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 %.

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.

Financial Leverage and its Determinants: Evidence from Indian Cement Industry

2015 ◽  
Vol 7 (1) ◽  
Author(s):  
Anupam De ◽  
Arindam Banerjee
Keyword(s):  
Growth Rate ◽  
Capital Structure ◽  
Firm Growth ◽  
Stock Exchange ◽  
Debt Service ◽  
Cement Industry ◽  
Business Risk ◽  
Service Capacity ◽  
Independent Variables ◽  
The Capital Structure

In this study an attempt has been made to examine the determinants of capital structure in companies belonging to the Cement Industry of India. The companies listed in the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) has been used for the study. The study has been conducted for the period from 1999-2000 to 2010-2011. To study the influence of various independent variables on the capital structure, Multiple Regression Analysis has been carried out taking the ratio of average total debt to average total assets as dependent variable and seven variables, which might have some impact on the capital structure, as independent variables. These seven variables are namely business risk, size of the firm, growth rate, debt service capacity, degree of operating leverage, dividend payout, and earning rate. It is observed from the study that size of the firm, debt service capacity, business risk and growth rate are statistically significant to have an influence in taking capital structure related decisions and considered as determinants of capital structure of the listed companies belonging to the Indian Cement

ANALISIS PENGARUH STRUKTUR MODAL, UKURAN PERUSAHAAN, AGENCY COST, LIKUIDITAS TERHADAP KINERJA PADA PERUSAHAAN PERBANKAN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2015-2019

2021 ◽  
Vol 5 (1) ◽  
Author(s):  
Mia Audina
Keyword(s):  
Capital Structure ◽  
Banking Sector ◽  
Stock Exchange ◽  
Agency Cost ◽  
Statistical Test ◽  
Company Size ◽  
Company Performance ◽  
Current Ratio ◽  
Independent Variables ◽  
Equity Ratio

This study aims to examine the effect of capital structure, firm size, agency cost and liquidity on company performance. Researchers found differences in results between previous studies which are strong reasons why this research is feasible. The sample includes 8 banking sector companies listed on the Indonesia Stock Exchange (BEI) for the period 2015-2019. In this study, capital structure is proxied by using the Debt to Equity Ratio (DER), company size is proxied by using (Size), agency cost is proxied by using Free Cash Flaw (FCF), and liquidity is proxied by the current ratio. The method of analysis in this research is descriptive statistical test, classical assumption test and multiple regression analysis using the SPSS application. The results showed that the independent variables, namely capital structure, agency cost have a positive and significant effect on company performance, while the independent variables, namely company size and liquidity, have a negative and significant effect on company performance. Keywords : Struktur modal,ukuran perusahaan, agency cost, likuiditas, kinerja perusahaan.

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 PENGARUH PENERAPAN GOOD CORPORATE GOVERNANCE TERHADAP STRUKTUR MODAL PERUSAHAAN GO PUBLIC YANG TERCATAT DI BURSA EFEK INDONESIA

2013 ◽  
Vol 4 (1) ◽  
Author(s):  
ERIKA SEPTIANTY
Keyword(s):  
Corporate Governance ◽  
Capital Structure ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Executive Directors ◽  
Control Variables ◽  
Good Corporate Governance ◽  
Equity Ratio ◽  
A Company

<p>Good Corporate Governance (GCG) is increasingly popular. but has a very important meaning in the system of corporate governance and managerial aspects, and investing in a good organization profit organization and this research uses its capital structure as measured by the debt-equity ratio as the dependent variable, while institutional ownership and managerial ownership as well as company size and profitability as the independent variable and three control variables. Control variables are variables that are controlled or held constant so that the effect o outside factors.  Control variables used in the study include the Board of Directors, non-executive directors, and chair duality. Research is underway to find empirical evidence of the influence of the implementation of Good Corporate governanve the company's capital structure. The population used in this study is a company listed on the Indonesia Stock Exchange, while the sample is a company in the implementation of corporate governance ranking by IICG during the period 2005-2011. From the results of testing the hypothesis, suggesting that the effect of corporate governance is proxied by managerial ownership, institutional ownership and firm size has no influence not have any impact on capital structure. The research proves that the variables have an influence on the profitability of capital structure. In general, the results of this study indicate that companies listed on the Stock Exchange has not fully considering the use of corporate governance in determining capital structure.</p> <p>Keyword:        Managerial Ownership, Institutional Ownership, Profitability, Firm Size, Good Corporate Governance, Capital Structure.</p> <p> </p> <p><strong> </strong></p> <p><strong>ABSTRAK</strong></p> <p><em>Good Corporate Governance </em>(GCG) semakin populer. namun mempunyai arti yang sangat penting dalam sistem tata kelola perusahaan maupun dalam aspek manajerial dan investasi dalam suatu organisasi baik organisasi laba dan nonlaba.Penelitian ini menggunakan struktur modal yang diukur dengan <em>debt-equity ratio</em> sebagai variabel dependen, sedangkan kepemilikan institusional dan kepemilikan manajerial, serta ukuran perusahaan dan profitabilitas sebagai variabel independen dan tiga variabel kontrol.  Variabel kontrol merupakan variabel yang dikendalikan atau dibuat konstan sehingga pengaruh variabel independen terhadap variabel dependen tidak dipengaruhi oleh faktor luar yang tidak diteliti.  Variabel kontrol yang digunakan dalam penelitian antara lain Dewan Direksi, <em>non-executive directors</em>, dan<em> chair duality</em>. Penelitian ini dilakukan untuk menemukan bukti empris adanya pengaruh penerapan <em>Good Corporate governanve</em> terhadap struktur modal perusahaan. Populasi yang digunakan dalam penelitian ini adalah perusahaan yang terdaftar di Bursa Efek Indonesia, sedangkan sampel adalah perusahaan yang masuk dalam pemeringkatan penerapan <em>corporate governance </em>yang dilakukan oleh IICG selama periode 2005-2011. Dari hasil pengujian hipotesis, menunjukkan bahwa pengaruh <em>corporate governance</em> yang diproksikan oleh kepemilikan manajerial, kepemilikan institusional dan ukuran perusahaan tidak mempunyai pengaruh terhadap struktur modal.  Hasil penelitian membuktikan bahwa variabel profitabilitas mempunyai pengaruh terhadap struktur modal.Secara umum hasil penelitian ini menunjukkan bahwa perusahaan yang terdaftar di BEI belum sepenuhnya memperhatikan penggunaan corporate governance dalam menentukan kebijakan struktur modalnya,</p> <p>kata kunci: <em>good corporate governanve</em>, kepemilikan manajerial, kepemilikan institusional, profitabilitas, ukuran perusahaan, struktur modal</p>

scholarly journals Determinants of Capital Structure Using Profitability as Moderating in Indonesia’s Property and Real Estate Firms

2021 ◽  
Vol 8 (2) ◽  
pp. 73-88
Author(s):  
Cecilia Anggie O. Tamba ◽  
Purwanto Purwanto
Keyword(s):  
Real Estate ◽  
Capital Structure ◽  
Firm Size ◽  
Quantitative Research ◽  
Stock Exchange ◽  
Financial Statement ◽  
Observation Data ◽  
Sales Growth ◽  
Business Risk ◽  
Equity Ratio

The research aim is to examine determinant factors of Indonesia's property and real estate firms capital structure listed in the Indonesia Stock Exchange. This is a quantitative research which taken 72 observation data from 12 companies audited financial statement and fulfilled certain criteria. Processing through classical assumption tests and multivariate analysis with the help of the EViews 10 software instrument. The results show that tangibility assets, business risk, and firm size have a significant influence on capital structure partially, but sales growth and liquidity have insignificant. The determination coefficient is 42.83%  and the proportion is included in the strong criteria. Profitability as a moderating variable weakens the effect of business risk but strengthens the effect of firm size on the debt to equity ratio, further determining the company's ability to pay off its debt which is of great concern to investors and creditors. Furthermore, as a consideration for choosing the composition of a good funding decision in Indonesia.

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 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.

FAKTOR-FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL PADA PERUSAHAAN SUBSEKTOR PROPERTY DAN REAL ESTATE YANG TERDAFTAR DI BURSA EFEK INDONESIA

2018 ◽  
Vol 3 (3) ◽  
pp. 423-430
Author(s):  
Siti Ruhana Dara ◽  
Mariah Mariah
Keyword(s):  
Regression Analysis ◽  
Real Estate ◽  
Capital Structure ◽  
Firm Size ◽  
Stock Exchange ◽  
Company Size ◽  
Structure Variable ◽  
Size Variable ◽  
The Capital Structure

The purpose of this study is to examines the antesedents of capital structure. The object is 42 companies in the property and real estate sub-sectors listed on the Indonesia Stock Exchange (IDX) in 2015-2017 periods. Regression analysis was used to test the hypothesis. The results showed that the firm size variable had a significant effect on the capital structure, the profitability variable had a significant effect on the capital structure while the asset structure variable had no effect on the capital structure. And together with company size variables, profitability and asset structure affect the capital structure. Keywords: Profitability, Asset Structure, Capital Structure

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