Determinan Struktur Modal Badan Usaha Milik Negara DI Indonesia

IQTISHADUNA: Jurnal Ilmiah Ekonomi Kita, 2021

This study aimed to analyze the factors that influence the capital structure of companies listed on the Jakarta Islamic Index (JII). These factors consist of company size, return on assets (ROA), return on equity (ROE), inflation, and growth in the gross domestic product (GDP). This research is quantitative research with a purposive sampling method and obtained a sample of 9 companies. The data used is secondary data in financial reports on companies registered with JII in 2015-2019. Data analysis using the multiple linear regression method. The results showed that ROA had a significant adverse effect on the capital structure, ROE has a significant positive effect on the capital structure, firm size does not affect the capital structure, inflation does not affect the capital structure, GDP growth does not affect the capital structure. Simultaneously, firm size, ROA, ROE, inflation, and GDP growth significantly affect the capital structure.

Jurnal Ilmu Manajemen Advantage

The purpose of this research is to determine the effect of profitability, liquidity, sales growth, and the firm size in a partial and simultaneous to capital structure in LQ45 company. The population in this study is LQ45 companies listed on the Indonesian Stock Exchange period 2011-2015. This research is use purposive sampling method, and get the total sample of 21 companies. The data used is secondary data derived from Annual Report and Indonesian Capital Market Directory (ICMD). Data analysis that use in this research is multiple regrestion. Result of this research showed profitability has a negative influence to capital structure. Although liquidty profitability where as the variable of liquidity, growth of sales and firm size are not influential to capital structure. Simultatily the profitability, liquidity, growth of sales and firm size are influencial to capital structure. The amount of adjusted R square is 0,239 it means 23,9 percentage dependent variable of capital structur...

e-Journal Ekonomi Bisnis dan Akuntansi, 2020

The aim of this study was to analyze the determinant factors of capital structure on property and real estate companies listed in Indonesia Stock Exchange in 2013-2018. The independent variables used in this study were assets structure, profitability, firm growth, firm size, and liquidity, whereas the dependent variable was capital structure. This study used purposive sampling so there were 29 companies being analyzed. The data was analyzed using panel data multiple linear regression method with Random-effects Model approach. This study found that simultaneously, the assets structure, profitability, firm growth, firm size, and liquidity could significantly affecting the capital structure of the companies. Partially, the assets structure and liquiditty negative and insingificant effect, profitabillity has negative and signficant effect, firm growth has positive and significant efect, and firm size has positive and insignificant effect.

Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan, 2017

Purpose of study is to analyze variables that determine capital structure of non-financial companies in Indonesia. There are seven variables observed namely company's growth rate, profitability, firm size, asset structure, liquidity, non-debt tax shield and business risk. The population were non-financial companies listed on Indonesia Stock Exchange during 2010-2014 and published annual financial statements in 2009-2014. Study used census technique. Population consisted of 324 companies. Data analysis technique used was multiple regression model for panel data. The results show that profitability, firm size and non-debt tax shield (NDTS) had significant effect on capital structure. Study concluded that profitability and non-debt tax shield are determinant variables of capital structure on non-financial firms in Indonesia based on trade-off theory approach while firm size tends to follow other capital structure theory.

Jurnal Riset Akuntansi dan Bisnis, 2018

Penelitian ini adalah studi empiris dengan tujuan utama adalah untuk menganalisis faktor-faktor yang menentukan struktur modal perusahaan real estate yang terdaftar di Indonesia pada periode 2012-2016. Pecking order theory dan trade-off theory menjadi dasar penelitian ini. Analisis data dilakukan dengan metode SEM. Seperangkat data panel dari 22 perusahaan real estate di Indonesia dipilih untuk memenuhi tujuan penelitian. Penelitian ini mempertimbangkan variabel dependen dalam bentuk debt to equity ratio dan variabel independen yaitu struktur aktiva, profitabilitas, likuiditas, pertumbuhan penjualan, risiko bisnis. Penelitian ini telah mengidentifikasi faktor-faktor penentu struktur modal dengan bantuan regresi dengan alat analisis Partial Least Square (PLS). Struktur aktiva dan likuiditas ditemukan sebagai dua faktor penentu utama struktur modal sebagaimana hasil penelitian.

Jurnal Bisnis Dan Ekonomi, 2013

Penelitian ini dilakukan untuk menganalisis pengaruh biaya hutang, risiko bisnis, ukuran perusahaan, pertumbuhan perusahaan, kebijakan dividen, serta profitabilitas terhadap struktur modal baik secara simultan maupun parsial pada perusahaan pertambangan sub sektor batubara dan non batubara yang terdaftar di BEI periode 2008-2012, serta menganalisis perbedaan pengaruh dari keenam determinan struktur modal tersebut pada kedua sub sektor industri yang dikaji. Berdasarkan metode sensus diperoleh 17 perusahaan sub sektor batubara dan 14 perusahaan sub sektor non batubara sebagai sampel penelitian. Metode analisis yang diaplikasikan pada penelitian ini adalah analisis regresi linear berganda dan uji Chow. Hasil analisis menunjukkan bahwa secara simultan, biaya hutang, risiko bisnis, ukuran perusahaan, pertumbuhan perusahaan, kebijakan dividen, serta profitabilitas tidak berpengaruh signifikan terhadap struktur modal pada sub sektor batubara. Akan tetapi, keenam variabel tersebut secara simultan berpengaruh signifikan terhadap struktur modal pada sub sektor non batubara. Secara parsial, keenam variabel tersebut memiliki pengaruh yang bervariasi pada kedua sub sektor industri yang diteliti. Hasil uji Chow menunjukkan adanya perbedaan pengaruh biaya hutang, risiko bisnis, ukuran perusahaan, pertumbuhan perusahaan, kebijakan dividen, serta profitabilitas terhadap keputusan struktur modal pada sub sektor batubara dan non batubara. Kata kunci: struktur modal, biaya hutang, risiko bisnis, ukuran perusahaan, pertumbuhan aktiva, kebijakan dividen.

Jurnal Ilmiah Manajemen dan Bisnis, 2020

The purpose of this study is to formulate a determinant model of capital structure and firm value. The population of this study is the tourism industry sector companies listed on the Indonesia Stock Exchange for the period 2013-2018. In this study the entire population is sampled (Total Sampling). Data collection procedures by collecting audited (annual report) financial report data issued by the Indonesia Capital Market Directory (ICMD). The data analysis technique used is path analysis. The results showed that partially profitability, institutional ownership and firm size had a significant effect on capital structure while company growth had no significant effect on capital structure. Simultaneously the profitability variables, institutional ownership, company growth and company size affect the capital structure. Partially profitability, institutional ownership, company size and capital structure have a significant effect on firm value, while company growth does not significantly ...

This study aims to determine the factors that determine the structure of capital in existing firms in the mining sector in ASEAN countries. This study also examined whether there are differences in capital structure determination on these companies. The sample used in this study consisted of 70 companies that exist in the mining sector with sample criteria used is the company publishes a complete financial report and is available in the database Osiris. Dependent variable in this study is debt, while the independent variable is profitability, firm size, asset tangibility, firm growth and non-debt tax shield. This study uses pooled least square approach. The results showed that the factors determining the debt policy is the profitability, firm size, tangible assets and the growth rate, while non-debt tax shield has no significant effect. The study also found that there was no real difference in practice between the uses of debt in the six ASEAN countries. Abstrak Penelitian ini bertujuan untuk mengetahui factor determinan yang menentukan struktur modal pada perusahaan yang ada pada sector pertambangan di Negara ASEAN. Penelitian ini juga menguji apakah terdapat perbedaan penentuan struktur modal pada perusahaan perusahaan tersebut. Sampel yang digunakan dalam penelitian ini terdiri dari 70 perusahaan yang ada dalam sector pertambangan dengan kriteria sampel yang digunakan adalah perusahaan menerbitkan laporan keuangan lengkap dan tersedia di database Osiris. Variabel dependent dalam penelitian ini adalah utang, sedangkan variable independennya adalah proftabilitas, ukuran perusahaan, Asset tangibility, pertumbuhan perusahaan dan non-debt tax shield. Penelitian ini menggunakan pendekatan pooled least square. Hasil penelitian menunjukkan faktor yang menentukan kebijakan utang adalah profitabilitas, ukuran perusahaan, aset nyata dan tingkat pertumbuhan, sedangkan non-debt tax shield tidak memiliki pengaruh yang signifikan. Penelitian ini juga menemukan bahwa tidak ada perbedaan praktik yang nyata antara penggunaan utang di ke-enam negara ASEAN. Kata Kunci: debt policy, profitability, firm size, tangible assets, growth rate, nondebt tax shield

SEIKO : Journal of Management & Business, 2021

Abstrak Penelitian ini bertujuan untuk mengetahui bagaimana pengaruh faktor – faktor penentu berupa profitabilitas, struktur aset, ukuran perusahaan, pertumbuhan penjualan, dan likuiditas terhadap struktur modal. Penelitian ini menggunakan data laporan keuangan perusahaan sub sektor konstruksi bangunan yang terdaftar di Bursa Efek Indonesia periode 2010 – 2019. Teknik purposive sampling yang digunakan menghasilkan 50 sampel yang terdiri dari 5 perusahaan sebagai sampel dalam penelitian ini. Untuk mengetahui pengaruh dari faktor – faktor penentu terhadap struktur modal, peneliti menggunakan metode regresi linier berganda. Hasil penelitian ini adalah Profitabilitas, Struktur Aktiva, Ukuran Perusahaan, Pertumbuhan Penjualan, dan Likuiditas secara simultan berpengaruh terhadap Struktur Modal. Secara parsial Profitabilitas, Struktur Aktiva, Ukuran Perusahaan, dan Pertumbuhan Penjualan tidak berpengaruh terhadap Struktur modal, Namun Likuiditas memiliki pengaruh terhadap Struktur Modal pe...

Jurnal Ekonomi Bisnis dan Kewirausahaan, 2015

The purpose of this study is to determine the optimal capital structure of property, real estate, and construction companies listed in Indonesia Stock Exchange. The motivation of this study is due to the current research results are still not able to answer whether the optimal capital structure exists. Based on trade-off theory, the optimal capital structure occurs when a company has a minimum capital cost. However, it is not explained how much capital structure needed to achieve the company maximum value. In addition, this sample business sector is chosen because there are a numeours firms with an adequate long-term debt which make it possible to examine their capital structure. The method used are the nonlinear regression and Monte Carlo simulation method. These methods were chosen because the formulation of optimal capital structure is arguably complex. There are 47 samples from all property, real estate, and construction companies. The data set covered 11 years ie (2000-2010). The results showed that the optimal capital structure of properties, real estate and construction companies which are measured by the ratio between the long-term debt and equity is 0.99. Most companies of these sectors have not reached the optimal capital structure yet because the average results from these companies are 0.31.

Al-Masharif: Jurnal Ilmu Ekonomi dan Keislaman, 2017

This study was tried to see the effect of the fundamental financial ratios as internal factors and sharia stock prices as an external factor on the characteristics of the capital structure. Emiten in this research are companies that is always listed in the Jakarta Islamic Index from 2012 through 2014. There are eighteen companies that qualify for the study limitation. The researcher found that the structure of assets (Model 1 and Model 3) and the sharia stock price (Model 2 and Model 3) is always have a negative effect on the capital structure. Thus, the increase in asset structure and sharia stock prices led to a decrease in capital structure, and vice versa. In other words, increasing in those two variables have a stake in the management decision to reduce the proportion of long-term debt, and vice versa. One variable that is always has positive effect is the sales growth.

Research on dynamic capital structure basically wants to know the existence of targeted leverage as hypothesized by Trade-Off Theory and Speed off Adjustment (SOA). Later developments, the magnitude of the speed of adjustment can be used as a determinant of capital structure theory used by the company. Another problem in dynamic capital structure research is the use of analytical tools that can produce biased and inconsistent predictors. To overcome this, this study uses dynamic panel data with the General Method of Moment (GMM) approach. Samples were taken from non-financial companies listed on the Indonesia Stock Exchange in the 2009-2015 period. The results of the inference show the existence of Dynamic Trade Off Theory and the variables of company characteristics and macroeconomic significantly influence the dynamic capital structure. In addition, it is known that there is an influence of company size and growth Opportunity on the speed of adjustment. Another finding is that he knows that managing profitability follows and Pecking Order Theory.

2014

Jurnal Bisnis dan Akuntansi

This research aims to examine and analyze the determinants of capital structure in family business and nonfamily business. This research uses sample of 370 companies listed on BEI from 2012 to 2016 using the purposive sampling method. This research uses determinants of capital structure, such as, growth opportunities, debt cost, age, cash flow, size, non-debt tax shield, and investment. Debt to asset ratio is used as the proxy of capital structure. Results show growth opportunities and debt cost have negative relationship with capital structure, however size has positive relationship with capital structure in all firms in Indonesia. Furthermore, family ownership strengthens the negative relationship of debt cost, age, and cash flow on capital structure, however size weakens the positive relationship with capital structure.

2021

Penelitian ini bertujuan untuk mengetahui, menganalisis dan menjelaskan faktor-faktor yang memengaruhi struktur modal. Faktor-faktor tersebut antara lain: struktur aktiva, profitabilitas dan ukuran perusahaan pada perusahaan food and beverage di Bursa Efek Indonesia (BEI) tahun 2015-2019. Metode penelitian yang digunakan adalah deskriptif verifikatif dengan pendekatan kuantitatif. Penentuan sampel menggunakan metode purposive sampling dengan jumlah sampel terpilih sebanyak 14 perusahaan. Data sekunder berupa laporan keuangan tahunan yang dipublikasikan pada website www.idx.co.id. Analisis data dengan analisis regresi linier berganda dibantu dengan Software program SPSS 25. Hasil penelitian menunjukkan bahwa, (1) Tidak terdapat pengaruh parsial struktur aktiva terhadap struktur modal; (2) Terdapat pengaruh parsial profitabilitas terhadap struktur modal; (3) Tidak terdapat pengaruh parsial ukuran perusahaan terhadap struktur modal; dan (4) Terdapat pengaruh simultan struktur aktiva, p...