The Influence of Profitability, Firm Size, Growth, Liquidity, Asset Tangibility, and Non-Debt Tax Shield on Capital Structure
DOI:
https://doi.org/10.57178/atestasi.v7i2.886Keywords:
Capital Structure, Profitability, Firm Size, Growth, Liquidity, Asset Tangibility, Non-Debt Tax ShieldAbstract
Capital structure describes the company's financial proportions sourced from long-term debt and own capital as a source of corporate financing. This study aims to determine how the influence of independent variables, namely profitability, company size, company growth, liquidity, tangibility of assets, and non-debt tax shield, on the dependent variable, namely capital structure in property and real estate sector companies listed on the Indonesia Stock Exchange from 2015 to 2022. The method used is a dynamic panel regression analysis model using the Generalized Method of Moments (GMM) estimator with Eviews 12 analysis software. The results state that company size, company growth, liquidity, and tangibility assets partially have a significant positive and negative effect on capital structure. In contrast, profitability and non-debt tax shields partially have no significant impact on capital structure.
Downloads
References
Akbar, S. K. (2023). Capital structure dynamics of Shariah-compliant vs noncompliant firms: evidence from Pakistan. International Journal of Islamic and Middle Eastern Finance and Management, 16(2), 1-29.
Brigham, E. F. (2011). Dasar-dasar Manajemen Keuangan. (Ed. 11). Jakarta: Salemba Empat.
Destari, A. Y. (2019). Analisis Pengaruh Debt To Equity Ratio, Current Ratio, Total Asset Trunover, Dan Size Terhadap Return On Equity. Jurnal Akuntansi Audit dan Sistem Informasi Akuntansi, 3(1), 1-13.
Fahmi, I. (2018). Pengantar Manajemen Keuangan: Teori dan Soal Jawab. Bandung: Alfabeta.
Hayat, A. (2018). Manajemen Keuangan (Ed. 1). Medan: Madenatera.
Joel, B. &. (2011). Dasar-Dasar Manajemen Keuangan (11th ed.). Salemba Empat.
Kasmir. (2019). Analisis Laporan Keuangan. (Ed. 1, Cet. 10 . Jakarta: Raja Grafindo Persada.
Kusumajaya, O. (2011). Pengaruh Struktur Modal dan Pertumbuhan Perusahaan terhadap Profitabilitas dan Nilai perusahaan pada Perusahaan Manufaktur di BEI. Tesis Program Magister, Program Studi Manajemen, Program Pascasarjana Universitas Udayana.
Lyubov, T. H. (2021). Impact of Financial Crises on Dynamics of Capital Structure : Evidence from Korean Listed Companies. Institute of Labor Economics(IZA DP No. 10554), 4-31.
Oktavia, V. J. (2020). Pengaruh Good Corporate Governance dan Ukuran Perusahaan Terhadap Tax Avoidance (Pada Perusahaan Properti dan Real Estate yang Terdaftar di BEI Periode 2015-2018). Jurnal Revenue: Jurnal Ilmiah Akuntansi, 2(1), 1-9.
Panda, A. K. (2021). Receptivity of capital structure with financial flexibility: A study on manufacturing firms. International Journal of Finance & Economics, 1-13.
Permadani, M. n. (2021). Pengaruh Struktur Modal Dan CSR Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai variabel Moderasi. SIMBA: Seminar Inovasi Manajemen, Bisnis, dan Akuntansi, 3, 1-25.
Prabawani, J. T. (2018). Pengaruh Ukuran Perusahaan, Leverage, dan Struktur Modal Terhadap Kinerja Keuangan Perusahaan (Studi Pada Perusahaan Manufaktur Sektor Aneka Indsutri Tahun 2012-2016). Jurnal Ilmu Administrasi Bisnis, 7(2), 1-10.
Prakash, N. M. (2022). The Impact Of Covid-19 on The Capital Structure in Emerging Economies: Evidence From India. Asian Jornal Of Accounting Research, 8(3), 236-249.
Putri, A. S. (2021). Pengaruh Intellectual Capital, Leverage, Profitabilitas, dan Likuiditas Terhadap Nilai Perusahaan. Jurnal Kajian Akuntansi dan Bisnis Terkini, 2(2), 259-277.
Rehan, R. S. (2023). Inspecting sector-specific capital structure determinants: The case of Malaysian Shariah firms. International Journal of Applied Economics, Finance and Accounting, 17(2), 2-14.
Sari, W. W. (2022). Pengaruh Struktur Modal, Ukuran Perusahaan dan Profitabilitas Terhadap Kualitas Laba Perusahaan. Jurnal Manajerial dan kwirausahaan, 4(3), 1-11.
Sedana, K. A. (2018). Peran Struktur Modal dalam Memediasi Pengaruh Pertumbuhan Perusahaan terhadap Nilai Perusahaan pada Perusahaan Properti di Bei. E-Jurnal Manajemen Universitas Udayana.
Sekaran, U. d. (2017). Metode Penelitian untuk Bisnis: Pendekatan Pengembangan-Keahlian, Edisi 6, Buku 2. Jakarta: Salemba Empat.
Shaik, M. B. (2022). Which Determinants Matter For Capital Structure? An Empirical Study On NBFC'S In India. International Journal Of Enterpreneurship, 26(1), 1-9.
Sudana, I. M. (2011). Manajemen keuangan perusahaan. Jakarta: Erlangga.
Sugiyono. (2016). Bandung: Alfabeta.
Sujarweni, W. (2014). Metodologi Penelitian. Yogyakarta: Pustaka Baru Press.
Usman, O. S. (2021). Determinants of Capital Structure In Nigeria Listed Facturing Fimrs: A Panel Generalized Method of Moments (GMM) Approach. Gusau Journal Of Accounting And Finance , 2(1), 1-12.
Wulandari, D. A. (2020). Pengaruh Profitabilitas dan Non Debt Tax Shield Terhadap Struktur Modal Pada Perusahaan Manufaktur Sub Sektor Farmasi Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Riset Akuntansi dan Bisnis, 20(1), 45-50.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Febritya Ayu Wahyuni, Farida Titik Kristanti
This work is licensed under a Creative Commons Attribution 4.0 International License.