scholarly journals The Influence of Profitability, Asset Tangibility, Growth, and Non Debt Tax Shield on Capital Structure in Manufacture Companies Listed in Indonesian Stock Exchange

2018 ◽  
Author(s):  
Christina V. Situmorang ◽  
Arthur Simanjuntak
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Tax Shield ◽  
Debt Tax Shield

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 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 Factors determining capital structure: Evidence from Companies listed on the Hanoi Stock Exchange

2021 ◽  
Vol 5 (2) ◽  
pp. first
Author(s):  
Hồ Xuân Thủy ◽  
Nguyễn Thị Huyền Trang
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Order Theory ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Trade Off ◽  
Tax Shield ◽  
Factors Influencing ◽  
Fixed Assets ◽  
Debt Tax Shield

This paper investigates the factors influencing capital structure of the companies listed on the Hanoi Stock Exchange (HNX) during 2011-2018. Factors tested included non-debt tax shield, firm size, tangible fixed assets structure, and profitability based on previous studies and the two prominent capital structure theories namely the trade-off theory and the pecking-order theory. We used the variable financial leverage (LEV) to measure capital structure. The analysis employs multiple linear panel regression models in examining factors influencing capital structure, the random effect model (REM) obtained by table data processing was found to be consistent with the study data. Our results revealed that profitability and non-debt tax shield had a negative impact on capital structure. On the other hand, firm size exhibited a positive impact whilst the effect of tangible fixed assets was statistically insignificant. Amongst all tested factors, non-debt tax shield was shown to exert the greatest influence on capital structure of companies. We conclude that the factors influencing capital structure of the companies listed on the Hanoi Stock Exchange are mostly consistent with the hypothesis of trade-off theory rather than pecking-order theory. Our results support the trade-off theory because large firms are more likely to borrow to greater benefits from the tax shield. The study greatly contributes towards the enrichment of empirical evidence on the factors influencing capital structure and helps the management with planning, making properly informed decisions to improve the firm performance.

scholarly journals PENENTU STRUKTUR MODAL DAN PENGARUH STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN

2019 ◽  
Vol 3 (3) ◽  
pp. 129-139
Author(s):  
Ella Novia Galin ◽  
Idamiharti Idamiharti
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Firm Value ◽  
Sampling Method ◽  
Stock Exchange ◽  
Testing Hypotheses ◽  
Tax Shield ◽  
Transportation Sector ◽  
Size Growth ◽  
Debt Tax Shield

The purposes of this study were to examine the influence of profitability, firm size, growth, asset structure, non debt tax shield on the capital structure and the influence of capital structure on the firm value. The sample used in this research are infrastructure, utility and transportation sector that listed in Indonesia Stock Exchange (ISE) period 2010-2013, which is choosing by purposive sampling method. Testing hypotheses were tested using multiple linear regression. The results showed that only profitability has significant effect on capital structure. Beside that, capital structure also has significant effect on firm value. Keywords : Capital Structure, Firm Value, Profitability, Firm Size, Growth, Asset Structure, Non Debt Tax Shield

scholarly journals PENGARUH LIKUIDITAS, NON-DEBT TAX SHIELD, UKURAN PERUSAHAAN DAN PERTUMBUHAN PENJUALAN TERHADAP STRUKTUR MODAL

2019 ◽  
Vol 8 (6) ◽  
pp. 3560 ◽  
Author(s):  
Ni Putu Intan Wulandari ◽  
Luh Gede Sri Artini
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Company Size ◽  
Sales Growth ◽  
Significant Positive Effect ◽  
Tax Shield ◽  
Debt Tax Shield ◽  
Results Management ◽  
Positive Effect ◽  
The Capital Structure

The aim of this researcher is to test and explain the significance of the effect of liquidity, non-debt tax shields, company size and sales growth on the capital structure of mining sector companies in the Indonesia Stock Exchange. In this study of the total population of 43 mining companies listed on the Indonesia Stock Exchange in 2013-2016 only 10 companies were selected as samples that met the requirements. The results showed that liquidity partially had a significant negative effect on the capital structure, non-debt tax shield has no significant effect on capital structure, firm size has a significant positive effect on capital structure and sales growth has a significant positive effect on capital structure. Based on these results, management needs to pay attention to the factors that influence the capital structure, especially liquidity, company size and sales growth because these factors have proven to have a significant effect, so it is expected to be able to create an optimal capital structure in order to achieve corporate objectives, namely to improve shareholder welfare. Keywords: capital structure, liquidity, non-debt tax shield  

scholarly journals PENGARUH PROFITABILITAS, LIKUIDITAS, TANGIBILITY ASSET, NON-DEBT TAX SHIELD, DAN PERTUMBUHAN PENJUALAN TERHADAP STRUKTUR MODAL PADA PERUSAHAAN MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2013-2015

2020 ◽  
Vol 13 (1) ◽  
pp. 13-20
Author(s):  
Laela Lanjarsih ◽  
Inung Wijayanti
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Random Effect ◽  
Significant Degree ◽  
Sales Growth ◽  
Return On Assets ◽  
Tax Shield ◽  
Food And Beverage ◽  
Debt Tax Shield ◽  
Using Data

This study aims to to analyze the influence of profitability, liquidity, tangibility asset, non debt tax shield, and sales growth to structure capital in the food and beverage company enrolled in indonesia stock exchange of 2013-2015.The sample from 12 company using a technique purposive sampling of the total number of 14 the food and beverage company in indonesia stock exchange 2013-2015. Data processing using data method regression panel and model’s estimation used is random effect with a significant degree 5 percent. The results of the study concluded that in partial variable profitability by return on assets (roa) have no influence to structure capital, liquidity significant negative to capital structure, tangibility asset has no influence to structure capital, variable non debt tax shield (ndts) has not been affecting the capital structure, and variable sales growth significant negative to capital structure.

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.  

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