scholarly journals Hubungan Kepemilikan dan Kinerja Keuangan pada Perusahaan

2020 ◽  
Vol 2 (2) ◽  
pp. 108
Author(s):  
Cindy Radinca ◽  
Riesanti Edie Wijaya
Keyword(s):  
Firm Performance ◽  
Capital Structure ◽  
Positive Relationship ◽  
Stock Exchange ◽  
Control Variable ◽  
Negative Relationship ◽  
Manufacturing Firm ◽  
Firm Financial Performance ◽  
Growth Opportunity ◽  
Asset Turnover

This study aims to determine the effect of capital structure on firm financial performance. This research method uses a quantitative approach. The object of this research is manufacturing firm sector consumer goods industry listed on the Indonesia Stock Exchange in the period 2013-2017. The sample used in this research is 130 years- firms. The dependent variable used is firm performance as measured by Return on Asset (ROA) and Return on Equity (ROE). The independent variable used is capital structure as measured by debt ratio or debt to total asset ratio. And, the control variable used is asset turnover, age of firm, and growth opportunity. The results of this study indicate that the capital structure has a negative relationship and significant on firm performance. This result can be supported by trade-off theory and agency theory. Control variable asset turnover has a positive relationship and significant on firm performance, the age of firm has a positive relationship and significant on firm performance, and growth opportunity has a positive relationship and non-significant on firm performance

scholarly journals Mergers, Acquisitions and Financial Performance: A Study of Selected Financial Institutions

2019 ◽  
Vol 9 (1) ◽  
pp. 36-44
Author(s):  
Tarila Boloupremo ◽  
Samson Ogege
Keyword(s):  
Mergers And Acquisitions ◽  
Capital Structure ◽  
Financial Performance ◽  
Financial Institutions ◽  
Significant Relationship ◽  
Positive Relationship ◽  
Cost Control ◽  
Control Variable ◽  
Negative Relationship ◽  
The Impact

The aim of the study is to examine the impact of mergers and acquisition on financial performance in the Nigerian financial system. The study examined selected financial institutions in the banking sector. Specifically, some financial indicators such as asset profile, credit risk, capital structure, liquidity, size and cost control ratios, were extracted from the audited financial reports of the selected banks for the period 2000-2010 to compare the performance of the selected financial institutions in the ex-ante period and compare these performance with the ex post period of their mergers and acquisitions. Longitudinal and time series analyses were employed to observe the performance of the selected banks. Results from the analysis suggest that credit risks showed a better post merger performance, but were statistically insignificant and negatively related with the performance of the selected financial institution pre-merger. Asset profile was found to be significant and positively related with post-merger in relation to the performance of the selected financial institutions, but it was insignificant and negatively related to the financial performance of the selected firms pre-merger. Capital structure of the selected firms was found to be significant and positively related to the performance of the firms’ pre-merger, but insignificant and negatively related to the performance of the firms post-merger. Liquidity of the firms indicated a significant and positive relationship with the performance of the banks pre-merger. However, post merger result indicates that, there was no significant and positive relationship between the liquidity of the firms and financial performance post-merger. The size of the selected banks indicated a significant relationship with their performance in both the pre-merger and post-merger periods. The cost control variable indicated a statistically significant and negative relationship with the performance of the banks post-merger period, but showed no significant relationship with performance of the banks in the pre-merger period. Finally, the results indicate that mergers and acquisitions can have significant impact on the performance of the selected financial institutions in Nigeria.

scholarly journals Evaluating the Impact of Corporate Governance on Firm Performance Using Board Index

2016 ◽  
Author(s):  
Basil Okoth ◽  
Metin Coşkun
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Positive Relationship ◽  
Stock Exchange ◽  
Negative Relationship ◽  
Vital Role ◽  
Outside Directors ◽  
General Business ◽  
The Impact

In 2013, the CMA at the İstanbul Stock Exchange increased the weight assigned to the Board of Directors component of its Corporate Governance Index to 35% from the previous 25%. Interpreting this as a recognition of the increasing vital role of the board, this study seeks to enhance the work of Abdıoğlu and Kılıç (2015) by putting more focus on the role of women in the boards and the effect of the busy chairman as well as the presence of outside directors on the effectivity of the Board. (The general business structure is associated with family owned groups and holdings which results into a network of intertwined board membership and cases of multiple directorship where, one board chairman can hold the same position or any directorship in as many as ten firmshence the busy chairman). I employ a different method of evaluating performance (EVA) together with the accounting measures of ROE and ROA (as opposed to the overused Tobin’s Q), which I regress against the Board Index to be created. The focus is on firms on the BIST 100 index (excluding financial) between 2009 and 2013. The results reveal that the BINDEX has a significant and positive relationship with firm performance as measured by EVA. A second model reveals no relationship between the BINDEX and firm ROA, similar to the results of Kiliç and Abdioğlu (2015). ROA however has a positive relationship with the proportion of female directors in the board, as earlier reported by LückerathRovers (2013). Another model using ROE as the proxy for performance registers a significant negative relationship with the index. The contradiction obtained in the results from these three models underscore the importance choosing the right methods when estimating the performance of a firm.

scholarly journals The Effects of Market Competition, Capital Structure, and CEO Duality on Firm Performance: A Mediation Analysis by Incorporating the GMM Model Technique

2020 ◽  
Vol 12 (8) ◽  
pp. 3480 ◽  
Author(s):  
Riaqa Mubeen ◽  
Dongping Han ◽  
Jaffar Abbas ◽  
Iftikhar Hussain
Keyword(s):  
Firm Performance ◽  
Capital Structure ◽  
Positive Relationship ◽  
Market Competition ◽  
Generalized Method Of Moments ◽  
Negative Relationship ◽  
Ceo Duality ◽  
The Impact ◽  
The Relationship ◽  
Model Technique

This current study is one of the few investigations to conduct a focalized examination of the relationship between CEO duality and firm performance; however, this relationship seems to be imprecise due to the impact of the invention mechanism. This study explores the effect of CEO duality to achieve firm performance through the mediating effects of capital structure and market competition, which is an innovative model. The study incorporated the generalized method of moments (GMM) model to examine the proposed association of the CEO duality and firm performance, and the findings specified a negative relationship between CEO duality and firm performance. The results indicated that capital structure partially mediated the association between CEO duality and firm performance. The results also showed that market competition fully mediated this linkage between CEO duality and firm performance, which in turn specified a significant positive relationship with market competition, which mediated a positive relationship. By incorporating these mediators, the results determined that CEO duality reduces firm performance through the capital structure; however, it enhances firm performance by stimulating market competition.

scholarly journals The Influence Of Company Size, Profitability And Growth Opportunities On Capital Structure

2020 ◽  
Vol 7 (2) ◽  
pp. 162-172
Author(s):  
Yesi Fitri Yuwanita ◽  
Desi Ilona ◽  
Selvi Yona Sari
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Listed Company ◽  
Control Variable ◽  
Secondary Data ◽  
Sampling Technique ◽  
Company Size ◽  
Panel Data Regression ◽  
Growth Opportunity ◽  
The Capital Structure

The purpose of this study is to determine the effect of company size, profitability and growth opportunity on capital structure. The research object used was a publicly listed company listed on the Indonesia Stock Exchange in 2016-2018. This study uses a random sampling technique in determining research samples. The number of companies selected as samples in this study were 363 companies from 656 publicly listed companies listed on the Indonesia Stock Exchange. The data source used in this study is secondary data. The data analysis method used in this study is panel data regression analysis. The results of this study indicate that simultaneously the size of the company (Size), profitability (ROA) and growth opportunity (GO) with liquidity (CR) as a control variable has a significant effect on capital structure. The size of the company (Size) and growth opportunity (GO) does not significantly influence the capital structure (DER), and profitability (ROA) has a negative and significant effect on the Capital Structure (DER). While liquidity (CR) has a negative and significant effect.

scholarly journals Analisis Empiris Faktor Determinan Struktur Modal Perusahaan Infrastruktur Indonesia

2020 ◽  
Vol 10 (3) ◽  
pp. 147-158
Author(s):  
Alexandra Christivera ◽  
Desya Gunawan ◽  
Donna Jovita Fendi
Keyword(s):  
Capital Structure ◽  
Negative Relationship ◽  
Order Theory ◽  
Multiple Regression Model ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Firm Financial Performance ◽  
Asset Turnover ◽  
State Expenditure ◽  
The Impact

The Infrastructure Industry has become the focus of the state expenditure budget during the Joko Widodo-Jusuf Kalla presidency. This is due to the importance of infrastructure in assisting the sustainability of a country's development, but the fact is that government funds as a source of infrastructure funds are delayed when the company has acquired a new project resulting in the use of debt in infrastructure companies as a capital structure to run the new project. The study identifies examination on the impact of capital structure determinants on firm financial performance of Indonesia’s Infrastructure Companies listed over the period of 2014-2018. Determination of the number of samples in this study using non-probability sampling, specifically purposive sampling method. The study uses one capital structure measures (Leverage) as dependent variable and four performance measures (including company’s size, the tangibility of asset, liquidity, and asset turnover) as independent variables and proceed using multiple regression model. The result indicates that liquidity has a significantly negative relationship to leverage, meanwhile company’s size, the tangibility of asset, and asset turnover are not significantly related to the level of debt in infrastructure companies in Indonesia, however, it goes along with the way of thinking in the Pecking Order Theory.

scholarly journals Contributing Factors of Capital Structure: A Case of Non-Financial Companies Listed at KSE 100

2018 ◽  
Vol 4 (2) ◽  
pp. 127-133
Author(s):  
Lala Rukh ◽  
Sangeen Khan ◽  
Hazrat Bilal
Keyword(s):  
Capital Structure ◽  
Positive Relationship ◽  
Stock Exchange ◽  
Negative Relationship ◽  
Hierarchy Theory ◽  
Contributing Factors ◽  
Leverage Ratio ◽  
Time Period ◽  
Relationship Of ◽  
The Capital Structure

The current study has taken the firms listed on KSE (Karachi Stock Exchange) now called Pakistan stock exchange. The data for the said purpose is collected for five years of time period from 2005 to 2010. The results obtained demonstrate that all the selected variables under study shows a highly significant impact on the determinants of capital structure except the tangibility of the asset.  The insignificant relationship of tangibility with the capital structure supports the financing hierarchy theory.  While the Growth, Size and profitability shows a significant and negative relationship with leverage. The negative relationship of growth shows that higher the growth of the firms lower will be the leverage maintained by the firm. Similarly, firms with smaller size show that such firms prefer high leverage as compared to firms of larger size. The results reveal that higher the profitability of the firm lower will be the leverage ratio. While the positive relationship of the volatility of the earnings states that firms with higher risks has high leverage ratio. Overall a detailed description and impact of the different variables on leverage is provided in the current study.

scholarly journals Earnings Management to Avoid Financial Distress and Improve Profitability: Evidence from Jordan

2018 ◽  
Vol 11 (2) ◽  
pp. 222 ◽  
Author(s):  
Mohammad M. Humeedat
Keyword(s):  
Earnings Management ◽  
Financial Distress ◽  
Positive Relationship ◽  
Stock Exchange ◽  
Control Variable ◽  
Negative Relationship ◽  
Discretionary Accruals ◽  
Cross Sectional ◽  
Entire Study ◽  
Equity Ratio

Due to unstable economic and political conditions, many companies in the Middle East are undergoing various financial distress and decline in profitability. This paper examines the role of earnings management to avoid financial distress and improve profitability in 58 industrial corporations listed on Amman Stock Exchange for a period of 2011 to 2016, which constitutes 89% of the whole population. The total number of observations is 413 for the entire study period. The study uses a cross-sectional Jones model that was modified by (Kothari, Leone, and Wasley, 2005); to measuring discretionary accruals that used as a proxy for earnings management.The empirical results indicate that earning management is not affected by the Altman’s Z-score index, but it has a positive relationship with debt to equity ratio. This study also shows a positive relationship between earnings per share, returns on equity, and earnings management. Regarding the control variable, we found a negative relationship between cash flow from operation and discretionary accruals.

scholarly journals Foreign Exchange Exposure and Hedging of Turkish Companies: Panel Data Evidence

2016 ◽  
Vol 9 (6) ◽  
pp. 44
Author(s):  
Mahmut Erdogan
Keyword(s):  
Panel Data ◽  
Foreign Exchange ◽  
Positive Relationship ◽  
Negative Relationship ◽  
Empirical Support ◽  
Turnover Ratio ◽  
Time Horizons ◽  
Short Run ◽  
Asset Turnover ◽  
Foreign Exchange Exposure

<p>This study investigates the foreign exchange exposure and determinants of risk for different time horizons of Turkish companies from 1997 to 2011. In order to analyze the effect of the 2001 crisis, the study is split into two sub-periods: pre-crisis, and post-crisis. The empirical findings of the study suggest a negative relationship between exposure and asset turnover ratio, and profit margin, while there was a positive relationship between exposure and leverage. The study also provides empirical support for the fact that the companies with a higher export rate are exposed to higher risk. Finally, large companies are subject to less risk in the short run.</p>

scholarly journals Estructura de capital, concentración de propiedad y política de dividendos como factores determinantes de problemas de agencia en empresas chilenas

2020 ◽  
Vol 22 (1) ◽  
Author(s):  
Roberto Vallejos Villa
Keyword(s):  
Capital Structure ◽  
Agency Costs ◽  
Positive Relationship ◽  
High Growth ◽  
Managerial Discretion ◽  
Short Term ◽  
Linear Effect ◽  
Management Efficiency ◽  
Turnover Ratio ◽  
Asset Turnover

The objective of this paper is to analyze the capital structure, the concentration of property and the policy of dividends as determinants of the problems of agency in Chilean companies. As a measure of agency costs, the asset turnover ratio was used as a benchmark for management efficiency in the use of the company's assets, which is an inverse measure of agency costs. The results show that a higher level of indebtedness seems to favor the discretional behavior of managers. However, there is also evidence that when the debt is a short-term debt, the divergence of interest decreases between shareholders and managers. The concentration of property on the other hand has a non-linear effect on the costs of agency, which means that, first, it acts as a mechanism to attenuate managerial discretion, but when it reaches a certain level, an effect of expropriation of major shareholders over minor shareholders seems to be produced. In relation to the dividend policy, a positive relationship is observed with efficiency in the use of assets, mainly in the presence of high growth opportunities.

scholarly journals PENGARUH KEBIJAKAN DIVIDEN, LIKUIDITAS, TANGIBILITY, ASSET TURNOVER, DAN COMPANY GROWTH TERHADAP STRUKTUR MODAL

2020 ◽  
Author(s):  
Mirnawati Ratuloly ◽  
Anita Wijayanti ◽  
Purnama Siddi
Keyword(s):  
Social Sciences ◽  
Capital Structure ◽  
Sampling Method ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Asset Turnover ◽  
Company Growth ◽  
The Capital Structure

Capital structure is the ratio between debt (foreign capital) and own capital (equity). There are several factors that affect capital structure such as dividend policy, liquidity, tangibility, asset turnover and company growth. This study aims to determine the effect of dividend policy, liquidity, tangibility, asset turnover and company growth on capital structure. In this study, the sampling method was carried out using purposive sampling and obtained as many as 14 companies in the consumer goods industry sector which were listed on the Indonesia Stock Exchange during 2015-2018. Thus the amount of data observed in this study amounted to 56 data. Data in this study were analyzed using Statistical Package for Social Sciences (SPSS) 22 with multiple linear regression analysis methods. The results of this study indicate that liquidity and asset turnover affect the capital structure while the dividend policy, tangibility and company growth do not affect the capital structure.

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