scholarly journals DETERMINASI VARIABEL AKUNTANSI TERHADAP PENENTUAN KEBIJAKAN STRUKTUR MODAL PADA PERUSAHAAN MANUFAKTUR DI INDONESIA

2015 ◽  
Vol 2 (1) ◽  
pp. 47
Author(s):  
Indra Saputra ◽  
Farah Margaretha
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Time Series Data ◽  
Cash Holdings ◽  
Series Data ◽  
Manufacturing Companies ◽  
Business Risk ◽  
Tax Shield ◽  
Debt Tax Shield ◽  
The Capital Structure

<p><em>Decisions incompliance with the company's funds come fromits own capital (</em><em>equity) or by foreign capital (debt). The purpose of this study was to determine the effect of firm size, profitability, business risk, asset structure, cash holdings, non-debt tax shield, signaling and growth effects of capital structure policy. This research was conducted on37samples of companies listed on the Indonesia Stock Exchange(IDX) using time series data from 2008-2011. This study uses multiple linear regression to test the hypothesis to see the contribution of each variable individually and simultaneously in influencing the structure of funding. </em><em>The results show that firm size</em><em>, asset structure, and signaling effect has a positive and significant effect on the capital structure policy. Other variables, namely business risk and cash holdings have a negative correlation and significant effect on the capital structure of these results support the trade of theory and pecking order theory. Further testing of profitability, non-debt tax shield and the growth does not affect the capital structure in manufacturing companies. If the company uses debt funding source soft he factors accounting variables such as firm size, asset structure, business risk and the effect of signaling a decisive factor in the decision making of the company's capital structure policy so as to provide optimal results.</em></p>

Analysis of Factors Affecting Capital Structure in Food and Beverage Manufacturing Company

2018 ◽  
Vol 1 (2) ◽  
pp. 1-14
Author(s):  
Nur Hajja Aini ◽  
St Habibah
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Significant Influence ◽  
Fixed Effects ◽  
Random Effect Model ◽  
Manufacturing Companies ◽  
Business Risk ◽  
Growth Opportunities ◽  
Food And Beverage ◽  
The Capital Structure

The purpose of this research to analyze the influence of firm size, liquidity, growth opportunities, tangibility asset, and business risk to the capital structure of listed food and beverage manufacturing companies in Indonesia and Vietnam Stock Exchange from 2010 to 2016. The result shows that the fixed effects model should be appropriate for this study as compared to the random effect model. Capital structure significantly differences between the two countries. Firm size has a positive but insignificant influence on the capital structure in Indonesia, whereas it has a positive and a significant influence on the capital structure in Vietnam. Liquidity has a negative and significant influence on the capital structure both in Indonesia and Vietnam. Growth opportunities have a negative but insignificant influence on the capital structure both in Indonesia and Vietnam. Asset tangibility has a positive but insignificant influence on the capital structure in Indonesia, but it has the negative but insignificant influence on the capital structure in Vietnam. Ultimately, the business risk has a negative and significant influence on the capital structure in Indonesia but has a positive and insignificant influence on the capital structure in Vietnam.

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 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 Dampak Non-Debt Tax Shield dan Resiko Bisnis Terhadap Struktur Modal Perusahaan Manufaktur Indonesia

2020 ◽  
Vol 25 (2) ◽  
pp. 108
Author(s):  
Ani Wilujeng Suryani ◽  
Mitha Icha Sari
Keyword(s):  
Capital Structure ◽  
Financial Distress ◽  
Risk Level ◽  
Manufacturing Companies ◽  
Business Risk ◽  
Financial Reports ◽  
Tax Shield ◽  
Negative Effect ◽  
Tax Deductions ◽  
Debt Tax Shield

Capital structure decision is an important act made by company’s financial manager as mismanagement causes financial distress. This study aims to determine the effect of non-debt tax shield and business risk on capital structure. The data in this study were collected from the financial reports of 137 manufacturing companies in Indonesia from 2014 to 2019. Hypothesis testing was carried out using a fixed effect panel regression model. The results showed that the non-debt tax shield had a significant negative effect on capital structure, while business risk had a positive effect. Thus, companies that have a low non-debt tax shield will increase their debt to get compensation for tax deductions from interest expenses, while companies with a high risk level prefer internal financing to decrease the debt level. This study contributes to the literature by uncovering the factors that influence the determination of corporate debt levels in manufacturing industries in Indonesia. The result of this research can be used by the company managers to consider business risk and non-debt tax shields in determining the optimum capital structure to increase the value of the company.

scholarly journals Pengaruh Profitabilitas, Asset Tangibility, Tingkat Pertumbuhan, dan Non-Debt Tax Shield Terhadap Struktur Modal serta Pengaruhnya Terhadap Nilai Perusahaan (Studi Kasus Pada Perusahaan Manufaktur Asia Tenggara)

2018 ◽  
Vol 2 (2) ◽  
pp. 115-119
Author(s):  
Dimita Purba ◽  
Lamria Sagala ◽  
Rintan Saragih
Keyword(s):  
Capital Structure ◽  
Firm Value ◽  
Empirical Studies ◽  
East Asian ◽  
Stock Exchanges ◽  
Manufacturing Companies ◽  
Return On Assets ◽  
Tax Shield ◽  
Debt Tax Shield ◽  
The Capital Structure

This study aims to determine what factors determine the capital structure and firm value of manufacturing companies listed on the stock exchanges of countries that are members of the Association of South East Asian Nations (ASEAN). The operationalization of the variables used in this study include Return on Assets, Tangibility Assets, Growth Rate, Non-Debt Tax Shield, and Tobins Q. Meanwhile, from various empirical studies conducted, different results were obtained regarding the value of the company. So that it is tested again on all factors that affect the capital structure and also the value of the company

scholarly journals Faktor – Faktor Yang Mempengaruhi Struktur Modal Pada Perusahaan Manufaktur Sektor Industri Dasar Dan Kimia Yang Terdaftar Di Bursa Efek Indonesia Periode 2014 – 2016

2019 ◽  
Vol 3 (2) ◽  
Author(s):  
Budhi Gunawan
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Stock Exchange ◽  
Manufacturing Companies ◽  
Business Risk ◽  
Financial Report ◽  
Basic Industry ◽  
Test Instrument ◽  
Industry Sectors ◽  
The Capital Structure

This study analyzes the factors that affected the capital structure of chemicals and basic industry sectors from manufacturing companies which were listed on the Indonesia Stock Exchange during 2014-2016. The study were conducted by examining the effect of firm size, liquidity, profitability, business risk, and asset structure on capital structure. This data were collected from the financial report of 27 manufacture basic industry and chemicals sectors which were listed on Bursa Efek Indonesia in 2014-2016. The multiple regressions analysis and classic assumption test have been performed by sing SPSS 22.0 version statistic test instrument. The result of the research shows that the research regression model has fulfilled the requirements there are no symptoms of multicollinearity, heteroscedasticity, and correlation and the in used file is normally distributed. The result of the research shows: profitability, firm size, liquidity, business risk, asset structure has significant influence to the capital structure.

scholarly journals The moderating role of firm size and interest rate in capital structure of the firms: selected sample from sugar sector of Pakistan

2020 ◽  
Vol 17 (4) ◽  
pp. 341-355
Author(s):  
Sarfraz Hussain ◽  
Abdul Quddus ◽  
Pham Phat Tien ◽  
Muhammad Rafiq ◽  
Drahomíra Pavelková
Keyword(s):  
Interest Rate ◽  
Capital Structure ◽  
Interest Rates ◽  
Firm Size ◽  
Panel Analysis ◽  
Tax Shield ◽  
Sugar Market ◽  
Debt Tax Shield ◽  
The Interest Rate ◽  
The Capital Structure

The selection of financing is a top priority for businesses, particularly in short- and long-term investment decisions. Mixing debt and equity leads to decisions on the financial structure for businesses. This research analyzes the moderate position of company size and the interest rate in the capital structure over six years (2013–2018) for 29 listed Pakistani enterprises operating in the sugar market. This research employed static panel analysis and dynamic panel analysis on linear and nonlinear regression methods. The capital structure included debt to capital ratio, non-current liabilities, plus current liabilities to capital as a dependent variable. Independent variables were profitability, firm size, tangibility, Non-Debt Tax Shield, liquidity, and macroeconomic variables were exchange rates and interest rates. The investigation reported that profitability, firm size, and Non-Debt Tax Shield were significant and negative, while tangibility and interest rates significantly and positively affected debt to capital ratio. This means the sugar sector has greater financial leverage to manage the funding obligations for the better performance of firms. Therefore, the outcomes revealed that the moderators have an important influence on capital structure.

scholarly journals The Determinants of Capital Structure: Empirical Analysis of Oil and Gas Firms during 2000-2015

2017 ◽  
Vol 9 (1) ◽  
pp. 1 ◽  
Author(s):  
Aws Yousef Shambor
Keyword(s):  
Financial Crisis ◽  
Capital Structure ◽  
Oil And Gas ◽  
Global Financial Crisis ◽  
Agency Cost ◽  
Tax Shield ◽  
Debt Tax Shield ◽  
The Global Financial Crisis ◽  
Oil And Gas Firms ◽  
The Capital Structure

This study investigates the capital structure determinants of 346 oil and gas firms that are the constituents of the Global Oil and Gas Index (OILGSWD) over the period of 2000 – 2015, taking into account the effect of the Global Financial Crisis of2007-2009 on the determinants of the capital structure. Thus, six firm level explanatory variables (namely: liquidity, profitability, growth, non-debt tax shield, tangibility and size) are selected and regressed against the appropriate capital structure measure, leverage, the ratio of total debt to book value of total assets. The data is collected from secondary sources depending on the data from the DataStream database. The major findings of the study indicate that tangibility, profitability, size, liquidity and non-debt tax shield are the significant determinants of capital structure of oil and gas firms, while growth is considered insignificant. The capital structure is analyzed in terms of the three main theories of capital structure: Trade-off theory, Pecking order theory, and Agency cost theory. Finally, the global financial crisis has to some extent a significant impact on the capital structure determinants of oil and gas firms and has no significant impact on liquidity, as indicated by the OLS regression analysis results.

scholarly journals Capital structure practices of the selected pharmaceutical companies in india.

2012 ◽  
Vol 1 (3) ◽  
pp. 220-225
Author(s):  
MOHANRAJ V ◽  
DEEPA N
Keyword(s):  
Capital Structure ◽  
Econometric Analysis ◽  
Pharmaceutical Companies ◽  
Tax Shield ◽  
Pharmaceutical Firms ◽  
Equity Ratio ◽  
Debt Tax Shield ◽  
The Capital Structure

The objective of this paper is to examine the capital structure practices of the selected pharmaceutical companies in India during 1991-92 to 2009-10. The econometric analysis shows that variables like Profitability, Size, Tangibility, Growth, Risk and Non-debt tax shield are the important determinants of capital structure of the selected pharmaceutical companies in India. The results indicate that most of the determinants of capital structure suggested by capital structure theories appear to be relevant for pharmaceutical firms. In this paper, Debt Equity Ratio has been used as the proxy for capital structure.

scholarly journals BALANCE SHEET EFFECT SEBAGAI PENENTU DETERMINAN STRUKTUR MODAL ENAM BURSA EFEK PADA NEGARA-NEGARA ASEAN

2012 ◽  
Vol 12 (3) ◽  
pp. 103
Author(s):  
Zainal Abidin Sahabuddin ◽  
Stevanus Adree Cipto Setiawan
Keyword(s):  
Capital Structure ◽  
Firm Growth ◽  
Balance Sheet ◽  
The Philippines ◽  
The State ◽  
External Factors ◽  
Tax Shield ◽  
Debt Tax Shield ◽  
Internal And External Factors ◽  
The Capital Structure

<span>Balance sheet effect is due to the relationship between the external and internal<br /><span>factors. The purpose of this study is to obtain the result: firm size, firm growth, financial <span>risk, asset structure, non debt tax shield on capital structure; influence of internal <span>factors, the influence of internal and external factors of the company’s capital structure. <span>The research was conducted in countries of ASEAN<span>6<span>, namely Indonesia, Malaysia, <span>Philippines, Singapore, Thailand and Vietnam. Unit of analysis of this study is that corporations have huge capitalization in 2008 until 2011. Data analysis using regression method Simultaneous and panels. The results showed: the size of the company has a<br />positive and significant impact on the capital structure for ASEAN6 countries; growth has a negative and significant impact on the capital structure in the country of Malaysia, the Philippines, and Thailand; financial risk has a negative and significant impact on the capital structure in Singapore , asset structure has a positive and significant impact on the capital structure for Singapore, Malaysia, and the Philippines; non-debt tax shield and a significant negative effect on the capital structure for the State of Indonesia<br />and Malaysia, the interest rate has no significant effect on the capital structure in cASEAN 6 countries; foreign exchange rate has a positive and significant effect for the Philippines; rate of inflation on capital structure has a negative and significant impact to the state of Indonesia, the Philippines, and Vietnam while Malaysia, Thailand and Singapore have a positive and significant impact; economic growth on the capital structure has a negative and significant impact to the state of Indonesia, the Philippines, and Vietnam while Negara Malaysia, Thailand and Singapore have a positive and significant impact; contained internal influence on the capital structure for six ASEAN countries; There are internal and external influences on capital structure for ASEAN6<br />countries.<br />Keywords: Balance Sheet Effect, Internal and external factors, and capital structure.<br /></span></span></span></span></span></span></span></span>

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