Capital Structure Variables Research Articles

Analisa Struktur Modal dan Likuiditas Terhadap Profitabilitas Pada Perusahaan Sub Sektor Batubara

Coal mining sub-sector companies listed on the IDX from 2017 to 2021 will be the subject of this investigation, which aims to determine how capital structure and liquidity affect profitability and how they are described.A purposive sampling strategy was used to select the sample for this study.Multiple linear analysis was used to analyze the data in this study.This study found that profitability and liquidity are unaffected by the capital structure and liquidity variables.

Testing The M & M Relevance and Irrelevance Theories of Capital Structure in Quoted Manufacturing Firms in Nigeria

The study empirically test the Miller & Modigliani (1958, 1961) irrelevance and relevance theory of capital structure in Nigeria. Thus, 16 manufacturing firms listed on the Nigerian Stock Market for the period 2010 to 2020 were tested. Three capital structure variables such as short-term debt to equity ratio, long-term debt to equity ratio and total debt-to-equity ratio (independent variables) were regressed against firm value (dependent variable). The fully modified ordinary least squares (FMOLS) was employed in the analysis of the data, and the empirical results obtained from the two models indicate that the M & M irrelevance and relevance theory does not hold in the Nigerian manufacturing firms within the investigating period. The study recommends that manufacturing firms in Nigeria should begin to focus attention on other factors outside capital structure that could possibly influence the value and performance of the firm. Some of the likely factors could be dividend policy and firm’s specific factors such as total assets, profitability, liquidity, risk exposure, growth among others.

Pengaruh Profitabilitas dan Aktivitas terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Moderasi pada Perusahaan Property dan Real Estate

The purpose of this study is to analyze the influence of the relationship between profitability and activity on company value and capital structure used as a moderation variable in property and real estate sector companies listed on the IDX for the period 2018 to 2020. The study's population included 79 companies. Purposive sampling in this study was used as a sampling method and obtained by as many as 47 companies. Moderated Regression Analysis is an analytical technique used in this test. The results of this study show that the variables of profitability and activity contribute significantly positively to the value of the company, while the variable of capital structure as a moderation variable is not able to strengthen the relationship between profitability and activity with the value of the company.

The Influence of Good Corporate Governance, Company Size, Capital Structure and Company Growth on the Financial Performance of Retail Companies Listed on the IDX

Financial performance is one of the concerns that is the focus of company management in making choices related to the implementation of company activities. The purpose of this research is to know whether the variables of GCG, company size, capital structure and company growth affect the company's financial performance. Purposive sampling is a sampling technique taken to determine the sample in this research so that this study found a sample of 11 companies in the retail sector so that the total sample taken for 3 years from 11 companies is 33 companies then secondary data which is the source of data in the study This is tabulated and processed with the help of SPSS version 25 then a set of test tools to support the hypothesis with a partial t-test. That the results obtained in this analysis are that the company's performance is proven to be able to be influenced by good corporate governance, the company's performance is proven to be unable to be influenced by the size of the company, the company's performance is proven to be unable to be influenced by the capital structure and the company's performance is proven to be unable to be influenced by the company's growth. The determination test is worth 0 57.9% then the remaining 42.1% in this study can be explained by variables that might affect the company's performance which were not carried out in this research.

Capital Structure, Asset Liquidity and Financial Performance of Listed Deposit Money Banks in Nigeria

This study examined capital structure, liquidity and financial performance of listed deposit money banks in Nigeria. The study specifically investigated the relationship between debt-to-equity ratio and financial performance of listed deposit money banks in Nigeria, the effect of total debt ratio on the financial performance of listed deposit money banks in Nigeria and how asset liquidity influences financial performance of listed deposit money banks in Nigeria. The study adopted the ex-post facto research design. The data for this study were obtained from secondary source that was derived from financial statements of selected deposit money banks listed on the Nigerian Exchange. The data covered the period 2011–2020. Descriptive and inferential statistical methods were employed in analyzing the data gathered. The findings of the OLS regression analysis revealed that debt equity ratio (DER) has significant negative impact on financial performance. However, findings revealed that total debt to total asset ratio (TTR) has a significant and positive impact on the financial performance, while asset liquidity (ASL) has a negative and significant impact on financial performance of the sampled banks in Nigeria. It is concluded that the variables of capital structure as used in the study, such as debt to equity ratio, total debt to total asset ratio, and asset liquidity, have mixed results of positive and negative effects on financial performance of deposit money banks in Nigeria.

Pengaruh Struktur Modal, Kebijakan Dividen, dan Keputusan Investasi Terhadap Nilai Perusahaan (Studi Pada Perusahaan Sektor Industri Dasar dan Kimia Tahun 2016-2019)

<p><em>This study aims to explain the effect of the variables of Capital Structure, Dividend Policy and Investment Decisions on Firm Value (a study on companies in the basic and chemical industry sectors 2016-2019). This type of research is a quantitative approach. The population of this study is the basic and chemical industrial sector companies listed on the Indonesia Stock Exchange as many as 78 companies, the determination of the sampling using purposive sampling technique through certain criteria in order to obtain a sample of 16 companies with a total of 4 years of observation. The analytical method used is the panel data regression analysis method using the Eviews 9.0 tool. The results of this study indicate that capital structure, dividend policy and investment decisions simultaneously affect firm value. While partially shows that the capital structure variable proxied by the Debt to Equity Ratio (DER) has no effect on firm value, dividend policy is proxied by the Dividend Payout Ratio (DPR) does not affect the firm value proxied by Price to Book Value. (PBV), and investment decisions proxied by Price Earning Ratio (PER) have a positive and significant effect on firm value proxied by Price to Book Value (PBV).</em><strong><em></em></strong></p>

The Impact Of Macroeconomics, Liquidity, Asset Structure On Firm Value In The Heavy Construction & Civil Engineering Sub-Sector On The Indonesia Stock Exchange

Study aims to see the relationship between macroeconomic, liquidity , asset structure variables, on firm value with profitability and capital structure as an intervening variable in the in the Heavy Construction & Civil Engineering Sub-Sector on the Indonesia Stock Exchange 2019-2021 The types of research are quantitative, the number of samples is 15 and the sampling technique is purposive sampling . This study uses SEM (Structural) analysis. Equation Modeling) based on component or variance, namely Partial Least Square (PLS), using Smart PLS 3.0 software. According to the findings of the study, macroeconomic variables had positive effect on firm value and capital structure but not significant, macroeconomic variables had a negative effect on profitability but not significant. Assets structure variables had a positive effect on profitability and capital structure but not significant. Assets structure variables had a negative effect on firm value but not significant. Liquidity had a negative effect on profitability and firm value but not significant, Liquidity had a negative effect on capital structure but significant . Profitability had a positif effect on firm value but not significant. capital structure variables had a negative effect on firm value but significant

AI-Based Prediction of Capital Structure: Performance Comparison of ANN SVM and LR Models.

Capital structure is an integral part of the corporate finance that sources the funds to finance growth and operations. Managers always have to maintain value of the firm to be higher than the cost of capital in order to maximize the shareholders wealth. Empirical studies have used sources of finance like debt and equity as variables of capital structure. A choice between debt and equity finance analyzes the firm's ability to perform under the financially constrained environment to attain the sustainable growth. Therefore, it gives rise to a dire need to estimate the cost of capital precisely. We examined the capital structure of top ten market capitalization of the stock markets included in MSCI Emerging index with the use of artificial neural networks, support vector regression, and linear regression in forecasting methods. The capital structure is measured as the proportion of total debt over total equity (Tang et al., 1991). Other financial ratios such as profitability, liquidity, solvent, and turnover ratios were considered as drivers of the capital structure. Applying logistic and hyperbolic tangent activation functions, it was concluded that ANN has a great potential of replacing other traditional forecasting models with the nonstationary data. This research contributes with a new dimension for estimation through different activation functions. There is a possibility of ANN dominance as compared to the other models applied for predictability in financial markets.

Impact of Capital Structure on Firm Performance of Food and Beverage Listed Companies on the Stock Exchange of Vietnam

This study tested the relationship between capital structure and firm performance. Data were collected from 41 food and beverage companies listed on the Vietnam Stock Exchange from 2017 to 2021. Three variables were used to measure the performance of each company, including ROA, ROE and EPS. The ratio of total debt to total assets (DA), total debt to total equity (DE), short-term debt to total assets (SDTA) and long-term debt to total assets (LDTA) are the key factors. for capital structure. Besides, growth rate (GROWTH) and company size (SIZE) are also applied in the model as control variables. As a result, most of the capital structure variables have a negative effect on each of the firm’s performance variables. It is noteworthy that this study also illustrates the negative correlation between ROE and capital structure shown, which was thought to be insignificant in many previous studies but also shows a negligible relationship between SDTA and SDTA. Moreover, ROE was rarely seen in previous studies. Furthermore, the research results also show a negligible impact on growth rate and a positive relationship between size and firm performance.

THE RELATIONSHIP BETWEEN CAPITAL STRUCTURE AND RETURN ON CAPITAL: A CANONIC CORRELATION ANALYSIS ON TEXTILE INDUSTRY

Purpose- With this study, it is aimed to examine the effect of capital structures or debt leverage ratios of companies operating in the textile sector of BIST (Borsa Istanbul) on capital returns. Methodology- In the study, continuous data for the period 2010Q4-2021Q3 of 15 companies operating in the BIST textile sector were used. Using the data covering 44 quarters of the companies within the scope of the study, the effect of capital structures on capital returns was analyzed and Canonical Correlation methodology was used for this. In the canonical correlation methodology, the capital return variables of the firms are taken as the dependent variable and the capital structure variables as the independent variable. Findings- In the findings obtained as a result of the canonical correlation analysis, it was observed that the capital structure in the sample of textile companies explained the return on capital at a very low level. Conclusion- Although the ratio of capital structure to return on capital is very low in the results obtained in the Canonical Correlation analysis using the data of the companies in the sample, the capital structure ratios of the companies should be taken into account and the findings should not be generalized. Keywords: BIST, textile sector, canonical correlation, capital structure, return on capital JEL Codes: M21, M31, D24

Effect of Profitability, Company Size and Capital Structure on Stock Prices in the Consumer Goods Industry Sector Listed on the Indonesia Stock Exchange

This study aims to determine the effect of Profitability, Company Size, and Capital Structure on Stock Prices in Consumer Goods Industrial Sector Companies Listed on the Indonesia Stock Exchange (IDX). The type of research used is descriptive research and verification research. The data used in this study is secondary data obtained from the IDX official website (www.idx.co.id). Methods of data collection using the form of documentation. The data analysis used is quantitative analysis. The analysis technique is multiple linear regression. The results of the joint study of profitability, firm size, and capital structure variables have a significant positive effect on stock prices in consumer goods industrial sector companies listed on the Indonesia Stock Exchange. Profitability and firm size have a significant positive effect on stock prices, while the capital structure significantly negatively impacts stock prices.

Pengaruh likuiditas, ukuran perusahaan, profitabilitas, dan struktur modal terhadap nilai perusahaan

The principal objective of the company is to build the worth of the company. The importance of company value because high company value will bring high investor growth. The worth of the company is also known as market capitalization, because if the company’s stock price increases, the value of company can bring the best developments for investors. The study is expected to analyze and test the effect of liquidity, firm size, profitability, and capital structure on firm value. The populace utilized in this study are Property and Real Estate companies recorded on the Indonesia Stock Exchange (IDX) in 2016-2020 with a final sample of 197. The sample method used in this research is multiple linear regression analysis use the IBM SPSS 26 program. The conclusion this is research simultaneously the variables of liquidity, firm size, profitability, and capital structure have an effect on firm value. While partially for liquidity variable has a negative effect in firm value, firm size and profitability have a positive effect on firm value, while capital structure has no effect on firm value.

An Analysis of Profitability, Capital Structure, and Credit Risk in the Peruvian Microfinance Sector

The Peruvian Cajas Municipales de Ahorro y Crédito (CMAC) have been integrating many people into the financial system since 1980. Their microfinance operations target both people and businesses. Hence, CMAC provides financial services to people and companies that many conventional banks might reject. Although CMAC firms have increased their operations, their profits and market share have fallen. Therefore, this study employed a PLS-SEM model to analyze the causes of this phenomenon. Following previous studies, the current analysis studied both internal and external factors. The latent variable capital structure was used to express the internal factors and indicators, while the latent variable credit risk represented the external factors. The dependent variable was profitability, and its indicators were ROA and ROE. The results of the analysis indicated that capital structure and credit risk were negatively related to profitability. Additional testing revealed that the principal causes might be attached to an increment of provisions. Moreover, CMAC managers do not accept private investors for fear of losing their power. Therefore, the recommendation is that CMAC managers improve their credit policies and share their power decisions to attract more investors.

PENGARUH KARAKTERISTIK PERUSAHAAN TERHADAP STRUKTUR MODAL PADA INDUSTRI MAKANAN DAN MINUMAN

This study aims to examine the effect of firm size, collateral, profitability, and growth opportunity (independent variable) on capital structure (dependent variable) listed on the Indonesia Stock Exchange (IDX). The sampling technique used was purposive sampling with the number of samples obtained as many as 195 samples from 39 food and beverage companies listed on the IDX for the period 2016-2020. The type of this research is quantitative research, the analytical method of this research is a descriptive method and multiple analysis methods using secondary data types in the form of financial reports obtained from the website www.idx.co.id. The results of this study reveal that simultaneously firm size, collateral, profitability, and growth opportunity variables have a significant effect on capital structure variables proxied by Debt to Equity Ratio (DER). Partially, the firm size variable has no significant effect on the capital structure variable, the collateral variable has a significant negative effect on the capital structure variable, the profitability variable has a significant negative effect on the capital structure variable and the growth opportunity variable has no significant effect on the capital structure variable

Pengaruh Perputaran Kas, Struktur Modal, Perputaran Persediaan, Asset Growth Dan Total Asset Turnover terhadap Profitabilitas


 This study aims to analyze the effect of Cash Turnover, Capital Structure (DER), Inventory Turnover, Asset Growth and Total Asset Turnover (TATO) on Profitability (ROA). The type of research used is quantitative research. The sampling method in this study used a purposive sampling technique. The sample used is 5 automotive and component companies listed on the Indonesia Stock Exchange for the period 2012-2019. Data were analyzed by multiple linear regression analysis method and classical assumption test obtained using SPSS version 25 program. The results showed that cash turnover partially had a negative and significant effect on profitability (ROA), capital structure (DER) partially had a positive and significant effect. on profitability (ROA), inventory turnover partially negative and significant effect on profitability (ROA), asset growth partially positive and significant effect on profitability (ROA) and total asset turnover (TATO) partially positive and significant effect on profitability (ROA ). The results of the study simultaneously show that the variables of cash turnover, capital structure (DER), inventory turnover, asset growth and total asset turnover (TATO) have a positive and significant effect on profitability (ROA).
 Keywords: Cash Turnover, DER, Inventory Turnover, Asset Growth, TATO, ROA

Capital Structure, Liquidity, and Financial Performance on The Quality of Earnings

Interested parties consider financial statements necessary because they can analyze the company's profit level. This study aims to provide empirical evidence on the effect of capital structure, liquidity, and financial performance on the quality of earnings in manufacturing companies listed on the IDX in 2019-2021. The sample used in this study was 77 companies with a purposive sampling technique to obtain 231 data. The method used is quantitative, and then the data collected is analyzed using the IBM SPSS version 25 software program. The results show that the capital structure and liquidity variables significantly affect earnings quality. At the same time, the Return on Assets (ROA) variable has no significant effect on earnings quality

Analysis of Company Characteristics to Company Value in Manufacturing Company Sector of Consumption Goods Industry Listed in Bei

This study aims to examine the effect of profitability, dividend policy, firm size, and capital structure variables on enterprise value in Indonesia Stock Exchange- or IDX-listed companies for 2011-2015 period. The population in this study were 37 IDX-listed companies for 2011-2015 period. 12 companies were sampled purposively. The data were analyzed using multiple regression. The results show that probability, dividend policy, firm size and capital structure simultaneously have an effect on enterprise value. Partially, profitability and dividend policy have a significant positive effect on enterprise value, capital structure has a significant negative effect on enterprise value, and firm size has a negative, yet statistically insignificant effect. From the results of this study, it is expected that any company management pays attention to their profitability, dividend policy, and capital structure as these factors have a significant effect on enterprise value and thus they need to be maximized to make the enterprise value greater.

Pengaruh Struktur Modal, Kinerja Keuangan dan Ukuran Perusahaan Terhadap Nilai Perusahaan

This study aims to determine the magnitude of the effect of Capital Structure, Financial Performance and Firm Size on firm value (study on manufacturing companies listed on the Indonesia Stock Exchange for the period (2015-2019). The results of this study indicate that the capital structure variable has a negative and insignificant effect on firm value, financial performance has a positive and significant effect, while firm size has a negative and significant effect.

The Influence of Asset Structure and Capital Structure on Firm Value With Asset Productivity and Operating Activities as Mediating Variables

Investment decisions and funding decisions taken by the company's management are directly related to the objective of financial management, namely maximizing the value of the company. The value of the company is reflected in the price of the company's shares in the capital market. Many studies analyze the effect of investment decisions and funding decisions on firm value. Research results vary. In this study, the authors examine the effect of investment decisions and funding decisions on firm value. The difference between the author's research and previous research is that the author includes the variables of asset productivity and operating activities as mediating variables. The object of research is the consumer goods sector companies listed on the Indonesia Stock Exchange. The form of this research is causality associative research. The research data uses secondary data published by the sample companies. Based on the established criteria, 29 companies representing the consumer goods sector were screened. The results showed that the variables of capital structure, asset productivity, and operating activities can mediate the relationship between investment decisions and funding decisions on firm value.

Capital Structure and Performance of Non-Financial Firms in Sub-Sahara Africa

The study examines the impact of capital structure on return-on-assets (ROA) performance of non-financial firms in Sub-Sahara Africa for a period of nine (9) years (2012-2020). A total of forty (40) non-financial firms were studied using their capital structure variables of long term debt to equity (LTDQ), total debt (TD), total debt to equity (TDQ), and total debt to total assets (TDTA) as well as their ROA performance. The panel data analysis technique was employed. It was found that LTDQ, TD and TDQ have positive impact on ROA performance; while TDTA has a negative impact on ROA performance, and all variables were significant at 1 percent level. The study recommends that, since long term debt to equity strongly explain corporate performance in the Sub-Saharan African Countries, management should sustain their current policies and should also be very sensitive in determining the appropriate amount of long term debt that ought to be included in their capital structure build up.