The Effect of Internal Factors on Capital Structure and Its Impact on Firm Value: Empirical Evidence From the Food and Baverages Industry Listed on Indonesian Stock Exchange 2013-2017

Salim, M. Noor; Susilowati, Rina

doi:10.29121/ijetmr.v6.i7.2019.434

Cited by 32 publications

(67 citation statements)

References 9 publications

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“…Berbeda dengan (Salim dan Susilowati, 2019) dan (Darsono, 2017) yang menemukan struktur modal dipengaruhi secara negatif oleh profitabilitas (ROA) tetapi pengaruh tersebut tidak signifikan. Penelitian (Wardani, 2015) memberikan hasil sebaliknya, yaitu bahwa struktur modal tidak dipengaruhi oleh profitabilitas karena perusahaan melihat pada besarnya manfaat dan pengorbanan dari penggunaan hutang.…”

Section: Hasil Uji Hipotesis Dan Pembahasanunclassified

“…Tingkat likuiditas belum menjadi faktor yang mempengaruhi komposisi struktur modal secara signifikan. Penelitian ini mendukung hasil penelitian (Darsono, 2017) tetapi tidak sejalan dengan (Antoni et al, 2016), (Tasir et al, 2017), (Zuhroh, 2019), (Salim dan Susilowati, 2019), dan (Prastika dan Candradewi, 2019) yang menemukan likuiditas dapat menurunkan struktur modal secara signifikan.…”

Section: Hasil Uji Hipotesis Dan Pembahasanunclassified

“…Firm size tidak berpengaruh signifikan pada tingkat struktur modal. (Purwohandoko, 2017), (Salim dan Susilowati, 2019), serta (Dewi dan Sudiartha, 2017) menemukan hasil yang sama. Besarnya ukuran perusahaan tidak menjamin keberlanjutan perusahaan, oleh karena itu tidak menjamin ketertarikan investor dan kreditor untuk berinvestasi di perusahaan (Salim dan Susilowati, 2019).…”

Section: Hasil Uji Hipotesis Dan Pembahasanunclassified

“…Hasil ini belum sejalan dengan hasil penelitian (Salim dan Susilowati, 2019), (Purwanto dan Agustin, 2017), (Suwardika dan Mustanda, 2017), dan (Rahmansyah dan Djumahir, 2018) yang menemukan ROA memberikan pengaruh signifikan dalam meningkatkan nilai perusahaan. Tingginya tingkat profitabilitas mengindikasikan perusahaan mampu menghasilkan laba tinggi yang juga meningkatkan nilai perusahaan.…”

Section: Hasil Uji Hipotesis Dan Pembahasanunclassified

“…Likuiditas bukan merupakan faktor signifikan yang mempengaruhi kenaikan atau penurunan nilai dari perusahaan. (Salim dan Susilowati, 2019), (Rahmansyah dan Djumahir, 2018), dan (Purwanto dan Agustin, 2017) mendapatkan hasil penelitian likuiditas memberi pengaruh signifikan pada nilai perusahaan tetapi pengaruh tersebut negatif. Perusahaan dengan tingkat likuiditas tinggi berarti menggunakan dana yang dimilikinya untuk melunasi hutang lancar dan menurunkan ketersediaan dana untuk pembayaran deviden kepada pemegang saham, sehingga likuiditas yang tinggi akan memberikan dampak negatif pada nilai perusahaan (Salim dan Susilowati, 2019).…”

Section: Hasil Uji Hipotesis Dan Pembahasanunclassified

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Analisis Faktor-Faktor Struktur Modal dan Nilai Perusahaan

Wirianata

Wijoyo²

2020

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Regression test results show only profitability affects the capital structure, while liquidity, growth, and size, do not affect. Profitability, size, and capital structure affect firm value, while liquidity and growth do not affect. Research on the capital structure and firm value was conducted in the manufacturing industry listed in IDX from 2016 to 2018. Data samples are taken using purposive random sampling and then processed with Eviews 10. Moderation test results indicate that the capital structure is a mediator of the effect of profitability on firm value, but cannot be a mediator for the influence of other variables on firm value of manufacturing industry companies listed in IDX 2016 through 2018.

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Section: Hasil Uji Hipotesis Dan Pembahasanunclassified

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Analisis Faktor-Faktor Struktur Modal dan Nilai Perusahaan

Wirianata

Wijoyo²

2020

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The Effect of Fundamental Factors, Sustainability Reporting, and Corporate Governance on Firm Value

Yondrichs¹,

Muliati²,

Laupe³

et al. 2021

ujaf

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This study aims to analyze the effect of fundamental factors and sustainability reporting on firm value. This study also investigates the moderation effect of corporate governance on the relationship of fundamental factors, sustainability reporting, and firm value. Design/methodology/approach: The population is all companies listed in Indonesia Stock Exchange and indexed in IDX30 throughout 2014-2020. The data are obtained from financial statements, annual reports, and sustainability reports. The analysis method used in this study is panel data regression analysis. Findings: This study shows that profitability and leverage as fundamental factors affect the firm value. This study also found that good corporate governance moderates the effect of the fundamental factors on firm value. However, the sustainability reporting cannot increase the firm value. Research implications: These results verify agency and signaling theories but do not support legitimacy and stakeholder theories. Practical implications: These results confirm that fundamental factors are still the investors' primary concerns about making investment decisions. Originality/value: The novelty of this study lies in highlighting corporate governance as a moderation variable in the relationship of fundamental factors, sustainability reporting, and firm value, which has still not been concluded yet.

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The Effect of Profitability, Liquidity, Dividend Policy, and Capital Structure on Firm Value in Food And Beverage Companies Listed on the Indonesia Stock Exchange in 2017--2021

Rifda Nafisah,

Meilia Marka

2024

KSS

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In the business world, competition between companies is growing rapidly along with the times. When new companies merge, the companies compete with each other to increase sales and market of each other’s products. In Indonesia, the industrial sector is growing rapidly, such as the food and beverage industry, which will continue to be needed by humans. As a result, new companies are emerging, and competition is getting tougher, impacting performance improvement. Based on the value of food and beverage companies in 2017–2021, there were fluctuations in several companies. In 2020, food and beverage companies experienced a decline due to COVID-19, so in 2020, several companies experienced a decline in their firm value. This research aims to analyze the influence of profitability, liquidity, dividend policy, and capital structure on firm value in food and beverage listed on the Indonesia Stock Exchange in 2017–2021. The type of this research is quantitative, secondary data. Data that had been collected were then processed using the SPSS 26 version analysis tool. The sample selection in this research was purposive sampling. Results show that profitability positively and significantly influences firm value. Liquidity has a negative and insignificant effect on firm value. Dividend policy has a positive and insignificant effect on firm value. Capital structure has a positive and insignificant effect on firm value. Profitability, liquidity, dividend policy and capital structure simultaneously influence firm value. Keywords: profitability, liquidity, dividend policy, capital structure, firm value

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The Effect of Internal Factors on Capital Structure and Its Impact on Firm Value: Empirical Evidence From the Food and Baverages Industry Listed on Indonesian Stock Exchange 2013-2017

Cited by 32 publications

References 9 publications

Analisis Faktor-Faktor Struktur Modal dan Nilai Perusahaan

Analisis Faktor-Faktor Struktur Modal dan Nilai Perusahaan

The Effect of Fundamental Factors, Sustainability Reporting, and Corporate Governance on Firm Value

The Effect of Profitability, Liquidity, Dividend Policy, and Capital Structure on Firm Value in Food And Beverage Companies Listed on the Indonesia Stock Exchange in 2017--2021

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