scholarly journals FACTOR-FAKTOR PENENTU STRUKTUR MODAL

2020 ◽  
Vol 11 (01) ◽  
Author(s):  
Sawal Sartono ◽  
Tri Ratnawati
Keyword(s):  
Literature Review ◽  
Capital Structure ◽  
Company Size ◽  
Tax Rates ◽  
Firm Age ◽  
Growth Opportunities ◽  
Corporate Tax ◽  
Determining Factors ◽  
Tax Shields ◽  
Size Growth

In this article, a literature review on the determinants of capital structure is presented from research conducted, both in Indonesia and internationally, in recent years.Furthermore, the results of the review will conclude the factors that determine the capitalstructure that generally affects the company's leverage. From the results of the review, itis known that the variables that influence the capital structure are; Corporate tax rates,debt costs, dividend payout ratios, firm age, company size, growth opportunities,liquidity, non-tax shields, profitability, tangibility Keywords: Capital Structure; Leverage; Determining Factors

scholarly journals FAKTOR-FAKTOR PENENTU STRUKTUR MODAL PADA PERUSAHAAN PROPERTY, REAL ESTATE, AND BUILDING CONSTRUCTION YANG TERDAFTAR DI BURSA EFEK INDONESIA

2020 ◽  
Vol 8 (2) ◽  
Author(s):  
Pascasarjana FEB UNTAN Magister Manajemen
Keyword(s):  
Real Estate ◽  
Capital Structure ◽  
Cash Flow ◽  
Free Cash Flow ◽  
Building Construction ◽  
Company Size ◽  
Growth Opportunities ◽  
Tax Shields ◽  
Relationship Of ◽  
The Relationship

This research aims to analyze how much influence the profitability, tangibility, growth opportunities, non-debt tax shields, free cash flow on capital structure with company size as a moderating variable. Data analysis model used in this research is descriptive statistical analysis and inference. The population in this research are property, real estate and building construction companies listed on the Indonesia Stock Exchange during the period of 2013-2017. The samples were selected by using purposive sampling of 45 companies which sample companies collected with the criteria of having financial reports in a row during the research period. The research results show that the variable of profitability, tangibility, free cash flow had a negative and significant effect on capital structure. While the growth opportunity variable has a positive and significant effect on capital structure. Non-debt tax shields have no effect on capital structure. In addition, company size as a moderating variable has a significant effect as moderation between the relationship of tangibility to capital structure and growth opportunities to capital structure, but does not moderate the relationship of profitability to capital structure, non-debt tax shields to capital structure and free cash flow to capital structure.

scholarly journals Factors Explaining Debt Firm Policy: A Comparison between Five Intercontinental Countries

2017 ◽  
Vol 7 (1) ◽  
pp. 285
Author(s):  
Ben Said Hatem
Keyword(s):  
South Africa ◽  
Capital Structure ◽  
Firm Growth ◽  
Debt Ratio ◽  
Firm Age ◽  
Growth Opportunities ◽  
Short Term ◽  
Return On Assets ◽  
Debt Policy

We test the factors explaining the debt policy of firms across five continents. To this end, we examine samples from South Africa, Australia, Brazil, India and Spain over a period of 8 years from 2003 to 2010. The results manipulate differences in debt policy for all countries (except for the variable Return on Assets, ROA). As for the effect of activity sectors on firm debt policy, higher performance led to lower firm debt ratios. Furthermore, we concluded some differences in other variables. Higher tangibility ratios for firms from South Africa, India and Spain led to higher capital structure ratios. Larger firms from Brazil led to lower short term debt ratio. We could not find evidence on the effect of firm growth opportunities in Brazil and India. Furthermore, we concluded to a positive and a statistically significant effect of liquidity ratio for Australia and India, and a positive and a statistically significant effect of firm age for firms from Spain.

scholarly journals STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN

2008 ◽  
Vol 7 (1) ◽  
Author(s):  
Masdar Mas’ud
Keyword(s):  
Capital Structure ◽  
Financial Distress ◽  
Stock Exchange ◽  
Manufacturing Companies ◽  
Company Value ◽  
Growth Opportunity ◽  
Tax Shields ◽  
Manufacturing Company ◽  
Size Growth ◽  
The Capital Structure

The study attempts to analyze the factors of capital structure determiner and its impact on company value. The research aims at examining and analyzing the effect of profitability, size, growth opportunity, asset structure, cost of financial distress, and tax shields effects as the capital structure determiners on the manufacturing companies registered at Indonesia Stock Exchange. The differences between the factors of capital structure determiners (consisting of profitability, size, growth opportunity, asset structure, cost of financial distress, and tax shields effects) and the value of manufacturing companie registered at Indonesia Stock Exchange. The sample includes 59 companies registered at Indonesia Stock Exchange the data analysis instrument employed was Structural Equation Modeling (SEM) and t-test. The results of the research indicate that the factors of capital structure determiners, which have significant effect on capital structures, are profitability, size, growth opportunity, asset structure and cost of financial distress. The exception may be tax shields effects, which do not give significant effect at all on capital structure. The latter becomes evident because the depreciation and amortization rates of the registered Indonesia manufacturing company do not seem significant to contribute to company cash flow so that it stands out of company debt proportion.The factors of capital structure determiners with significant effect on capital structures involve profitability, size, asset structure, and cost of financial distress and tax shields effects. Size and growth opportunity do not have significant effect on the capital structure because manufacturing companies consider financing their investment using equity financing to deal with little financial risk regardless the size of company. It shows that there is a similarity on these factors of capital structure determiner between manufacturing company registered at Indonesia Stock Exchange the insignificantly defferent determiner factors pertain to growth opportunity, asset structure and company value. Meanwhile, the difference also develops between the factors of capital structure determiner in the manufacturing company registered at Indonesia Stock Exchange. The significantly different determiner factors will be profitability, size, cost of financial distress; tax shields effects and capital structure.

scholarly journals Taxes and Capital Structure

2015 ◽  
Vol 50 (3) ◽  
pp. 277-300 ◽  
Author(s):  
Mara Faccio ◽  
Jin Xu
Keyword(s):  
Capital Structure ◽  
Income Taxes ◽  
Personal Income ◽  
Tax Rates ◽  
Personal Income Tax ◽  
Natural Experiments ◽  
Corporate Tax ◽  
Personal Taxes ◽  
Ex Post ◽  
Tax Payers

AbstractWe use nearly 500 shifts in statutory corporate and personal income tax rates as natural experiments to assess the effect of corporate and personal taxes on capital structure. We find both corporate and personal income taxes to be significant determinants of capital structure. Based on ex post observed summary statistics, across Organisation for Economic Co-Operation and Development (OECD) countries, taxes appear to be as important as other traditional variables in explaining capital structure choices. The results are stronger among corporate tax payers, dividend payers, and companies that are more likely to have an individual as the marginal investor.

scholarly journals The impact of capital structure and certain firm specific variables on the value of the firm: Empirical evidence from Kuwait

2015 ◽  
Vol 13 (1) ◽  
pp. 1191-1200
Author(s):  
Ahmad Mohammad Obeid Gharaibeh ◽  
Adel Mohammed Sarea
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Influential Factor ◽  
Annual Reports ◽  
Growth Opportunities ◽  
Data Set ◽  
Explanatory Variables ◽  
Size Growth ◽  
One Year ◽  
The Impact

The main objective of this study is to empirically examine the impact of leverage and certain firm-characteristics that are believed to have significant effects on the decision to use debt and on the value of the firm. The sample is composed of 48 companies listed in the Kuwait Stock Exchange (KSE) representing four different sectors. The study uses actual and historical panel data set obtained from the published annual reports of individual firms in addition to the publications of KSE. The study was accomplished using 8 years of data with a total of 239 observations representing the study period 2006-2013. The study uses descriptive statistics, correlation, and multiple-regression analyses to examine the impact of explanatory variables on the value of the firm. The study findings lead to the conclusion that capital structure (leveraging) is the most influential factor on firm’s value. Business risk, previous year’s value (one-year lagged ROA), dividends payout ratio, size, growth opportunities and liquidity of the firm are found to have significant influence on the firm’s value in Model 1 (where ROA is used as a proxy for the value of the firm). In model 2 (i.e., where ROE is used as a proxy of the firm’s value), the findings reveal that capital structure (leveraging); firm’s size, growth opportunities and liquidity of the firm are significant influential of the firm’s value. The study is valuable to academicians, finance managers, policy makers and other stakeholders as it fills the gap of literature by providing up-to-date evidence of the impact of capital structure and other firm specific variables on the value of the firm in Kuwait.

scholarly journals DETERMINAN STRUKTUR MODAL DAN NILAI PERUSAHAAN PERTAMBANGAN PASCA UU NOMOR 4 TAHUN 2009

2017 ◽  
Vol 19 (1) ◽  
pp. 23
Author(s):  
Sumani Sumani
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Empirical Studies ◽  
Institutional Ownership ◽  
Negative Influence ◽  
Managerial Ownership ◽  
Company Size ◽  
Mining Companies ◽  
Size Growth ◽  
The Capital Structure

The aim of research is to know the effect of profitability, company size, growth, business risks, managerial ownership and institutional ownership on the capital structure as well as the influence of capital structure to value mining companies after the implementation of Law No. 4 of 2009 on Mineral and coal's Mining. The research carried out to test the hypothesis based on theoretical and empirical studies. The study population is a mining company listed on the Indonesia Stock Exchange, with a population of 36 company members. The sampling method was using purposive sampling techniques and acquired 11 companies in the study period of six years, from 2009 to 2014. Multiple and simple regression analysis techniques were used according to the research objectives to be achieved. Regression models of this study were not violation classic assumption which includes multicollinearity, autocorrelation and heteroscedasticity. Hypothesis testing results showed the variables of profitability, business risk, managerial ownership and institutional ownership have negative effect on the mining company's capital structure.  However, company size, growth and asset structure not significant on the capital structure. On the other side, Capital structure significantly negative influence to the value of mining companies after the implementation of Law No. 4 of 2009.

scholarly journals Studi Eksistensi Dynamic Trade-Off Capital Structure Pada Perusahaan Non-Finansial Di BEI Periode 2002-2009

2016 ◽  
Vol 5 (3) ◽  
Author(s):  
Leo Atansil
Keyword(s):  
Capital Structure ◽  
Research Finding ◽  
Stock Exchange ◽  
Research Use ◽  
Trade Off ◽  
Tax Shields ◽  
Size Growth ◽  
Negative Effect ◽  
Operating Risk ◽  
Financial Company

This research aims to analyze the factors which affect capital structure and also discover the existence of dynamic trade-off capital structure. Variables which use are profitability, tangibility, size, growth, non-debt tax shields, and operating risk. This research use quantitative approach by using multiple linier regression. This research use samples in the form of non-financial company which are listed in Indonesian Stock Exchange on 2002-2009. Final samples which are utilized in this research are equal to 375 observation. Research finding indicates that profitability, tangibility, and size doesn’t affect significantly to capital structure. Growth, non-debt tax shields, and operating risk give significantly negative effect to capital structure. This research also finds that the company doing adjustment exceeds the level required to achieve the optimum debt (over-adjustment) so that the company’s capital structure are not optimum.

The nexus between capital structure and firm-specific factors: evidence from Indian companies

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mohit Pathak ◽  
Arti Chandani
Keyword(s):  
Capital Structure ◽  
Least Square ◽  
Growth Potential ◽  
Company Size ◽  
Content Type ◽  
Ordinary Least Square ◽  
Financing Decisions ◽  
Size Growth ◽  
Specific Factors ◽  
The Capital Structure

PurposeThe aim of this study is to empirically examine firm-specific factors that influence the financing decisions of companies listed on BSE-500 index. Firm-specific variables such as profitability, company size, growth potential, liquidity, non-debt tax shields, age and tangibility were evaluated in this study.Design/methodology/approachThis empirical research is performed using longitudinal data of 366 companies listed on the BSE 500 index during 2006–2020. Pooled ordinary least square method is employed to classify primary determinants of capital structure.FindingsThe results show that profitability, liquidity and non-debt tax shield are negatively associated whereas, company size, growth potential, age and tangibility are positively associated with the capital structure. The authors’ observations are aligned with either the trade-off hypothesis or the principle of the pecking order.Research limitations/implicationsThis study helps to better understand how firm-specific factors play a vital part in deciding the capital structure of businesses and makes a significant contribution to the literature. Thus, the present study examines the drivers of the capital structure among sample Indian companies, which allow firm managers and regulators to recognise relevant variables that optimise performance. This study is limited to Indian companies and only firm-specific variables were considered.Originality/valueThe current research focuses on the impact of firm-specific variables upon the financing decisions of Indian companies. In the background of developed countries, numerous studies in this field have been carried out. In the Indian context, however, there are not many researches in this area. However, the existing studies use one or two ordinary least square (OLS) models, resulting in a lack of thorough research and robust results. To address this gap in the analysis, the current study used four models and used a 15-year time frame, as well as a bigger sample size, which was not used in earlier investigations.

Tax Clienteles and Debt Maturity

2000 ◽  
Vol 22 (2) ◽  
pp. 22-39 ◽  
Author(s):  
Elaine Harwood ◽  
Gil B. Manzon
Keyword(s):  
Capital Structure ◽  
Debt Maturity ◽  
Tax Rates ◽  
Short Term ◽  
Maturity Structure ◽  
Tax Shields ◽  
Marginal Tax Rates ◽  
Outstanding Debt ◽  
Larger Sample

We examine the proposition that the expected value of future interest tax shields affects firms' preferences for long-term vs. short-term debt. We extend prior work that has focused on incremental debt issuances (Newberry and Novack 1999; Guedes and Opler 1996) by examining the maturity structure reflected in the portfolio of firms' outstanding debt at year-end. Thus, our study tests a wider range of capital structure activities and includes a much larger sample of firms than examined in prior studies. Our results indicate that firms with high marginal tax rates use more long-term debt than do firms with low marginal tax rates. These findings are consistent with the existence of tax clienteles for financing with debt of different maturities.

scholarly journals Faktor-Faktor Yang Mempengaruhi Struktur Modal Pada Perusahaan Real Estate Dan Property Yang Terdaftar Di Bursa Efek Indonesia (BEI)

2018 ◽  
Author(s):  
Syska Sulistyowatie
Keyword(s):  
Growth Rate ◽  
Real Estate ◽  
Capital Structure ◽  
Stock Exchange ◽  
Managerial Ownership ◽  
Growth Opportunities ◽  
Current Ratio ◽  
Size Growth ◽  
Equity Ratio ◽  
The Capital Structure

This empirical study was aimed to determine the effect of Asset Structure, Profitability (ROA), Liquidity (Current Ratio), Company Size, Growth Rate, Growth Opportunities, Managerial Ownership, and Business Risk on Capital Structure of Real Estate and Property Company listed on the Indonesia Stock Exchange (BEI).Based on the results of data analysis, hypothesis testing indicated that all of the variables including Asset Structure, Profitability (ROA), Liquidity (Current Ratio), Company Size, Growth Rate, Growth Opportunities, Managerial Ownership, and Business Risk simultaneously influenced the Capital Structure of Real Estate and Property Company listed on the Indonesia Stock Exchange (BEI) with p-value of F test 0.000. The test result partially showed that asset structure variables, firm size, and growth opportunities gave positive and significant effect on the Capital Structure (Debt to Equity Ratio), Variable Profitability (ROA), Liquidity (Current Ratio), Growth Rate, Managerial Ownership and Risk Business did not affect the Capital Structure (Debt to Equity Ratio). Based on the coefficient determination testing, it can be seen that the proportion of all variables contribution on Capital Structure was 8.9 %.

Sign in / Sign up

Export Citation Format

Share Document