scholarly journals PENGARUH STRUKTUR MODAL, BIAYA EKUITAS, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN PADA BADAN USAHA MILIK NEGARA (BUMN) YANG TERDAFTAR DI BURSA EFEK INDONESIA

2015 ◽  
Vol 6 (2) ◽  
Author(s):  
Hendry Victory Supit ◽  
Herman Karamoy ◽  
Jenny Morasa
Keyword(s):  
Capital Structure ◽  
Firm Value ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Equity Capital ◽  
Cost Of Equity ◽  
The Cost ◽  
The Impact ◽  
The Capital Structure

Source of corporate funding is essential to the operations of a firm. The problem that often arises is how companies choose the capital structure that could maximise the firm value but still pay attention to the wishes of investors and creditors to take advantage of the provision of funds through equity capital and debt capital. The purpose of this paper is to examine the impact of capital structure, cost of equity, and dividend policy on the firm value at State Owned Enterprises (BUMN) that are listed in the Indonesia Stock Exchange. The population in this study are all state-owned enterprises listed on the Indonesia Stock Exchange with a study period of 2009 to 2014, totaling 20 companies. Samples were selected using purposive sampling method amounted to 13 companies. The analytical method used multiple linear regression analysis and will be processed first with using classic assumption test. As for the processing of research data using SPSS version 23.0. The test results simultaneously (F test) the capital structure, the cost of equity, and dividend policy have impact on the firm value of state-owned companies in Indonesia. After the partial test (t test), capital structure has negative impact on the firm value, but the cost of equity and dividend policy concluded no impact on firm value.

scholarly journals PENGARUH KEBIJAKAN DIVIDEN, LIKUIDITAS, TANGIBILITY, ASSET TURNOVER, DAN COMPANY GROWTH TERHADAP STRUKTUR MODAL

2020 ◽  
Author(s):  
Mirnawati Ratuloly ◽  
Anita Wijayanti ◽  
Purnama Siddi
Keyword(s):  
Social Sciences ◽  
Capital Structure ◽  
Sampling Method ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Asset Turnover ◽  
Company Growth ◽  
The Capital Structure

Capital structure is the ratio between debt (foreign capital) and own capital (equity). There are several factors that affect capital structure such as dividend policy, liquidity, tangibility, asset turnover and company growth. This study aims to determine the effect of dividend policy, liquidity, tangibility, asset turnover and company growth on capital structure. In this study, the sampling method was carried out using purposive sampling and obtained as many as 14 companies in the consumer goods industry sector which were listed on the Indonesia Stock Exchange during 2015-2018. Thus the amount of data observed in this study amounted to 56 data. Data in this study were analyzed using Statistical Package for Social Sciences (SPSS) 22 with multiple linear regression analysis methods. The results of this study indicate that liquidity and asset turnover affect the capital structure while the dividend policy, tangibility and company growth do not affect the capital structure.

scholarly journals The Influence of Good Corporate Governance and Capital Structure on Firm Value: The Mediation Role of Financial Performance

2020 ◽  
Vol 35 (2) ◽  
pp. 230
Author(s):  
Ridwan Nurazi ◽  
Intan Zoraya ◽  
Akram Harmoni Wiardi
Keyword(s):  
Corporate Governance ◽  
Capital Structure ◽  
Financial Performance ◽  
Firm Value ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Company Value ◽  
Good Corporate Governance ◽  
The Impact

<pre>The objective of this study is empirically identify the impacts of Good Corporate Governance and capital structure on firm value with financial performance as intervening variable. We operate quantitative approach within the scope of manufacturing company of metal, chemical, and plastic packaging sector which listed in Indonesia Stock Exchange during the 2017-2018 periods as the population. Samples are chosen by purposive sampling method inwhich the company must report the financial statement in a row, obtained 79 observations. The data analysis technique used is financial ratio analysis to determine the condition of the business financial ratios of the variables studied. Data were analyzed using multiple linear regression analysis. The result shows that corporate governance and capital structure influence the firm value, moreover the use of institutional ownership ratio and capital structure will increase the value of the firm. The result also shows that the impact of Corporate governance and capital structure on the company value are mediated by financial performance. It means that the value of the firm can increase if the company able became an effective monitoring tool.</pre>

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 Effect of Firm Size and Profitability on Firm Value with Capital Structure as Intervening Variables in Indonesia

2019 ◽  
Vol 4 (2) ◽  
pp. 55
Author(s):  
Indra Arifin Djashan
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Firm Value ◽  
Stock Exchange ◽  
Company Performance ◽  
Purposive Sampling ◽  
The Impact ◽  
The Relationship ◽  
Intervening Variables ◽  
The Capital Structure

This study examines the impact of firm size and profitability on firm value with capital structure as an intervening variable in financial companies listed on the Indonesia Stock Exchange during three years. The method used for sampling is purposive sampling based on predetermined criteria. The number of samples in this study were 73 companies. Measurement of profitability is using ROA and ROE as one indicator to see company performance. The main purpose of companies that have gone public is to increase the prosperity of the owners or shareholders through increasing the value of the company. The results showed that the improvement of profitability and firm size may improve its capital structure. The improvement of profitability and the firm size may increase significantly the firm value. The results of mediating test showed that the capital structure is not able to mediate the relationship between the profitability and firm size to firm value

scholarly journals PENGARUH PERTUMBUHAN PERUSAHAAN, STRUKTUR MODAL, DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN

2017 ◽  
Vol 2 (1) ◽  
Author(s):  
Isabella Permata Dhani ◽  
A.A Gde Satia Utama
Keyword(s):  
Capital Structure ◽  
Firm Value ◽  
Annual Report ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Growth Effect ◽  
Analysis Method ◽  
The Impact ◽  
Sustainability Report

The purpose of the research is to obtain empirical evidence about the impact of growth, capital structure and profitability to firm value. The sample in this research is manufacturing company which listed in Indonesia Stock Exchange during the period of 2013 –2015. The source of the data of this research was conducted from annual report and sustainability report. This research is using quantitative approach with multiple linear regression analysis method. The result in this research found that growth effect positively to firm value, capital structure effect negatively to firm value  and profitability effect positively to firm value.Keyword : Growth, Capital Structur, Profitability, firm value

scholarly journals The Effect of Information Asymmetry and Business Diversification on Cost of Equity Capital

2021 ◽  
Vol 5 (1) ◽  
pp. 104-112
Author(s):  
Nurul Intan Okci Pratiwi
Keyword(s):  
Information Asymmetry ◽  
Positive Impact ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Secondary Data ◽  
Equity Capital ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
Quantitative Research Methods ◽  
The Cost

This study aims to examine the effect of information asymmetry and business diversification on the cost of equity capital in mining companies listed in the Indonesia Stock Exchange with a sample of 14 companies for the 2017-2019 period. Data analysis used descriptive research with quantitative research methods in the form of secondary data. Information asymmetry is measured using the bid-ask spread and diversification is measured using the Herfindahl Index proxy while the cost of equity capital is measured using the Ohlson model. Hypothesis testing is carried out using multiple linear regression analysis to see how much influence information asymmetry and diversification have on the cost of equity capital. The result indicated that information asymmetry had a positive impact on the cost of equity capital and business diversification had a positive impact on the cost of equity capital.

scholarly journals The effect of risk disclosure on the cost of equity capital and firm value (An empirical study of manufacturing companies listed on the Indonesia Stock Exchange period 2015-2017)

2019 ◽  
Vol 9 (2) ◽  
pp. 133
Author(s):  
Eka Sri Sumardani ◽  
Rr Sri Handayani
Keyword(s):  
Firm Value ◽  
Stock Exchange ◽  
Equity Capital ◽  
Manufacturing Companies ◽  
Cost Of Equity Capital ◽  
Risk Disclosure ◽  
Cost Of Equity ◽  
Net Profit ◽  
The Cost ◽  
Corporate Risk

This study examines the effect of corporate risk disclosure on cost of equity capital and firm value. It uses the ratio of market value to book value, the ratio of leverage, consumer price index, growth, firm size, independent audit committee, and net profit during the study period and net profit in the previous year as control variables. The population consists of all manufacturing companies listed on the Indonesia Stock Exchange for the period 2015 - 2017. The sample was taken using a purposive sampling method, with the total sample of 99 companies. The data were analyzed using multiple regression analysis to test the hypothesis. The results indicate that corporate risk disclosure has a negative effect on the cost of equity capital but corporate risk disclosure has a positive effect on firm value.

IMPLIKASI STRUKTUR MODAL, KEPEMILIKAN MANAJERIAL, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN PADA SUB SEKTOR PROPERTI DAN REAL ESTATE YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2014-2019

2021 ◽  
Vol 5 (1) ◽  
Author(s):  
Oktarias Fatmawati ◽  
Gendro Wiyono ◽  
Agus Dwi Cahya
Keyword(s):  
Real Estate ◽  
Capital Structure ◽  
Firm Value ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Managerial Ownership ◽  
Normality Test ◽  
Analysis Technique

The purpose of this study was to determine the implications of the variable capital structure, managerial ownership, and dividend policy on firm value in the property and real estate sub sector listed on the Indonesia Stock Exchange (IDX) for the 2014-2019 period. The sample in this research is property and real estate companies listed on the Indonesia Stock Exchange (IDX) for the 2014-2019 period with a total of 6 companies obtained using the purposive sampling method. The data analysis technique uses multiple linear regression analysis which is supported by classical assumption tests such as normality test, multicollinearity test, heteroscedasticity test, and autocorrelation test. The results of this study indicate that capital structure has a positive and significant effect on firm value, managerial ownership has a positive and significant effect on firm value, while dividend policy has no significant effect on firm value. Simultaneously, capital structure, managerial ownership, and dividend policy have a positive and significant effect on firm value. Keywords: Capital Structure, Managerial Ownership, Dividend Policy dan Firm Value

Are Banks Special?

2018 ◽  
Vol 08 (04) ◽  
pp. 1840004 ◽  
Author(s):  
Michel Crouhy ◽  
Dan Galai
Keyword(s):  
Capital Structure ◽  
Cost Of Capital ◽  
Equity Capital ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
Market Conditions ◽  
The Cost ◽  
The Capital Structure

This paper addresses the following question: Are banks special firms that can achieve their goals only with high leverage, above and beyond what is considered acceptable for industrial corporations? This question is related to the issue of the cost of capital and how it is affected by leverage. If we accept the Modigliani–Miller (M&M) theorem (1958), then the capital structure is irrelevant for both the cost of capital and the value of the bank. Specifically, the M&M hypothesis argues that higher levels of equity capital reduce bank leverage and risk, leading to an offsetting decline in banks’ cost of equity capital. Hence, we ask the question whether banks are special firms such that M&M theorem does not apply to banks. We show that M&M propositions cannot be applied for banks primarily because of explicit guarantees and subsidies that provide incentives for increasing leverage. Then, some of the risk faced by the bank is transferred at no cost to the providers of these guarantees and subsidies, giving banks the incentive to increase leverage as much as they can. We show that under perfect market conditions, when risk is fairly priced, this opportunity vanishes.

scholarly journals Determinants of Capital Structure in Industrial Companies: Conservative Policy—Applied Study on Jordanian Industrial for the Period (2014-2016)

2019 ◽  
Vol 14 (2) ◽  
pp. 125 ◽  
Author(s):  
Abeer Al Abbadi
Keyword(s):  
Capital Structure ◽  
Interest Rates ◽  
Credit Rating ◽  
Stock Exchange ◽  
Industrial Companies ◽  
Tangible Assets ◽  
Conservative Policy ◽  
The Cost ◽  
The Impact ◽  
The Capital Structure

The study aimed to define the factors that determinate the capital structure for industrial companies in Jordan. By depending on theoretical references and literature review that related to capital structure, and to define the determinants that influenced the capital structure by depending on statistical analysis. The study used 15 companies of Amman stock exchange for the period 2014-2016. The study concluded multiple results. The most importantly, there is significant impact of profitability, interest rates, and the amount of tangible assets. And there is impact of investment opportunities, the size of company and to the adoption of conservative policy according to the comprehensive concept of indebtedness in building capital structure. There was no possible impact for financial distress. The study proposed recommendations. The most important recommendations are studying the underlying causes of reduction long term debt ratio to the total assets of many public share holding companies. Urging financial managers to study the capital structure and the factors that determinate it, in order to manage the capital structure of the companies according to scientific methodology. Urging companies to use Islamic instruments for funding the tangible assets .As it is appropriate to the prevailing economic conditions in the market in terms of profit rates. It is necessary to confirm the existence of a credit rating classification from international credit agencies that helps in issuance of instruments and corporate bonds, or to obtain credit. Urging companies using rent ending in ownership or finance leasing; and urging companies of tangible assets to obtain funding from Islamic and commercial banks especially, when the cost of borrowing and Islamic funding is less than the cost of the issuance of shares. The study suggested studying the determinate factors that makes some companies following the conservative policy in building the capital structure, and in maintaining high cash balances. The study affected the impact of the existence of financial organizations as board of directors in public shareholding companies determine and study the factors of building the capital structure.

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