The Determinants of Capital Structure in Manufacturing Companies Listed on the Indonesia Stock Exchange with the Firms’ Size As a Moderating Variable (original) (raw)

The Determinants of Capital Structure In Manufacturing Companies Listed on The Indonesia Stock Exchange

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.

Analysis of the Factors Affecting the Capital Structure of a Manufacturing Company Listed on the Indonesian Stock Exchange in Moderation by Business Risk

https://www.scitepress.org/PublicationsDetail.aspx?ID=EX+DchZjbv0=&t=1, 2020

This study aims to examine and analyze the factors that affect the capital structure of manufacturing companies listed on the Indonesia Stock Exchange in moderation by business risk. The population of this study are all manufacturing companies listed on the BEI in the period of 2012-2016. 42 companies and simultaneously are used as a sample. The analysis of the data uses multiple linear regression with eviews 7software. The results showed that simultaneous factors of sales growth, profitability, corporate growth and firm size significantly influence the capital structurevariable. Company growth and firm size have positive but not significant effect on capital structure variable. Sales growth and profitability in moderation of business risks are significant to the capital structure. Company growth and firm size in moderation of business risk are insignificant to the capital structure.

The Determinants of the Capital Structure : Empirical Evidence from Indonesian Stock Exchange Companies

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: 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...

Capital Structure Determinants and Their Impact on Firm Value: Evidence From Indonesia

This study has two main purposes, i.e., the first is to discover and analyze capital structure determinants, and the second is to discover and analyze the influence of capital structure determinants on firm value in which capital structure treated as a moderating variable. Factors suspected to be determinants of capital structure consist of company growth, profitability, asset structure, leverage, and company size. The population in this study were manufacturing companies listed in Indonesian Stock Exchange. Using purposive sampling method, 125 companies with four years' (2008-2011) observation period were collected. The analysis tool used was multiple regression. The results showed that factors which significantly determined capital structure were fixed asset structure, leverage, profitability, and size, while company growth did not influence capital structure. Meanwhile, with capital structure as a moderating variable, asset structure, leverage, and profitability significantly influence the firm value, while company growth and company size did not influence the firm value.

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...

The Capital Structure’s Determinant in Firm Located in Indonesia

2018

This research aims to identify the capital structure’s determinant in companies located in Indonesia. This research uses 97 panel data of companies located in Indonesia listed in Indonesian Stock Exchanges during period of 2010-2015. Seven hypotheses are composed to represent the main theory of Capital Structure. The method uses in this research is the verification method using Multiple Regression Analysis, Classic Assumptions Test, as well as hypotheses testing. The result shows that Firm Growth, Sales Growth, Profitability, Tangibility, Cashflows and Institutional Ownership partially affected to Capital Structure. While the Firm Size have no impact on Capital Structure.

Determinants Of Capital Structure In Manufacturing Companies In Emerging Stock Market

JOURNAL OF ECONOMICS, FINANCE AND MANAGEMENT STUDIES

This study aims to examine and obtain empirical evidence that business risk, profitability, tangibility, firm size, liquidity, and asset growth rate, affect the capital structure of manufacturing companies listed on the Indonesia Stock Exchange in the 2017-2021 period. The study was conducted on 95 manufacturing companies listed on the Indonesia Stock Exchange for the period 2017 – 2021. The data used in this study is panel data. The method used in this research is explanatory with a quantitative approach and the sampling used is simple purposive sampling.analysis Explanatory is used to explain the relationships between the variables of capital structure, business risk, profitability, tangibility, firm size, liquidity, and asset growth rate. The results show that profitability and liquidity have a negative effect on capital structure, tangibility and asset growth rate have a positive effect on capital structure, while business risk and firm size have no effect on capital structure. ...

Determining Factors of Capital Structure and its Effect on the Value of Public Companies in Indonesia

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...

Capital Structure Determinants (Study of Food and Beverage Sub Sector Manufacturing Companies Listed on the Indonesia Stock Exchange 2014-2018

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.