CAPITAL STRUCTURE DETERMINANTS OF PLANTATION SUB-SECTOR COMPANIES IN INDONESIA STOCK EXCHANGE PERIOD 2014 – 2018
DOI:
https://doi.org/10.38035/dijefa.v1i3.424Keywords:
DAR, ROA, SA, CRAbstract
The purpose of this study is to analyze the factors that influence the Debt to Asset Ratio which is a proxy of Capital Structure as the dependent variable. The independent variables studied as determinants of Capital Structure (DAR) include Size (SIZE), Profitability (ROA), Asset Structure (SA), and Corporate Liquidity (CR) using regression model. The population in this study are plantation sub-sector companies listed on the Indonesia Stock Exchange for the period 2014 - 2018. The findings suggest that ROA negatively significant affect DAR, while SA positively significant affect DAR. On the other hand, both SIZE & CR have no significant relationship with DAR
References
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Sheluntcova, M. (2014). “Capital Structure of Private Pharmaceutical Companies in Russia”. International Journal of Economics & Management, Vol. 8 No. 2, 114-120.
Singh, D. (2016). “A Panel Data Analysis of Capital Structure Determinants: an Empirical Study of Non-Financial Firms in Oman”. International Journal of Economics and Financial Issues, Vol. 6 No. 4, 130-145.
Sudarno, Riza FH. (2013). “Analisis Faktor-Faktor yang Mempengaruhi Struktur Modal pada Perusahaan Manufaktur Terdaftar di Bursa Efek Indonesia Periode 2007 – 2011”. Diponegoro Journal of Accounting, Vol. 2, No. 2, 1-12.
Thippayana, Pornpen. (2014). "Determinants of Capital Structure in Thailand" Procedia - Social and Behavioral Sciences. Vol. 143, 1074 – 1077
Ting, Irene Wei Kiong and Hooi Hooi Lean. (2011). “Capital Structure Of Government-Linked Companies In Malaysia”. Asian Academy of Management Journal of Accounting and Finance, Vol. 7, No. 2, 137 – 156.
Wahab, Siti Nur Aqilah Ab & Nur Ainna Ramli. (2014). “Determinants of Capital Structure: An Empirical Investigation of Malaysian Listed Government Linked Companies (GLCs)”. International Journal of Economics and Financial Issues. Vol. 4 No. 4, 930 945.
Yousefzadeh, N., Aazami, Z., Shamsadini, H., & Abousaiedi, M. (2014). “Determinants of Capital Structure of Iranian Companies Listed in Tehran Stock Exchange: A structural Equation Modeling Approach”. Indian Journal of Commerce and Management Studies, Vol. 5 No. 2, 73-81.
Yusintha, P., & Suryandari, E. (2016). Analisis Faktor-faktor yang Mempengaruhi Struktur Modal. Journal of Accounting and Investment, Vol. 11 (2), 179-188.
Alipour, M., Mohammadi, M. F. S., & Derakhshan, H. (2015). “Determinants of Capital Structure: an Empirical Study of Firms in Iran”. International Journal of Law and Management. Vol. 57 No. 1, 53-83.
Bauer, Patrik. (2014). “Determinants of Capital Structure Empirical Evidence from the Czech Republic.” Czech Journal of Economics and Finance. Vol. 1, 2 – 21.
Baker, M. and Wurgler, J. (2002), “Market Timing and Capital Structure”, Journal of Finance, Vol. 57 No. 1, 1-32.
Cornelli, F., Portes, R., Schaffer, M. (1996), “The Capital Structure of Firms in Central and Eastern Europe”. CEPR Discussion Paper, 1392. 1-35
Couto, G. & Victor Chissingui. (2016) “Determinant Factors of Capital Structure: an Application to the Portuguese Market”. Egitania Sciencia Journal. Vol. 4 (1), 176 195
Firnanti, F. (2011). “Faktor-faktor yang Mempengaruhi Struktur Modal Perusahaan Manufaktur di Bursa Efek Indonesia”. Jurnal Bisnis dan Akuntansi. Vol. 13, 119-128.
Gonzales Victor M & Francisco Gonzales. (2012). “Firm Size and Capital Structure: Evidence Using Dynamic Panel Data.” Applied Economics. Vol. 44, 4745–4754.
Hall, G.C., Hutchinson, P.J. and Michaelas, N. (2004), “Determinants of capital structures of European SMEs”, Journal of Business Finance and Accounting, Vol. 31 No. 5/6, 711 728.
Hanafi, MM dan Halim, A. (2005). Analisis Laporan Keuangan. UPP AMP YKPN: Yogyakarta.
Hartoyo, A. K. W., Khafid, M., & Agustina, L. (2014). “Faktor-Faktor yang Mempengaruhi Struktur Modal Perusahaan Tekstil dan Garmen di BEI”. Accounting Analysis Journal. Vol. 3 (2), 158-172.
Jensen, M. and Meckling, W. (1976). “Theory of the firm: Managerial Behavior, Agency Cost and Ownership Structure”, Journal of Financial Economics, Vol. 43, 271-281.
Joni, J., & Lina, L. (2010). Faktor-Faktor yang Mempengaruhi Struktur Modal. Jurnal Bisnis dan Akuntansi. Vol. 12(2), 82-97.
Kirwok, Gladys Jeruto. (2017). “Determinants of Capital Structure in the Automobile Industry: Case Study Nakuru Town”. International Journal of Innovative Research & Development. Vol. 6 Issue 9, 226 – 259.
Liem, J. H., Murhadi, W. R., & Sutejo, B. S. (2013). “Faktor-Faktor yang Mempengaruhi Struktur Modal pada Industri Consumer Goods yang Terdaftar di BEI Periode 2007-2011”. Calyptra: Jurnal Ilmiah Mahasiswa Universitas Surabaya. Vol.2 No.1, 1-11.
Margaretha, F., & Ramadhan, A. R. (2010). “Faktor-faktor yang Mempengaruhi Struktur Modal pada Industri Manufaktur di Bursa Efek Indonesia”. Jurnal Bisnis dan Akuntansi. Vol 12 (2), Hal. 119-130.
Maryanti, E. (2016). "Analisis Profitabilitas, Pertumbuhan Perusahaan, Pertumbuhan Penjualan dan Struktur Aktiva terhadap Struktur Modal pada Perusahaan Sektor Industri Barang Konsumsi yang terdaftar di Bursa Efek Indonesia (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2012-2014)". Riset Akuntansi dan Keuangan Indonesia. Vol. 1 (2), 143-151.
Masnoon, Maryam & Abiha Saeed. (2014). “Capital Structure Determinants of KSE Listed Automobile Companies”. European Scientific Journal. Vol. 10, No. 13, 451 – 461.
Modigliani, F. and Miller, M.H. (1958), “The Cost of Capital, Corporation Finance and the Theory of Investment”. American Economic Review. Vol. 48, 261-297.
Modigliani, F. and Miller, M.H. (1963), “Corporate Income Taxes and the Cost of Capital: a Correction”. American Economic Review. Vol. 53 No. 3, 433-443.
Miller, M. (1977), “Debt and Taxes”, Journal of Finance. Vol. 32, 261-275
Myers, S. C. and Majluf, N. (1984). “Corporate Finance and Investment Decisions When Firms Have Information That Investors Do Not Have”. Journal of Financial Economics. Vol. 13, 187-221
Nugroho, Sigit Dani, Hermanto Siregar, Adler Haymans Manurung dan Nunung Nuryartono. (2015). “Determinan Struktur Modal Perusahaan Perkebunan di Bursa Efek Indonesia.” Finance and Banking Journal. Vol. 17, No. 02, 79 – 90.
Nuswandari, Cahyani (2013). “Determinan Struktur Modal dalam Perspektif Pecking Order Theory dan Agency Theory”. Jurnal Dinamika Akuntansi Keuangan dan Perbankan, Vol. 2 (1), 92-102.
Pattweekongka, S & Kulkanya Napompech. (2014). “Determinan Struktur Modal dalam Perspektif Pecking Order Theory dan Agency Theory”. Jurnal Dinamika Akuntansi Keuangan dan Perbankan. Vol. 2(1), 117 – 124.
Ridloah, S. (2010). "Faktor Penentu Struktur Modal: Studi Empirik pada Perusahaan Multifinansial". Jurnal Dinamika Manajemen. Vol. 1 (2), 91-101
Sari, DP, Noer AA, Augustina Kurniasih. (2017). “Determinant of Long-Term Liabilities the Agricultural Company: Empirical Evidance from the Indonesian Stock Exchange”. International Journal of Current Research in Multidisciplinary. Vol. 2, No. 7, 14 – 20.
Serghiescu, L and Viorela-Ligia Vaidean. (2014). "Determinant Factors of the Capital Structure of a Firm - an Empirical Analysis". Procedia - Social and Behavioral Sciences. Vol. 15, 1447 – 1457.
Sheluntcova, M. (2014). “Capital Structure of Private Pharmaceutical Companies in Russia”. International Journal of Economics & Management, Vol. 8 No. 2, 114-120.
Singh, D. (2016). “A Panel Data Analysis of Capital Structure Determinants: an Empirical Study of Non-Financial Firms in Oman”. International Journal of Economics and Financial Issues, Vol. 6 No. 4, 130-145.
Sudarno, Riza FH. (2013). “Analisis Faktor-Faktor yang Mempengaruhi Struktur Modal pada Perusahaan Manufaktur Terdaftar di Bursa Efek Indonesia Periode 2007 – 2011”. Diponegoro Journal of Accounting, Vol. 2, No. 2, 1-12.
Thippayana, Pornpen. (2014). "Determinants of Capital Structure in Thailand" Procedia - Social and Behavioral Sciences. Vol. 143, 1074 – 1077
Ting, Irene Wei Kiong and Hooi Hooi Lean. (2011). “Capital Structure Of Government-Linked Companies In Malaysia”. Asian Academy of Management Journal of Accounting and Finance, Vol. 7, No. 2, 137 – 156.
Wahab, Siti Nur Aqilah Ab & Nur Ainna Ramli. (2014). “Determinants of Capital Structure: An Empirical Investigation of Malaysian Listed Government Linked Companies (GLCs)”. International Journal of Economics and Financial Issues. Vol. 4 No. 4, 930 945.
Yousefzadeh, N., Aazami, Z., Shamsadini, H., & Abousaiedi, M. (2014). “Determinants of Capital Structure of Iranian Companies Listed in Tehran Stock Exchange: A structural Equation Modeling Approach”. Indian Journal of Commerce and Management Studies, Vol. 5 No. 2, 73-81.
Yusintha, P., & Suryandari, E. (2016). Analisis Faktor-faktor yang Mempengaruhi Struktur Modal. Journal of Accounting and Investment, Vol. 11 (2), 179-188.
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