufacturing Companies ◽

Financial Reports ◽

Analysis Technique ◽

The Capital Structure

This study aims to determine how the influence of asset structure, profitability, company size, and liquidity on capital structure partially or simultaneously. The data used in this study were taken from financial reports that can be accessed on the Indonesia Stock Exchange (IDX) or www.idx.co.id and their respective websites from the manufacturing companies in the cosmetics and household equipment< subsector. Sampling uses a purposive sampling technique and gets the results of 5 company samples that fit the research criteria. The analysis technique used is multiple linear regression analysis. The results of this study indicate that partially the asset structure has no significant effect on the capital structure with the calculated T calculation value of 1.664, and a significant value of 0.112, profitability has a significant effect on the capital structure with the calculation result of the calculated T value of -3.720 and a significant value of 0.001, company size has a significant effect on capital structure with the calculated T value of - 2,950 and a significant value of 0.008, and the liquidity has a significant effect on the capital structure with a calculated T value of -8,082 and a significance value of 0,000. While the simultaneous structure of assets, profitability, company size, and liquidity have significant effect on capital structure with the calculated F calculation of 34.620 and a significant value of 0.000.

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