Abstract
This study is aimed to examine the effect of uniquenss, tangibility and financial flexibility on capital structure and firm value. The population of this study is miscellaneous industry sector from 2015 - 2019. The sample of the study is all companies were selected by purposive sampling method. Based on the criteria, 33 companies were chosen as the samples of this study. This study used structural equation modeling with partial least square program to test whether the independent variables affect the dependent variables. The results of this study are found that (1) uniqueness has a negative and insignificant effect on capital structure, (2) tangibility has a positive and significant effect on capital structure, (3) financial flexibility has a positive and significant effect on capital structure, (4) uniqueness and tangibility have a positive and significant effect on firm value, whille financial flexibility has a negative and insignificant effect on firm value, (5) tangibility has a positive and significant effect on firm value through capital structure, while uniqueness dan financial flexibility have a negative and insignificant effect on firm value through capital structure, and (6) capital structure has a negative and significant effect on firm value.
Highlights
This study is aimed to examine the effect of uniquenss, tangibility and financial flexibility on capital structure and firm value
The sample of the study is all companies were selected by purposive sampling method
33 companies were chosen as the samples of this study
Summary
This study is aimed to examine the effect of uniquenss, tangibility and financial flexibility on capital structure and firm value. Perusahaan semakin memperoleh banyak dana untuk ekspansi dan melakukan inovasi terhadap produk uniknya, maka akan meningkatkan kemampuan perusahaan memperoleh laba yang akhirnya akan meningkatkan nilai perusahaan (Hoberg & Phillips, 2012), namun perusahaan juga mengalami kesusahan untuk meminjam dana karena penggunaan modal mereka secara spesifik mengurangi kemungkinan pendanaan alternatif ketika terjadi kebangkrutan. (2013) menjelaskan bahwa tingkat keunikan produk yang dimiliki oleh perusahaan akan menurunkan kemampuan perusahaan untuk memperoleh pendanaan dari hutang sehingga akan mempengaruhi komposisi struktur modal perusahaan. Perusahaan yang memiliki aset berwujud yang lebih banyak, mampu memberikan jaminan yang lebih baik kepada pihak perbankan dan lembaga keuangan lainnya sehingga dapat meningkatkan kemampuan perusahaan untuk memperoleh pendanaan yang berasal dari hutang dan akan mempengaruhi komposisi dari struktur modal perusahaan dan nilai perusahaan (Jooma & Gwatidzo, 2013). Struktur modal dan nilai perusahaan juga dapat dipengaruhi oleh fleksibilitas keuangan (financial flexibility). Adapun tujuan yang hendak dicapai dari penelitian ini adalah sebagai berikut: 1) untuk menganalisa secara empiris pengaruh uniqueness, tangibility dan financial flexibility terhadap struktur modal, 2) untuk menganalisa secara empiris pengaruh uniqueness, tangibility dan financial flexibility terhadap nilai perusahaan, 3) untuk menganalisa secara empiris pengaruh uniqueness, tangibility dan financial flexibility terhadap nilai perusahaan melalui struktur modal, dan 4) untuk menganalisa secara empiris pengaruh struktur modal terhadap nilai perusahaan
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: CURRENT: Jurnal Kajian Akuntansi dan Bisnis Terkini
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
