scholarly journals PENGARUH STRUKTUR KEPEMILIKAN, STRATEGI DIVERSIFIKASI, LEVERAGE, FAKTOR INTERN DAN FAKTOR EKSTERN TERHADAP NILAI PERUSAHAAN (Studi Empirik Pada Perusahaan Manufaktur Dan Non Manufaktur Di Bursa Efek Jakarta)

2017 ◽  
Vol 11 (2) ◽  
pp. 236 ◽  
Author(s):  
Sujoko Sujoko
Keyword(s):  
Ownership Structure ◽  
External Factor ◽  
Stock Exchange ◽  
Order Theory ◽  
Internal Factor ◽  
Pecking Order ◽  
Diversification Strategy ◽  
Pecking Order Theory ◽  
Trade Off ◽  
The Impact

The main objective of the study is to examine the impact of ownership structure, diversification strategy, leverage, external factor, internal factor on the value of the firms in Jakarta Stock Exchange. It is argued that unlike the agency problem of advanced stock market, the agency problem in the Jakarta Stock Exchange is the divergence of interest between the minority holders and majority holders. This is because the Jakarta Stock Exchange is characterized, among other things, by the domination of large shareholders. The hypotheses are: (1) there are the impact of ownership structure, external factor, and internal factor on diversification strategy, (2) there are the impact of ownership structure, external factor, internal factor, and diversification strategy on leverage, (3) there are the impact of ownership structur, external factor, internal factor, leverage ,diversification strategy on value of the firm. This study is to examine Agency Theory, Jensen and Meckling (1976), Pecking Order Theory, Myers (1984), Trade Off Model and Signaling Theory (1979). Population in this study are public company listed in Jakarta Stock Exchange  during 2000 – 2004. As many as 134  firms listed in Jakarta Stock Exchange were taken as a sample using a purposive sampling method.The data were then analyzed by the structural equation modeling ( SEM) analysis, using the AMOS Program version 4.01.The results of this study show that (1) there are the impact of ownership structure, external factor, internal factor on diversification strategy, (2) there are the impact of ownership structure, diversification, external factor, internal factor on leverage,(3)there are the impact of ownership structure, external factor, internal factor, leverage, diversification on value  of the  firm. The result of the study does not support the Agency Theory, from Jensen and Meckling (1976), but the result of the study  supports  Pecking Order Theory from  Myers (1984),  Trade off model and Signaling Theory from Battacharya (1979). The result of the study is hoped to contribute theoretically and practically.Theoritical contribution is bounded to examine the Agency Theory from Jensen and Meckling (1976), Pecking Order Theory from Myers (1984), Trade off model and Signaling Theory from Battacharya (1979). The result of the study to indicate that  practice public company in Indonesia is not concern with Agency Theory from Jensen and Meckling (1976). The result of the study indicates that Pecking Order Theory from Myers (1984). Trade Off Model and Signaling Theory from Battacharya,(1979) are concerned with the practice public company in Indonesia.

scholarly journals PENGARUH STRUKTUR KEPEMILIKAN, STRATEGI DIVERSIFIKASI, LEVERAGE, FAKTOR INTERN DAN FAKTOR EKSTERN TERHADAP NILAI PERUSAHAAN (STUDI EMPIRIK PADA PERUSAHAAN MANUFAKTUR DAN NON MANUFAKTUR DI BURSA EFEK JAKARTA)

2018 ◽  
Vol 11 (2) ◽  
pp. 236-254
Author(s):  
Sujoko Sujoko
Keyword(s):  
Ownership Structure ◽  
External Factor ◽  
Stock Exchange ◽  
Order Theory ◽  
Internal Factor ◽  
Pecking Order ◽  
Diversification Strategy ◽  
Pecking Order Theory ◽  
Trade Off ◽  
The Impact

The main objective of the study is to examine the impact of ownership structure, diversification strategy, leverage, external factor, internal factor on the value of the firms in Jakarta Stock Exchange. It is argued that unlike the agency problem of advanced stock market, the agency problem in the Jakarta Stock Exchange is the divergence of interest between the minority holders and majority holders. This is because the Jakarta Stock Exchange is characterized, among other things, by the domination of large shareholders. The hypotheses are: (1) there are the impact of ownership structure, external factor, and internal factor on diversification strategy, (2) there are the impact of ownership structure, external factor, internal factor, and diversification strategy on leverage, (3) there are the impact of ownership structur, external factor, internal factor, leverage ,diversification strategy on value of the firm. This study is to examine Agency Theory, Jensen and Meckling (1976), Pecking Order Theory, Myers (1984), Trade Off Model and Signaling Theory (1979). Population in this study are public company listed in Jakarta Stock Exchange  during 2000 – 2004. As many as 134  firms listed in Jakarta Stock Exchange were taken as a sample using a purposive sampling method.The data were then analyzed by the structural equation modeling ( SEM) analysis, using the AMOS Program version 4.01.The results of this study show that (1) there are the impact of ownership structure, external factor, internal factor on diversification strategy, (2) there are the impact of ownership structure, diversification, external factor, internal factor on leverage,(3)there are the impact of ownership structure, external factor, internal factor, leverage, diversification on value  of the  firm. The result of the study does not support the Agency Theory, from Jensen and Meckling (1976), but the result of the study  supports  Pecking Order Theory from  Myers (1984),  Trade off model and Signaling Theory from Battacharya (1979). The result of the study is hoped to contribute theoretically and practically.Theoritical contribution is bounded to examine the Agency Theory from Jensen and Meckling (1976), Pecking Order Theory from Myers (1984), Trade off model and Signaling Theory from Battacharya (1979). The result of the study to indicate that  practice public company in Indonesia is not concern with Agency Theory from Jensen and Meckling (1976). The result of the study indicates that Pecking Order Theory from Myers (1984). Trade Off Model and Signaling Theory from Battacharya,(1979) are concerned with the practice public company in Indonesia.

scholarly journals Effect of Shareholding Structure, Internal Factors, External Factors on Capital Structure and Value of the Company in Manufacturing Company in Indonesia Stock Exchange

2020 ◽  
Vol 9 (1) ◽  
pp. 1854-1859
Keyword(s):  
Capital Structure ◽  
Agency Theory ◽  
Ownership Structure ◽  
External Factor ◽  
Stock Exchange ◽  
Agency Problem ◽  
Internal Factor ◽  
Manufacturing Firm ◽  
Trade Off ◽  
The Impact

This research examined the influence of ownership structure, internal factor, external factor and capital structure on value of the manufacturing firm in Indonesia Stock Exchange. This is argue that unlike the agency problem in developed stock market, the agency problem in Indonesia Stock Exchange is the divergence of interest between the minority holders and majority holders. This is because the Indonesia Stock Exchange is characterized among other things, by the domination of large shareholder. It is hypothesis that: there are the impact of ownership structure, internal factor, external factor on capital structure, there are the impact of ownership structure, internal factor, and external factor on value of the firm, there are the impact of capital structure on value of the firm. Results of this study hope to contribute theoritically and practically. Theoretically contribution is bounded to examine the Agency Theory, Trade off Theory and Signalling Theory. Results of the study to indicate that practice public company In Indonesia Stock Exchange is not support the Agency Theory and support Trade off theory and Signaling theory. Practical contribution is bounded in the institution, like BAPEPAM and The Indonesian Stock Exchange Management.

scholarly journals DETERMINENTS OF CAPITAL STRUCTURE: EVIDENCE FROM PAKISTAN SUGAR INDUSTRY.

2016 ◽  
Vol 11 (2) ◽  
pp. 2694-2701
Author(s):  
Prof. Dr. Abdul Ghafoor Awan ◽  
Prof. Dr ZahirFaridi ◽  
Abdullahi ShahbazAnwer Ghaz
Keyword(s):  
Capital Structure ◽  
Cost Of Capital ◽  
Stock Exchange ◽  
Sugar Industry ◽  
Order Theory ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Trade Off ◽  
Factors Affecting ◽  
Financial Decision

Capital structure is one of the most complex areas of financial decision making because of its inter-relationship with other financial decision variables. Poor capital structure decisions can result in a high cost of capital which decreases the value of a firm. Effective capital structure decisions decrease the cost of capital and hence the value of a firm increases.  The objective of this empirical study is to analyze the factors affecting capital structure of sugar industry in Pakistan and to check whether the results confirm or not pecking order theory and trade-off theory. Different theories of capital structure have been reviewed like Modigliani and miller theory, trade-off theory, pecking order theory and market timing theory to make assumptions regarding capital structure of sugar firms. The findings are based on empirical results using panel data techniques for a sample of 30 firms listed on Karachi Stock Exchange from 2008-2011. The results show that tangibility is positively associated with leverage whereas size of the firm and liquidity are negatively associated with leverage. The results of profitability and growth opportunities are insignificant.

scholarly journals PENGARUH PROFITABILITAS, SIZE DAN GROWTH TERHADAP STRUKTUR MODAL PADA INDUSTRI BARANG KONSUMSI YANG DIDASARI OLEH PECKING ORDER THEORY DAN TRADE-OFF THEORY

Media Ekonomi ◽  
2016 ◽  
Vol 16 (2) ◽  
pp. 229
Author(s):  
Ika Yustina Rahmawati
Keyword(s):  
Capital Structure ◽  
Consumer Goods ◽  
Stock Exchange ◽  
Order Theory ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Trade Off ◽  
Industry Sector ◽  
Size Growth ◽  
Consumer Goods Industry

This study aims to determine the effect of profitability, size and growth of the company's capital structure in the consumer goods industry sector based on the pecking order theory and trade-off theory. This research was conducted using the procedure panel data for a sample of 26 consumer goods industry sector companies listed on the Indonesia Stock Exchange during 2009- 2013. The findings of this study is to support H1a, H2b and H3b. based on the results of the analysis of the profitability variable (measured ROE) there is a negative correlation significant at α = 5%, which means supporting the pecking order theory. The size variable (as measured by total assets) and growth (which was measured by the Market to Book Value) positively associated significant at α = 5% and 10%, which means supporting the trade-off theory. For the selection method of FEM and REM, researchers used a test in which the capital REM Test Hausmant be an option for the measurement of capital structure (DER, DAR and Working capital) while FEM selected for the measurement of capital structure (Leverage). Keyword: profitability, size, growth, capital struktur, pecking order theory and trade-off theory

scholarly journals PENGARUH STRUKTUR KEPEMILIKAN TERHADAP NILAI PERUSAHAAN DENGAN EFISIENSI STRUKTUR MODAL SEBAGAI VARIABEL MEDIASI

AJAR ◽  
2021 ◽  
Vol 4 (02) ◽  
pp. 87-109
Author(s):  
Felicia Wuisan ◽  
Excel Limbunan ◽  
Oktavianus Pasoloran ◽  
Cherly Thanamal
Keyword(s):  
Capital Structure ◽  
Ownership Structure ◽  
Firm Value ◽  
Stock Exchange ◽  
Secondary Data ◽  
Order Theory ◽  
Annual Reports ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Research Period

This study aims to examine the influence of ownership structure on firm value mediated by efficiency capital structure. This research uses pecking order theory, agency theory, and stakeholder theory. The population used in this study are all companies listed on the Indonesia Stock Exchange (IDX) with the research period of 2016-2018. The method of determining the sample using non-random sampling i.e purposive sampling and uses secondary data in the form of annual reports and financial statements of the company. The analytical method used are path analysis and sobel test. The results showed that the efficiency of capital structure can fully mediate the effect of ownership structure on firm value.

scholarly journals Impact of foreign ownership on dividend policy in Poland

e-Finanse ◽  
2017 ◽  
Vol 13 (4) ◽  
pp. 76-88 ◽  
Author(s):  
Andrzej Zyguła
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Payout Policy ◽  
Order Theory ◽  
Free Cash Flow ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Foreign Investors ◽  
Warsaw Stock Exchange ◽  
The Impact

AbstractThe article analyses the impact of foreign investors, who were the majority shareholders of companies on the Warsaw Stock Exchange, on dividend policy of these companies in the years 2004-2014. An evaluation of the direction and strength of the influence of the analysed group of investors, using 2 models, was conducted applying logistic regression. The first – dividend payout policy based on the binary logit model - showed that along with a growing share of a foreign investor in a given company the probability of dividend payment by the company increased significantly. The second – dividend level change model based on the multinominal logit method - showed, however, that with an increasing share of foreign investors the probability that a given company will reduce the paid dividend level was enhanced significantly. Additionally, it should be stated that these results, irrespective of the model used, were to a very large extent in line with conclusions of the pecking order theory. However, in the case of signaling, free cash flow and maturity theories, these results only to a small extent provided evidence supporting these theories.

Faktor Determinan Struktur Modal Bank yang Terdaftar di Bursa Efek Indonesia Periode 2015-2019

2021 ◽  
Vol 6 (1) ◽  
pp. 52-62
Author(s):  
Mardianto Mardianto ◽  
Gun Gun Budiarsyah
Keyword(s):  
Stock Exchange ◽  
Order Theory ◽  
Company Size ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Trade Off ◽  
Macroeconomic Conditions ◽  
Tax Shield ◽  
Asset Growth ◽  
High Level

This research aims to analyze the effect of profitability, asset structure, liquidity, dividend payout ratio (DPR), non debt tax shield (NDTS), growth, company age, and company size on bank leverage. This study relate the empirical findings and try to confirm with pecking order theory or trade-off theory. The research sample is banks in Indonesia which are listed on the Indonesia Stock Exchange for the period 2015-2019 and using multiple linear regression techniques. An appropriate level of profitability, asset structure as collateral with low value, high level of liquidity show conformity to the pecking order, which are negative and significant to bank leverage. DPR as a signal of income prospects and company size shows conformity with trade-off theory, which is positive and significant to bank leverage. Meanwhile, NDTS which shows a decrease in fixed collateral assets, asset growth and bank age do not have any significant effect with bank leverage. If the findings of age and size are compared, it shows that bank leverage does not depend on how long it has been operating, but assets size are more considered. This research fills in the gaps in the research on the determinants of bank leverage, including examining the variables of DPR, NDTS, and bank age which are rarely studied. In the future, the determinant of leverage may consider the agency theory, potential bankruptcy, corporate governance, ownership structure, and macroeconomic conditions.

scholarly journals Factors determining capital structure: Evidence from Companies listed on the Hanoi Stock Exchange

2021 ◽  
Vol 5 (2) ◽  
pp. first
Author(s):  
Hồ Xuân Thủy ◽  
Nguyễn Thị Huyền Trang
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Order Theory ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Trade Off ◽  
Tax Shield ◽  
Factors Influencing ◽  
Fixed Assets ◽  
Debt Tax Shield

This paper investigates the factors influencing capital structure of the companies listed on the Hanoi Stock Exchange (HNX) during 2011-2018. Factors tested included non-debt tax shield, firm size, tangible fixed assets structure, and profitability based on previous studies and the two prominent capital structure theories namely the trade-off theory and the pecking-order theory. We used the variable financial leverage (LEV) to measure capital structure. The analysis employs multiple linear panel regression models in examining factors influencing capital structure, the random effect model (REM) obtained by table data processing was found to be consistent with the study data. Our results revealed that profitability and non-debt tax shield had a negative impact on capital structure. On the other hand, firm size exhibited a positive impact whilst the effect of tangible fixed assets was statistically insignificant. Amongst all tested factors, non-debt tax shield was shown to exert the greatest influence on capital structure of companies. We conclude that the factors influencing capital structure of the companies listed on the Hanoi Stock Exchange are mostly consistent with the hypothesis of trade-off theory rather than pecking-order theory. Our results support the trade-off theory because large firms are more likely to borrow to greater benefits from the tax shield. The study greatly contributes towards the enrichment of empirical evidence on the factors influencing capital structure and helps the management with planning, making properly informed decisions to improve the firm performance.

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