ANALISIS PENGARUH LIKUIDITAS, PROFITABILITAS, UKURAN, USIA DAN PERTUMBUHAN PERUSAHAAN TERHADAP STRUKTUR MODAL

Authors

  • Michael Dimitri Universitas Katolik Indonesia Atma Jaya
  • Sumani Sumani Universitas Katolik Indonesia Atma Jaya

DOI:

https://doi.org/10.25170/jm.v11i1.834

Keywords:

cost of capital

Abstract

The Company Capital Structure plays an important role in the financing of a company. Planning a good capital structure is an important tool to understand since with the right decision of the appropriate capital structure, the company can reduce the cost of capital (cost of capital), which means to increase the value of the company. The author conducted a research to analyze the influence of several variables, namely liquidity, profitability, size, age and growth on capital structure. The data analyzed are generated from the companies in the list LQ 45 in IDX. The author uses multiple linear regression to analyze the data. The results shows that the variables of liquidity, profitability, size, age and growth of the company negatively affect the capital structure. Of these variables only variable of growth that has a significant at alpha level of 10%.

References

Abdulla, J (1994). An Empirical Investigation of Pecking Order Hypothesis: The Case of Kuwait. Arab Journal of Administrative Sciences, Vol.1. No.2. PP.407 423

AL Taleb, G. & AL Shubiri, F. (2009). Capital Structure Decisions and Debt Maturity: an Empirical Evidence from Jordan. The Journal of Commerce, Vol 3. (4)

Alderson, M., & B. Betker. (1995). Liquidation Costs and Capital Structure. Journal of Financial Economics, 39.

Anderson, R.W. (2002). Capital Structure, Firm Liquidity, and Growth. National Bank of Belgium Working Papers research series.

Beck, T. & Demirgü¸c-Kunt, A. (2006). Small and medium-size enterprises: Access to finance as a growth constraint. Journal of Banking and Finance.

Beck, T., Demirgü¸c-Kunt, A. & Maksimovic, V. (2008). Financing patterns around the world: Are small firms different? Journal of Financial Economics.

Berger, A. N. & Udell, G. F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking and Finance. 22, (613–673).

Brigham, Eugene F & Houston ,J. F.(2006). Dasar-Dasar Manajemen Keuangan. Buku satu,Edisi sepuluh. Jakarta: PT. Salemba Empat

Byoun, S. (2007). Financial Flexibility, Firm Size, and Capital Structure. Journal of Economic Literature.

Chen ,J. & Strange , R. (2006). The Determinants of Capital Structure: Evidence from Chinese Listed Companies. Journal of Economic Literature.

Diamond, D. (1991), Debt maturity structure and liquidity risk. Quarterly Journal of Economics, 106. (709–737).

Donaldson, G., (1971), Strategy for Financial Mobility, Irwin Homewood (III.).

Dr. Mohammad, F.S. & Dr. Jaafer, M. A. (2012). The Relationship between Capital Structure. International Journal of Bussiness and Social Science, Vol 3. (16)

Durand, D.(1952). Cost of Debt and Equity Funds for Business: Trends and Problems of Measurement. In The Management of Corporate Capital. Edited by Ezra Solomon.

Fazzari, S. M., Hubbard, R. G. & Petersen, B. C. (1988). Financing constraints and corporate investment. Brookings Papers on Economic Activity 1, 141–206.

Ferdinand, A. G. (1999). Growth opportunities, Capital Structure and dividend policies in Japan. Journal of Corporate Finance, vol 5.

Frieder, L. & Martell, R. (2006). On capital structure and the liquidity of a firm’s stock. Working paper, Purdue University.

Fuest, C., Huber, B. & Nielsen, S. B. (2002), Why is the corporate tax rate lower than the personal tax rate? The role of new firms, Journal of Public Economics.87, (157–174).

Ghozali, I.(2005). Aplikasi Analisis Mutivariate dengan Program SPSS, Edisi ketiga, Badan Penerbit Universitas Diponegoro. Semarang.

Gordon, R. H. & Lee, Y. (2001). Do taxes affect corporate debt policy? Evidence from U.S. corporate tax return data. Journal of Public Economics.82, (195–224).

Hyytinen, A. & Pajarinen, M. (2007). Is the cost of debt capital higher for younger firms?. Scottish Journal of Political Economy .54, (55–71).

Jamreornvong ,S., Udomsirikul , P., & Jiraporn, P. (2011). Liquidity and Capital Structure: Evidence from a Bank-dominated Economy. Journal of Economic Literature.

Kraus & Litzenberger, R.H.. (1973). A State-Preference Model of Optimal Financial Leverage. Journal of Finance.

Keuschnigg, C. & Nielsen, S. B. (2004), Start-ups, venture capitalists, and the capital gains tax, Journal of Public Economics. 88, (1011–1042).

Keuschnigg , C., & Nielsen ,S. B. (2006). Self-Selection and Advice in Venture Capital Finance. University of St. Gallen Department of Economics working paper series

Kurshev ,A. & Strebulev, I. A. (2005). Firm Size and capital Structure.

Lang L. (1995). leverage, investments, and firm growth. Journal of financial economics. 40 Lipson, M.L. & Mortal, S.. (2010). Liquidity and capital structure. Journal of Financial Markets. Michael, P., Mathias, S., & Hannes, W. (2008). Capital Structure, Corporate Taxation and Firm Age. Journal of Economic Literature.

Modigliani, F. & Miller, M. H. (1958). The cost of capital, corporation finance, and the theory of investment. American Economic Review .48, (261–297).

Myers, S.C. & Majluf, N.S. (1984). Corporate Financing and Investment Decisions When Finns have Information that Investors Don’t Have. Journal of Financial Economics. Vol. 13, (PP.187-221).

Myers, S. C., (1984), The Capital Structure Puzzle, Journal of Finance. 34, (575-592).

Myers, S.C. (1977). Determinants of Corporate Borrowing. Joumal of Financial Economics, Vol. 5, (PP.147-175).

Ozkan, A. (1996). Corporate Bankruptcies, Liquidation Costs and the Role of Banks. The Manchester School. Vol. 64, (pp. 187-221)

Pandey, I.M.. (2004). Capital Structure Profitability, and Market Structure: Evidence from Malaysia. Asia Pacific Journal of Economics and Bussiness, vol 2. (2)

Pulvino, T. (1998). Do Asset Fire Sales Exist? An Empirical Investigation of Commercial Aircraft Transactions. Journal of Finance. 53 ,939-978.

Rodoni , A., & Ali,H. (2010). Manajemen Keuangan. Jakarta: Mitra Wacana Media.

Ross, W., & Jordan. (2008). Essentials of Corporate Finance. (6th Ed). McGraw-Hill International Edition: New York.

Santoso, Singgih. 2001. Mengolah Data Statistik Secara Profesional. PT. Alex Media Komputindo: Jakarta.

Sarkar, S., & Zapatero, F.. (2003). The Trade-Off Model with Mean Reverting Earnings: Theory and Empirical Tests. The Economic Journal. 113

Sarwono, J. (2012). Metode Riset Skripsi Pendekatan Kuantitatif. Jakarta: PT. Elex Media Komputindo.

Schlingemann, F.; R. Stulz; & R. Walkling.(2002) Divestitures and the Liquidity of the Market for Corporate Assets. Journal of Financial Economic. 64.

Sibilkov, V. (2007). Asset sLiquidity and Capital Structure. Journal of Economic Literature.

Shleifer, A., & Vishny, R. (1992). Liquidation Values and Debt Capacity: A Market Equilibrium Approach. Journal of Finance. 47

Titman, S. and Wessels, R. (1988). The Determinants of Capital Structure Choice. Journal of Finance. Vol.43

Uyanto, S. S., Ph.D. (2009). Pedoman Analisis Data dengan SPSS. (3rd Ed). Jakarta: Graha Ilmu.

Weston, J. F. & Copeland T. E. (1996). Manajemen keuangan. 2. Jakarta: Erlangga

Williamson, O. (1988). Corporate Finance and Corporate Governance. Journal of Finance. 43. Yunianti, F. R. (2011). Analisis Faktor-Faktor yang Mempengaruhi Struktur Modal Pada Perusahaan Manufaktur di Bursa Efek Indonesia Tahun 2004-2009. Skripsi. Universitas Diponegoro. Semarang.

Downloads

Published

2014-05-01
Abstract views: 398 | PDF downloads: 447