scholarly journals The Determinants of Capital Structure on China-Listed Construction Companies

2021 ◽  
Vol 5 (1) ◽  
pp. 1
Author(s):  
Chandra Setiawan ◽  
Qu Yumeng
Keyword(s):  
Interest Rate ◽  
Capital Structure ◽  
Inflation Rate ◽  
Sampling Technique ◽  
Multiple Regression Model ◽  
Independent Variables ◽  
Construction Companies ◽  
Tax Shield ◽  
Influence Variable ◽  
Debt Tax Shield

<p>Contruction companies in China debt to asset ratio around 76.16 % to 82.67% compared to other countries in average below 40%. Therefore, the objective of this research is to find out the determinants of the capital structure of listed construction companies in China. By employing the panel multiple regression model to meet the research objective. Through purposive sampling technique 10 listed companies in the construction industry from 2012 to 2019 are selected as samples, so there are 80 observations sample.  The variable used to proxy capital structure is total debt ratio, and the independent variables are profitability, asset tangibility, firm size, growth opportunities, non-debt tax shield, interest rate and inflation rate. Among the independent variables been tested, the results reveal that five independent variables, except non-debt tax shield and inflation rate have a significant impact toward capital structure. Interest rate is the most significant influence variable. Finally, this research puts forward relevant suggestions for the optimization of the company's capital structure.</p>

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.

Nonlinear Behaviors in Capital Structure Decisions in Australian Firms

2012 ◽  
Vol 15 (03) ◽  
pp. 1250012 ◽  
Author(s):  
Joshua S. Bahng (d'Arc) ◽  
Hyeong-Chul Jeong
Keyword(s):  
Capital Structure ◽  
Nonlinear Effects ◽  
Debt Ratio ◽  
Cross Sectional ◽  
Explanatory Variables ◽  
Independent Variables ◽  
Tax Shield ◽  
Debt Tax Shield ◽  
New Perspective ◽  
Nonlinear Behaviors

In this paper, we investigated (i) the possible nonlinear effects in the determinants of capital structures and (ii) the nonlinear adjustment behavior of cross-sectional debt ratios in Australian firms. Our analysis utilized the quantile regression methodology and examined the existence of nonlinear relationships for Australian financial data from 1991 through 2007. In our results, we first were able to confirm the existence of nonlinear effects between debt ratio and explanatory variables such as firm size and profitability. However, this nonlinearity was not conspicuous for the independent variables of asset tangibility and non-debt tax shield. Also, the non-linear speeds of cross-sectional debt adjustment were confirmed to exist. This research introduces a new perspective on nonlinear effects into the capital structure literature and subsequently serves as a contribution to the previous literature.

scholarly journals PENGARUH RISIKO BISNIS, LIKUIDITAS, PERTUMBUHAN PENJUALAN DAN PERISAI PAJAK NON-UTANG TERHADAP STRUKTUR MODAL

2021 ◽  
Vol 2 (1) ◽  
pp. 59-77
Author(s):  
Syafri Nosit ◽  
Yulia Efni ◽  
Gusnardi Gusnardi
Keyword(s):  
Capital Structure ◽  
Sampling Method ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Sales Growth ◽  
Independent Variables ◽  
Tax Shield ◽  
Dependent Variables ◽  
Debt Tax Shield

This study is aimed to examine the effect of risk business, liquidity, sales growth, non-debt tax shield on capital structure. The population of this study is metal and allied products companies listed in Indonesia Stock Exchange from 2014 - 2018. The sample of the study is all companies were selected by purposive sampling method. Based on the criteria, 13 companies were chosen as the samples of this study. This study used multiple linear regression analysis was used to test whether the independent variables affect the dependent variables. The results of this study is found that risk business and non-debt tax shield on capital structure have a negative an insignificant effect on capital structure, Liquidity and Sales Growth on capital structure have a negative an significant effect on capital structure. The limitations of this study are driven by the variable, year and sample size. Therefore further reseacrh can use other variables and extension other industries could bring the comprehensive results

scholarly journals The Determinants of Capital Structure of the Chemical Industry in Pakistan

2008 ◽  
Vol 13 (1) ◽  
pp. 139-158 ◽  
Author(s):  
Muhammad Rafiq ◽  
Asif Iqbal ◽  
Muhammad Atiq
Keyword(s):  
Data Analysis ◽  
Panel Data ◽  
Capital Structure ◽  
Chemical Industry ◽  
Panel Data Analysis ◽  
Policy Implications ◽  
Listed Firms ◽  
Independent Variables ◽  
Tax Shield ◽  
Debt Tax Shield

This study is an attempt to determine the capital structure of listed firms in the chemical industry of Pakistan. The study finds that by studying a specific industry's capital structure, one can ascertain unique attributes, which are usually not apparent in the combined analysis of many sectors as done by Shah and Hijazi (2004). This study analyzed 26 of 39 firms in the chemical sector, listed at the Karachi Stack Exchange for the period 1993-2004 using pooled regression in a panel data analysis. Six regressors i.e. firm size, tangibility of assets, profitability, income variation, non-debt tax shield (NDTS) and growth were employed to examine their effects on leverage. The results show that these six independent variables explain 90% of variation in the dependent variable and, except for firm tangibility, results were found to be highly significant. The study has policy implications of importance for researchers, investors, analysts and managers.

scholarly journals Pengaruh tangibility, profitability, liquidity, firm size dan non debt taxshield terhadap capital structure pada sektor pertanian

2018 ◽  
Vol 19 (1) ◽  
pp. 129-135
Author(s):  
DEDE BADRU TAMAM ◽  
SATRIYO WIBOWO
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Stock Exchange ◽  
Random Effect ◽  
Random Effect Model ◽  
Sampling Technique ◽  
Tax Shield ◽  
Agriculture Sector ◽  
Effect Model ◽  
Debt Tax Shield

The purpose of this research is to test and analyze empirically the influence of tangibility, profitability, liquidity, firm size and non-debt tax shield toward capital structure. The object of this research is agriculture sector companies that listed in Indonesia Stock Exchange period 2008-2014. The purposive sampling is used as sampling technique, where 14 companies met the criteria and were analyzed using eviews 8 panel data regressions with random effect model to test the hypothesis. The results of this research shows that liquidity and firm size influence capital structure, while profitability, tangibility and non-debt tax shield do not influence capital structure.  

scholarly journals Pengaruh Profitabilitas, Tangibilitas, Risiko Bisnis, Pajak, Non Debt Tax Shield terhadap Struktur Modal Serta Implikasinya terhadap Nilai Perusahaan

1970 ◽  
Vol 3 (02) ◽  
pp. 251-263
Author(s):  
Yuliandi Yuliandi ◽  
J.M.V. Mulyadi ◽  
Muhammad Yusuf
Keyword(s):  
Linear Regression ◽  
Capital Structure ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Jel Classification ◽  
Stock Exchanges ◽  
Business Risk ◽  
Purposive Sampling ◽  
Tax Shield ◽  
Debt Tax Shield

A B S T R A C T This study aims to examine the extent of the effect of profitability, tangibility, business risk, tax and non-debt tax shield on capital structure, and its implications for the value of the company. The sample used in this study were 23 mining companies listed on the Indonesian stock exchange in 2010-2014. The formulation of the problem posed in this study is how much influence the profitability, tangibility, business risk, tax and non-debt tax shield on capital structure, and the influence of capital structure to the company’s value partially and simultaneously. The sampling technique in this study using purposive sampling. The method used in this study using multiple linear regression and simple linear regression by using SPSS 21. The results of this study concluded that simultaneous independent variables affect the dependent variable. Partially profitability, tangibility, business risk, no significant effect on the capital structure, while the tax, non-debt tax shield a significant effect on capital structure and capital structure does not significantly influence the value of the company at a mining company listed on the stock exchanges Indonesia the period 2010 to 2014. A B S T R A K Studi ini bertujuan untuk meneliti sejauhmana pengaruh profitabilitas, tangibilitas, risiko bisnis, pajak dan non debt tax shield terhadap struktur modal, dan implikasinya terhadap nilai perusahaan. Sampel yang di gunakan dalam penelitian ini sebanyak 23 perusahaan pertambangan yang terdaftar di bursa efek indonesia periode 2010-2014. Rumusan masalah yang diajukan dalam penelitian ini adalah seberapa besar pengaruh profitabilitas, tangibilitas, risiko bisnis, pajak dan non debt tax shield terhadap struktur modal, dan pengaruh struktur modal terhadap nilai perusahaan secara parsial dan simultan. Teknik pengambilan sampel dalam penelitian ini menggunakan purposive sampling. Metode yang digunakan dalam penelitian ini menggunakan regresi linier berganda dan regresi linier sederhana dengan menggunakan SPSS 21. Hasil penelitian ini menyimpulkan bahwa secara simultan variabel independen berpengaruh terhadap variabel dependen. Secara parsial profitabilitas, tangibilitas, risiko bisnis, tidak berpengaruh signifikan terhadap struktur modal, sedangkan pajak, non debt tax shield berpengaruh signifikan terhadap struktur modal dan struktur modal tidak berpengaruh signifikan terhadap nilai perusahaan pada perusahaan pertambangan yang tercatat pada bursa efek indonesia periode tahun 2010 sampai 2014. JEL Classification: H25, O16, M41

scholarly journals VARIABEL-VARIABEL PENENTU STRUKTUR MODAL PERUSAHAAN NON KEUANGAN DI BURSA EFEK INDONESIA

2017 ◽  
Author(s):  
Putu Ayu Govika Krisna Dewi ◽  
I Gusti Bagus Wiksuana ◽  
Henny Rahyuda
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Stock Exchange ◽  
Structure Study ◽  
Multiple Regression Model ◽  
Structure Theory ◽  
Theory Approach ◽  
Tax Shield ◽  
Analysis Technique ◽  
Debt Tax Shield

Purpose of study is to analyze variables that determine capital structure of non-financial companies in Indonesia. There are seven variables observed namely company's growth rate, profitability, firm size, asset structure, liquidity, non-debt tax shield and business risk. The population were non-financial companies listed on Indonesia Stock Exchange during 2010-2014 and published annual financial statements in 2009-2014. Study used census technique. Population consisted of 324 companies. Data analysis technique used was multiple regression model for panel data. The results show that profitability, firm size and non-debt tax shield (NDTS) had significant effect on capital structure. Study concluded that profitability and non-debt tax shield are determinant variables of capital structure on non-financial firms in Indonesia based on trade-off theory approach while firm size tends to follow other capital structure theory.

scholarly journals Determinants of Capital Structure: A Study on Some Selected Corporate Firms in Bangladesh

2020 ◽  
pp. 111-120
Author(s):  
Md. Shakhaowat Hossin ◽  
Sumon Mia
Keyword(s):  
Capital Structure ◽  
Annual Reports ◽  
Independent Variables ◽  
Tax Shield ◽  
Financial Costs ◽  
Size Growth ◽  
Asset Growth ◽  
Debt Tax Shield ◽  
Two Sectors ◽  
Descriptive Statistical Analysis

This paper scrutinizes Determinants of Capital Structure: A study on some selected corporate firms in Bangladesh. We have taken 10 out of 37 listed companies of DSE dividing into two sectors i.e. Pharmaceuticals and chemicals and Tannery sector, five years data from 2013 to 2017 has been collected from respective annual reports. Total number of observations was 50. There are different factors that affect a firm's capital structure decision. We use leverage (D/E ratio) as dependent variable and independent variables are profitability, tangibility, tax, size, growth, non-debt tax shield (NDTS) and financial costs. By using Descriptive Statistical Analysis, Correlation Analysis and Regression Analysis tools we find that Tangibility, size, NDTS, and financial costs are positively related with leverage and Profitability, tax, and growth are negatively related with leverage. In our analysis we see profitability, tangibility of asset, growth and non-debt tax shield have significant association. So when we take capital structure decision of the above firms we should consider profitability, tangibility of asset, growth and non-debt tax shield because other independent variables are insignificant in the context of Bangladesh economy.

scholarly journals The moderating role of firm size and interest rate in capital structure of the firms: selected sample from sugar sector of Pakistan

2020 ◽  
Vol 17 (4) ◽  
pp. 341-355
Author(s):  
Sarfraz Hussain ◽  
Abdul Quddus ◽  
Pham Phat Tien ◽  
Muhammad Rafiq ◽  
Drahomíra Pavelková
Keyword(s):  
Interest Rate ◽  
Capital Structure ◽  
Interest Rates ◽  
Firm Size ◽  
Panel Analysis ◽  
Tax Shield ◽  
Sugar Market ◽  
Debt Tax Shield ◽  
The Interest Rate ◽  
The Capital Structure

The selection of financing is a top priority for businesses, particularly in short- and long-term investment decisions. Mixing debt and equity leads to decisions on the financial structure for businesses. This research analyzes the moderate position of company size and the interest rate in the capital structure over six years (2013–2018) for 29 listed Pakistani enterprises operating in the sugar market. This research employed static panel analysis and dynamic panel analysis on linear and nonlinear regression methods. The capital structure included debt to capital ratio, non-current liabilities, plus current liabilities to capital as a dependent variable. Independent variables were profitability, firm size, tangibility, Non-Debt Tax Shield, liquidity, and macroeconomic variables were exchange rates and interest rates. The investigation reported that profitability, firm size, and Non-Debt Tax Shield were significant and negative, while tangibility and interest rates significantly and positively affected debt to capital ratio. This means the sugar sector has greater financial leverage to manage the funding obligations for the better performance of firms. Therefore, the outcomes revealed that the moderators have an important influence on capital structure.

scholarly journals IMPLIKASI PERUBAHAN UNDANG–UNDANG PERPAJAKAN TERHADAP KEPUTUSAN STRATEGI LEVERAGE BAGI PERUSAHAAN YANG TERDAFTAR DI PT. BURSA EFEK JAKARTA

2017 ◽  
Vol 12 (2) ◽  
pp. 227
Author(s):  
Sapari Sapari
Keyword(s):  
Regression Analysis ◽  
Multiple Regression Analysis ◽  
Stock Exchange ◽  
Negative Influence ◽  
Positive Influence ◽  
Independent Variables ◽  
Tax Shield ◽  
Independent Variable ◽  
Debt Tax Shield ◽  
Tax Regulation

This  research  examines the  connection between non debt tax shield and the change of leverage, between level of effective company tax and the change of leverage, and between operation income before depreciation and the change of leverage.This research takes 17 samples of  food and beverages companies listed in Jakarta Stock Exchange from 1st  January 1994 till 31st  December 1999. And this research uses data from 1994 – 1999 for the regression analysis. Multiple regression analysis is used to test hyphothesis 1 (H1), hyphothesis 2 (H2) and hyphothesis 3 (H3). Independent variables in the regression are level of effective company tax, non debt tax shield and operation income before depreciation, whilst independent variable in the regression is leverage.The result of this research proves that (1) non debt tax shield after the amendment of 1994 tax regulation (1995 – 1999) brings positive influence to the leverage change, (2) level of effective company tax after the amendment of 1994 tax regulation (1995 – 1999) brings negative influence to the leverage change, and (3) operation income before  depreciation  after the amendment of 1994 tax regulation (1995 – 1999) brings positive influence to the leverage change.

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