scholarly journals ANALISIS STRUKTUR MODAL YANG OPTIMAL PADA PT. TELEKOMUNIKASI INDONESIA, Tbk PERIODE 2004-2008

2017 ◽  
Vol 6 (2) ◽  
Author(s):  
Arnold Japutra ◽  
Winda Wijaya
Keyword(s):  
Decision Making ◽  
Capital Structure ◽  
Average Cost ◽  
Cost Of Capital ◽  
Weighted Average ◽  
Return On Equity ◽  
Optimal Capital Structure ◽  
Optimal Capital ◽  
A Company ◽  
The Capital Structure

<p>Capital structure is one of the most important elements in a company. Decision-making errors in the capital structure may cause a very big impact and it can force the company into bankruptcy. Therefore, in order to continue operating, a company should have an optimal capital structure. Optimal capital structure is achieved at the lowest cost level and the highest level return on equity. The research objective is to measure the financial performance of PT Telekomunikasi Indonesia, Tbk by analyzing the composition of capital structure, ACC, ROE, and whether the capital structure by the years 2004-2008 were optimal or not. From the results of the research, capital structure of PT Telekomonikasi Indonesia, Tbk during the years 2004 -2008 showed an optimal capital structure. The result can be seen as the ROE produced by the company is bigger compared to Weighted Average Cost of Capital (WACC) for each period.</p><p>Key words : Capital structure, return on equity, Weighted Average Cost of Capital</p>

scholarly journals Analisis Struktur Modal dan Laba pada Perusahaan Umum Air Minum Daerah (Perumda) Tirta Mangkaluku Kota Palopo Tahun 2016 - 2020

2021 ◽  
Vol 4 (2) ◽  
pp. 234
Author(s):  
Renaldi Renaldi ◽  
Suryati Suryati
Keyword(s):  
Capital Structure ◽  
Financial Performance ◽  
Average Cost ◽  
Cost Of Capital ◽  
Weighted Average ◽  
Profit Rate ◽  
Return On Equity ◽  
The Impact ◽  
The Capital Structure

AbstrakStruktur modal dikatakan optimal bilamana dapat meminimumkan biaya modal rata-rata tertimbang (Weighted Avarage Cost of Capital) dan memaksimumkan Return On Equity (ROE). Disamping itu akan tergambar apakah struktur modal tersebut menghasilkan Lavarage yang positif yaitu suatu kondisi dimana Rentabilitas Ekonomi lebih besar dari biaya modal rata-rata tertimbang. Penelitian yang dilakukan pada Perusahaan Umum Air Minum Daerah Tirta Mangkaluku Kota Palopo untuk menganalisis pengaruh struktur modal terhadap biaya modal yang ditimbulkan, menganalisis berapa besar proporsi modal pinjaman jangka panjang pada beberapa alternatif struktur modal (2016 – 2020) dan menganalisis tingkat laba yang diperoleh perusahaan pada setiap alternatif struktur modal tersebut. Hasil penelitian menunjukkan bahwa struktur modal pada perusahaan ini khususnya tahun 2019 dan 2020, sudah optimal dimana Return On Equity (ROE) setelah hutang jangka panjang adalah 1,45% (2019) dan 1,60% (2020) yang lebih besar dari biaya modal rata-rata tertimbang yaitu 0,50% (2019) dan 0,37% (2020). Selain hal diatas, Struktur modal tersebut juga telah menghasilkan Leverage positif dimana secara rata-rata Rentabilitas Ekonomi diangka 1,52% jauh lebih besar dari rata-rata biaya modal rata-rata tertimbang yaitu sebesar 0,60%. Dengan mempertahankan komposisi struktur modal yang ada atau mengembangkan pada komposisi yang lebih baik, maka semakin menjamin kontribusi dari laba Perusahaan Umum Air Minum Daerah Tirta Mangkaluku kepada Pendapatan Asli Daerah (PAD) kota Palopo. Kata Kunci : Biaya Modal, Kinerja Keuangan, Struktur ModalAbstractThe optimization of capital Structure can happen if there's a condition where the Weighted Average Cost of Capital can be minimized and the Return of Equity (ROE) is maximized. The result will tell whether the capital structure can bring out the positive leverage or not. The positive leverage is a condition where economic rentability is bigger than the Weighted Average Cost of Capital. The purpose of the research on Mangkaluku Municipal Waterwork in Palopo City are to analyze the impact of capital structure toward the capital cost, to analyze the proportion of long-term capital loan on some alternatives of capital structure from 2016 to 2020 and to analyze the profit rate that is gained by the company on those alternatives of capital structure. The result of this study is showing that the capital structure rate of this company, especially in 2019 until 2020 shows the optimization of Return of equity (ROE) in this company after the long-term debt. The Return of Equity (ROE) in 2019 and 2020 reached 1,45% and 1,60%. The number is bigger than the Weighted Average Cost of Capital  as much of 0,50% in 2019 and 0,37% in 2020. Besides, that structure modal has resulted in positive levarage, where the average of economic rentability is 1,52%, which is 0,60% bigger than the Weighted Average Cost of Capital. By maintaining the existing modal structure composition or to develop the better composition, it will secure the profit contribution in the company of Mangkaluku Municipal Waterpark toward the locally-generated revenue of Palopo City. Keyword: Capital Structure Analisys, Cost of Capital, Financial Performance

scholarly journals Optimization of capital structure as a tool for managing the value of dairy enterprises

2021 ◽  
pp. 111-124
Author(s):  
O.M. Varchenko ◽  
I. Artіmonova ◽  
N. Kholodenko
Keyword(s):  
Capital Structure ◽  
Financial Management ◽  
Average Cost ◽  
Financial Stability ◽  
Cost Of Capital ◽  
Weighted Average ◽  
Market Value ◽  
Business Entities ◽  
Retained Earnings ◽  
The Capital Structure

The article is devoted to the study of methodological and practical approaches to optimizing the capital structure as a tool for managing the value of dairy enterprises. It is established that the most common and suitable for research in the context of optimizing the capital structure are two theories: compromise and the theory of the hierarchy of funding sources. It is argued that compromise models are not designed to accurately determine the optimal capital structure of the enterprise, but allow that the owners from the standpoint of risk is most advantageous to rank sources of funding as follows: retained earnings; debt sources; equity instruments, shares. It is proved that only in the complex use of approaches of foreign theories of capital structure optimization and developments of domestic scientists taking into account the environment of business entities it is possible to develop effective tools for maximizing the market value of the enterprise, minimizing the average market value of capital and risk of financial stability. The calculation of the integrated indicator of financial stability is offered, which allows to determine the level of the financial stability reserve, which allows to take into account the industry specifics and to carry out current monitoring of financial stability at the enterprise. It is substantiated that one of the methods of quantitative assessment of capital structure and substantiation of its optimal structure is the method of capital expenditures. It is argued that the estimated weighted average cost of capital varies in a fairly narrow range, is one of the key factors in the value of business, and achieving a minimum level of such a barrier rate increases the company's ability to make effective investments. It is established that determining the optimal financial structure of capital is one of the most difficult problems of financial management of dairy enterprises. It was found that the management of the formation and use of capital of dairy enterprises is focused on meeting the needs of sources of financing of their economic activities, and to achieve a balanced structure of sources of financing of capital by economic entities is possible only on the basis of optimization criteria. It is proved that the calculation of the weighted average cost of capital based on the capital assets model (CAPM) should be used provided reliable information on intra-industry indicators, in a developed stock market and the turnover of shares in the securities market. Key words: capital structure. cost of capital, cost management, dairy enterprises.

scholarly journals USING THE CONCEPT OF TRANSACTION COSTS IN CAPITAL STRUCTURE MANAGEMENT

2020 ◽  
pp. 71-75
Author(s):  
Svetlana Viktorovna Lepeshkina
Keyword(s):  
Decision Making ◽  
Capital Structure ◽  
Transaction Costs ◽  
Average Cost ◽  
Cost Of Capital ◽  
Weighted Average ◽  
Point Of View ◽  
Efficiency Assessment ◽  
Modern Period ◽  
The Cost

The article discusses the theoretical aspects of issues related to the assessment of capital, the formation of its structure from the point of view of making management decisions in cost formation on its attraction and maintenance. The concept of “capital” is clarified from the point of view of its formation and subsequent efficiency assessment. The approach to the formation of capital structure concepts of the modern period on the development basis is justified. The method of estimating the cost of capital and the formation of the target capital structure, based on the inclusion of transaction costs in the cost of capital, which allows you to more accurately determine the size of these costs in relation to the amount of equity and more accurately generate the weighted average cost of capital of the organization. The empirical nature of the study allows us to use the proposed method of forming the capital structure in relation to various (individual) conditions of the organization’s functioning, followed by clarification of the parameters of decision-making based on the set goals of the organization’s activities.

Optimization of the Capital Structure of Telecommunications Companies in Russia

2019 ◽  
Vol 7 (3) ◽  
pp. 4-13
Author(s):  
Елена Филонова ◽  
Yelyena Filonova
Keyword(s):  
Capital Structure ◽  
Financial Management ◽  
Weighted Average ◽  
Financial Statements ◽  
Optimal Capital Structure ◽  
Urgent Task ◽  
Optimal Capital ◽  
Telecommunications Market ◽  
Telecommunications Companies ◽  
The Capital Structure

The choice of optimal capital structure is one of the most important tasks solved by financial management and management of any company. This structure allows you to minimize the weighted average cost of capital and increase the value of the company. The study of problems of optimizing the capital structure and identifying ways to solve them is an urgent task of strategic and financial management. This article presents the results of work in the direction of building the optimal capital structure in the strategic group of competitors of the Russian telecommunications market, which include Rostelecom, Mobile TeleSystems, Megafon, Vympel Communications. The initial informational and statistical base of the performed calculations was the materials of the accounting (financial) statements of the selected companies for 2014–2017.

scholarly journals METHODS OF CORPORATE CAPITAL CAPITAL STRUCTURE OPTIMIZATION

2021 ◽  
Vol 298 (5 Part 1) ◽  
pp. 258-263
Author(s):  
Serhiy FROLOV ◽  
◽  
Mariia DYKHA ◽  
Viktoriia DZIUBA ◽  
◽  
...  
Keyword(s):  
Capital Structure ◽  
Initial Conditions ◽  
Weighted Average ◽  
Structure Optimization ◽  
Financial Leverage ◽  
Optimal Capital Structure ◽  
Advantages And Disadvantages ◽  
Optimal Capital ◽  
The Impact ◽  
The Capital Structure

When forming the optimal capital structure, the choice of methods, approaches, tools is important, which is determined by a set of initial conditions, the need to perform the tasks, achieving results / strategic guidelines. The purpose of the article is to systematize scientific approaches to optimize the capital structure, to clarify the impact of factors on the capital structure of the corporation, which will serve as a basis for ensuring the optimal level of capital structure. As a result of the research, the views of scientists on the optimization of capital structure are systematized, the key aspects of the three main approaches to such optimization are singled out and described. The approaches used in determining financial leverage are described. The expediency of determining financial leverage through the ratio of EPS – earnings per share and EBIT – earnings before interest and taxes is substantiated. The most common methods of capital structure optimization are identified: the method of capital expenditures (the method of minimizing the weighted average cost of capital); the method of determining the effect of financial leverage or the method of maximizing the level of financial profitability; method of determining the complex operational and financial leverage; EBIT-EPS valuation method, Du Pont method, operating profit method and adjusted present value method. Their features, advantages and disadvantages of use are described. The factors influencing financial leverage are systematized, the positive or negative influence of each of the determined factors on financial leverage is determined. A matrix of factors that determine the optimal capital structure in terms of the environment (internal or external) and the implementation of financial policy (at the strategic or operational-tactical levels).

scholarly journals CAPITAL STRUCTURE ANALYSIS TO OPTIMIZE THE PROFITABILITY OF MSMES (CASE STUDY ON MSMES HIKMAH IN SIDOARJO, EAST JAVA, INDONESIA)

2019 ◽  
Vol 1 (2) ◽  
pp. 241-250
Author(s):  
Danur Ramadhani ◽  
Agus Sukoco ◽  
Joko Suyono
Keyword(s):  
Capital Structure ◽  
Cost Of Capital ◽  
Weighted Average ◽  
Financial Statements ◽  
Business Owners ◽  
Optimal Capital Structure ◽  
Descriptive Research ◽  
The Cost ◽  
The Capital Structure

This study aims to analyze the capital structure used to optimize profitability in MSME embroidery shoes. This study uses descriptive research with a qualitative approach. The analytical method is used Weighted Average Cost Of Capital (WACC). The techniques of data collection in this research used interview, observation, documentation and triangulation methods. The data that used are financial transaction records and financial statements issued by the company itself. The results showed that UD. Hikmah used the composition of the capital structure consisting of debt of 20%, 80% own capital with a ROE rate of 170%. Optimization results obtained the optimal capital structure composition on the composition of debt 23% and own capital 77%. By generating a level of profitability that can provide a favorable return for business owners, with the highest calculation of ROE that is equal to 173% and the cost of capital to be borne is Rp.18.238.000 every year.

scholarly journals Determinants of Capital Structure across Industries at Jakarta Stock Exchange

2008 ◽  
Vol 1 (1) ◽  
pp. 99-115
Author(s):  
Christina Christina ◽  
Johan Halim
Keyword(s):  
Capital Structure ◽  
Significant Relationship ◽  
Stock Exchange ◽  
Negative Relationship ◽  
Competitive Environment ◽  
Dividend Payout ◽  
Optimal Capital Structure ◽  
Optimal Capital ◽  
A Company ◽  
The Capital Structure

There are several objectives to be accomplished in this study. The main purpose of this research is to determine the nature of capital structure across non-finance industries in Indonesia, whether they prefer to use debt or equity as their source of financing. Subsequently, factors that influenced the capital structure of a company are then identified. In this study, the company’s profitability, size, and dividend payout are considered as those factors that have relationship with leverage. Finally, this research also conducted to examine whether a company’s capital structure decision affects its growth of shares price. In doing so, multiple regression analysis is used in order to determine whether there is relationship between variables tested. The sample of analysis includes 230 companies listed in Jakarta Stock Exchange from all industries, except finance, in 2006. The findings of this research confirm that, first of all, capital structure varies across industries. Each industry would have different decisions regarding its optimal capital structure, depends on several factors. This leads to the second findings, in which it proves that there is negative significant relationship between profitability and leverage, positive significant relationship between company’s size and leverage, and negative relationship between dividend payout and leverage. Finally, this research also verifies that there is no relationship between leverage and company’s growth of shares price, which means that the growth of shares price is not influenced by the company’s capital structure decision. Capital structure decision plays an important role in maximizing the firm’s value. By having the most optimal capital structure, firms might be able to push its cost to the minimum point, which then assist them in dealing with the competitive environment. Consequently, it is important to determine the factors that influence the capital structure of companies.

scholarly journals Levered-Beta and Cost of Capital Sensitivities: An Experimental Investigation in Capital Structure

2021 ◽  
Vol 14 (4) ◽  
pp. 152
Author(s):  
Kudret Topyan
Keyword(s):  
Capital Structure ◽  
Cost Of Capital ◽  
Weighted Average ◽  
Debt Ratio ◽  
Bond Ratings ◽  
Optimal Capital Structure ◽  
Rating Method ◽  
Optimal Capital ◽  
The Cost ◽  
The Impact

Using US firms with over $5b market cap, this paper tests the impact of levered beta on the firm’s market value and optimal capital structure. Using the synthetic rating method in a recursive model, the paper shows the current and optimal weighted average cost of capital sensitivities as the firm’s market risk measured by beta changes. The paper shows that the change in the value of beta due to alternative leverage levels or other risk factors will alter the cost of capital insignificantly and has no impact on the optimal capital structure due to those firms’ extra-strong bond ratings. As a side-benefit of the synthetic rating method, one may also observe the market-level variables’ impacts on the cost of capital computations and the optimal debt ratio. The paper uses Disney Corporation to show how the synthetic rating methodology helps to disclose the sensitivities of hypothetical alternative leverages.

scholarly journals PERANAN STRUKTUR MODAL TERHADAP PROFITABILITAS PADA PERUSAHAAN TEKSTIL YANG TERDAFTAR DI BEI

2017 ◽  
Vol 1 (1) ◽  
pp. 20-39
Author(s):  
Pratikto Aji Prabowo
Keyword(s):  
Capital Structure ◽  
Return On Equity ◽  
Optimal Capital Structure ◽  
Equity Ratio ◽  
Optimal Capital ◽  
Additional Reference ◽  
The Capital Structure

Abstrak. Peranan Struktur Modal terhadap Profitabilitas pada Perusahaan Tekstil yang Terdaftar di BEI. Struktur modal merupakan salah satu keputusan penting manajer keuangan dalam meningkatkan profitabilitas perusahaan. Profitabilitas yaitu tingkat kemampuan perusahaan dalam menghasilkan laba, yang secara teoritis disebut Return On Equity (ROE). Tujuan penelitian ini adalah untuk mengetahui penyebab perusahaan tekstil yang terdaftar di BEI memiliki laba yang rendah dengan angka profitabilitas yang buruk dan menganalisis struktur modal yang optimal agar profitabilitas perusahaan tekstil yang terdaftar di BEI bisa optimal. Jenis penelitian yang digunakan dalam penelitian ini adalah kuantitatif. Hasil penelitian menunjukkan perusahaan yang memiliki rasio struktur modal dengan hasil perbandingan negatif adalah struktur modal pada perusahaan yang mengalami kerugian. Sedangkan struktur modal dengan hasil perbandingan positif adalah struktur modal pada perusahaan yang mengalami laba. Penelitian ini diharapkan bisa memberikan tambahan pengetahuan bagi pembaca mengenai pengaruh Debt to Equity Ratio (DER) terhadap profitabilitas (ROE), serta sebagai tambahan referensi untuk penelitian selanjutnya. Kata Kunci : ekuitas, hutang, profitabilitas Abstract. The Role of Capital Structure on Profitability in Textile Companies Listed on BEI. Capital structure is one of the important decisions of financial managers in improving the profitability of the company. Profitability is the level of a company's ability to generate profits, theoretically called Return On Equity (ROE). The purpose of this study is to determine the causes of textile companies listed on the BEI have a low profit with a poor profitability and analyze the optimal capital structure for profitability of textile companies listed on the BEI can be optimal. The type of research used in this study is quantitative. The results showed that firms that have a ratio of capital structure with the result of negative comparison is the capital structure in companies that suffered losses. While the capital structure with the result of a positive comparison is the capital structure in companies that experience profit. This research is expected to provide additional knowledge for readers about the effect of Debt to Equity Ratio (DER) to profitability (ROE), as well as additional reference for further research. Keywords: Equity, Debt, Profitability

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