scholarly journals The Role of Capital Structure on The Effect of Dividend Policy and Business Risk on Firm Value (Evidence from Indonesian Manufacturing Company)

2019 ◽  
Vol 22 (02) ◽  
Author(s):  
Anggit Esti Irawati ◽  
Erna Fitri Komariyah
Keyword(s):  
Capital Structure ◽  
Firm Value ◽  
Dividend Policy ◽  
Business Risk ◽  
Manufacturing Company

scholarly journals Capital Structure-Firm Value Nexus: Moderating Role of Profitability

2020 ◽  
Vol 11 (2) ◽  
pp. 375-386
Author(s):  
Hamed Ahmad Almahadin ◽  
Yazan Salameh Oroud
Keyword(s):  
Capital Structure ◽  
Firm Value ◽  
Panel Data Analysis ◽  
Policy Implications ◽  
Ample Evidence ◽  
Functional Models ◽  
The Impact ◽  
The Relationship ◽  
Moderating Role

This study aims to investigate the moderating role of profitability in the relationship between capital structure and firm value in Jordan, as an example of an emerging economy. For this purpose, two functional models were formulated to capture the direct relationship as well as the interaction impact of capital structure on firm value. The robust empirical findings of panel data analysis provide strong evidence of an adverse relationship between capital structure and firm value. The findings confirm that the impact of capital structure appears to be complicated in nature and difficult to examine without controlling for the interaction of profitability as one of the major determinants. Therefore, studying the interaction effect provides ample evidence and enhances the understanding of the link between firm value and capital structure. The empirical results of the study may provide important insights and policy implications to decision-makers.

scholarly journals PROFITABLITY AND LIQUIDITY ON CORPORATE VALUE THROUGH DIVIDEND POLICY AS INTERVENING VARIABEL: EMPIRICAL STUDY ON ISLAMIC CAPITAL MARKET

2020 ◽  
pp. 249
Author(s):  
Sutrisno Sutrisno ◽  
Bagus Panuntun
Keyword(s):  
Regression Analysis ◽  
Capital Market ◽  
Firm Value ◽  
Sampling Method ◽  
Dividend Policy ◽  
Corporate Value ◽  
Return On Assets ◽  
Current Ratio ◽  
Observation Period

The purpose of this study is to examine the effect of profitability and liquidity on dividend policy and firm value. It also examines the role of dividend policy as an intervening variable between profitability and liquidity on firm value. Firm value is measured by Tobin's Q, dividend policy is measured by dividend payout ratio (DPR), profitability is measured by return on assets (ROA) and liquidity is measured by current ratio (CR). The population of this study is companies registered in List of Sharia Securities consisting of more than 300 companies. Samples were taken as many as 100 companies with a purposive sampling method. The observation period is 3 years (2016-2018). To test hypotheses using multiple regression analysis. The result shows that profitability is significant and positively effect on dividend policy, while liquidity does not affect on dividend policy. Profitability and dividend policy have a positive and significant effect on firm value, while liquidity has no effect on firm value. Another result of dividend policy is able to be as an intervening effect on profitability of firm value but not as an intervening liquidity relationship to firm value.

scholarly journals The Indirect Impact of Profitability on Firm Value: Evidence Dividend Policy as Moderators and Capital Structure as Mediator

2020 ◽  
Vol 10 ◽  
pp. 299-311
Author(s):  
Achmad Budi Susetyo ◽  
Agus Eko Sujianto ◽  
Mochamad Arif Faizin ◽  
Kiki Yunita Anjarsari ◽  
Charina Dwi Rivylina Nafisah
Keyword(s):  
Capital Structure ◽  
Capital Market ◽  
Indirect Effect ◽  
Firm Value ◽  
Dividend Policy ◽  
The Other ◽  
Indirect Impact ◽  
Path Analysis Approach ◽  
The Relationship ◽  
The Capital Structure

Firm value is a basis for investors in deciding whether or not to invest in a firm. Therefore, a study on issuer’s strategies to maximize firm value requires special attention, especially in dealing with the Islamic capital market which is growing rapidly from time to time. A particular study is important to be conducted to look at the factors that have a direct or indirect effect on a firm's value, which includes; profitability, capital structure, and dividend policy. The path analysis approach is employed in the current study to reveal the effect of profitability on firm value, both directly and indirectly, with the intermediaries of capital structure and dividend policy. The results of the analysis indicate that profitability has a direct positive and significant effect on firm value and a negative and significant effect on capital structure, while the capital structure has a negative and insignificant effect on firm value. Indirectly, dividend policy moderates and strengthens the effect of profitability on firm value, but on the other hand, the capital structure does not mediate the effect of profitability on firm value. The absence of capital structure role in mediating the relationship between profitability and the firm value indicates that investors can determine the value of the firm directly by simply looking at the level of profitability, regardless of management’s strategy in arranging the capital structure.

scholarly journals Analisis Struktur Kepemilikan, Faktor Eksternal, Internal Terhadap Struktur Modal, Dividen, Nilai Perusahaan Manufaktur

2020 ◽  
Vol 30 (6) ◽  
pp. 1484
Author(s):  
Nurianah Nurianah ◽  
Muslich Anshori
Keyword(s):  
Capital Structure ◽  
Ownership Structure ◽  
Firm Value ◽  
Structural Equation ◽  
Dividend Policy ◽  
Stock Exchange ◽  
External Factors ◽  
Equation Modeling ◽  
Internal Factors ◽  
Company Value

This study discusses and analyzes the Ownership Structure, External Factors, Internal Against Capital Structure, Dividends and Company Value. The population used in this study is companies listed on the Indonesia Stock Exchange using 37 companies. The data used are from 2010 to 2019, this study uses descriptive statistical analysis and inference with Structural Equation Modeling (SEM). The analysis shows: ownership structure does not oppose capital structure, dividend policy, and firm value, external factors affect internal factors, external factors do not oppose capital structure, external factors do not significantly influence firm value, internal factors related to capital structure, factors internal does not oppose dividend policy, internal factors oppose company value, capital structure opposes dividend policy, dividend policy has no effect on capital structure, capital structure is related to company value, and dividend policy is related to company value. Keywords: Ownership Structure; External and Internal Factors; Dividend Policy; Manufacture.

scholarly journals THE IMPACT OF DIVIDEND POLICY AND CAPITAL STRUCTURE ON FIRM VALUE IN AGRICULTURAL SECTOR

2021 ◽  
Vol 11 (1) ◽  
pp. 1-20
Author(s):  
Senny Luckyardi ◽  
Kamelia Agustini ◽  
Nugraha Nugraha ◽  
Maya Sari
Keyword(s):  
Capital Structure ◽  
Firm Value ◽  
Dividend Policy ◽  
Agricultural Sector ◽  
Stock Exchange ◽  
Verification Method ◽  
Company Value ◽  
Equity Ratio ◽  
The Impact

This study aims to determine the effect of Dividend Policy and Capital Structure on Agricultural Sector’s Company Value. The research method used in this study is verification method with quantitative approach. The case study was conducted on agricultural sector companies listed on the Indonesia Stock Exchange in 2015-2019. The sample used is Price Book Value (PBV) and Debt to Equity Ratio (DER) in 14 agricultural sector companies obtained from Financial Statements published on the Indonesia Stock Exchange website: www.idx.co.id for the period 2015-2019. The results showed that the variables of Dividend Policy and Capital Structure had a negative and not significant effect on company value.

scholarly journals THE ROLE OF BUSINESS RISK AND NON DEBT TAX SHIELDS ON CAPITAL STRUCTURE: A STUDY BASED ON CEMENT SECTOR IN PAKISTAN

2017 ◽  
Vol 13 (2) ◽  
Author(s):  
Muhammad Asif Joyo ◽  
Keyword(s):  
Statistical Analysis ◽  
Panel Data ◽  
Capital Structure ◽  
Panel Regression ◽  
Business Risk ◽  
Tax Shield ◽  
Tax Shields ◽  
Equity Ratio ◽  
Positive Effect

Objective- The objective of this study is to determine the influence of Business risk and Non Tax shield on Capital structure. Methodology- This study is based on panel data of20 companies from the cement sector of Pakistan. Panel regression is applied for statistical analysis. Conclusion- This study concludes that business risk and non-tax shield has insignificant effect on capital structure (debt to equity ratio), whereas the interest coverage has positive effect on debt to equity ratio. Policy Implication- As per this study the volatility and business risk involved in the cement sector may have some serious issues if the exports is continuously decline and at the same time raising leverage funds may hurt the performance of the company.

scholarly journals The Effect of Profitability, Liquidity, and Capital Structure on Firm Value with Dividend Policy as a Moderating Variable in the Company Mining Listed on the Indonesia Stock Exchange

2021 ◽  
Vol 8 (12) ◽  
pp. 328-337
Author(s):  
Emelia Febrinawaty Cordiaz ◽  
Erlina . ◽  
Chandra Situmeang
Keyword(s):  
Capital Structure ◽  
Firm Value ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Analytical Technique ◽  
Independent Variables ◽  
Mining Companies ◽  
Policy Variable ◽  
Negative Effect ◽  
The Relationship

The purpose of this study is to examine and analyze the effect of profitability, liquidity, and capital structure on firm value in mining companies listed on the Indonesia Stock Exchange and to test whether dividend policy can moderate the relationship between the independent variables and the dependent variable. The population of this study is all mining companies listed on the Indonesia Stock Exchange from 2011 to 2019. The research sample was determined by the purposive sampling method, so a sample of 11 companies was multiplied by 9 years of research to obtain 99 observations. The analytical technique used in this study is moderating regression analysis (MRA) with Eviews 10 software tools. This study partially shows that profitability has a positive effect on firm value, liquidity has a negative effect on firm value, and capital structure has a negative effect on firm value. All of these independent variables together affect firm value. The dividend policy variable moderates the relationship between profitability and firm value but does not moderate the relationship between liquidity and capital structure on firm value. Keywords: profitability, liquidity, capital structure, dividend policy, firm value.

Sign in / Sign up

Export Citation Format

Share Document