scholarly journals Pengaruh Profitabilitas, Asset Tangibility, Tingkat Pertumbuhan, dan Non-Debt Tax Shield Terhadap Struktur Modal serta Pengaruhnya Terhadap Nilai Perusahaan (Studi Kasus Pada Perusahaan Manufaktur Asia Tenggara)

2018 ◽  
Vol 2 (2) ◽  
pp. 115-119
Author(s):  
Dimita Purba ◽  
Lamria Sagala ◽  
Rintan Saragih
Keyword(s):  
Capital Structure ◽  
Firm Value ◽  
Empirical Studies ◽  
East Asian ◽  
Stock Exchanges ◽  
Manufacturing Companies ◽  
Return On Assets ◽  
Tax Shield ◽  
Debt Tax Shield ◽  
The Capital Structure

This study aims to determine what factors determine the capital structure and firm value of manufacturing companies listed on the stock exchanges of countries that are members of the Association of South East Asian Nations (ASEAN). The operationalization of the variables used in this study include Return on Assets, Tangibility Assets, Growth Rate, Non-Debt Tax Shield, and Tobins Q. Meanwhile, from various empirical studies conducted, different results were obtained regarding the value of the company. So that it is tested again on all factors that affect the capital structure and also the value of the company

scholarly journals DETERMINASI VARIABEL AKUNTANSI TERHADAP PENENTUAN KEBIJAKAN STRUKTUR MODAL PADA PERUSAHAAN MANUFAKTUR DI INDONESIA

2015 ◽  
Vol 2 (1) ◽  
pp. 47
Author(s):  
Indra Saputra ◽  
Farah Margaretha
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Time Series Data ◽  
Cash Holdings ◽  
Series Data ◽  
Manufacturing Companies ◽  
Business Risk ◽  
Tax Shield ◽  
Debt Tax Shield ◽  
The Capital Structure

<p><em>Decisions incompliance with the company's funds come fromits own capital (</em><em>equity) or by foreign capital (debt). The purpose of this study was to determine the effect of firm size, profitability, business risk, asset structure, cash holdings, non-debt tax shield, signaling and growth effects of capital structure policy. This research was conducted on37samples of companies listed on the Indonesia Stock Exchange(IDX) using time series data from 2008-2011. This study uses multiple linear regression to test the hypothesis to see the contribution of each variable individually and simultaneously in influencing the structure of funding. </em><em>The results show that firm size</em><em>, asset structure, and signaling effect has a positive and significant effect on the capital structure policy. Other variables, namely business risk and cash holdings have a negative correlation and significant effect on the capital structure of these results support the trade of theory and pecking order theory. Further testing of profitability, non-debt tax shield and the growth does not affect the capital structure in manufacturing companies. If the company uses debt funding source soft he factors accounting variables such as firm size, asset structure, business risk and the effect of signaling a decisive factor in the decision making of the company's capital structure policy so as to provide optimal results.</em></p>

scholarly journals Pengaruh Profitabilitas, Tingkat Pertumbuhan Aktiva, Leverage Operasi, Stabilitas Penjualan terhadap Struktur Modal dan Nilai Perusahaan

IQTISHODUNA ◽  
2020 ◽  
Vol 16 (1) ◽  
pp. 17-38
Author(s):  
Kety Lulu Agustin ◽  
Ubud Salim ◽  
Andarwati Andarwati
Keyword(s):  
Capital Structure ◽  
Firm Value ◽  
Stock Exchange ◽  
Partial Least Square ◽  
Least Square ◽  
Manufacturing Companies ◽  
Company Value ◽  
Asset Growth ◽  
Operating Leverage ◽  
The Capital Structure

The purpose of this research is to determine the effect of profitability, asset growth, operating leverage and sales stability on the capital structure and firm value. The company value in this study was published with Tobin Q. The population of this study were all manufacturing companies reported on the Indonesia Stock Exchange for the period 2015-2017. In accordance with the selection criteria, there are 46 filtered sample companies. The analysis technique that used is Partial Least Square (PLS).  The results of hypothesis indicate profitability and sales that are significant to the capital structure while increasing performance and leverage of operations do not have a significant effect on capital structure. Profitability, asset growth, sales stability have a significant effect on firm value while operating leverage does not involve significance to firm value. Profitability and influence of sales have a significant effect on firm value through capital structure, while yield growth and operating leverage are opposite.

scholarly journals The Determinants of Capital Structure: Empirical Analysis of Oil and Gas Firms during 2000-2015

2017 ◽  
Vol 9 (1) ◽  
pp. 1 ◽  
Author(s):  
Aws Yousef Shambor
Keyword(s):  
Financial Crisis ◽  
Capital Structure ◽  
Oil And Gas ◽  
Global Financial Crisis ◽  
Agency Cost ◽  
Tax Shield ◽  
Debt Tax Shield ◽  
The Global Financial Crisis ◽  
Oil And Gas Firms ◽  
The Capital Structure

This study investigates the capital structure determinants of 346 oil and gas firms that are the constituents of the Global Oil and Gas Index (OILGSWD) over the period of 2000 – 2015, taking into account the effect of the Global Financial Crisis of2007-2009 on the determinants of the capital structure. Thus, six firm level explanatory variables (namely: liquidity, profitability, growth, non-debt tax shield, tangibility and size) are selected and regressed against the appropriate capital structure measure, leverage, the ratio of total debt to book value of total assets. The data is collected from secondary sources depending on the data from the DataStream database. The major findings of the study indicate that tangibility, profitability, size, liquidity and non-debt tax shield are the significant determinants of capital structure of oil and gas firms, while growth is considered insignificant. The capital structure is analyzed in terms of the three main theories of capital structure: Trade-off theory, Pecking order theory, and Agency cost theory. Finally, the global financial crisis has to some extent a significant impact on the capital structure determinants of oil and gas firms and has no significant impact on liquidity, as indicated by the OLS regression analysis results.

scholarly journals Capital structure practices of the selected pharmaceutical companies in india.

2012 ◽  
Vol 1 (3) ◽  
pp. 220-225
Author(s):  
MOHANRAJ V ◽  
DEEPA N
Keyword(s):  
Capital Structure ◽  
Econometric Analysis ◽  
Pharmaceutical Companies ◽  
Tax Shield ◽  
Pharmaceutical Firms ◽  
Equity Ratio ◽  
Debt Tax Shield ◽  
The Capital Structure

The objective of this paper is to examine the capital structure practices of the selected pharmaceutical companies in India during 1991-92 to 2009-10. The econometric analysis shows that variables like Profitability, Size, Tangibility, Growth, Risk and Non-debt tax shield are the important determinants of capital structure of the selected pharmaceutical companies in India. The results indicate that most of the determinants of capital structure suggested by capital structure theories appear to be relevant for pharmaceutical firms. In this paper, Debt Equity Ratio has been used as the proxy for capital structure.

scholarly journals BALANCE SHEET EFFECT SEBAGAI PENENTU DETERMINAN STRUKTUR MODAL ENAM BURSA EFEK PADA NEGARA-NEGARA ASEAN

2012 ◽  
Vol 12 (3) ◽  
pp. 103
Author(s):  
Zainal Abidin Sahabuddin ◽  
Stevanus Adree Cipto Setiawan
Keyword(s):  
Capital Structure ◽  
Firm Growth ◽  
Balance Sheet ◽  
The Philippines ◽  
The State ◽  
External Factors ◽  
Tax Shield ◽  
Debt Tax Shield ◽  
Internal And External Factors ◽  
The Capital Structure

<span>Balance sheet effect is due to the relationship between the external and internal<br /><span>factors. The purpose of this study is to obtain the result: firm size, firm growth, financial <span>risk, asset structure, non debt tax shield on capital structure; influence of internal <span>factors, the influence of internal and external factors of the company’s capital structure. <span>The research was conducted in countries of ASEAN<span>6<span>, namely Indonesia, Malaysia, <span>Philippines, Singapore, Thailand and Vietnam. Unit of analysis of this study is that corporations have huge capitalization in 2008 until 2011. Data analysis using regression method Simultaneous and panels. The results showed: the size of the company has a<br />positive and significant impact on the capital structure for ASEAN6 countries; growth has a negative and significant impact on the capital structure in the country of Malaysia, the Philippines, and Thailand; financial risk has a negative and significant impact on the capital structure in Singapore , asset structure has a positive and significant impact on the capital structure for Singapore, Malaysia, and the Philippines; non-debt tax shield and a significant negative effect on the capital structure for the State of Indonesia<br />and Malaysia, the interest rate has no significant effect on the capital structure in cASEAN 6 countries; foreign exchange rate has a positive and significant effect for the Philippines; rate of inflation on capital structure has a negative and significant impact to the state of Indonesia, the Philippines, and Vietnam while Malaysia, Thailand and Singapore have a positive and significant impact; economic growth on the capital structure has a negative and significant impact to the state of Indonesia, the Philippines, and Vietnam while Negara Malaysia, Thailand and Singapore have a positive and significant impact; contained internal influence on the capital structure for six ASEAN countries; There are internal and external influences on capital structure for ASEAN6<br />countries.<br />Keywords: Balance Sheet Effect, Internal and external factors, and capital structure.<br /></span></span></span></span></span></span></span></span>

scholarly journals Pengaruh Non-Debt Tax Shield Dan Cost Of Financial Distress Terhadap Struktur Modal Pada Perusahaan Sub Sektor Logam Dan Sejenisnya Yang Terdaftar Di Bursa Efek Indonesia (BEI) Tahun 2013-2017

2020 ◽  
Vol 1 (1) ◽  
pp. 55-73
Author(s):  
Muhammad Yusuf ◽  
Andika Kurniawan
Keyword(s):  
Capital Structure ◽  
Financial Distress ◽  
Stock Exchange ◽  
Secondary Data ◽  
Correlation Study ◽  
Positive Influence ◽  
Variable Cost ◽  
Tax Shield ◽  
Debt Tax Shield ◽  
The Capital Structure

This research aims to provide the influence of non-debt variable tax shield and cost of financial distress affect the capital structure of the company's sub-sector metals and the like listed on the Indonesia Stock Exchange in 2013-2017. The method on this research is a quantitative approach with the type of correlation study. The data collection techniques in this study use secondary data with saturated sampling techniques. The population of this research is a metal sub-sector company and the like listed on the Indonesia Stock Exchange (IDX). The samples in this study were as many as 16 metal sub-sector companies and the like listed on the Indonesia Stock Exchange (IDX). The results showed that both the partial and simultaneous variables of the non-debt tax shield and cost of financial distress had no effect on the capital structure of the metal sub-sector companies and the like listed on the Indonesia Stock Exchange ( IDX). It shows that the T-Test in a non-debt tax shield variable is obtained by the T-calculate result of 1.401 and the value of Sig. T. Acquired by 0, 165 > 0.05, then Ho accepted and H1 rejected which means there is no positive influence on the capital structure and in variable cost of financial distress obtained with the result of T-Calculate of 1.756 and the value of Sig. T. Acquired by 0, 083 > 0.05, then Ho is accepted and H1 is rejected which means there is no positive influence on the capital structure. Then simultaneously F test result in can with a fcalculate value of 2.295 with a level of Sig. 0, 108, because of the value of Sig. F > 0.05, then Ho accepted and H1 rejected. This means that there is no variable influence of non debt tax shield (X1) and cost of financial distress (X2) to the capital structure (Y).

scholarly journals CAPITAL STRUCTURE DETERMINANTS: EVIDENCE FROM PALESTINE AND EGYPT STOCK EXCHANGES

IKONOMIKA ◽  
2017 ◽  
Vol 1 (2) ◽  
pp. 118
Author(s):  
Abdul Razak Abdul Hadi ◽  
Tulus Suryanto
Keyword(s):  
Capital Structure ◽  
Method Of Moments ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Generalized Method Of Moments ◽  
Stock Exchanges ◽  
Test Results ◽  
Estimation Model ◽  
Tax Shield ◽  
Debt Tax Shield

Abstract -This study is driven by the motivation to examine the capital structure determinants for Palestine Stock Exchange (PEX) and Egypt Stock Exchange (EGX). Within the framework of capital structure theories, this study uses Generalized Method of Moments (GMM,1982) as an estimation model employing quarterly panel data analysis during the observed period from 2008 till 2012. The test results from GMM indicate that all the examined determinants have significant relationship with leverage. It has a negative value with liquidity, non-debt tax shield, profitability, size and growth. The Egyptian firms have some uniqueness in its trend. Current assets, debt ratio and liquidity behave positively with leverage except for growth. The other tested determinants in Egyptian companies are found to be not significant. 

scholarly journals Dampak Non-Debt Tax Shield dan Resiko Bisnis Terhadap Struktur Modal Perusahaan Manufaktur Indonesia

2020 ◽  
Vol 25 (2) ◽  
pp. 108
Author(s):  
Ani Wilujeng Suryani ◽  
Mitha Icha Sari
Keyword(s):  
Capital Structure ◽  
Financial Distress ◽  
Risk Level ◽  
Manufacturing Companies ◽  
Business Risk ◽  
Financial Reports ◽  
Tax Shield ◽  
Negative Effect ◽  
Tax Deductions ◽  
Debt Tax Shield

Capital structure decision is an important act made by company’s financial manager as mismanagement causes financial distress. This study aims to determine the effect of non-debt tax shield and business risk on capital structure. The data in this study were collected from the financial reports of 137 manufacturing companies in Indonesia from 2014 to 2019. Hypothesis testing was carried out using a fixed effect panel regression model. The results showed that the non-debt tax shield had a significant negative effect on capital structure, while business risk had a positive effect. Thus, companies that have a low non-debt tax shield will increase their debt to get compensation for tax deductions from interest expenses, while companies with a high risk level prefer internal financing to decrease the debt level. This study contributes to the literature by uncovering the factors that influence the determination of corporate debt levels in manufacturing industries in Indonesia. The result of this research can be used by the company managers to consider business risk and non-debt tax shields in determining the optimum capital structure to increase the value of the company.

scholarly journals Determinants of Capital Structure: Empirical Evidence from Turkey

2018 ◽  
Vol 8 (1) ◽  
pp. 31 ◽  
Author(s):  
Merve Gizem Cevheroglu-Acar
Keyword(s):  
Capital Structure ◽  
Order Theory ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Tax Shield ◽  
Financial Firms ◽  
Independent Variable ◽  
Debt Tax Shield ◽  
The Relationship ◽  
The Capital Structure

The primary aim of this study is to identify the firm-specific determinants of the capital structure of non-financial firms in Turkey and to test whether the determinants offered by financial theory are able to provide convincing explanations for non-financial firms in Turkey. Because the relationship between liquidity and capital structure is not well examined for Turkish market in the context of capital structure theories, we include liquidity as independent variable in our models in addition to profitability, growth, non-debt tax shields, size, tangibility, and risk. We use panel regression as econometric model and cover the period from 2009 to 2016. Our results show that profitability, non-debt tax shield, size, tangibility, and liquidity are significant determinants of the capital structure, size being the most robust one. On the other hand, growth and volatility are not significantly related with the leverage. Moreover, we conclude that capital structure decisions of non-financial firms in Turkey are mostly consistent with the hypothesis of pecking order theory rather than trade-off theory.

scholarly journals PERAN PROFITABILITAS DALAM MEMODERASI PENGARUH STRUKTUR MODAL DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN

2020 ◽  
Vol 9 (1) ◽  
pp. 1-13
Author(s):  
Mislia Ambar Sari ◽  
Lela Nurlaela Wati ◽  
Bambang Rahardjo
Keyword(s):  
Regression Analysis ◽  
Capital Structure ◽  
Hypothesis Testing ◽  
Firm Value ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Manufacturing Companies ◽  
Analysis Technique ◽  
The Capital Structure

This study aims to determine the effect of capital structure and dividend policy on firm value by moderating profitability in food beverages companies. Samples are Food Beverages Sub Sector manufacturing companies listed on the Indonesia Stock Exchange in the 2014-2018 period, which were taken using purposive sampling technique. The analysis technique used is a moderation regression analysis (MRA) using eviews 9. The results of hypothesis testing show that the capital structure variable (DER) has a positive and significant effect on firm value (PBV), dividend policy (EPS) has a positive and significant effect on firm value ( PBV), profitability (ROA) strengthens the effect of capital structure (DER) on firm value (PBV), but profitability (ROA) does not strengthen the effect of dividend policy (EPS) on firm value (PBV). These results indicate that the higher the capital structure financed by debt and the greater the dividends distributed to investors, the higher the firm value.Keywords: Capital Structure, Dividend Policy, Profitability, Firm Value

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