Influence Of Capital Structure Research Articles

Financial Performance's Impact on Firm Value: How Managerial Ownership Mediates the Relationship

Banks play a significant role in facilitating the generation of economic growth opportunities, which can impact the achievement of government-set economic growth objectives. Hence, it is imperative to foster a climate that promotes banks' competitive growth and resilience, enabling them to effectively confront many problems in the face of escalating global complexities. To maintain a competitive edge, the bank must exhibit strong performance that positively influences corporate value. For that, the objective of this study is to ascertain the key determinants that exert a substantial impact on the valuation of firms, specifically examining the potential influence of capital structure, profitability, profits per share, and dividend payout ratio on the value of financial institutions. Another aim of the study is to ascertain the potential moderating effect of managerial ownership on the independent variable of company value. The sample selection included purposive random sampling, with the criterion of including only those with complete data from the research period spanning 2011 to 2022, using Moderation Regression and data panel Analysis. This study shows that earnings per share and dividend payout ratio significantly impact banks' valuation. In the interim, the Moderation Regression Analysis has yielded findings indicating that management ownership is a moderating factor in the relationship between earnings per share and banking value.

THE ROLE OF PROFITABILITY IN MEDIATING THE EFFECT OF CAPITAL STRUCTURE AND FIRM GROWTH ON THE FIRM VALUE OF TRANSPORTATION AND LOGISTICS COMPANIES SECTOR

This study aims to examine whether there is an influence of capital structure and firm growth on firm value and whether profitability can be an intermediary or mediation on the influence between these variables. The population in this study were transportation and logistics companies listed on the Indonesia Stock Exchange totaling 37 companies, and 17 of them met the purposive sampling criteria to be used as research samples. The research method used is quantitative with data sources in the form of secondary data. The data analysis method uses multiple linear regression analysis with SPSS version 25 and the sobel test. The results of this study provide evidence that the variables of capital structure and firm growth have a significant positive effect on profitability, capital structure has a significant negative effect on firm value, firm growth has no effect on firm value, and profitability has a significant positive effect on firm value. And profitability is not able to mediate the effect of capital structure and firm growth on firm value

PENGARUH STRUKTUR MODAL, ALOKASI PAJAK, DAN UKURAN PERUSAHAAN TERHADAP EARNING RESPONSE COEFFICIENT (ERC) PADA INDUSTRI PERKEBUNAN

This research aims to analyze the influence of Capital Structure, Tax Allocation, and Company Size on the Earning Response Coefficient (ERC). The population used in this research is plantation sector companies listed on the Indonesia Stock Exchange (BEI) for the 2018 - 2022 period. The sample in this study was determined using a purposive sampling method and came from 22 plantation companies, so the total The sample amounted to 110 samples. Data processing was carried out using the multiple linear regression method with the help of SPSS software version 20. The results of the study showed that partially the Capital Structure variable had a negative and significant effect on the ERC, the Tax Allocation variable had a positive and significant effect on the ERC and the Company Size variable has a negative and significant effect on the ERC. The research results also show that Capital Structure, Tax Allocation, and Company Size simultaneously have a significant effect on the ERC

PENGARUH STRUKTUR MODAL, UKURAN PERUSAHAAN DAN RISIKO BISNIS TERHADAP KEBIJAKAN DIVIDEN DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN MANUFAKTUR SEKTOR INDUSTRI DASAR DAN KIMIA YANG TERDAFTAR DI BEI

Companies in the basic and chemical industry sector are manufacturing companies that convert raw materials into semi-finished products. This study aims to determine the Influence of Capital Structure, Company Size and Business Risk on Dividend Policy with Profitability as an Intervening Variable in Manufacturing Companies in the Basic and Chemical Industry Sector Listed on the IDX. This research method uses a quantitative method. Data analysis and hypothesis testing in this study used the Structural Equation Model-Partial Least Square (PLS-SEM). The results of the direct influence hypothesis test using the Smart PLS3 3.0 application show that the capital structure has a negative but not significant effect on profitability. The size of the company has a potential but not significant effect on profitability. Business risk has a significant positive effect on profitability. Capital structure has a negative but not significant effect on dividend policy. The size of the company has a positive but not significant effect on the dividend policy. Business risk has a positive but insignificant effect on dividend policy. Profitability has a positive but not significant effect on dividend policy. Capital structure has a negative but insignificant effect on dividend policy through profitability. Company size has a positive but insignificant effect on dividend policy through profitability. Business risk has a positive but insignificant effect on dividends through profitability.

Pengaruh Struktur Modal, Likuiditas, Ukuran Perusahaan, dan Umur Perusahaan Terhadap Kinerja Keuangan pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2018-2022

This research aims to examine the influence of capital structure, liquidity, company size, and company age variables on financial performance in manufacturing companies listed on the Indonesia Stock Exchange from 2018 to 2022. The data used in this research are secondary data. The population in this study consists of 245 companies, and the sample selection procedure uses purposive sampling based on predefined criteria, resulting in a sample of 55 companies. The dependent variable in this study is financial performance, while the independent variables are capital structure, liquidity, company size, and company age. The data analysis method uses panel data. The research results indicate that capital structure has a positive and significant effect on financial performance, liquidity has a positive and significant effect on financial performance, company size has a positive and significant effect on financial performance, and company age has a negative and significant effect on financial performance.

Capital structure and performance nexus: Insights from fixed-effects and quantile analysis

The research utilizes a comprehensive dataset from MENA-listed companies, capturing data from 2013 to 2022 to scrutinize the influence of capital structure (CapSt) level on corporate performance across 11 distinct countries. This study analyzed 6870 firm-year observations using a quantitative research method through static and dynamic panel data analysis. The primary analysis reveals a positive correlation between the CapSt ratio and company performance using fixed effects (FE) techniques. Hence, the preliminary results were re-examined and affirmed using a two-step system generalized method of moment (GMM) estimator to address potential endogeneity concerns. This finding aligns with most studies conducted in advanced countries, indicating a positive correlation between CapSt and corporate performance. Furthermore, it is also consistent with some research conducted in less-developed markets. This research argues that, in the MENA region, the advantages of debt, such as tax saving, may outweigh the potential financial distress cost. Furthermore, it offers insights into the monitoring role of CapSt in MENA-listed companies. We strengthen our research results by employing various methodologies and using alternative measures of accounting performance and controlling size, notably panel quantile regression analysis.

The Effect of Capital Structure On Company Value with Profitability and Dividend Policy as A Mediating Variable

The theory of capital structure with taxes is put forward by stating that the value of a company increases as the total debt increases. The use of debt in the company's capital structure, on the other hand, also incurs costs that can reduce the value of the company, so Modigliani and Miller (1963) the trade-off theory reveals that there is a so-called optimal capital structure. This study aims to test and analyze the influence of capital structure, profitability, and dividend policy on company value, both directly and indirectly. The population of this study is pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange for the period 2008-2022. The sampling technique used was the purposive sampling technique and samples were obtained from 6 companies with a total of 90 years of observation. This study uses secondary data in the form of annual financial statements of pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange for the 2008-2022 period. The data analysis technique in the study uses the dynamic panel method of the system generalized method of moments (GMM) with the Rstudio application. The results of the analysis provide evidence that capital structure, profitability, and dividend policy have a significant positive effect on the company's value. Capital structure has a significant positive effect on profitability and dividend policy. Capital structure affects the value of the company through profitability as a mediating variable. Capital structure affects the value of the company through dividend policy as a mediating variable. Company management is advised to always maintain an optimal capital structure for the company so that it can increase profitability and dividend distribution so as to increase the company's value. For the next researcher, it is recommended to increase the number of research samples so that the research results can be generalized widely.

Pengaruh Struktur Modal,Profitabilitas,Ukuran Perusahan Terhadap Nilai Perusahaan Sektor Industri Pertambangan

This research aims to determine whether there is an influence of capital structure, profitability and company size on the value of companies in the mining industry sector, coal mining sub-sector listed on the BEI in 2018-2022. After the research data was collected and processed by the author, there are points in this research with the following conclusions: Capital structure (X1) on the value of companies in the mining industry sector (Y). In the prob results, the results show a significant value of 0.0000 < a (0.05) and seen from the t-statistic of 1.863491 > t-table of 1.66256 , based on these results, the probability < of the a and t-count values ​​> t-table, meaning that capital structure influences the value of companies in the mining industry sector. Profitability (X2) on the value of companies in the mining industry sector (Y). In the prob results, a significant value of 0.0369 < a ​​(0.05) was obtained and seen from the t-statistic it was 1.874639 > t-table of 1.66256, based on these significant values, Probability < from a and t-count values ​​> t-table, meaning that Profitability has an effect on the value of companies in the mining industry sector. Company size (X3) on the value of companies in the mining industry sector (Y). In the prob results, a significant value of 0.0479 < a ​​(0.05) was obtained and seen from the t-statistic it was 1.987158 > t-table of 1.66256 , based on the significant value, Probability < from the value of a and t-count > t-table, Company Size means that it influences the value of companies in the mining industry sector

Pengaruh Struktur Modal dan Pertumbuhan Perusahaan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening (Studi Pada Perusahaan Infrastruktur Sub Sektor Konstruksi Berat dan Teknik Sipil Terdaftar di BEI Periode 2018-2022

This research aims to analyze the influences: (1) capital structure influences the value of the company, (2) corporate growth influences corporate value, (3) capital structures influence profitability, (4) corporate development influences profits, (5) profitability influences company value, (6) profitability is able to mediate the influence of capital structure on the company's value, (7) profitability can mediate company growth influence on company value. The population of this study is the entire infrastructure company of the heavy construction and civil engineering sub-sector listed on the Indonesian Stock Exchange for the period 2018-2022. The samples were selected using the purposive sampling method of 18 companies. Data analysis used in this study is internal model and hypothesis testing with the help of software SmartPLS (Partial Least Squares) version 3.2.9. PLS (Partial Least Square). The results of the research showed that the capital structure had a negative and non-significant impact on the company's value, the growth of the company had a positive and insignificant effect on the value of the enterprise, the structure of the capital had an negative and significant impact on profitability, the development of a enterprise had an positive and significant effect on profitability, the profitability had an adverse and significant influence on the corporate value, profitability was able to mediate the influence of capital structures on the business' value, and profitability were capable of mediating the impact of the growth and value of an enterprise.

Pengaruh Struktur Modal dan Pertumbuhan Penjualan Terhadap Kinerja Keuangan Melalui Moderasi Profitabilitas

Financial performance mirrors company accomplishments through effective asset management. Researchers hypothesize an interplay between profitability, capital structure, and sales growth, impacting financial performance. The aim and objective of this research is to determine the role of profitability in moderating the influence of capital structure and sales growth on financial performance. In this research, quantitative methods are used to collect and analyze data summarized in the form of numbers and statistics to understand phenomena, relationships or patterns in the population studied. The population of this research was 67 companies and was selected using a purposive method to produce 230 sample data from 46 companies. The data analysis used in this research is moderated regression analysis. After data analysis, it can be concluded that sales growth cannot significantly affect financial performance. Capital structure also cannot significantly influence financial performance. Meanwhile, profitability has proven capable of strengthening the relationship between sales growth and capital structure on financial performance.

PENGARUH STRUKTUR MODAL TERHADAP PROFITABILITAS BANK PADA DUAL BANKING SYSTEM DI INDONESIA

The dual banking system in Indonesia still faces the problem of inadequate capitalization with a high level of leverage. This study aims to analyze the effect of capital structure on bank’s profitability in Dual Banking System in Indonesia. The data analysis method used is panel data regression and difference test on 8 conventional banks and 8 Islamic banks. Panel data regression is intended to identify the influence of capital structure proxied through DER and CAR ratios on profitability (ROA) with control variables of bank size and asset’s growth. The secondary data used is annual report data for the period 2013-2022 sourced from OJK. The estimation results on conventional banking show that the DER and growth variable has a significant positive impact on profitability, while CAR and bank size have no significant influence on profitability. Then, in Islamic banking, DER has a significant negative influence on profitability performance, while CAR and growth have no significant influence on Islamic bank’s profitability performance. Meanwhile, bank size is proven to affect the Islamic bank’s profitability performance. Through a t-test, there is a significant difference in profitability performance and capital structure between the two banking systems in Indonesia.

The Influence of Capital Structure, Company Growth and Company Value on Share Prices in Coal Sub-Sector Companies Listed on the Indonesian Stock Exchange 2018-2023

This study aims to empirically investigate the impact of Capital Structure, Company Growth, and Company Value on stock prices. Employing a quantitative descriptive research method with a verificative approach, the study utilizes panel data regression analysis to examine these relationships. The research focuses on Coal Sub-Sector Companies listed on the Indonesia Stock Exchange from 2018 to 2023, encompassing a sample of 12 companies. The findings reveal that Capital Structure negatively influences stock prices, indicating that higher debt levels may detract from stock value. Conversely, Company Growth is found to have no significant effect on stock prices, suggesting that growth metrics do not necessarily translate to market valuation in this sector. In contrast, Company Value exerts a positive impact on stock prices, demonstrating that higher valuation metrics are associated with increased stock prices. These results provide valuable insights for investors and stakeholders in the coal sub-sector, highlighting the critical factors that drive stock price movements and offering a basis for more informed investment decisions.

Hacking Profits in Real Estate: The Influence of Capital Structure, Liquidity, and External Factors

This study seeks to empirically examine the influence of capital structure, liquidity, firm value, firm size, and external factors on profitability within companies operating in the property and real estate sector listed on the Indonesia Stock Exchange, utilizing sample data from 2018 to 2022. Through purposive sampling, 10 companies were selected as research subjects, employing panel data regression analysis. The findings indicate that liquidity and company size have a negative and significant impact on profitability. Conversely, inflation exerts a positive and significant influence on profitability. However, neither capital structure nor firm value significantly affect profitability. These results contribute to understanding the factors influencing the profitability of property and real estate sector companies within the Indonesian capital market context.

Pengaruh Cash Holding, Keputusan Investasi dan Struktur Modal terhadap Nilai Perusahaan dengan Komite Audit sebagai Variabel Moderasi

This research aims to determine the influence of Cash Holding, Investment Decisions and Capital Structure on Firm Value with the Audit Committee as a Moderating Variable. The measurements used for each variabel are firm value using Tobin's Q, cash holding using CH, investment decisions using the TAG proxy, capital structure using the DER proxy, and audit committees using measurements using the number of audit committee meetings in the company. The population in this research are companies in the Consumer Non-Cyclical sektor in 2020-2022 which are listed on the Indonesia Stock Exchange (IDX). The data used is secondary data with a sampling technique using the purposive sampling method. Based on this method, there are 89 companies in the population out of 112 companies that meet the criteria. The samples were taken over a three year annual financial reporting period so that in total there were 210 samples. The analytical method used in the research is multiple linear regression analysis. The results of the analysis show that investment decisions have a positive effect on firm value. Meanwhile, cash holding and capital structure have no effect on firm value. The audit committee as a moderating variable is able to strengthen the influence of cash holding and investment decisions on firm value. However, the audit committee was unable to weaken the influence of capital structure on firm value. Keywords: Audit Committee, Capital Structure, Cash Holding, Firm Value, Investment Decisions.

Struktur Modal, Likuiditas, Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Sektor Transportasi Dan Logistik

The aim of this research is to determine the influence of capital structure, liquidity and profitability on company value in transportation and logistics sector companies listed on the Indonesia Stock Exchange for the 2018-2022 period. The number of samples studied was 40 companies with 5 years of research. So the total data used was 200 research data. The research method used is panel data regression analysis test. The research uses hypothesis testing to develop research results on the influence of capital structure, liquidity and profitability on company value. The research results conclude that the capital structure variable has a positive and significant effect on company value. Every increase in capital structure variables will be able to increase company value significantly. The liquidity variable has a positive and significant effect on company value. Every increase in the liquidity variable will be able to increase company value significantly. The profitability variable does not have a significant effect on company value. Any increase in the profitability variable will not increase or decrease the company value significantly.Keywords: Capital Structure, Liquidity, Profitability and Company Value

Capital Structure, Financial Performance, and Macroeconomic Conditions: Evidence From Indonesia Stock Exchange

his study aims to analyze the influence of capital structure, financial performance, and macroeconomic conditions on firm value (Tobin's Q) in companies included in the Kompas 100 index (100 companies with good liquidity and large market capitalization) listed on the Indonesia Stock Exchange between 2018 and 2022. A total of 50 companies with historical data for 5 years were analyzed amounting to 250 observational data. The data analysis method used is panel data regression analysis processed using Eviews software version 10. The results show that financial performance has a significant positive effect on firm value, and capital structure has a negative but not significant effect on firm value. Among the macroeconomic variables, inflation has a negative influence while interest rates have a positive influence, both of which are significant on firm value. However, GDP growth shows an influence that is not significant towards changes in firm value. The determinants of firm value are very complex thus each company needs to identify the key factors influencing them. It is recommended for further research to include corporate governance and firm growth variables.

STRATEGI PENINGKATAN NILAI PERUSAHAAN: Peran Struktur Modal, Pertumbuhan, dan Kepemilikan Institusional

The purpose of this research is to determine the influence of Capital Structure, Company Growth, Institutional Ownership Structure on Company Value. The population used in this research was 86 property and real estate services sub-sector companies listed on the Indonesian stock exchange with a sample of 15 companies and 5 years of observation with a total sample of 75 data. This research was conducted using quantitative descriptive analysis. The object of this research is the Property and Real Estate Sub-Sector Companies listed on the Indonesia Stock Exchange for the 2018-2022 period. Data collection was carried out using the purposive sampling method. The data analysis techniques used are classical assumption testing, panel data regression analysis and hypothesis testing. The results of this research conclude that simultaneously, capital structure, company growth and institutional ownership structure have a positive effect on company value in property and real estate services sub-sector companies listed on the Indonesia Stock Exchange for the 2018-2022 period, whereas partially capital structure does not influence on company value in property and real estate services sub-sector companies listed on the Indonesia Stock Exchange for the 2018-2022 period, company growth has a positive effect on company value for property and real estate services sub-sector companies listed on the Indonesia Stock Exchange for the 2018-2022 period , and it was concluded that the institutional ownership structure had no effect on company value in Property and real estate services sub-sector companies listed on the Indonesia Stock Exchange for the 2018-2022 period. The results of this research suggest that the company should increase the effective use of assets so that the company's share price can increase and be able to generate the expected profits. By increasing profits, the value of the company will also increase. This can attract the attention of investors to invest.

THE INFLUENCE OF CAPITAL STRUCTURE, ASSET GROWTH AND PROFITABILITY ON STOCK PRICES IN THE TRANSPORTATION SECTOR OF AIRLINES REGISTERED ON THE IDX, 2018-2022

This research was conducted with the aim of finding out and analyzing the influence of Capital Structure, Asset Growth and Profitability on Share Prices in the Airline Transportation Sector listed on the IDX in 2018-2022. This research is quantitative research that is associative in nature. The population in this study are companies operating in airline transportation in 2018-2022. Sampling was carried out using techniques of non probability sampling or a saturated sample, namely using all sample airline companies. The data technique used in this research is Multiple Linear Regression Panel Data using Eviews 10 software. The results of this research show that partially Capital Structure (DAR) has no effect and is not significant on stock prices, Asset Growth has no effect and is not significant on stock prices, and Profitability (ROA) has a positive and significant effect on stock prices.

The Influence of Liquidity, Profitability, Company Growth and Capital Structure on Company Value

This research aims to determine the influence of liquidity, profitability, company growth and capital structure on company value. This research was conducted on consumer goods sector companies listed on the Indonesia Stock Exchange 2017-2022). The type of research used in this research is explanatory with a quantitative approach. The research results simultaneously state that Profitability, Liquidity, Company Growth and Capital Structure influence Company Value in Consumer Goods Industry companies listed on the Indonesian Stock Exchange for the period 2017 - 2019. Meanwhile, partial research results state that Liquidity has a significant negative effect on Company Value, profitability has a significant positive effect on Company Value, Company growth has no effect on Company Value and Capital Structure has no effect on Company Value in Consumer Goods Industry companies listed on the Indonesia Stock Exchange for the period 2017 – 2019. This can be seen based on the calculated t value of -1.068 which is smaller than the t table and the significance value is 0.289 so it can be seen that the value is above 0.05, that H4 which states that Capital Structure has an effect on Company Value is rejected.

The Influence of Capital Structure, Profitability, Good Corporate Governance on Earnings Quality and Its Impact on Company Value

The primary aim of this research is to examine the impact of Capital Structure, Profitability, and the Implementation of Good Corporate Governance on Earnings Quality and then examine the impact on Company Value amid the Covid-19 pandemic. The following research will include comparative studies on companies in Indonesia and Malaysia. This research uses quantitative methods with a causality approach. Purposive sampling is a research methodology used in sampling techniques. This research was conducted on companies listed on the Indonesia Stock Exchange and the Malaysia Stock Exchange during the period 2019 to 2021. The findings of this research reveal that there are differences between Indonesia and Malaysia. The findings of a study conducted in Indonesia show that factors such as capital structure, profitability and corporate governance have a significant influence on earnings quality. However, the findings of a study conducted in Malaysia show that only profitability has an influence on earnings quality. The findings of this research also indicate that companies located in Indonesia and Malaysia in terms of the influence of capital structure and corporate governance on earnings quality have no impact on company valuation. The influence of profitability on earnings quality in Malaysia has an impact on company value.