scholarly journals STRUKTUR MODAL PENDEKATAN DINAMIS PERUSAHAAN OTOMOTIF DAN KOMPONENNYA SAAT KRISIS GLOBAL 2008

2017 ◽  
Vol 21 (3) ◽  
Author(s):  
Syanti Dewi ◽  
Ishak Ramli
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Firm Value ◽  
Cost Of Equity ◽  
Global Crisis ◽  
Optimal Position ◽  
Optimal Capital Structure ◽  
Optimal Capital ◽  
Debt Cost ◽  
The Capital Structure

The increase in business during the global crisis to the challenge of funding and capital structure dynamic analysis approach is suitable for the observation of the capital structure. This study is intended to demonstrate the influence of profitability, firm size, cost of equity, debt cost, and firm value volatility, leverage and speed adjustment sertaoptimal the capital structure. By using the auto company's financial statements and its components in a data 2008-2012 profitability, firm size, cost of equity, debt cost, danfirm value volatility analyzed using multiple regression analysis to examine the effect on the capital structure and leverage optimal data and speed adjustmentdianalisis method Generalized Moment Method (GMM) to examine the achievement of optimal capital structure and speed of achievement of optimal capital structure. The results found that the only significant profitability and firm size negatively affects the capital structure, the cost is being equity, debt cost, and firm value volatilitytidak significantly affect their capital structure. The automotive industry and its components was successfully adjust its capital structure to an optimal position, but the adjustment is slow. In a global crisis of capital structure adjustment to the optimal capital structure is progressing slowly in view of the difficulty of finding external funding sources.

scholarly journals The influence of profitability, size, and growth on the capital structure in consumer goods companies

2019 ◽  
Vol 7 (2) ◽  
Author(s):  
Yovilanda Anggraeni Puspitasari ◽  
Diah Ekaningtias
Keyword(s):  
Regression Analysis ◽  
Capital Structure ◽  
Consumer Goods ◽  
Stock Exchange ◽  
Study Data ◽  
Optimal Capital Structure ◽  
Internal Funds ◽  
Optimal Capital ◽  
Operational Activities ◽  
The Capital Structure

Capital structure is a very important element needed by companies to conduct the companies’ operational activities. Companies must determine whether to use internal funds first or external funds to finance investment in getting an optimal capital structure. The purpose of this study is to examine the influence of the variables of profitability, size and growth on the capital structure in consumer goods companies. Multiple regression analysis is used to analyze the data in this study. Data analysis is conducted on consumer goods companies listed on the Indonesia Stock Exchange period 2012-2016. Based on the analysis, it is found that profitability, size, and growth have an effect on capital structure in consumer goods companies listed on the Indonesia Stock Exchange 2012-2016.

scholarly journals The Effect of Firm Size and Profitability on Firm Value with Capital Structure as Intervening Variables in Indonesia

2019 ◽  
Vol 4 (2) ◽  
pp. 55
Author(s):  
Indra Arifin Djashan
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Firm Value ◽  
Stock Exchange ◽  
Company Performance ◽  
Purposive Sampling ◽  
The Impact ◽  
The Relationship ◽  
Intervening Variables ◽  
The Capital Structure

This study examines the impact of firm size and profitability on firm value with capital structure as an intervening variable in financial companies listed on the Indonesia Stock Exchange during three years. The method used for sampling is purposive sampling based on predetermined criteria. The number of samples in this study were 73 companies. Measurement of profitability is using ROA and ROE as one indicator to see company performance. The main purpose of companies that have gone public is to increase the prosperity of the owners or shareholders through increasing the value of the company. The results showed that the improvement of profitability and firm size may improve its capital structure. The improvement of profitability and the firm size may increase significantly the firm value. The results of mediating test showed that the capital structure is not able to mediate the relationship between the profitability and firm size to firm value

scholarly journals An Investigation Of The Determinants Of BTs Debt Levels From 1998-2002: What Does It Tell Us About The Optimal Capital Structure?

2011 ◽  
Vol 2 (5) ◽  
Author(s):  
Richard J. Fairchild
Keyword(s):  
Capital Structure ◽  
Firm Value ◽  
Share Price ◽  
Optimal Capital Structure ◽  
Trade Offs ◽  
Equity Ratio ◽  
Optimal Capital ◽  
British Telecom ◽  
Debt Levels

Over the period 1998-2001, British Telecom (BT) dramatically increased its debt levels, from 4.8bn in 1998 to 31bn in 2001. This was accompanied by a dramatic decrease in the firms share price. Subsequent pressure from analysts and investors induced BT to use a rights issue to substantially reduce debt in 2002 (from 31bn to 18.4bn). However, the share price has continued to fall, but not so dramatically. Hence, BT provides an ideal case study of the effects of capital structure on firm value. In this case study, we will consider such questions as:a) Why did BT take on so much debt? Why did it cause firm value to fall, when many capital structure theories suggest a positive relationship between leverage and firm value?b) Why has the reduction in debt not caused an increase in equity value?c) Was BT beyond its optimal debt/equity ratio from 1998-2001? Is it still beyond the optimum?d) Does BT have an optimal capital structure? What is it? Is it static? What are the trade-offs involved?e)Does BTs case hold lessons for other firms?

scholarly journals Building an optimal capital structure of start‑ups

2017 ◽  
Vol 48 (3) ◽  
Author(s):  
Monika Burżacka
Keyword(s):  
Capital Structure ◽  
Financial Management ◽  
Financial Structure ◽  
Financing Structure ◽  
Factors Affecting ◽  
Optimal Capital Structure ◽  
Particular Solution ◽  
Optimal Capital ◽  
Start Ups ◽  
The Capital Structure

Effective financial management and optimal capital structure are important for companies to obtain better operational performance. The purpose of this study is the review of the most important theories in terms of optimal financial structure and to explore the most important factors affecting decisions in that area. A bad decision about the capital structure may lead to financial lack of balance and even to bankruptcy. There are many alternative theories on how to build optimal capital structures, which, as indicated by practice, may occur to be insufficient. There is no significant studies that clearly indicate the determinants of a particular solution in the financial structure of companies, especially those referred to as startup companies, mainly because of specifics of that group of companies. It is not possible to indicate which of the leading approaches to the capital structure more fully describes the decisions of start‑ups as to the financing structure. Nevertheless, the results indicate that managers of companies often include similar decisions competitors and modulate the policy of his company within the capital structure for a particular, market standard, which is confirmed by Abdulsaleh and Worthington.

ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL PADA PERUSAHAAN BATUBARA

2020 ◽  
Vol 3 (2) ◽  
pp. 109
Author(s):  
Rahmad Fuadiantoni ◽  
Suratna Suratna ◽  
Indro Herry Mulyanto
Keyword(s):  
Capital Structure ◽  
Growth Rates ◽  
Financial Management ◽  
Stock Exchange ◽  
National Development ◽  
Sales Growth ◽  
Optimal Capital Structure ◽  
Optimal Capital ◽  
Operating Leverage ◽  
The Capital Structure

Rahmad Fuadiantoni, Student Identity Number 152140102, Business Administration Study Program, Faculty of Social and Political Sciences, National Development University "Veteran" Yogyakarta. Title of research Analysis of Factors Affecting Capital Structure of Coal Companies Listed on Indonesia Stock Exchange Period 2012-2016. Advisor Suratna and IndroHerry Mulyanto.This study aims to determine the factors that affect the capital structure of coal companies listed on the Indonesia Stock Exchange either partially or simultaneously. This type of research is explanatory research. The sampling technique used is purposive sampling. Of the 22 coal companies listed on the Indonesia Stock Exchange, only 19 companies were taken as samples, because they have complete financial statements for 2012-2016. The analysis technique used is multiple linear regression analysis, which was previously tested with the classical assumption test and hypothesis testing using partial t test, simultaneous F test with a level of significance of 5%.The result of this research, asset structure has significant effect to capital structure. This is evidenced by a significance value of 0.017 (p ≤ 0.05). Operating leverage has a significant effect on capital structure. This is evidenced by a significance value of 0.036 (p ≤ 0.05). The level of sales growth has a significant effect on capital structure. This is evidenced by a significance value of 0.028 (p ≤ 0.05). Profitability has a significant effect on capital structure. This is evidenced by the significance value of 0.032 (p ≤ 0.05). Liquidity significantly affects the capital structure. This is evidenced by a significance value of 0.029 (p ≤ 0.05). Asset structure, operating leverage, sales growth rate, profitability, and liquidity simultaneously have a significant effect on the capital structure. This is evidenced by the significance value of F of 0.000 (p ≤ 0.05).          Conclusion, partially asset structure variables, operating leverage, sales growth rates, profitability, and liquidity have a significant effect on the capital structure. While simultaneously asset structure variables, operating leverage, sales growth rates, profitability (ROA), and liquidity have a significant effect on the capital structure. Research suggestions, for companies, companies should have plans and strategies in financial management to establish an optimal capital structure in order to maximize company profits and value. For financial management in determining the optimal capital structure should consider the factors that affect the capital structure of the asset structure, operating leverage, the level of sales growth, profitability, and liquidity. By considering these factors it is expected that the management will be easier in determining the optimal capital structure. For the researcher, for the next research should be able to use or add variables and samples in order to get better results and extend the period or time period in the observation, because the opportunity to obtain more information.

Optimization of the Capital Structure of Telecommunications Companies in Russia

2019 ◽  
Vol 7 (3) ◽  
pp. 4-13
Author(s):  
Елена Филонова ◽  
Yelyena Filonova
Keyword(s):  
Capital Structure ◽  
Financial Management ◽  
Weighted Average ◽  
Financial Statements ◽  
Optimal Capital Structure ◽  
Urgent Task ◽  
Optimal Capital ◽  
Telecommunications Market ◽  
Telecommunications Companies ◽  
The Capital Structure

The choice of optimal capital structure is one of the most important tasks solved by financial management and management of any company. This structure allows you to minimize the weighted average cost of capital and increase the value of the company. The study of problems of optimizing the capital structure and identifying ways to solve them is an urgent task of strategic and financial management. This article presents the results of work in the direction of building the optimal capital structure in the strategic group of competitors of the Russian telecommunications market, which include Rostelecom, Mobile TeleSystems, Megafon, Vympel Communications. The initial informational and statistical base of the performed calculations was the materials of the accounting (financial) statements of the selected companies for 2014–2017.

scholarly journals The Influence of Firm’s Size, Growth, and Profitability on Firm Value with Capital Structure as the Mediator: A Study on the Agricultural Firms Listed in the Indonesian Stock Exchange

2017 ◽  
Vol 9 (8) ◽  
pp. 103 ◽  
Author(s):  
Purwohandoko
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Firm Value ◽  
Firm Growth ◽  
Sampling Method ◽  
Stock Exchange ◽  
Corporate Value ◽  
Purposive Sampling ◽  
Size Growth ◽  
The Capital Structure

This study aims to examine the effect of size, growth, and profitability on corporate value with capital structure as a mediator.This study was conducted on agricultural companies listed on the Indonesia Stock Exchange from 2011 to 2014. The population of this study is an agricultural company listed on the Indonesia Stock Exchange period 2011-2014 with a sample of 14 companies, using purposive sampling method. Data were analyzed using smartpal, because this research adds capital structure as mediator variable.The results of this study indicate that firm size and firm growth have no effect on capital structure. Profitability negatively affects the capital structure.

scholarly journals METHODS OF CORPORATE CAPITAL CAPITAL STRUCTURE OPTIMIZATION

2021 ◽  
Vol 298 (5 Part 1) ◽  
pp. 258-263
Author(s):  
Serhiy FROLOV ◽  
◽  
Mariia DYKHA ◽  
Viktoriia DZIUBA ◽  
◽  
...  
Keyword(s):  
Capital Structure ◽  
Initial Conditions ◽  
Weighted Average ◽  
Structure Optimization ◽  
Financial Leverage ◽  
Optimal Capital Structure ◽  
Advantages And Disadvantages ◽  
Optimal Capital ◽  
The Impact ◽  
The Capital Structure

When forming the optimal capital structure, the choice of methods, approaches, tools is important, which is determined by a set of initial conditions, the need to perform the tasks, achieving results / strategic guidelines. The purpose of the article is to systematize scientific approaches to optimize the capital structure, to clarify the impact of factors on the capital structure of the corporation, which will serve as a basis for ensuring the optimal level of capital structure. As a result of the research, the views of scientists on the optimization of capital structure are systematized, the key aspects of the three main approaches to such optimization are singled out and described. The approaches used in determining financial leverage are described. The expediency of determining financial leverage through the ratio of EPS – earnings per share and EBIT – earnings before interest and taxes is substantiated. The most common methods of capital structure optimization are identified: the method of capital expenditures (the method of minimizing the weighted average cost of capital); the method of determining the effect of financial leverage or the method of maximizing the level of financial profitability; method of determining the complex operational and financial leverage; EBIT-EPS valuation method, Du Pont method, operating profit method and adjusted present value method. Their features, advantages and disadvantages of use are described. The factors influencing financial leverage are systematized, the positive or negative influence of each of the determined factors on financial leverage is determined. A matrix of factors that determine the optimal capital structure in terms of the environment (internal or external) and the implementation of financial policy (at the strategic or operational-tactical levels).

scholarly journals Optimum Capital Structure Adjustment Speed on Companies Listed in Indonesia Stock Exchange

2019 ◽  
Vol 15 (1) ◽  
pp. 60-68
Author(s):  
Suramaya Suci Kewal
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Stock Exchange ◽  
Business Risk ◽  
Trade Off ◽  
Significance Level ◽  
Optimal Capital Structure ◽  
Structure Adjustment ◽  
Adjustment Speed ◽  
Optimal Capital

AbstractThis study examines the existence of adjustments in the speed of the company's capital structure to achieve an optimal capital structure in accordance with the dynamics of trade-off and other factors affecting the company's capital structure adjustment.   The optimal capital structure is estimated by using several variables, namely tangibility, firm size, profitability, liquidity, asset utilization, and business risk. The factors used to predict the optimal capital structure adjustment speed in this study are the distance between the capital structure and the optimal capital structure and financial deficit. The data analysis technique in this study is multiple linear regression with a significance level of 5%. The obtained results indicate that companies on the IDX are adjusting towards the optimal capital structure. The speed of adjustment is 0.128 so it can be concluded that the company's adjustment remains below its optimal debt level. The test results also prove that distance and financial deficit/surplus have no influence on the company's capital structure adjustment speed. Keywords: capital structure, dynamics trade offKecepatan Penyesuaian Struktur Modal Optimal Perusahaan di Bursa Efek IndonesiaAbstrakPenelitian ini menguji keberadaan penyesuaian kecepatan struktur modal perusahaan menuju ke struktur modal optimal sesuai dengan dynamics trade off dan faktor-faktor yang mempengaruhi kecepatan penyesuaian struktur modal optimal perusahaan. Struktur modal optimal diestimasi dengan menggunakan beberapa variabel yaitu tangibility, firm size, profitability, liquidity, asset utilization, dan business risk. Faktor-faktor yang digunakan untuk menduga kecepatan penyesuaian struktur modal optimal pada penelitian ini adalah jarak antara struktur modal dengan struktur modal optimal (distance) dan financial deficit/surplus. Teknik analisis data yang digunakan pada penelitian ini adalah regresi linier berganda dengan tingkat signifikansi sebesar 5%. Hasil yang diperoleh menunjukkan perusahaan-perusahaan di BEI melakukan penyesuaian menuju struktur modal optimal. Kecepatan penyesuaian sebesar 0,128 sehingga dapat disimpulkan bahwa perusahaan-perusahaan melakukan penyesuaian masih di bawah tingkat hutang optimalnya. Hasil pengujian juga membuktikan bahwa tidak terdapat pengaruh distance dan financial deficit/surplus terhadap kecepatan penyesuaian struktur modal perusahaan. Kata Kunci: struktur modal, dynamics trade off

scholarly journals Determinants of Capital Structure across Industries at Jakarta Stock Exchange

2008 ◽  
Vol 1 (1) ◽  
pp. 99-115
Author(s):  
Christina Christina ◽  
Johan Halim
Keyword(s):  
Capital Structure ◽  
Significant Relationship ◽  
Stock Exchange ◽  
Negative Relationship ◽  
Competitive Environment ◽  
Dividend Payout ◽  
Optimal Capital Structure ◽  
Optimal Capital ◽  
A Company ◽  
The Capital Structure

There are several objectives to be accomplished in this study. The main purpose of this research is to determine the nature of capital structure across non-finance industries in Indonesia, whether they prefer to use debt or equity as their source of financing. Subsequently, factors that influenced the capital structure of a company are then identified. In this study, the company’s profitability, size, and dividend payout are considered as those factors that have relationship with leverage. Finally, this research also conducted to examine whether a company’s capital structure decision affects its growth of shares price. In doing so, multiple regression analysis is used in order to determine whether there is relationship between variables tested. The sample of analysis includes 230 companies listed in Jakarta Stock Exchange from all industries, except finance, in 2006. The findings of this research confirm that, first of all, capital structure varies across industries. Each industry would have different decisions regarding its optimal capital structure, depends on several factors. This leads to the second findings, in which it proves that there is negative significant relationship between profitability and leverage, positive significant relationship between company’s size and leverage, and negative relationship between dividend payout and leverage. Finally, this research also verifies that there is no relationship between leverage and company’s growth of shares price, which means that the growth of shares price is not influenced by the company’s capital structure decision. Capital structure decision plays an important role in maximizing the firm’s value. By having the most optimal capital structure, firms might be able to push its cost to the minimum point, which then assist them in dealing with the competitive environment. Consequently, it is important to determine the factors that influence the capital structure of companies.

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