The Influence of Exchange Rate, Interest Rates and Company Size on Capital Structure on The Indonesian Stock Exchange

Ilham Muhammad Mardiputra; Muhammad Haliliintar; Syaiful Syaiful

doi:10.38035/dijdbm.v5i5.3187

Authors

Ilham Muhammad Mardiputra Borobudur University, Jakarta, Indonesia
Muhammad Haliliintar Borobudur University, Jakarta, Indonesia
Syaiful Syaiful Borobudur University, Jakarta, Indonesia

DOI:

https://doi.org/10.38035/dijdbm.v5i5.3187

Keywords:

SExchange Rate, Interest Rates, Company Size, Capital Structure

Abstract

This research is quantitative research. The aim of this research is to find out whether The Influence Of Exchange Rate, Interest Rates And Company Size On Capital Structure On The Indonesian Stock Exchange on the Indonesian Stock Exchange. 22 corporate bonds were obtained from 11 issuing banking sector companies as samples. The CR variable has a positive but insignificant effect on the DER ratio of banking sector companies that issue bonds and are listed on the Indonesia Stock Exchange (IDX) during the 2019-2023 period. The SIZE variable has a positive and significant effect on the DER of banking sector companies that issue bonds and are listed on the Indonesia Stock Exchange. FOREX variable has a negative and significant effect on the DER of banking sector companies that issue bonds and are listed on the Indonesia Stock Exchange. All independent variables consisting of; Company Size (SIZE), Exchange Rate (FOREX), and Interest Rate (IR) together significantly affect the Capital Structure (DER) of banking sector companies that issue bonds and are listed on the Indonesia Stock Exchange

References

Andi Haslindah, Aminuddin Hamdat, Mora, & Hafidz Hanafiah. (2021). Implementation Of Marketing Strategies In Increasing Sales Volume. International Journal of Science, Technology & Management, 2(5), 1449–1459. https://doi.org/10.46729/ijstm.v2i5.299

Anugerah Lutfi. (2021). Analisis Perbandingan Kinerja Keuangan Bank Syariah Sebelum dan Sesudah Krisis Global Tahun 2008. Jurnal Manajemen Perbankan Keuangan Nitro, 3(2), 64–72. https://doi.org/10.56858/jmpkn.v3i2.29

Arman, A., Marsuki, M., & Sulkipli, S. (2019). Bumdes Development Model Through College and Banking Partnerships [Model Pengembangan Bumdes Melalui Kemitraan Perguruan Tinggi dan Perbankan].

Proceeding of Community Development, 2, 520. https://doi.org/10.30874/comdev.2018.148

Atmaja, Lukas, 2008. Teori & Praktik Manajemen Keuangan. Jakarta: CVAndiOffset

Jurnal Business Technology and Science,Volume X Nomor X, xxxx-X|10Ayu,Riska,2013.KajianYieldToMaturity (YTM) Obligasi Pada Perusahaan Korporasi. Accounting Analysis Journal 2 (1) (2013)

Bhojraj,SanjeevdanSengupta,Partha,2003.EffectOfCorporateGovernanceonBondRatingsandYields:TheRoleofInstitusionalInvestorandOutsideDirectors.TheJournalofBusiness,Vol.76,No.3, h.455-475

Board, A., Hall, S. G., Furr, A., Barcelona, U. De, Hood, R. W., Minhaj-ul-hassan, S., Olivieri, L. M., Hisrich, R. D., Ohio, K., Mckinney, S., Ghufran, N., Mehdi, Z., Mostaghim, A., Mitrovic, D., Anwer, Z., & Mohammad, F. (n.d.). Editorial Board Editor Safia Ahmed Managing Editor Rubina Naz Assistant Editors Nazia Nawaz & Fariha.

Bodie, kane,danMarcus,2009.Investasi. Edisi 6. Jakarta :Salembaempat.

Carpio, X. Del, & Pabon, L. (2014). Minimum Wage Policy: Lessons with a Focus on the ASEAN Region. https://openknowledge.worldbank.org/handle/10986/19027

DarmadjidanFakhruddin,2011.PasarModaldiIndonesia.EdisiKetiga. Jakarta:SalembaEmpatDauda, P., Imam Taufiq, M., Saeni, N., Haryanto Baottong, M., & Bazergan, I. (2021). Jurnal Mirai Management Pengaruh Likuiditas dan Solvabilitas Terhadap Profitabilitas. Jurnal Mirai Management, 6(3), 51–66. https://doi.org/10.37531/mirai.v7i2.2014Idrus,

M., Fatimah, S., Mukhtar, A., & Salam, K. N. (2022). Examining the Factors Affecting Accounting Prudence. ATESTASI : Jurnal Ilmiah Akuntansi, 5(1), 62–76. https://doi.org/10.33096/atestasi.v5i1.1100

Ikhwan Burhan, M., Sediyono, E., & Adi, K. (2021). Intelligent Tutoring System Using Bayesian Network for Vocational High Schools in Indonesia. E3S Web of Conferences, 317, 05027. https://doi.org/10.1051/e3sconf/202131705027

Krisnanda, P.H. & Wiksuana, G.B. (2015). Pengaruh Ukuran Perusahaan, Pertumbuhan Penjualan, Dan NonDebt Tax Shield terhadap Struktur Modal pada Perusahaan Telekomunikasi di Bursa Efek Indonesia. E-Jurnal Manajemen Unud, Vol. 4, No. 5 : 1434-145.

Kodongo, O. Maina, L. and Mokoteli, M.T. (2014). Capital structure, profitability and Firm Value: panel evidence of listed firms in Kenya. Munich Personal RePEc Archive. No 57116.

Pratama, A. dan Wiksuana, B. (2016). Pengaruh Ukuran Perusahaan dan Leverage Terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Mediasi. Jurnal Manajemen Universitas Udayana , Vol. 5, No.2 : 1338-1367.

Salehi, M. dan Manesh, N.B. (2012). A Study of the Roles of Firm and Country on Specific Determinates in Capital Structure: Iranian Evidence. International Management Review. 8 (2): 51 – 85.

Sarwono, J. (2012). Path Analysis dengan SPSS: Teori, Aplikasi, Prosedur Analisis untuk Riset Skripsi, Tesis, dan Disertasi. Alex Media Komputido. Jakarta.

Sheikh, N.A. and Wang, Z. (2011). Determinants of capital structure An empirical study of firms in 129 Referensi : Jurnal Ilmu Manajemen dan Akutansi Vol. 7, No.2, 2019. Hal 123-129 manufacturing industry of Pakistan. Managerial Finance, 37 (2), pp: 117- 133.

Wardianto, K.B. (2012). Pengujian Struktur Modal pada Perusahaan-Perusahaan 50 Biggest Market Capitalization di Bursa Efek Indonesia.

Seminar HasilHasil Penelitian dan Pengabdian Masyarakat Dies Natalis FISIP Unila 2012 : 228-246. Zhang, Y. 2010. The Product Category Effects on Capital Structure: Evidence from the SMEs of British Manufacturing Industry. International Journal of Bussiness and Management. Vol. 5 (8) : 86-112.