scholarly journals PENGARUH INFLASI, SUKU BUNGA SBI, KURS US DOLLAR TERHADAP RUPIAH, PAJAK, SOLVABILITAS, DAN PROFITABILITAS TERHADAP STRUKTUR MODAL PADA PERUSAHAAN LQ-45 YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2010-2015

2018 ◽  
Vol 9 (2) ◽  
pp. 119
Author(s):  
Budiono Budiono ◽  
Nur Septiani
Keyword(s):  
Capital Structure ◽  
Stock Price ◽  
Sampling Technique ◽  
Equity Capital ◽  
Optimal Capital Structure ◽  
Significant Negative Effect ◽  
Negative Effect ◽  
Optimal Capital ◽  
Us Dollar ◽  
The Capital Structure

The capital structure is the ratio between long-term debt and equity capital used by the company. By using a proper comparison it will obtain an optimal capital structure. Optimal capital structure is capital structure which optimizes the balance between risk and return in order to maximize the stock price. The purpose of this study was to determine the factors that affect the company's capital structure of LQ-45 listed on the Indonesia Stock Exchange 2010-2015 period. The sampling technique used is purposive sampling method that produces as many as 13 companies. The analysis technique used is multiple linear regression. The results showed that all independent variables simultaneously affect the capital structure. T test results showed that the variable of exchange rate of US dollar against the rupiah has significant negative effect on the capital structure, the variable of tax has positive and significant impact on the capital structure, the variable of solvency has positive and significant impact on the capital structure and profitability variable has significant negative effect on the capital structure. While the variable inflation and SBI interest rate has no significant effect on the capital structure.

CORPORATE FINANCING UNDER HETEROGENEOUS BELIEFS

2017 ◽  
Vol 12 (04) ◽  
pp. 1750019
Author(s):  
WEINING NIU
Keyword(s):  
Numerical Simulation ◽  
Capital Structure ◽  
Stock Price ◽  
Equity Capital ◽  
Heterogeneous Beliefs ◽  
Price Effect ◽  
Corporate Financing ◽  
Optimal Capital Structure ◽  
Price Effects ◽  
Optimal Capital

The paper models firm’s optimal capital structure and stock price effects from the perspective of expectation equilibrium when manager and outside investors have heterogeneous prior and posterior beliefs on firm’s future cash flow. I find that the more optimistic (pessimistic) of outside investors and the more dispersion of beliefs between manager and outside investors, the higher (lower) the issuing price of stocks, the higher (lower) the issuing amount, hence the higher (lower) the proportion of equity capital in capital structure, and a higher positive (negative) stock price effect after security issuance. The numerical simulation also verifies the findings to some extent.

scholarly journals The Effect of Profitability and Asset Structure to Capital Structure on Non-Bank Financial Institutions Listed On Indonesian Stock Exchange

2021 ◽  
Vol 04 (02) ◽  
Author(s):  
Yuli Rawun ◽  
Keyword(s):  
Capital Structure ◽  
Financial Institutions ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Direct Consequence ◽  
Optimal Capital Structure ◽  
Negative Effect ◽  
Internal Funds ◽  
Optimal Capital ◽  
The Cost

One of the key decisions faced by financial managers in relation to company operations is funding decisions. The funding decision is seen from the capital structure, good capital structure is the optimal capital structure. The optimal capital structure is a condition in which a firm can use a combination of debt and equity ideally and balancing the value of the firm and the cost of its capital structure. The cost of capital arose is a direct consequence of the decision taken when the manager uses the debt in which there will be the capital cost of interest expense required by creditor. However, if the manager decides to use internal funds, an opportunity cost of funds will be incurred. This research that was used is quantitative data with financial data from the site Indonesian Stock Exchange. The companies that was used is Non-Bank Financial Institutions which published financial statements of the period 2014 – 2016. This research aims to know the effect of profitability and asset structure to capital structure on Non-Bank Financial Institutions Listed on Indonesian Stock Exchange. Analysis method that was used in this thesis is panel data regression with statistical software Views 7 Version. The sample was 30 companies by purpose sampling technique. The independent variables that used are profitability and asset structure, and the variable dependent is capital structure. The results show that profitability partially has insignificant negative effect on capital structure with value of -0.469. Asset structure partially has insignificant positive effect on capital structure with value of 0.945. Profitability and asset structure during 2014 – 2016 simultaneously has significant effect on capital structure on Non-Bank Financial Institutions with value of 0.018. The companies are expected to pay attention to profitability, as it increases profitability equally by increasing internal funding. The used of long term debt align with their firm size because debt will also have its effect to all operational aspect so that asset structure will become optimal.

scholarly journals Profitabilitas menjadi pemediasi untuk variabel yang mempengaruhi struktur modal (Studi pada Bank Umum Syariah di Indonesia periode 2016-2020)

2021 ◽  
pp. 160-187
Author(s):  
Indah Lestari
Keyword(s):  
Capital Structure ◽  
Commercial Banks ◽  
Sampling Technique ◽  
Significant Positive Effect ◽  
Tax Shield ◽  
Significant Negative Effect ◽  
Growth Opportunity ◽  
Negative Effect ◽  
Debt Tax Shield ◽  
Positive Effect

The purpose of this study is to find out and analyze whether there is an Influence of Liquidity, Growth Opportunity, Asset Structure, and Non Debt Tax Shield on Capital Structure with Profitability as an Intervening Variable in Islamic Commercial Banks Registered at OJK 2016-2020 ". This research is a quantitative research using data sources derived from secondary data, namely the annual report. The sampling technique used in this research is purposive sampling technique. Of the 14 Islamic commercial banks registered with the OJK, only 11 are in accordance with the sample criteria in this study. This study uses the Eviews 9 application as a tool for data processing. The analytical methods used in this research are stationarity test, panel data regression model test, classical assumption test, regression test, and path analysis test. The results obtained in this study are liquidity has a significant negative effect on capital structure. Growth opportunity and asset structure have a significant positive effect on capital structure. Meanwhile, the non-debt tax shield and profitability variables have no significant positive effect on capital structure. Liquidity has no significant negative effect on profitability, growth opportunity has no significant positive effect on profitability. Asset structure has a significant positive effect on profitability, while non-debt tax shield has a significant negative effect on capital structure. From the results of the path analysis conducted in this study, profitability was not able to mediate the variables of liquidity, growth opportunity, and non-debt tax shield on capital structure, but for the asset structure variable profitability was able to mediate the influence of asset structure on capital structure.

scholarly journals The Impact Of Dividend Policy, Managerial Ownership, Institutional Ownership To Capital Structure On Manufacturing Company In Indonesia Stock Exchange (Idx) Period 2012-2016

2018 ◽  
Vol 2 (1) ◽  
pp. 28-39
Author(s):  
Ratna Putri Indah Puspita ◽  
Suherman Suherman
Keyword(s):  
Capital Structure ◽  
Dividend Policy ◽  
Random Effect Model ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Significant Negative Effect ◽  
Negative Effect ◽  
The Impact ◽  
The Capital Structure

This study aims to determine the effect of dividend policy, managerial ownership and institutional ownership on the capital structure of manufacturing companies listed on the IDX for the 2012-2016 period. The data used in this study is an annual report of the Manufacturing Sector listed on the IDX for the period 2012-2016. By using purposive sampling method, 56 companies were obtained and consisted of 280 observations. The model used in this research is panel data analysis using the Random Effect Model approach. The results of this study indicate that the dividend policy has a positive but not significant effect on DER, but has a significant positive effect on DAR. While managerial ownership is influential but not significantly negative on the capital structure (DER and DAR). Institutional ownership has a significant negative effect on DER, but has a negative but not significant effect on DAR. Profitability has a significant negative effect on the capital structure (DER and DAR), while the structure of assets and company size does not have a significant effect on the capital structure. (DER and DAR).

scholarly journals Liquidity Ratio, Profitability, And Solvency On Stock Returns With Capital Structure As An Intervening Variable (Study On Food And Beverage Sub Sector Listed In Indonesia Stock Exchange (Idx) Period 2013-2017)

2019 ◽  
Vol 3 (1) ◽  
pp. 52
Author(s):  
Agus Sucipto ◽  
Nailul Chasanah
Keyword(s):  
Capital Structure ◽  
Stock Returns ◽  
Negative Impact ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Partial Least Square ◽  
Least Square ◽  
Food And Beverage ◽  
Negative Effect ◽  
The Capital Structure

The stock market is a business field of securities trading one of them stock. For prospective investors, investment decisions in stock must be preceded by a process of analysis of variables which can influence the price of a stock. Investors need to have benchmarks in order to know whether if he invested in a company he would benefit if the shares are sold. Salaah one factor to be a benchmark investor is knowing the financial condition of the company where it can be seen with the financial ratio analysis and management of an optimal capital structure. This study aims to determine the effect of the ratio of liquidity, profitability, and solvency to return stock with a capital structure as an intervening variable.This study uses a quantitative approach. The research method using the method of documentation. Samples were company food and beverage sub-sectors listed in Indonesia Stock Exchange 2013-2017 period. The sampling technique used purposive sampling method with predetermined criteria obtained 11 samples of the company. This study uses data analysis Partial Least Square (PLS).These results indicate that liquidity ratios have a negative impact on stock returns, while the profitability and solvency ratios have no effect on stock returns. The results also show the liquidity ratio and solvency ratio has a negative effect on the capital structure, profitability ratios while not having capital structure. And capital structure has a negative impact on stock returns. The results also show the ratio of liquidity, profitability, and solvency partially no effect on stock returns with the capital structure as an intervening variable.

scholarly journals The influence of profitability, size, and growth on the capital structure in consumer goods companies

2019 ◽  
Vol 7 (2) ◽  
Author(s):  
Yovilanda Anggraeni Puspitasari ◽  
Diah Ekaningtias
Keyword(s):  
Regression Analysis ◽  
Capital Structure ◽  
Consumer Goods ◽  
Stock Exchange ◽  
Study Data ◽  
Optimal Capital Structure ◽  
Internal Funds ◽  
Optimal Capital ◽  
Operational Activities ◽  
The Capital Structure

Capital structure is a very important element needed by companies to conduct the companies’ operational activities. Companies must determine whether to use internal funds first or external funds to finance investment in getting an optimal capital structure. The purpose of this study is to examine the influence of the variables of profitability, size and growth on the capital structure in consumer goods companies. Multiple regression analysis is used to analyze the data in this study. Data analysis is conducted on consumer goods companies listed on the Indonesia Stock Exchange period 2012-2016. Based on the analysis, it is found that profitability, size, and growth have an effect on capital structure in consumer goods companies listed on the Indonesia Stock Exchange 2012-2016.

scholarly journals Analisis Profitabilitas, Struktur Aset, Dan Pertumbuhan Aset Terhadap Struktur Modal Yang Dimoderasi Likuiditas

2020 ◽  
Vol 3 (1) ◽  
pp. 16
Author(s):  
Ade Ningrum Mulyasari ◽  
Subowo Subowo
Keyword(s):  
Statistical Analysis ◽  
Capital Structure ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Negative Influence ◽  
Units Of Analysis ◽  
Negative Effect ◽  
Study Population ◽  
Asset Growth ◽  
The Capital Structure

This study aims to analyze the effect of profitability, asset structure, and asset growth on capital structure with liquidity as moderation. The study population is non-financial companies in the LQ45 index listed on the Indonesia Stock Exchange (IDX) in 2015-2017. The sampling technique is purposive sampling. The study sample are 27 companies for 3 years resulting in 81 units of analysis. The data analysis method used is descriptive statistical analysis and inferential statistical analysis using moderation regression analysis (MRA). The results showed that profitability and asset growth were positive and significant for the capital structure, the asset structure had a significant negative effect on the capital structure. Liquidity also moderates the negative influence of profitability on the capital structure. Liquidity is not able to moderate the influence of asset structure and asset growth on capital structure.

scholarly journals What Determines The Capital Structure of Property, Real Estate and Building Construction Companies? Evidence from Indonesian Listed Companies

2020 ◽  
Vol 9 (4) ◽  
pp. 370-382
Author(s):  
Sari Fitri Fatimah ◽  
Rini Setyo Witiastuti
Keyword(s):  
Real Estate ◽  
Capital Structure ◽  
Firm Size ◽  
Stock Exchange ◽  
Building Construction ◽  
Business Risk ◽  
Financial Flexibility ◽  
Significant Negative Effect ◽  
Negative Effect ◽  
The Capital Structure

This research is intended to prove the influence of financial flexibility, asset structure, firm size, profitability and business risk on the capital structure. The population on this study are property, real estate and building construction sector that are listed on the Indonesia Stock Exchange in 2009-2018. The number of samples used were 28 companies with a purposive sampling method. The data studied was obtained from the Indonesia Stock Exchange (IDX). Methods of data analysis used in this study is multiple linear regression. The results showed that financial flexibility has not significant  negative effect on capital structure. Asset structure and firm size have a significant positive effect on capital structure. The profitability and business risk have a significant negative effect on capital structure. Further research is needed to use another proxies such as ROE for profitability variables or standard deviations from ROE for business risk on capital structure and add another sectors or the number of observation periods.

scholarly journals PEGARUH PROFITABILITAS, UKURAN PERUSAHAAN, PERTUMBUHAN PENJUALAN DAN STRUKTUR AKTIVA TERHADAP STRUKTUR MODAL

Media Ekonomi ◽  
2016 ◽  
Vol 16 (2) ◽  
pp. 250
Author(s):  
Vera Melia Suci ◽  
Erny Rachmawati
Keyword(s):  
Real Estate ◽  
Capital Structure ◽  
Positive Affect ◽  
Firm Size ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Observation Time ◽  
Sales Growth ◽  
Negative Effect ◽  
The Capital Structure

This study is to analize the effects of profitability, firm size, sales growth, and assets structure to the capital structure among property and real estate companies listed in the Indonesian Stock Exchange in the period of 2011-2014. The sample were selected based on purposive sampling technique. To the total number of 43 different companies with a fouryear observation time, so the samples would be 172 observations. The study used a secundary data in the for of financial site Indonesian Stock Market (BEI), such as www.idx.co.id.The result of the research showed that profitability does not affect to the capital structure, The firm size has a positive affect to the capital struture. The last two variables growth sales and assets structure have any negative effect to the capital structure. Keyword: capital strucrure, profitability, firm size, sales growth, assets structure.

scholarly journals Building an optimal capital structure of start‑ups

2017 ◽  
Vol 48 (3) ◽  
Author(s):  
Monika Burżacka
Keyword(s):  
Capital Structure ◽  
Financial Management ◽  
Financial Structure ◽  
Financing Structure ◽  
Factors Affecting ◽  
Optimal Capital Structure ◽  
Particular Solution ◽  
Optimal Capital ◽  
Start Ups ◽  
The Capital Structure

Effective financial management and optimal capital structure are important for companies to obtain better operational performance. The purpose of this study is the review of the most important theories in terms of optimal financial structure and to explore the most important factors affecting decisions in that area. A bad decision about the capital structure may lead to financial lack of balance and even to bankruptcy. There are many alternative theories on how to build optimal capital structures, which, as indicated by practice, may occur to be insufficient. There is no significant studies that clearly indicate the determinants of a particular solution in the financial structure of companies, especially those referred to as startup companies, mainly because of specifics of that group of companies. It is not possible to indicate which of the leading approaches to the capital structure more fully describes the decisions of start‑ups as to the financing structure. Nevertheless, the results indicate that managers of companies often include similar decisions competitors and modulate the policy of his company within the capital structure for a particular, market standard, which is confirmed by Abdulsaleh and Worthington.

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