scholarly journals VARIABEL-VARIABEL PENENTU STRUKTUR MODAL PERUSAHAAN NON KEUANGAN DI BURSA EFEK INDONESIA

2017 ◽  
Author(s):  
Putu Ayu Govika Krisna Dewi ◽  
I Gusti Bagus Wiksuana ◽  
Henny Rahyuda
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Stock Exchange ◽  
Structure Study ◽  
Multiple Regression Model ◽  
Structure Theory ◽  
Theory Approach ◽  
Tax Shield ◽  
Analysis Technique ◽  
Debt Tax Shield

Purpose of study is to analyze variables that determine capital structure of non-financial companies in Indonesia. There are seven variables observed namely company's growth rate, profitability, firm size, asset structure, liquidity, non-debt tax shield and business risk. The population were non-financial companies listed on Indonesia Stock Exchange during 2010-2014 and published annual financial statements in 2009-2014. Study used census technique. Population consisted of 324 companies. Data analysis technique used was multiple regression model for panel data. The results show that profitability, firm size and non-debt tax shield (NDTS) had significant effect on capital structure. Study concluded that profitability and non-debt tax shield are determinant variables of capital structure on non-financial firms in Indonesia based on trade-off theory approach while firm size tends to follow other capital structure theory.

Nigeria Ailing Industries and the Capital Structure Theory: A Need for Concern

2013 ◽  
Vol 03 (08) ◽  
pp. 31-40
Author(s):  
Ajeigbe Kola Benson ◽  
Fasesin Oladipo Oluwafolakemi ◽  
Ajeigbe Omowumi Monisola
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Stock Exchange ◽  
Capital Intensity ◽  
Structure Theory ◽  
Debt Ratio ◽  
Manufacturing Companies ◽  
Explanatory Variables ◽  
Tax Shield ◽  
Total Debt

It is necessary to identify that what are factors contribute to the firms’ capital structure composition in its operation. Hence the present study was undertaken with the objective of finding out the relationship between capital structure determinants and ailing manufacturing firms of the listed companies in Nigeria. Using a multiple regression analysis, ailing manufacturing companies in Nigeria stock exchange market was examined for the period of 2005-2010. The final sample consists of 14 manufacturing companies. In this study, dependent variable that is, leverage level of the companies, is measured by long-term debt ratio, short term debt ratio and total debt ratio. Capital structure determinants (independent variables) are measured by capital intensity, tangibility, profitability, firm size and non- debt tax shield. Findings showed that the direction of the explanatory variables such as tangibility, profitability, firm size and non-debt tax shields with total debt largely consistent with the explanations of trade-off theory and prove past empirical findings also.

scholarly journals PENENTU STRUKTUR MODAL DAN PENGARUH STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN

2019 ◽  
Vol 3 (3) ◽  
pp. 129-139
Author(s):  
Ella Novia Galin ◽  
Idamiharti Idamiharti
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Firm Value ◽  
Sampling Method ◽  
Stock Exchange ◽  
Testing Hypotheses ◽  
Tax Shield ◽  
Transportation Sector ◽  
Size Growth ◽  
Debt Tax Shield

The purposes of this study were to examine the influence of profitability, firm size, growth, asset structure, non debt tax shield on the capital structure and the influence of capital structure on the firm value. The sample used in this research are infrastructure, utility and transportation sector that listed in Indonesia Stock Exchange (ISE) period 2010-2013, which is choosing by purposive sampling method. Testing hypotheses were tested using multiple linear regression. The results showed that only profitability has significant effect on capital structure. Beside that, capital structure also has significant effect on firm value. Keywords : Capital Structure, Firm Value, Profitability, Firm Size, Growth, Asset Structure, Non Debt Tax Shield

scholarly journals Pengaruh tangibility, profitability, liquidity, firm size dan non debt taxshield terhadap capital structure pada sektor pertanian

2018 ◽  
Vol 19 (1) ◽  
pp. 129-135
Author(s):  
DEDE BADRU TAMAM ◽  
SATRIYO WIBOWO
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Stock Exchange ◽  
Random Effect ◽  
Random Effect Model ◽  
Sampling Technique ◽  
Tax Shield ◽  
Agriculture Sector ◽  
Effect Model ◽  
Debt Tax Shield

The purpose of this research is to test and analyze empirically the influence of tangibility, profitability, liquidity, firm size and non-debt tax shield toward capital structure. The object of this research is agriculture sector companies that listed in Indonesia Stock Exchange period 2008-2014. The purposive sampling is used as sampling technique, where 14 companies met the criteria and were analyzed using eviews 8 panel data regressions with random effect model to test the hypothesis. The results of this research shows that liquidity and firm size influence capital structure, while profitability, tangibility and non-debt tax shield do not influence capital structure.  

scholarly journals Capital Structure, Business Risk and Corporate Performance (Case Study on Construction and Real Estate Sector)

2019 ◽  
Vol 3 (2) ◽  
pp. 83 ◽  
Author(s):  
Sutrisno Sutrisno
Keyword(s):  
Real Estate ◽  
Capital Structure ◽  
Firm Size ◽  
Corporate Performance ◽  
Control Variable ◽  
Sales Growth ◽  
Business Risk ◽  
Tax Shield ◽  
Real Estate Sector ◽  
Debt Tax Shield

The purpose of this study is to examine the effect of capital structure and business risk on corporate performance. This study also examined the effect of non debt tax shield (NDTS) and sales growth (SG) on corporate performance with firm size (SIZ) as a control variable. Corporate performance is measured by return on assets (ROA), while capital structure is measured by  debt to equity ratio (DER), and business risk meausred by degree of operating leverage (DOL). The population in this study is a company engaged in the construction and real estate sector that listed on the Indonesia Stock Exchange. The samples taken were 32 companies with purposive sampling. observations period for 3 years (2015-2017). Data is processed using ordinary least square (OLS). The results showed on the significance level 0.10, capital structure (DER) had a significant but negative effect on corporate performance. Business risk (DOL) and sales growth (SG) have a significant and positive effect on performance. While non debt tax shield (NDTS) and firm size (SIZ) have no significant effect on corporate performance

scholarly journals Pengaruh Non-Debt Tax Shield Dan Cost Of Financial Distress Terhadap Struktur Modal Pada Perusahaan Sub Sektor Logam Dan Sejenisnya Yang Terdaftar Di Bursa Efek Indonesia (BEI) Tahun 2013-2017

2020 ◽  
Vol 1 (1) ◽  
pp. 55-73
Author(s):  
Muhammad Yusuf ◽  
Andika Kurniawan
Keyword(s):  
Capital Structure ◽  
Financial Distress ◽  
Stock Exchange ◽  
Secondary Data ◽  
Correlation Study ◽  
Positive Influence ◽  
Variable Cost ◽  
Tax Shield ◽  
Debt Tax Shield ◽  
The Capital Structure

This research aims to provide the influence of non-debt variable tax shield and cost of financial distress affect the capital structure of the company's sub-sector metals and the like listed on the Indonesia Stock Exchange in 2013-2017. The method on this research is a quantitative approach with the type of correlation study. The data collection techniques in this study use secondary data with saturated sampling techniques. The population of this research is a metal sub-sector company and the like listed on the Indonesia Stock Exchange (IDX). The samples in this study were as many as 16 metal sub-sector companies and the like listed on the Indonesia Stock Exchange (IDX). The results showed that both the partial and simultaneous variables of the non-debt tax shield and cost of financial distress had no effect on the capital structure of the metal sub-sector companies and the like listed on the Indonesia Stock Exchange ( IDX). It shows that the T-Test in a non-debt tax shield variable is obtained by the T-calculate result of 1.401 and the value of Sig. T. Acquired by 0, 165 > 0.05, then Ho accepted and H1 rejected which means there is no positive influence on the capital structure and in variable cost of financial distress obtained with the result of T-Calculate of 1.756 and the value of Sig. T. Acquired by 0, 083 > 0.05, then Ho is accepted and H1 is rejected which means there is no positive influence on the capital structure. Then simultaneously F test result in can with a fcalculate value of 2.295 with a level of Sig. 0, 108, because of the value of Sig. F > 0.05, then Ho accepted and H1 rejected. This means that there is no variable influence of non debt tax shield (X1) and cost of financial distress (X2) to the capital structure (Y).

scholarly journals CAPITAL STRUCTURE DETERMINANTS: EVIDENCE FROM PALESTINE AND EGYPT STOCK EXCHANGES

IKONOMIKA ◽  
2017 ◽  
Vol 1 (2) ◽  
pp. 118
Author(s):  
Abdul Razak Abdul Hadi ◽  
Tulus Suryanto
Keyword(s):  
Capital Structure ◽  
Method Of Moments ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Generalized Method Of Moments ◽  
Stock Exchanges ◽  
Test Results ◽  
Estimation Model ◽  
Tax Shield ◽  
Debt Tax Shield

Abstract -This study is driven by the motivation to examine the capital structure determinants for Palestine Stock Exchange (PEX) and Egypt Stock Exchange (EGX). Within the framework of capital structure theories, this study uses Generalized Method of Moments (GMM,1982) as an estimation model employing quarterly panel data analysis during the observed period from 2008 till 2012. The test results from GMM indicate that all the examined determinants have significant relationship with leverage. It has a negative value with liquidity, non-debt tax shield, profitability, size and growth. The Egyptian firms have some uniqueness in its trend. Current assets, debt ratio and liquidity behave positively with leverage except for growth. The other tested determinants in Egyptian companies are found to be not significant. 

PENGARUH UKURAN PERUSAHAAN, PROFITABILITAS DAN RESIKO BISNIS TERHADAP KEBIJAKAN HUTANG

Equity ◽  
2016 ◽  
Vol 19 (2) ◽  
pp. 163
Author(s):  
Refdatul Husna ◽  
Wahyudi Wahyudi
Keyword(s):  
Firm Size ◽  
Manufacturing Industry ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Managerial Ownership ◽  
Business Risk ◽  
Financial Report ◽  
Tax Shield ◽  
Analysis Technique ◽  
Debt Policy

The purpose of this study was to examine the influence of Firm Size, Profitability and Business Risk on Debt Policy of companies manufacturing industry consumption listed in Indonesian Stock Exchange for the period from 2012 to 2014. The population in this study amounted to 37 companies which are all companies manufacturing industry consumption listed in Indonesian Stock Exchange during the period 2012 to 2014. The sample used in this study is a companies that meets the criteria as set out in this study to obtain 28 companies. The data obtained derived from the annual report and financial report of the banks published. The analysis technique used in this research is multiple linear regression to test the classical assumption first. The result showed that the Firm Size is not significantly effects on Debt Policy. While Profitability and Business Risk have a significant influence on Debt Policy. The ability of independent variables (Firm Size, Profitabilty and Business Risk) in explaining the dependent variable (Debt Policy) is 13,9%. The remaining 86,1% is explained by variable such as Non-debt Tax Shield, Tangilibity, Institusional Ownership, Free Cash Flow, Asse Structure, Managerial Ownership and Dividend Policy.

Capital Structure, Profitability, Firm Size and Corporate Tax Avoidance: Evidence from Indonesia Palm Oil Companies

2020 ◽  
Vol 2 (1) ◽  
pp. 97-103
Author(s):  
Ilham Condro Prabowo
Keyword(s):  
Capital Structure ◽  
Palm Oil ◽  
Firm Size ◽  
Stock Exchange ◽  
Tax Avoidance ◽  
Effective Tax Rate ◽  
Tax Rate ◽  
Oil Companies ◽  
Analysis Technique ◽  
Independent Variable

This study aims to provide empirical evidence about the effect of capital structure, profitability and firm size on coporate tax avoidance. The dependent variable used in this study was tax avoidance proxied by the effective tax rate (ETR), and the independent variable was capital structure (DER), profitability (ROA), and firm size. The population in this study were palm oil companies listed on the Indonesian Stock Exchange for the period 2007-2018. The samples consist of 4 palm oil companies by using purposive sampling method. The analysis technique used in this research was multiple linier regression analysis. The result shows that capital structure and profitability have positive effect on tax avoidance, while firm size have no effect on tax avoidance.

scholarly journals PENGARUH UKURAN PERUSAHAAN, TANGIBILITY ASSETS, DAN KEPEMILIKAN MANAJERIAL TERHADAP STRUKTUR MODAL PADA SUB SEKTOR RITEL

2019 ◽  
Vol 8 (6) ◽  
pp. 3843
Author(s):  
Ni Kadek Arie Oktaviantari ◽  
I Gde Kajeng Baskara
Keyword(s):  
Data Collection ◽  
Capital Structure ◽  
Firm Size ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Managerial Ownership ◽  
Debt Capital ◽  
Observation Methods ◽  
Analysis Technique ◽  
The Capital Structure

Capital structure is a combination or source of payment mixor long-term debt. Capital structure shows the proportion of the use of debt to finance the company's investment, so that by knowing the capital structure of the company, investors can find out the balance between the risk and return on investment. The objective of this research is to find influence signification of firm size, tangibility assets, and managerial ownership on capital structure in retail company at Indonesian Stock Exchange period 2013-2017. Data collection in this research using nonparticipant observation methods, researchers can make observations as data collection without getting involved from observed phenomena. Sampling in this research using non probability sampling technique, namely purposive sampling where sampling uses certain considerations. This research uses quantitative data and the data analysis technique used is multiple linear regression. The result of this research showed that firm size and tangibility assets has positive and significant effect to the capital structure, and managerial ownership has negative and significant effect to the capital structure. Keywords: capital structure, firm size, tangibility assets, managerial ownership.  

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