scholarly journals Pengaruh Profitabilitas, Busines Risk, Growth of Assets, Operating Leverage terhadap Struktur Modal

2021 ◽  
Vol 3 (2) ◽  
pp. 470-485
Author(s):  
Anggraini Oktaviana ◽  
Salma Taqwa
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Manufacturing Companies ◽  
Business Risk ◽  
Insignificant Effect ◽  
Company Value ◽  
Asset Growth ◽  
Operating Leverage ◽  
A Company ◽  
The Capital Structure

Business competition today makes many companies strive to achieve their main goals. Maximizing company value is one of the main goals of every company. Maximizing company value by fulfilling company funds that come from internal and external sources of the company. Determination of the proportion of long-term debt and capital in its use as a source of a company has a company that is closely related to the capital structure. This study aims to see the effect of profitability, business risk, asset growth, operating leverage on the capital structure of manufacturing companies listed on the Indonesia Stock Exchange for the 2015-2019 period. This type of research is quantitative. The population used in this study are manufacturing companies listed on the Indonesia Stock Exchange (IDX) with a sample size of 170 samples using purposive sampling method. The analysis was performed using multiple regression models. The results of this study indicate that: (1) Profitability has a negative and significant effect on capital structure (2). Business risk has a negative and insignificant effect on capital structure (3) Asset growth has a positive and insignificant effect on capital structure (4) Operating leverage has a negative and insignificant effect on capital structure

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 Analisis Profitabilitas, Ukuran Perusahaan, Struktur Aset, Likuiditas, dan Risiko Bisnis terhadap Struktur Modal Perusahaan Manufaktur di Indonesia

2020 ◽  
Vol 3 (2) ◽  
pp. 282-291
Author(s):  
Velda Lianto ◽  
Annisa Nauli Sinaga ◽  
Elvi Susanti ◽  
Christina Yaputra ◽  
Veronica Veronica
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Manufacturing Companies ◽  
Business Risk ◽  
Purposive Sampling ◽  
The Capital Structure

Capital structure reflects the extent to which companies can manage existing capital to generate profits. The purpose of this research is to examine and analyze the influence of variables of profitability, firm size, asset structure, liquidity, and business risk on the capital structure in Manufacturing companies listed on the Indonesia Stock Exchange in the period of 2015 - 2018. The sampling technique uses purposive sampling by determining 3 criteria. From total of 155 companies, only 69 companies were sampled. The result of this research indicate that profitability has a positive and significant effect on capital structure, firm size has a positive and no significant effect on capital structure, asset structure has no effect and no significant on capital structure, liquidity and business risk have a negative and significant effect on capital structure in Manufacturing companies listed on the Indonesia Stock Exchange in the periode of 2015 -  2018. Keywords: Profitability, Firm Size, Asset Structure, Liquidity, Business Risk and Capital Structure

scholarly journals STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN

2008 ◽  
Vol 7 (1) ◽  
Author(s):  
Masdar Mas’ud
Keyword(s):  
Capital Structure ◽  
Financial Distress ◽  
Stock Exchange ◽  
Manufacturing Companies ◽  
Company Value ◽  
Growth Opportunity ◽  
Tax Shields ◽  
Manufacturing Company ◽  
Size Growth ◽  
The Capital Structure

The study attempts to analyze the factors of capital structure determiner and its impact on company value. The research aims at examining and analyzing the effect of profitability, size, growth opportunity, asset structure, cost of financial distress, and tax shields effects as the capital structure determiners on the manufacturing companies registered at Indonesia Stock Exchange. The differences between the factors of capital structure determiners (consisting of profitability, size, growth opportunity, asset structure, cost of financial distress, and tax shields effects) and the value of manufacturing companie registered at Indonesia Stock Exchange. The sample includes 59 companies registered at Indonesia Stock Exchange the data analysis instrument employed was Structural Equation Modeling (SEM) and t-test. The results of the research indicate that the factors of capital structure determiners, which have significant effect on capital structures, are profitability, size, growth opportunity, asset structure and cost of financial distress. The exception may be tax shields effects, which do not give significant effect at all on capital structure. The latter becomes evident because the depreciation and amortization rates of the registered Indonesia manufacturing company do not seem significant to contribute to company cash flow so that it stands out of company debt proportion.The factors of capital structure determiners with significant effect on capital structures involve profitability, size, asset structure, and cost of financial distress and tax shields effects. Size and growth opportunity do not have significant effect on the capital structure because manufacturing companies consider financing their investment using equity financing to deal with little financial risk regardless the size of company. It shows that there is a similarity on these factors of capital structure determiner between manufacturing company registered at Indonesia Stock Exchange the insignificantly defferent determiner factors pertain to growth opportunity, asset structure and company value. Meanwhile, the difference also develops between the factors of capital structure determiner in the manufacturing company registered at Indonesia Stock Exchange. The significantly different determiner factors will be profitability, size, cost of financial distress; tax shields effects and capital structure.

scholarly journals PENGARUH UKURAN PERUSAHAAN, RESIKO BISNIS DAN PERTUMBUHAN AKTIVA TERHADAP STRUKTUR MODAL PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI TAHUN 2005-2007

2017 ◽  
pp. 52-63
Author(s):  
Joana L. Saragih
Keyword(s):  
Capital Structure ◽  
Ownership Structure ◽  
Random Sampling ◽  
Stock Exchange ◽  
Manufacturing Sector ◽  
Manufacturing Companies ◽  
Business Risk ◽  
Simultaneous Test ◽  
Independent Variable ◽  
The Capital Structure

A decision on a capital structure (ratio between share and loan capitals) done by a financial manager is an important decision. This is due to its influence upon risks undergone and profits expected by shareholders. These analyses are used to solve the problem which is whether the size of the firm, the business risks, the growth of assets, the profitability and the ownership structure influence the capital strusture or not? The population in this research is the go public manufacturing sector in the Indonesia Stock Exchange for years 2005 until 2007. The sample is defined by cluster propotional random sampling to get a representative sample on each sector. There are 33 go public manufacturing companies selected as sample for this research. There are two variables in this research, the independent variable and dependent variable. The independent variable comprises firm size, business risk, growth of assets, and profitability; and for the dependent variable is the capital structure of go public manufacturing companies in the BEI. This research was analyzed using multiple regressions. This research found the empirical results that partially, SIZE influences positive significant and NPM influences negative significant to the capital structure of go public manufacturing companies in the Bursa Efek Indonesia. While the result of partial test for DOL and GROW showed that partially they didn’t influence significantly to the capital structure. The result for the simultaneous test showed that there is influence between SIZE, DOL, GROW, and NPM with the capital strusture of go public manufacturing companies in the Bursa Efek Indonesia. The influence is 0,197 or 19,7%. The other 80.3% influenced by another factors outside the research or the regression model.

scholarly journals Risiko Bisnis, Profitabilitas, dan Struktur Aktiva Sebagai Penentu Struktur Modal Perusahaan Makanan dan Minuman

2021 ◽  
Vol 31 (11) ◽  
pp. 2748
Author(s):  
Ni Wayan Meitriyani ◽  
Ni Gusti Putu Wirawati
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Significant Positive Effect ◽  
Manufacturing Companies ◽  
Business Risk ◽  
Analysis Technique ◽  
Food And Beverage ◽  
Negative Effect ◽  
Positive Effect ◽  
The Capital Structure

The purpose of this study was to determine the effect of business risk, profitability, and asset structure on capital structure. This study takes samples from manufacturing companies listed on the Indonesia Stock Exchange for the 2015-2019 period. The sample used is purposive sampling. The analysis technique used is multiple linear regression. The results of business risk research have a significant positive effect on the capital structure of Food and Beverage Companies Listed on the IDX in 2015-2019 while profitability has a significant negative effect on the capital structure of Food and Beverage Companies Listed on the IDX, and asset structure has a significant positive effect on the capital structure in Food and Beverage Companies Listed on the Indonesia Stock Exchange in 2015-2019. Keywords : Food and Beverage; Business Risk; Profitability; Asset Structure.

scholarly journals Pengaruh Profitabilitas, Risiko Bisnis, Kepemilikan Manajerial, Dan Pajak Terhadap Struktur Modal

2020 ◽  
Vol 8 (1) ◽  
pp. 27-36 ◽  
Author(s):  
Melisa Rahmadianti ◽  
Yuliandi Yuliandi
Keyword(s):  
Capital Structure ◽  
Consumer Goods ◽  
Stock Exchange ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Business Risk ◽  
Significance Level ◽  
Industry Sector ◽  
Consumer Goods Industry ◽  
The Capital Structure

The purpose of this study was to determine the effect of profitability, business risk, managerial ownership, and tax on the capital structure of manufacturing companies in the consumer goods industry sector listed on the Indonesia Stock Exchange. Capital structure is proxied by debt to equity ratio. The population in this study are all manufacturing companies in the consumer goods industry sector listed on the Indonesia Stock Exchange for the period 2014-2017. Sample selection through purposive sampling method. There are 12 companies that meet the criteria as research samples so that the observation data is around 48. This study supports literature studies by processing secondary data obtained from annual reports. The analytical method used is multiple linear regression analysis through the program SPSS version 23. The results of this study indicate that profitability, business risk, managerial ownership, and tax simultaneously affect the capital structure with a significance level of 0,000. Partially profitability, business risk, and tax affect the capital structure with a significance level of 0,000. Managerial ownership partially does not affect the capital structure with a significance level of 0,058.   Keywords : Profitability, business risk, managerial ownership, tax, capital structure.

scholarly journals Pengaruh struktur modal, etnis dewan komisaris dan kebijakan dividen dengan profitabilitas sebagai variabel kontrol terhadap nilai perusahaan

2018 ◽  
Vol 7 (2) ◽  
Author(s):  
Anita Ade Rahma ◽  
Desberatus Bawamenewi
Keyword(s):  
Capital Structure ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Secondary Data ◽  
Optimal Level ◽  
Annual Data ◽  
Manufacturing Companies ◽  
Company Value ◽  
The Capital Structure

This study aims to determine the effect of capital structure, ethnic board of commissioners and dividend policy on Company Value in manufacturing companies listed on the Indonesia Stock Exchange. By taking secondary data that has been published in the 2015-2017 period. Population of 164 in manufacturing companies listed on the Indonesia Stock Exchange 2015-2017 and 112 samples of companies using purposive sampling with a total of 336 company annual data observations. The results of this study concluded that the Capital Structure and Ethnicity of the Board of Commissioners had no effect and were not significant to the Company's Value. Dividend Policy has a positive and significant effect on Company Value. Profitability has no effect and is not significant on Company Value. This means that with the capital structure, ethnic board of commissioners and dividend policy will encourage a more optimal level of supervision of the quality of the company. The company's objectives are achieved if the company's performance is able to optimize the company's value. Especially by better managing the dividend policy because it is considered capable of increasing the value of the company which has a direct impact on the company's sustainability in the future.Keywords: Institutional ownership; tax planning; foreign board of commissioners; leverage;  the company value.

scholarly journals PENGARUH PROFITABILITAS TERHADAP NILAI PERUSAHAAN PERHOTELAN DAN PARIWISATA DENGAN STRUKTUR MODAL SEBAGAI VARIABEL INTERVENING

2020 ◽  
Vol 14 (1) ◽  
pp. 46-57
Author(s):  
Robiyanto Robiyanto ◽  
Ilma Nafiah ◽  
Harijono Harijono ◽  
Komala Inggarwati
Keyword(s):  
Capital Structure ◽  
Firm Value ◽  
Stock Exchange ◽  
Panel Regression ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Insignificant Effect ◽  
Company Value ◽  
Research Show ◽  
The Capital Structure

This study aims to examine the effect of profitability on firm value with capital structure as an intervening variable. The population of this study is hotel, restaurant and tourism firms listed on the Indonesia Stock Exchange (IDX), during 2012-2016, with 75 samples selected by using purposive sampling. Analysis of this study using panel regression analysis. This study of the research show that (1) profitability as measured by ROA and ROE has a negative and significant effect on firm value as measured by PBV and profitability as measured by ROA and ROE has a negative and insignificant effect on firm value as measured by Tobin's Q, (2) profitability has a negative and significant effect on the capital structure, (3) the capital structure as measured by DER has a positive and significant effect on firm value as measured by PVB and the capital structure as measured by DER has a positive and insignificant effect on company value as measured by Tobin's Q and (4) capital structure as an intervening variable negatively influences the effect of profitability on firm value.

Analysis of the Effect of Company Size, Asset Growth, and Capital Structure on the Intrinsic Value of Property and Real Estate Companies in Indonesia

2021 ◽  
Vol 8 (5) ◽  
pp. 146-151
Author(s):  
Margareth Dorti Panggabean ◽  
Iskandar Muda ◽  
Rina Br Bukit
Keyword(s):  
Real Estate ◽  
Capital Structure ◽  
Firm Size ◽  
Stock Exchange ◽  
Intrinsic Value ◽  
Total Sample ◽  
Company Size ◽  
Company Value ◽  
Asset Growth ◽  
A Company

The intrinsic value of a company refers to the real value of a company. Company value in the concept of intrinsic value is not just the price of a set of assets, but the value of the company as a business entity that has the ability to generate profits at a later date. In the company appraisal process, that how the capital structure can affect the value of the company or not, the presence of various risks, taxes, and other costs, as well as changes in leverage can increase the value of the company and reduce it. This study aims to analyze the effect of company size and asset growth through capital structure on the intrinsic value of companies in the property and real estate industry listed on the Indonesia Stock Exchange in 2018 with a total sample of 37 companies. The results of the analysis in this study indicate that company size has a positive and significant effect on capital structure, asset growth has no effect on capital structure, company size and asset growth have a positive and significant effect on intrinsic value, while capital structure has no effect on intrinsic value, and firm size and asset growth there are no direct effect on intrinsic value through capital structure. This study also obtained the result that firm size is more dominant in supporting intrinsic values of Property and Real Estate Companies in Indonesia. Keywords: Company Size, Asset Growth, Capital Structure, Intrinsic Value.

scholarly journals FAKTOR-FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

2016 ◽  
Vol 3 (2) ◽  
pp. 169 ◽  
Author(s):  
Alfani Firaus ◽  
Vinola Herawaty ◽  
Andy Tjin
Keyword(s):  
Capital Structure ◽  
Multiple Regression ◽  
Sampling Method ◽  
Stock Exchange ◽  
Managerial Ownership ◽  
Business Risk ◽  
Asset Growth ◽  
Positive Effect ◽  
Observation Period ◽  
The Capital Structure

<p><em>T</em><em>he objective of this research is to analyze: the influence of firm’s size on capital structure, the influence of profitability on capital structure, the influence of business risk on capital structure, the influence of time interest earned on capital structure, the influence of asset growth on capital structure, the influence of liquidity on capital structure, the influence of asset structure on capital structure, and the influence of managerial ownership on capital structure </em></p><p><em>T</em><em>he research was conducted in the companies listed in Indonesian Stock Exchange except for banks and other financial companies during 2012-2015 observation period. This research is developed based on the previous research carried out by Firnanti (2011)</em>. <em>T</em><em>he total samples taken by using purposive sampling method were 130 companies out of 351 companies. Multiple regression is used to analyze the hypothesis of this study.</em></p><em>The result of this research found that (1) the size of the company's has a positive effect on the capital structure, (2) profitability has an adversely affect on the capital structure, (3) the business risk has no effect on capital structure, (4) time interest earned has no effect on the capital structure, (5 ) asset growth has a positive effect on the capital structure, (6) liquidity has a positive effect on the capital structure, (7) assets structure has a positive effect on the capital structure, and (8) managerial ownership affect positively on the capital structure.</em>

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