Key Indicators for Determining Capital Structure for Public Companies in Indonesia (original) (raw)
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2018
Research on the capital market in the tourism industry in Indonesia is still very limited, besides the results of research related to it each has not found consistent results. This research aims to assess empirically the antecedents of capital structure and its effect on firm value. The population of this study is a tourism industry sector in Indonesia listed on the Indonesia Stock Exchange active since 2007-2014 with sample research of 19 companies obtained by sampling total sampling technique. The variables analyzed in this study include profitability, growth Assets, capital structure and firm value. Hypothesis test using multiple linear regression analysis with data processing using SPSS program. The results show that profitability have a significant effect on capital structure whereas growth has no significant effect on capital structure. Profitability has significant effect to firm value, while growth and capital structure have no effect significant to firm value. While simulta...
Asian Journal of Economics, Business and Accounting
The purpose of this study is to analyze the determinants of capital structure and how its affect firm value. The sample selected from public companies listed on the IDX which four (4) industries were selected by using stratified and purposive random sampling that have been selected 74 companies with 222 observations from 2017 to 2019. Estimation technique of panel data in this study by using the FEM approach. The results of hypothesis testing reveal that in the first model, three (3) variables that have a significant positive effect on the company's capital structure, namely AUR, LSIZE and ROA. Furthermore, in the second model, the company's capital structure has a negative effect on firm value. This study also reveals that companies tend to use debt as the first alternative when internal sources of funds are insufficient. Investors are advised to be careful in investing their funds in companies that have a very high debt utilization ratio, because in addition to burdenin...
The purpose of this study is to find empirical evidence of the determinants of the company's capital structure that is consistently incorporated in the 2014-2018 food and beverage sub-sector. The population of this study are all companies that are consistently incorporated in the food and beverage sub-sector during the study period. The data used are secondary data in the form of company financial statements. The statistical test used to test the hypothesis is panel data regression with the comment effect approach. Hypothesis test results show that asset structure has a positive and significant effect on capital structure, conversely profitability and liquidity partially have negative effect but not significantly on capital structure.
Analysis of Capital Structure in Various Industry Companies on the Indonesia Stock Exchange
https://www.ijrrjournal.com/IJRR\_Vol.8\_Issue.2\_Feb2021/IJRR-Abstract080.html, 2021
The finances of a company are determined by the capital structure. There are variables that effect the capital structure of a company, for example, such as asset structure, liquidity (quick ratio), and profitability (GPM). This study aims to determine the effect that occurs between asset structure with capital structure, liquidity with capital structure, and profitability with capital structure. The data collection technique used a purposive sample, and there were 9 samples of companies from 39 populations of various industry companies listed on the Indonesia Stock Exchange (BEI) in 2014-2018. The analysis model uses multiple linear regression. Based on the results of the F test, it shows that the value of Fcount>Ftable is 9.508>2.83, so that simultaneously the asset structure, liquidity, profitability have an effect on the capital structure of companies in various industry companies on the Indonesia Stock Exchange. Whereas in the t test, asset structure, liquidity, profitability do not partially effect the capital structure.
Determination of Capital Structure of Public Companies in Indonesia
Journal of Social Science Studies, 2019
Capital structure is definitely related to the company’s long-term expenditure. Capital structure compares long-term debt to own capital. Corporate funding policies can be obtained from internal and / or external companies. So the purpose of this study is to analyze the capital structure of public companies in Indonesia. In the process of determining capital structure determination using multiple linear regression statistics, the results of the study are Return On Assets, Total Asset Turnover, and Current Ratio have a negative influence on the capital structure of public companies in Indonesia. So it can be concluded that public companies in Indonesia use internal funds more than external capital because internal capital does not create a fixed burden for the company.
Determinants of Capital Structure: Empirical Evidence from the Indonesia Stock Exchange
2018
Capital structure strategy relates to the composition of debt and equity, which will deliver the highest profitability to the companies. To analyze the variables affecting the capital structure, this study utilized yearly financial statements from 2001 to 2015 with the exclusion of 2008, for 136 non-financial public companies listed on the Indonesia Stock Exchange. This study adopted an econometric approach of t-test, correlation coefficient, difference test and descriptive statistics analysis. The variables adopted are net debt-to-equity ratio as the dependent variable, size, profitability, asset structure, liquidity, sales growth and capital expenditure as the independent variable. This study found that for overall market, size, profitability, asset structure and sales growth have a significant relationship with capital structure. On the other hand, this study found no significant relationship between liquidity and capital structure. The findings of this study suggested that the m...
The purpose of this study was to analyze the factors affecting capital structure in Indonesia. The variables used were DER as the dependent variable and as independent variables are profitability, growth opportunity, fixed asset tangibility, size, dividend payout ratio and shortterm debt to total assets. The sample used in this study is a company registered in LQ-45. And selected by using purposive sampling. Thus obtained 38 companies as a sample. The analytical method used is linear regression. The results obtained from this study is the variable profitability, tangibility fixed assets and short term debt to total assets that have a significant influence 5%. While the growth opportunity and size variables have a significant influence 10%. While the variable dividend payout ratio does not have a significant influence.
Determinants of Capital Structure
Proceedings of the International Conference on Banking, Accounting, Management, and Economics (ICOBAME 2018), 2019
This study analyses the capital structure of manufacturing companies listed on the Indonesia Stock Exchange. Capital structure is an important part of the company, because it relates to the composition of the company's debt. Investors need to know the problems of the company's capital structure, as one of the considerations in determining their investment policy. The study uses secondary data, with independent variables of profitability (Return on Equity), sales growth, asset structure, liquidity (Current Ratio), tax and business risk. As an independent variable is the capital structure (Debt to Equity Ratio). Data analysis used multiple regression analysis, while sampling was done by purposive sampling method. The results showed that liquidity (Current Ratio) had a negative effect on the significance of less than 1%. While profitability (Return on Equity), sales growth, asset structure, tax and business risk do not affect the capital structure. Keywords—profitability; sales...
Jurnal Manajemen Indonesia
This study has an objective to examine the effect form activity ratio (TATO), liquidity (CR), profitability (ROA), and asset structure on capital structure (DER). Data processing uses financial reports from seventeen (17) F&B companies that listed on the Bursa Efek Indonesia (BEI) from period 2015 to 2019. A total of 425 data were used as samples using purposive sampling technique. Data panel regression used to analyze data and testing hypotheses. Results showed the simultaneous influence between the activity, liquidity, profitability, and asset structure to capital structure. Partially, activity ratio and asset structure variable do not affect capital structure. This study also proved that profitability affects capital structure in positive and significant relationship, while liquidity has a negative and significant effect to capital structure. Further findings are discussed in this study. Keywords – activity ratio, asset structure, capital structure, liquidity, profitability
Proceedings of the 11th Annual International Conference on Industrial Engineering and Operations Management, 2021
This study aims to analyze the Effect of Profitability (ROA), Asset Structure, Sales Growth, Company Size and Dividend Policy on Capital Structure (Case Study of Manufacturing Companies Listed on the Indonesia Stock Exchange 2015-2019 Period). The population used in this study is a company that is included in the category of manufacturing companies listed on the IDX in 2015-2019, totaling 148 companies. This study amounted to 30 companies in the five year study period, so the research data amounted to 150 data. The data collection method is done through documentation study; the analysis method uses multiple regression analysis. Testing in this study indicates that Return on Assets (ROA), Assets Structure (SA), Company Size, and Dividend Payout Ratio positively affect capital structure. In contrast, Sales Growth does not affect Capital Structure.