A Study on Optimal Capital Structure of Vietnamese Real Estate Listed Firms

2018 ◽  
pp. 45-70
Author(s):  
Binh Thi Thanh Dao ◽  
Phuong Hoai Lai
Keyword(s):  
Real Estate ◽  
Capital Structure ◽  
Stock Returns ◽  
Secondary Data ◽  
Debt Structure ◽  
Theoretical Frameworks ◽  
Equity Prices ◽  
Listed Firms ◽  
Endogenous Default ◽  
Primary Focus

This paper focuses on those structural models with an endogenous default barrier where firms optimally choose a default boundary so as to maximize the equity value. The analysis commences to cover avowedly theoretical frameworks from pioneering works by Black-Scholes (1973) and Merton (1974) on zero-coupon debts to later extensions of those models for a more complex debt structure to include coupon perpetual bonds (Leland, 1994) and of arbitrage maturity or rolledover debts (Leland and Toft, 1996). Furthermore, this paper studies the empirical performance of capital structure models by testing the optimized gearing levels computed from those models with different assumptions. Parameters of these models are estimated from the firms’ equity prices. The novelty of this paper lies in the fact that it is not merely a summary of static theories on capital structure but it is the first of its kind to empirically study the capital structure choices of Vietnamese real estate firms, with primary focus on static models. This research follows secondary data analysis to investigate market information of stock returns and attempts to examine the potential dissimilarity in actual and proposed optimal gearing levels for the two years 2014 and 2016.

scholarly journals Pengaruh Struktur Modal dan Kemampulabaan Terhadap Return Saham Perusahaan Properti dan Real Estate Yang Terdaftar di BEI Tahun 2013-2015

2020 ◽  
Vol 8 (1) ◽  
pp. 19-28
Author(s):  
Wadudi Wibowo ◽  
Ani Mekaniwati
Keyword(s):  
Real Estate ◽  
Capital Structure ◽  
Stock Returns ◽  
Financial Analysis ◽  
Secondary Data ◽  
Financial Information ◽  
Panel Regression ◽  
Independent Variables ◽  
Property Companies ◽  
Two Independent Variables

This research is to acknowledge the influence of capital structure and profitability to the stock returns of the listed real estate and property companies in BEI on 2013-2015. This research consists of two independent variables regarding capital structure and profitability, and one dependent variable regarding stock returns. Data used is secondary data which could be accessed from www.idx.co.id . The hypothesis testing in this research uses data panel regression model. The results are: 1) positive & significant results between DER towards capital returns 2) positive & significant results between NPM towards capital returns. The contributions for potential investors, this research was hoped to increase the knowledges of financial information of the companies specialised in real estate & properties sector. Also hoped to give good contributions to discussion on financial analysis particularly related with DER, NPM & capital returns.   Keywords : capital structure, profitability, stock returns, and data panel regression

scholarly journals Capital Structure and Firm Performance: A comparative Study of Oil & Gas and Manufacturing Sectors in the United States of America

2021 ◽  
Vol 7 (1) ◽  
pp. 29
Author(s):  
Adepoju Adeoba Asaolu
Keyword(s):  
New York ◽  
Firm Performance ◽  
Capital Structure ◽  
Stock Exchange ◽  
Secondary Data ◽  
The United States ◽  
Least Square ◽  
Debt Structure ◽  
Tax Shield ◽  
Manufacturing Sectors

This paper empirically examines the effects of capital structure on the performances of the Unites States’ Oil & Gas and Manufacturing sectors and investigates the differences in the dynamics of the two sectors. The study employs secondary data sourced from New York Stock Exchange (NYSE)/ NASDAQ for a period of ten (10) years, that is, 2010-2019. It utilized E-View 9.0 for generating the estimation results. The investigation has been performed using panel least square estimation technique and sectoral analysis on the data collected in order to test the set hypotheses. The result shows that although debt structure improved the performances of the firms, a sharp increase in such leverage tends to reduce firm performance for all the firms used. Coefficients namely asset tangibility, interest payment and dividend growth, directors’ shares/inside ownership and non-debt tax shield are quite significant in the result. They demonstrate positive relationships, indicating that these variables tend to affect firm performance on the average across both sectors; especially, the results show that the more efficient firms in terms of shielding taxation perform better. The study therefore recommends among other things that selection of debt as a source of capital finance should be done in line with the costs and benefits associated with the use of debt.

scholarly journals Observed Leverage and Financial Performance of Listed Firms in Kenya

2018 ◽  
Vol 7 (2) ◽  
pp. 19-38
Author(s):  
Leonard Kiragu Maina ◽  
Tobias Olweny ◽  
Kenneth Wanjau
Keyword(s):  
Capital Structure ◽  
Financial Performance ◽  
Financial Management ◽  
Performance Metrics ◽  
Secondary Data ◽  
Cost Of Debt ◽  
Listed Firms ◽  
Financial Firms ◽  
Data Collection Sheet ◽  
Management Functions

Capital structure management is one of the most crucial corporate financial management functions in a firm since appropriate debt policy is reported to maximize the value of a firm. Kenya is ranked second in Africa after South Africa in regards to financial deepness. This means that the cost of debt should not have adverse effect financial performance. This observation raises fundamental question: does debt financing leads to poor financial performance in Kenya? This research sought to investigate the role of observed leverage on financial performance of listed non- financial firms in Kenya. The study tested capital structure theories and therefore adopted a positivists approach, guided by causal research design. The study population was 35 non-financial sub-sector firms out of the 65 firms listed at the NSE, Kenya. 18 firms were excluded in this study since they belong to banking and insurance sub-sectors, which have a highly regulated capital structure. Secondary data collection sheet was used to collect data for each of the variables from audited financial statements of the listed firms for a 10-year period (2006-2015). Panel regression analysis revealed that observed leverage measured by (LDR) had a significant positive coefficient with performance metrics. However, the leverage measure using TDR showed a negative and significant role on performance metrics. This study recommends that for listed firms to improve their financial performance, they should use more long-term debts than short-term debts.

scholarly journals Analisis Faktor- Faktor yang Memengaruhi Nilai Perusahaan di Sektor Properti dan Real Estate Terdaftar di Bursa Efek Indonesia pada Tahun 2014 - 2018

2020 ◽  
Vol 4 (6) ◽  
pp. 246
Author(s):  
Andy Andy ◽  
Suwinto Johan
Keyword(s):  
Real Estate ◽  
Capital Structure ◽  
Firm Size ◽  
Firm Value ◽  
Stock Exchange ◽  
Secondary Data ◽  
Sampling Technique ◽  
Positive Influence ◽  
Descriptive Research ◽  
Independent Variable

The main issues examined in this study are the effect of profitability, capital structure, and firm size on firm value. The type of research used is descriptive research. The population in this study are all property and real estate companies listed on the Indonesia Stock Exchange, amounting to 55 companies. The sampling technique was determined by purposive sampling so that 24 companies could be sampled. The data used in this study are secondary data. The dependent variable is firm value and the independent variable is profitability of capital structure, and firm size. The analytical model used is multiple linear regression analysis.From the results of hypothesis testing it is found that: First, profitability has a significant effect on firm value with a sig value of 0,000 <α = 0.05. Second, capital structure affects the value of the company with a sig value of 0.024 <α = 0.05. Third, the size of the company affects the value of the company with a sig value of 0.699> α = 0.05. Fourth, profitability, capital structure, and company size significantly influence the value of the company with sig 0,000 <α = 0.05.Based on the results of the study, researchers suggest to companies 1. In order to continue to increase profits so that profitability with increased profitability will affect the increase in firm value. 2. In order to be able to maintain its capital structure in order to be able to influence the value of the company. In addition the company must also maintain assets because with high assets will increase the value of ln total assets so that the size of the company will be high which will have a positive influence on the value of the company.

scholarly journals The Effect of Company Size, Exchange Rate and Earnings Per Share on Stock Returns

2022 ◽  
Vol 7 (1) ◽  
pp. 1-8
Author(s):  
Elfiswandi Elfiswandi ◽  
Cindy Angela ◽  
Muhammad Fikri Ramadhan
Keyword(s):  
Exchange Rate ◽  
Capital Structure ◽  
Stock Returns ◽  
Firm Size ◽  
Stock Exchange ◽  
Control Variable ◽  
Secondary Data ◽  
Manufacturing Companies ◽  
Earnings Per Share ◽  
Library Research

This study aims to examine and analyze the effect of firm size, exchange rate, earnings per share and capital structure as control variables on stock returns. All manufacturing companies listed on the Indonesia Stock Exchange for the period 2013 – 2017 are the population in this study. By using purposive sampling method, 100 companies were selected as samples in the study. The method of collecting data is library research and secondary data from the official publications of the Indonesia Stock Exchange and the official website of Bank Indonesia. Panel and regression methods are used as an analytical tool in this study. The results obtained in the study are, stock returns are significantly affected by firm size, exchange rates and earnings per share either partially or simultaneously. Meanwhile, when using capital structure as a control variable on stock returns, the results show that the variables of firm size, exchange rate and earnings per share are partially stated to have no significant effect.

Pengaruh Tingkat Inflasi, Profitabilitas, Leverage, Dan Perencanaan Pajak Terhadap Return Saham (Studi Pada Perusahaan Real Estate Dan Property Yang Terdaftar Di Bursa Efek Indonesia Periode 2014-2017)

2020 ◽  
Vol 17 (1) ◽  
Author(s):  
Sri Ayem ◽  
Pratiwi Nurasjati
Keyword(s):  
Real Estate ◽  
Stock Returns ◽  
Inflation Rate ◽  
Stock Exchange ◽  
Secondary Data ◽  
Financial Statements ◽  
Tax Planning ◽  
Significant Positive Effect ◽  
Descriptive Research ◽  
Positive Effect

      The purpose of this study was to determine the effect of inflation, profitability, leverage, and tax planning on stock returns. This research includes descriptive research. The population in this study are property and real estate companies that are listed on the Indonesia Stock Exchange for the period 2014-2017. The sample in this study was determined by purposive sampling method and obtained 28 companies, samples within the period of 4 years of annual financial statements. The type of data used is secondary data. To determine the effect of independent variables with the dependent variable using the method of multiple regression analysis. The results of this study are that the inflation rate has a significant positive effect, profitability has a significant positive effect, leverage has no effect, and tax planning has no effect on stock returns Keywords: Inflation Rate, Profitability, Leverage, Tax Planning, and Stock Return

scholarly journals DETERMINAN STRUKTUR MODAL: KAJIAN LIKUIDITAS, PELUANG PERTUMBUHAN DAN ASSET BERWUJUD PERUSAHAAN SUB SEKTOR PROPERTY & REAL ESTATE DI INDONESIA

2020 ◽  
Vol 5 (2) ◽  
pp. 1-12
Author(s):  
Ranila Suciati
Keyword(s):  
Real Estate ◽  
Capital Structure ◽  
Cross Sections ◽  
Quantitative Research ◽  
Stock Exchange ◽  
Secondary Data ◽  
Panel Data Regression ◽  
Tangible Assets ◽  
Data Regression ◽  
Property Companies

This study aims to determine the effect of Liquidity, Growth Opportunities, and Tangible Assets on the Capital Structure of Property and Real Estate Companies in Indonesia. This research is a quantitative research which aims to systematically explain the facts and properties of an object in the study and then merge between the variables associated with it by presenting secondary data from financial statements of property companies in Indonesia. The population used in this study are property companies listed on the Indonesian stock exchange in the period 2012-2016. The sample used in this study were 32 property companies in Indonesia by using the purpose sampling method to obtain a representative sample that matches the established criteria. In this study, the data analysis method used is the panel data regression method which is a combination of time series and cross sections in property companies in Indonesia. Research results for property companies in Indonesia The R square value of this model is 0.5126 which means that variations of capital structure that can be explained by the independent variables analyzed are LIQ, GROWTH, and TANG by 51.26 percent and the remaining 48.74 percent explained by other factors not included in this study.

scholarly journals PENGARUH EPS, ROE, GROWTH OPPORTUNITY DAN UKURAN PERUSAHAAN TERHADAP STRUKTUR MODAL PADA PERUSAHAAN

2020 ◽  
Vol 2 (2) ◽  
pp. 75-84
Author(s):  
Katya Komalasari ◽  
Diyan Lestari ◽  
Moch Fathony
Keyword(s):  
Real Estate ◽  
Capital Structure ◽  
Significant Influence ◽  
Secondary Data ◽  
Purposive Sampling ◽  
Analytical Technique ◽  
Growth Opportunity ◽  
Comprehensive Picture ◽  
The Relationship ◽  
Modal Size

Abstract: This study aims to analyze the effect of EPS, ROE, growth opportunity, and firm size on capital structure in property & real estate companies in 2011-2016 which is listed in IDX. The data used in this study are secondary data published in IDX. The number of samples taken is 31 property & real estate companies that have passed the Purposive Sampling. The analytical technique used is multiple linear regression that aims to obtain a comprehensive picture of the relationship between two or more variables with the dependent variable. The result of this study shows that EPS and ROE do not affect the capital structure. Growth opportunity has a positive and significant influence on capital structure. SIZE has a negative but significant influence on capital structure. Abstrak : Penelitian ini bertujuan untuk menganalisis pengaruh EPS, ROE, growth opportunity dan ukuran perusahaan terhadap struktur modal pada perusahaan di sektor properti & real estate di Indonesia pada tahun 2011-2016. Data yang digunakan pada penelitian adalah data sekunder yang diterbitkan oleh IDX, dan juga situs- situs resmi yang memiliki validitas yang baik pada periode tahun 2011-2016. Jumlah sampel yang diambil adalah 31 perusahaan properti & real estate yang telah melewati tahap Purposive Sampling. Teknik analisa yang digunakan adalah regresi linier berganda yang bertujuan untuk memperoleh gambaran yang menyeluruh mengenai hubungan antara dua variabel atau lebih dengan variabel dependen. Hasil penelitian dengan model Fixed Effect menunjukkan EPS dan ROE tidak memiliki pengaruh terhadap struktur modal. Growth opportunity memiliki pengaruh positif dan signifikan terhadap struktur modal. SIZE memiliki pengaruh negatif tetapi signifikan terhadap struktur modal

scholarly journals Analisis Pengaruh Faktor Fundamental Terhadap Return Saham

2019 ◽  
Vol 8 (1) ◽  
pp. 43-57
Author(s):  
Sheilla Nurlailly Insani ◽  
Nancy Nurinasari ◽  
Laili Ayu Sa’diah ◽  
Denny Oktavina Radianto
Keyword(s):  
Real Estate ◽  
Stock Returns ◽  
Stock Prices ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Secondary Data ◽  
Financial Statements ◽  
Multiple Linear Regression Analysis ◽  
Real Estate Industry ◽  
Analysis Technique

This study aims to examine: (1) the effect of EPS on stock prices, (2) the effect of ROE on stock prices, (3) the effect of DER on stock prices, (4) the effect of ROA on stock prices, (5) simultaneous influence of EPS, ROE, DER, and ROA on stock prices. This research use stock returns as the dependent variable and EPS, ROE, DER, and ROA as independent variables. This study use secondary data from the annual financial statements of the property and real estate industry groups listed on the Indonesia Stock Exchange from 2013 to 2017 with using the judgment sampling method to produce 7 companies that meet the sample criteria. This study uses an associative type method with a quantitative approach. The analysis technique used is descriptive statistical analysis, classic assumption test, multicollinearity test, autocorrelation test, heteroscedasticity test, multiple linear regression analysis, and hypothesis testing. This research was conducted by retrieving data through the website www.idx.co.id which was processed based on research needs using the SPSS version 23. The results showed that the EPS, ROE, DER, and ROA ratios did not significantly influence stock returns of property and real estate listed on the Indonesia Stock Exchange.

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