Capital Structure Variables Research Articles

Liquiditas, Profitabilitas dan Debt to Aseets Rasio pada Perusahaan Advertising, Media dan Printing yang Terdaftar di Bursa Efek Indonesia

Capital structure decisions are an important aspect of complex financial management because they consider the relationship between long-term debt and equity, with the primary goal of maximizing owner wealth. property. This study aims to analyze the effects of current ratio and return on assets on capital structure (DAR) in advertising, media and printing companies listed on the Stock Exchange. Indonesia (BEI). Using the combined method, data were analyzed using the classical hypothesis method, multiple linear regression, t-test (partial), f-test (simultaneous) and coefficients determined using SPSS software. version 16. The results show that, in Part, the current ratio has no significant influence on capital structure (DAR) (sig 0.076), while the return on assets has a significant influence including capital structure (DAR) (sig 0.025). At the same time, both factors quick ratio and return on assets have a significant influence on capital structure (DAR) (sig 0.011). The coefficient of determination (R-Square) of 0.956 shows that about 95.6% of the variation in capital structure (DAR) can be explained by changes in the current ratio and return on assets, while the remaining 4.4% were influenced by other factors not investigated in Ceci's study. This study provides important information for financial managers to manage a company's capital structure more effectively.

The Role of Managerial Ownership as an Intervening Variable in the Relationship between Capital Structure, Asset Size and Profitability on Firm Value in Technology Companies of Indonesia

This study aims to examine the effect of Capital Structure, Firm Size, and Profitability on Firm Value with Managerial Ownership as intervening variables. The population in this study embraces 45 companies belonging to the technology, heavy construction, and civil engineering companies respectively for the period of 2015-2021. All data used is panel data retrieved from Indonesia Stock Exchange (IDX) website. Using the purposive sampling method, the final sample becomes 15 companies or 105 year-firm. Employing the path analysis, this study found that capital structure and profitability had a significant positive effect on managerial ownership, while firm size had a positive and insignificant effect on managerial ownership. Capital structure and profitability have a significant positive effect on firm value, while managerial ownership has a positive effect on firm value but is insignificant. In addition, firm size has a negative and significant effect on firm value. Finally, managerial ownership cannot mediate the relationship between independent variables of capital structure, firm size, and profitability on firm value.

Capital Structure and Financial Performance of Listed Oil and Gas Firms in Nigeria

Extensive research has been conducted on the relationship between capital structure and financial performance of firms, with the literature documenting the impact of this relationship. In Nigeria, there has been a growing trend of firms consolidating their equity capital as opposed to debt, leading to a need for further investigation into this relationship. This study aims to address this gap by exploring the impact of equity and debt, two capital structure variables, on net profit margin, a measure of financial performance. The study focuses on ten Nigerian listed firms over a decade-long period (2010-2020) and uses published annual reports as the primary data source to ensure the findings are valid and reliable. The selected firms are representative of Nigerian listed firms on the Nigerian Stock Exchange (NSE). Regression analysis using ordinary least square methodology of secondary data indicates that capital structure has a significant positive relationship with the financial performance of Nigeria listed firms, suggesting that these firms have consistently used both debt and equity capital to improve their earnings. The study's results have several implications for managers and investors in Nigeria, including the importance of finding the optimal balance between debt and equity capital to enhance financial performance, the need for proper management of debt levels to avoid excessive leverage and financial distress, and providing insight into the factors that drive the performance of Nigerian listed firms, which can guide investment decisions and strategies. This study adds to the growing body of literature on capital structure and financial performance by analyzing the relationship between capital structure and net profit margin in Nigerian listed firms. The findings suggest that well-managed capital structure positively impacts financial performance and provides valuable insights for managers and investors in Nigeria.

Determinants of earnings quality: The role of managerial ownership

This research analyzes and determines the effect of investment opportunity set, earnings persistence, and capital structure on earnings quality by making managerial ownership a moderating variable. This research is classified as a type of quantitative research with panel data obtained from secondary financial report data that has been published through Indonesian Stock Exchange website. Furthermore, the research sample was filtered using purposive sampling technique with several predetermined criteria to obtain 30 manufacturing companies registered at ISSI for 2019-2021 that met the criteria with a 3-year observation span. So, the total sample used was 90. Data analysis in this study used Moderated Regression Analysis. After testing with the Eviews 9 tools, the results show that the IOS variable has a positive and significant effect on earnings quality, earnings persistence has a negative but significant effect, while earnings persistence has no effect on earnings quality. Managerial ownership can only moderate the IOS’ relationship to earnings quality, however earnings persistence and capital structure variables cannot be moderated by managerial ownership in influencing earnings quality

PENGARUH STRUKTUR MODAL, PROFITABILITAS, KEPUTUSAN HEDGING DAN KEPEMILIKAN MANAJERIAL TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN SEKTOR PERTAMBANGAN YANG TERDAFTAR PADA BURSA EFEK INDONESIA

This study aims to analyze the effect between capital structure, profitability, hedging decisions and managerial ownership of firm value. The population in this study are mining companies listed on the Indonesia Stock Exchange for the 2016-2021 period. By using purposive sampling technique, the final sample used was 41 companies. The type of data used is secondary data obtained from the company's annual report on the Indonesia Stock Exchange. The data analysis technique in this study used multiple regression analysis with the EVIEWS 10 application tool. The results showed that all independent variables simultaneously affected firm value. Partially the variables of capital structure, hedging decisions and managerial ownership do not have a significant effect on firm value while profitability has a significant effect on firm value.

The Effect of Profitability on Stock Prices with Capital Structure as a Moderating Variable in Manufacturing Sub-Sector Companies for The Period 2019-2022

This study aims to determine the effect of profitability on stock prices with capital structure as a moderating variable in manufacturing sub-sector companies for the 2019-2022 period. The population of this study is manufacturing sub-sector companies listed on the Indonesia Stock Exchange for the period 2019 to 2022, totaling 40 companies. Data collection was carried out by purposive sampling. The research data is included in the type of secondary data in the form of financial reports and annual reports during the period 2019-2021. The data was obtained from the Indonesia Stock Exchange website, namely the website www.idx.co.id. The data analysis method used in this study uses multiple linear regression with the help of the SPSS version 24 program. The results of this study indicate that the profitability variable has a positive effect on stock prices. Then the capital structure variable has no effect on stock prices. Furthermore, it was found that the capital structure variable could not moderate the effect of profitability on stock prices in manufacturing sub-sector companies listed on the IDX for the period 2019-2022

10.84389 Pengaruh Managerial Ownership, Profitability, Firm Size dan Capital Structure

This study aims to examine the effect of the variables Managerial Ownership, Profitability, and Company Size on Capital Structure in Food and Beverage Sector Companies Listed on the Indonesia Stock Exchange for the 2017-2021 period. In this study, capital structure is measured using the Debt to Equity Ratio (DER). Samples were taken by purposive sampling method with certain criteria, during the study period. Based on the predetermined sample criteria, the number of observational data that can be processed is 60 data. The analytical method used is Multiple Linear Regression processed using SPSS 25. The results of this study indicate that the independent variable Managerial Ownership has a negative and significant effect on the dependent variable Capital Structure. Profitability independent variable has a negative and significant effect on the dependent variable Capital Structure. While the independent variable Firm Size has a positive and significant effect on the dependent variable Capital Structure.

The Effect of Intellectual Capital and Capital Structure on Firm Value with Profitability as an Intervening Variable in SOE Companies Listed on the IDX

This study aims to determine the effect of intellectual capital and capital structure on firm value and profitability as intervening variables. This research was conducted on publicly listed state-owned companies that have been and are still listed on the Indonesia Stock Exchange (IDX) for the 2015 -2019 period, namely 22 companies. Samples were taken using purposive sampling, so 17 companies were selected with 85 observations. Research data analysis techniques using path analysis techniques. The method used in this study is the random effect model panel data regression method. The study results show that Intellectual Capital, Capital Structure, and Profitability simultaneously affect Firm Value. Partially the Intellectual Capital and Capital Structure variables do not affect firm value, while Profitability has a positive and significant effect on firm value. Testing the second hypothesis shows that the variable Profitability cannot mediate the relationship between Intellectual Capital and Capital Structure on Firm Value. Keywords: intellectual capital, capital structure, profitability, firm value

PENGARUH LIKUIDITAS DAN STRUKTUR MODAL TERHADAP PROFITABILITAS PADA PERUSAHAAN PERBANKAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2019-2021

This research was conducted at banking companies listed on the Indonesia Stock Exchange for the 2019-2021 period with the aim of knowing the effect of liquidity and capital structure on profitability. The research population carried out by researchers is banking companies listed on the Indonesia Stock Exchange for the 2019-2021 period. The sample selection was carried out using purposive sampling method, and a sample of 32 companies was obtained. The type of data used is secondary data. Secondary data is data in the form of annual reports obtained from the IDX Website, namely www.idx.co.id during the 2019-2021 period. The data analysis method used in this study is multiple linear regression, with the classical assumption tests used are data normality tests, autocorrelation, multicollinearity, and heteroscedasticity tests. Descriptive statistics are used to see the profile of the research and provide an overview of the object to be studied through sample data and make generally accepted conclusions. The results of this study indicate that the t test (partial test) of liquidity has an effect on profitability. While the capital structure has no effect on profitability. The f test (simultaneous test) can be concluded that the variables of liquidity and capital structure simultaneously affect profitability.

MAMPUKAH STRUKTUR MODAL MEMEDIASI PENGARUH CEO NARCISSISM DAN OVERCONFIDENCE TERHADAP KINERJA PERUSAHAAN?

CEOs in corporations may not always employ logical reasoning when making decisions and may be swayed by personal characteristics such as overconfidence and narcissism. The decisions made by CEOs ultimately affect the company's performance. This study examines how CEO overconfidence and narcissism affect firm performance in the presence of capital structure variables. The study surveyed 39 infrastructure companies listed on the Indonesia Stock Exchange between 2017 and 2021, totaling 175 observations. The data were analyzed using Stata 16 to test the direct effect, and indirect effects were tested using the Sobel test. Results indicate that neither CEO overconfidence nor narcissism has a significant impact on a firm's performance, as measured by ROA or ROE. Furthermore, CEO narcissism has no impact on firm performance mediated by capital structure, while capital structure can mediate the effect of CEO overconfidence on ROA but not on ROE

Relevance Profitability and Managerial Ownership Trough Capital Structure for Company Value

The company has a goal of achieving going concern and making a profit. Companies that apply economic principles are generally not only oriented towards achieving maximum profit, but also trying to increase the value of the company and the prosperity of their owners. The company's objectives can be achieved by maximizing profitability by with the mechanism of Good Corporate Governance and also considering the selection of an appropriate capital structure to achieve corporate value. This study aims to determine the effect of profitability and managerial ownership on company value with capital structure as an intervening variable. This research sample of 13 food and beverage companies listed on the Stock Exchange in the 2012-2018 observation period. Testing the research hypothesis using the Partial Least Square (PLS) analysis technique. The results showed that profitability negatively affected capital structure and company value. Managerial ownership does not affect the capital structure or company value. Capital structure variables can mediate the effect of profitability on company value, but cannot mediate the effect of managerial ownership on company value

Pengaruh Kinerja Keuangan, Kebijakan Dividen, dan Struktur Modal Terhadap Nilai Perusahaan Otomotif di Masa Pandemi Covid-19

This study aimed to analyse the relationship between financial performance variables (ROA), dividend policy, and capital structure as intermediary variables on firm value. This research was a quantitative descriptive study. The research subjects used were the automotive industry which was registered on the Indonesia Stock Exchange website in the 2019-2021 period. The sampling technique used is a purposive sampling technique based on: 1) automotive industries that reporting sustainable financial data, 2) automotive industries without loss status, and 3) automotive industry without negative assets during period. The data analysis technique used is multiple linear regression and path analysis. The results of this study indicate that the variables of financial performance, dividend policy and capital structure have no significant effect on firm value. Meanwhile, the dividend policy variable has an effect on firm value with a mediating capital structure.

PENGARUH STRUKTUR MODAL DAN NON PERFORMING LOAN TERHADAP NILAI PERUSAHAAN MELALUI PROFITABILITAS SEBAGAI VARIABEL INTERVENING PADA BANK UMUM KONVENSIONAL YANG TERDAFTAR DI BURSA EFEK INDONESIA

The company is an organization that has an important role in the economic development of a country. The purpose of this study was to determine the effect of capital structure and non-performing loans on company value through profitability as an intervention variable. The populations in this study are conventional commercial bank companies listed on the Indonesian Stock Exchange. The sampling technique for this study used a purposive sampling technique. Data analysis and hypothesis testing in this study used the Structural-Partial Least Square Equation Model (PLS-SEM).
 The results of the direct effect hypothesis test using the Smart PLS 3.0 application, show that capital structure has no significant effect on profitability, non-performing loans have no significant effect on profitability, capital structure has no significant effect on company value, non-performing loans have not proven to have a significant effect on company value, profitability has an effect significant to company value. The results of the indirect hypothesis test show that the variable capital structure has a positive but not significant effect on company value through profitability, non-performing loans have a negative effect on company value through profitability but not significant.

Peranan Ukuran Perusahaan Memoderasi Pengaruh Struktur Modal dan Total Arus Kas Terhadap Harga Saham

This study aims to provide empirical evidence of the effect of capital structure on stock prices, total cash flow on stock prices, capital structure and total cash flow on stock prices, the effect of capital structure on stock prices with company size as a moderating variable, total cash flow on stock prices with company size as a moderating variable. The population in this study are consumer goods industry sector companies listed on the IDX during 2017-2021. Determination of the sample using purposive sampling technique, obtained a sample of 14 companies with 70 observation data. Analysis techniques and hypothesis testing were carried out with panel data regression analysis through Eviews-12.0. The results revealed that the capital structure variable has no effect on stock prices, the total cash flow variable affects stock prices, the company size variable cannot moderate the effect of capital structure on stock prices, the company size variable cannot moderate the effect of total cash flow on stock prices.

Corona’s Impact on the Pharmacy Sector

An additional twenty thousand cases were founded in the Indonesian pharmacy sector. The Coronavirus caused an explosion in stock prices in the pharmaceutical sector, which concerns diseases easily transmitted between humans. The health sector has been severely affected and must reset its common goal of ending the COVID-19 pandemic. The growth of the National pharmaceutical industry in Indonesia was highly expected to support the acceleration of national economic recovery, as stated in the G-20 presidency, namely the vision of supporting sustainability finance and sustainability trust in sustainable development (Mulyani, 2022). With economic sustainability development globally, investor confidence will be more significant in the company's sustainability reporting, so investors are willing to pour some of their funds (Shauki, 2022). Non-financial reporting (NFR) aspects focus on the environment, society and governance and reflect significant positive and negative impacts on humans, the environment and economic aspects (Shauki, 2022). The Indonesian Company's Sustainability Report demonstrates the commitment of companies in Indonesia. Researchers are trying to find empirical evidence of the impact of company performance with sustainability reporting as a moderating variable on the company's value. The results showed that the capital structure affects the company value; earnings and size do not affect the company value. Sustainability reporting as a moderation variable can strengthen the relationship between variable capital structure, company size and earnings.

Pengaruh Profitabilitas, Ukuran Perusahaan, dan Tingkat Pertumbuhan Perusahaan Terhadap Struktur Modal pada Perusahaan Sektor Properti dan Real Estate yang Terdaftar di Bursa Efek Indonesia Tahun 2017-2020

This study aims to find the effect of profitability, corporate governance, and tax avoidance on firm value in manufacturing companies listed on the Indonesia Stock Exchange in 2017-2020 partially and simultaneously. The population of this study was 65 companies. The sampling method used is purposive sampling method, so that 10 companies were obtained as samples for 4 years of observation with 40 observation samples. The research data was obtained from financial reports from sample companies which were downloaded through the IDX website, namely www.idx.co.id and the official websites of each company. The data analysis technique used is multiple linear regression analysis using SPSS 25. The results showed that the profitability variable had a positive and significant effect on capital structure. Firm size has a significant negative effect on capital structure and company growth rate variable has a positive and insignificant effect on capital structure. Based on the simultaneous test (F test) the variables of profitability, company size and growth rate simultaneously affect the capital structure.

The influence of profitability, liquidity, and capital structure on firm value

This study aims to examine the influence of profitability, liquidity, and capital structure on the value of companies listed on the Indonesian Stock Exchange (IDX) during the period 2018-2021. The population used in this study were food and beverage sub-sector manufacturing companies listed on the IDX over the four-year period from 2018 to 2021, comprising 42 companies. The sample obtained was 17 manufacturing companies listed on the IDX during the 2018-2021 period. The research method used in this study is the quantitative method with multiple linear regression analysis tools, where quantitative data is a study method that is based on conjunctive data. This study uses descriptive statistical tests, Kolmogorov Smirnov statistical tests, multiple linear regression tests, and hypothesis testing with the help of the SPSS 23 program. The results of this study show that profitability partially has a positive and significant effect on the firm’s value, and the variables of liquidity and capital structure simultaneously have no effect on the firm’s value.

An Analysis of Capital Structure, Stock Ownership Structure, and Profitability as Intervening Variables in Firm Value Testing

Value is one metric that identifies a company's sustainability. Financing assets or paying off a company's debt are two alternatives to the capital structure and stock ownership structure. Businesses can also use profitability indicators to decide whether a capital structure is necessary and how much stock should be owned. The purpose the The link between capital structure and return, as well as the profitability of capital structure for each of these attributes on equity, were examined and empirically established in this study. business value. Manufacturing firms registered on the Indonesia Stock Exchange between 2014 and 2016 made up the sample population for this study. Additionally, the sample used for the 2014–2016 period included 10 manufacturing firms in the food and beverage subsector. Descriptive analysis and partial least squares (PLS) data analysis were the methods employed in this investigation. Indicators were also included as sub-variables affected by latent variables in a reflective model. The measurement model testing also made use of the outer and inner models. The study's findings showed that the latent variable of profitability is significantly influenced by the ownership structure of stocks and the capital structure. Furthermore, there is a connection between the latent variables of corporate value and profitability. the latent variables of business value or capital structure, however, are unaffected by the stock ownership structure

The Effect of Capital Structure Moderating Receivable Turnover and Inventory Turnover on Profitability

Receivable and inventory control in carrying out the company's activities is very important in order to achieve the company's vision and mission. This study aims to find out how the effect of receivable turnover and inventory turnover on the profitability of the company with the capital structure as a moderation variable. The population of this study was a company listed on the Indonesia Stock Exchange (IDX) for the period 2017 – 2019, the sample for this research consists of nine companies in the consumer goods, basic industries, and chemical sectors selected by purposive random sampling. The analysis method used was descriptive statistics with analysis tools using Partial Least Square (PLS) approach. The PLS-SEM analysis technique uses the help of WarpPLS 6.0 software with two stages of analysis, namely Measurement Model Analysis and Structural Model Analysis. Evaluation of the Outer Measurement Model uses three evaluation models, namely: Convergent Validity, Discriminant Validity, and Reliability Test. The results of this study showed that there was a significant positive influence between the turnover of receivables to profitability while inventory turnover has a significant negative effect on profitability and variable capital structure is not able to moderate the relationship between receivable turnover and inventory turnover to profitability.

PENGARUH STRUKTUR MODAL DALAM MEMEDIASI HUBUNGAN ANTARA DIVERSFIKASI TERHADAP KINERJA KEUANGAN PERUSAHAAN

The purpose of this study was to examine the direct effect of diversification and capital structure variables on financial performance, as well as the indirect effect of capital structure on company financial performance. The population of this research is the automotive and component companies listed on the Indonesia Stock Exchange in the 2015-2019 period amounting to 65. The sampling technique used is the purposive sampling method. The data analysis method used was path analysis and Sobel test using SPSS software. The results show that diversification does not affect the capital structure, diversification and capital structure affect the company's financial performance, and capital structure does not mediate the relationship between diversification and the company's financial performance. The limitation in this study is that it only uses one type of measurement of the company's financial performance. The results of this study are expected to contribute to the field of financial accounting. Keywords: Capital Structure, Diversification, Financial Performance