Analysis Of Factors Affecting Capital Structure (Empire Study On Lq45 Companies Listed On The Indonesia Stock Exchange)
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Oct 13, 2022
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Abstract
This study aims to see what factors affect the capital structure. This study uses secondary data related to LQ45 indexed companies listed on the Indonesia Stock Exchange in 2020-2021. The sample of this research is 40 companies indexed by LQ45 with purposive sampling method. The results of this study indicate that profitability, firm age, and firm size have no effect on capital structure and only liquidity has an effect on capital structure
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How to Cite
Natalia Petronela Gah, T. (2022). Analysis Of Factors Affecting Capital Structure (Empire Study On Lq45 Companies Listed On The Indonesia Stock Exchange). Enrichment : Journal of Management, 12(4), 2763-2769. https://doi.org/10.35335/enrichment.v12i4.738
References
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Ariyani, H. F., Pangestuti, I., & Raharjo, S. T. (2019). The Effect of Asset Structure, Profitability, Company Size, and Company Growth on Capital Structure (The Study of Manufacturing Companies Listed on the IDX for the Period 2013 - 2017). Jurnal Bisnis Strategi, 27(2), 123-136.
Arlita, D. P. & Surjandari, D. A. (2019). The Effect of Profitability, Liquidity, Asset Structure, Growth Opportunity, Institutional Ownership on Capital Structure (Case Study at Property and Real Estate Companies in Indonesia Stock Exchange Period 2013-2017). Scholars Bulletin, 5(8), 461-470.
Bako, S. M. & Marsoem, B. S. (2020). Determinant of Capital Structure of Coal Sub- Sector Mining Companies Listed on Indonesai Stock Exchange. International Journal of Innovative Science and Research Technology, 5(9), 1446-1454.
Cahyani, N. I., & Handayani, N. (2017). Pengaruh Profitabilitas, Likuiditas, Size, Kepemilikan Institusional, dan Tangibility Terhadap Struktur Modal. Jurnal Ilmu dan Riset Akuntansi, 6(2), 614–630.
Damayanti, Dwi.(2016)."Pengaruh Struktur Modal, Profitabilitas, Ukuran Perusahaan, dan Kebijakan Deviden terhadapa Nilai Perusahaan".Naskah Publikasi Fakultas Ekonomi dan Bisnis Universitas Muhammadiyah Surakarta
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Dewi, C. R. & Fachrurrozie. (2021). The Effect of Profitability, Liquidity, and Asset Structure on Capital Structure with Firm Size as Moderating Variable. Accounting Analysis Journal, 10(1), 32-38.
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305- 360.
Kenji & Rasyid, R. (2020). Faktor-Faktor yang Mempengaruhi Capital Structure Perusahaan Manufaktur Sektor Industri Barang Konsumsi. Jurnal Multiparadigma Akuntansi Tarumanagara, 2 (April), 687-696.
Khafid, M., Prihatni, R. dan Safitri, I. M. (2020). The Effects of Managerial Ownership, Institutional Ownership, and Profitability on Capital Structure: Firm Size as the Moderating Variable. International Journal of Financial Research, 11(4), 493-501.
Kieschnick, R. & Moussawi, R. (2018). Firm Age, Corporate Governance, and Capital Structure Choices. Journal of Corporate Finance, 48, 597-614.
Laksana, I. F. & Widyawati, D. (2016). Pengaruh Kepemilikan Saham, Kebijakan Dividen, Tangibility, Size, dan Profitabilitas terhadap Struktur Modal. Jurnal Ilmu dan Riset Akuntansi. 5(4), 1-18.
Margana, M. Y. R. & Wiagustini, N. L. P. (2019). The Effect of Institutional Ownership, Managerial Ownership, and Firm Age on Capital Structure of Consumer Goods Companies listed on Indonesia Stock Exchange. American Journal Humanities and Social Sciences Research, 3(11), 167-175.
Mariani, D. (2021). Pengaruh Profitabilitas, Umur Perusahaan, Struktur Kepemilikan Institusional, dan Ukuran Perusahaan terhadap Struktur Modal pada Perusahaan Property dan Real Estate yang Terdaftar di BEI. Jurnal Akuntansi dan Keuangan, 10(1), 55-70.
Miraza, C. N. & Muniruddin, S. (2017). Pengaruh Kepemilikan Institusional, Kepemilikan Manajerial, Variabilitas Pendapatan, Corporate Tax Rate, dan Non Debt Tax Shield terhadap Struktur Modal pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2011-2015. Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi Unsyiah, 2(3), 73-85.
Nindiani, F. & Arilyn, E. J. (2020). Factor in Capital Structure and Its Influence on Total Debt Ratio of Automotive Industry. Jurnal Bisnis Dan Akuntansi 21, 1a (2), 203- 210. https://doi.org/10.34208/jba.v21i1a-2.757.
Puspita, R.P.I. & Suherman. (2018). The Impact of Dividend Policy, Managerial Ownership, Institutional Ownership to Capital Structure On Manufacturing Company in Indonesia Stock Exchange (Idx) Period 2012-2016. Journal of Business and Behavioural Entrepreneurship, 1(2), 28-39.
Sha, Thio Lie. (2019). Faktor Yang Mempengaruhi Capital Structure Pada Sektor Industri Dasar dan Kimia. Jurnal Ekonomi, 24(1), 94-110.
Suherman, Purnamasari, R. & Mardiyati, U. (2019). Pengaruh Struktur Aset, Likuiditas, dan Profitabilitas terhadap Struktur Modal Dimoderasi oleh Ukura perusahaan. Jurnal Ilmiah Manajemen, 9(2), 369-381.
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Syairozi, M. I., & Rosyad, S. (2022). Inovasi Daun Lontar Untuk Meningkatkan Produktivitas Masyarakat Desa Lawanganagung. Jurnal Pengabdian kepada Masyarakat Nusantara, 3(1), 131-136.
Syairozi, M. I. (2020). Analisis Kemiskinan di Sektor Pertanian (Studi Kasus Komoditas Padi di Kabupaten Malang). Media Ekonomi, 28(2), 113-128.
Utami, Elok Sri. (2019). Analysis Capital Structure on Indonesia Stock Exchange.
Advances in Economics, Business and Management Research, 100, 686-690.
Wardana, I P. A. D. & Sudiartha, G. M. (2015). Pengaruh Likuditas, Ukuran Perusahaan, Risiko Bisnis dan Usia Perusahaan Terhadap Struktur Modal Pada Industri Pariwisata Di Bursa Efek Indonesia Periode 2010-2013. E-Jurnal Manajemen Universitas Udayana, 4(6), 1701-1721.
Anum, Fatima. (2018). Analysis Factors of Affecting Capital Structure with Firm Size as Moderating Variable in Consumer Goods Companies Listed on BEI. International Journal of Public Budgeting, Accounting and Finance, 20(7), 98-106.
Ariyani, H. F., Pangestuti, I., & Raharjo, S. T. (2019). The Effect of Asset Structure, Profitability, Company Size, and Company Growth on Capital Structure (The Study of Manufacturing Companies Listed on the IDX for the Period 2013 - 2017). Jurnal Bisnis Strategi, 27(2), 123-136.
Arlita, D. P. & Surjandari, D. A. (2019). The Effect of Profitability, Liquidity, Asset Structure, Growth Opportunity, Institutional Ownership on Capital Structure (Case Study at Property and Real Estate Companies in Indonesia Stock Exchange Period 2013-2017). Scholars Bulletin, 5(8), 461-470.
Bako, S. M. & Marsoem, B. S. (2020). Determinant of Capital Structure of Coal Sub- Sector Mining Companies Listed on Indonesai Stock Exchange. International Journal of Innovative Science and Research Technology, 5(9), 1446-1454.
Cahyani, N. I., & Handayani, N. (2017). Pengaruh Profitabilitas, Likuiditas, Size, Kepemilikan Institusional, dan Tangibility Terhadap Struktur Modal. Jurnal Ilmu dan Riset Akuntansi, 6(2), 614–630.
Damayanti, Dwi.(2016)."Pengaruh Struktur Modal, Profitabilitas, Ukuran Perusahaan, dan Kebijakan Deviden terhadapa Nilai Perusahaan".Naskah Publikasi Fakultas Ekonomi dan Bisnis Universitas Muhammadiyah Surakarta
.
Dewi, C. R. & Fachrurrozie. (2021). The Effect of Profitability, Liquidity, and Asset Structure on Capital Structure with Firm Size as Moderating Variable. Accounting Analysis Journal, 10(1), 32-38.
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305- 360.
Kenji & Rasyid, R. (2020). Faktor-Faktor yang Mempengaruhi Capital Structure Perusahaan Manufaktur Sektor Industri Barang Konsumsi. Jurnal Multiparadigma Akuntansi Tarumanagara, 2 (April), 687-696.
Khafid, M., Prihatni, R. dan Safitri, I. M. (2020). The Effects of Managerial Ownership, Institutional Ownership, and Profitability on Capital Structure: Firm Size as the Moderating Variable. International Journal of Financial Research, 11(4), 493-501.
Kieschnick, R. & Moussawi, R. (2018). Firm Age, Corporate Governance, and Capital Structure Choices. Journal of Corporate Finance, 48, 597-614.
Laksana, I. F. & Widyawati, D. (2016). Pengaruh Kepemilikan Saham, Kebijakan Dividen, Tangibility, Size, dan Profitabilitas terhadap Struktur Modal. Jurnal Ilmu dan Riset Akuntansi. 5(4), 1-18.
Margana, M. Y. R. & Wiagustini, N. L. P. (2019). The Effect of Institutional Ownership, Managerial Ownership, and Firm Age on Capital Structure of Consumer Goods Companies listed on Indonesia Stock Exchange. American Journal Humanities and Social Sciences Research, 3(11), 167-175.
Mariani, D. (2021). Pengaruh Profitabilitas, Umur Perusahaan, Struktur Kepemilikan Institusional, dan Ukuran Perusahaan terhadap Struktur Modal pada Perusahaan Property dan Real Estate yang Terdaftar di BEI. Jurnal Akuntansi dan Keuangan, 10(1), 55-70.
Miraza, C. N. & Muniruddin, S. (2017). Pengaruh Kepemilikan Institusional, Kepemilikan Manajerial, Variabilitas Pendapatan, Corporate Tax Rate, dan Non Debt Tax Shield terhadap Struktur Modal pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2011-2015. Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi Unsyiah, 2(3), 73-85.
Nindiani, F. & Arilyn, E. J. (2020). Factor in Capital Structure and Its Influence on Total Debt Ratio of Automotive Industry. Jurnal Bisnis Dan Akuntansi 21, 1a (2), 203- 210. https://doi.org/10.34208/jba.v21i1a-2.757.
Puspita, R.P.I. & Suherman. (2018). The Impact of Dividend Policy, Managerial Ownership, Institutional Ownership to Capital Structure On Manufacturing Company in Indonesia Stock Exchange (Idx) Period 2012-2016. Journal of Business and Behavioural Entrepreneurship, 1(2), 28-39.
Sha, Thio Lie. (2019). Faktor Yang Mempengaruhi Capital Structure Pada Sektor Industri Dasar dan Kimia. Jurnal Ekonomi, 24(1), 94-110.
Suherman, Purnamasari, R. & Mardiyati, U. (2019). Pengaruh Struktur Aset, Likuiditas, dan Profitabilitas terhadap Struktur Modal Dimoderasi oleh Ukura perusahaan. Jurnal Ilmiah Manajemen, 9(2), 369-381.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta, cv.
Syairozi, M. I., & Rosyad, S. (2022). Inovasi Daun Lontar Untuk Meningkatkan Produktivitas Masyarakat Desa Lawanganagung. Jurnal Pengabdian kepada Masyarakat Nusantara, 3(1), 131-136.
Syairozi, M. I. (2020). Analisis Kemiskinan di Sektor Pertanian (Studi Kasus Komoditas Padi di Kabupaten Malang). Media Ekonomi, 28(2), 113-128.
Utami, Elok Sri. (2019). Analysis Capital Structure on Indonesia Stock Exchange.
Advances in Economics, Business and Management Research, 100, 686-690.
Wardana, I P. A. D. & Sudiartha, G. M. (2015). Pengaruh Likuditas, Ukuran Perusahaan, Risiko Bisnis dan Usia Perusahaan Terhadap Struktur Modal Pada Industri Pariwisata Di Bursa Efek Indonesia Periode 2010-2013. E-Jurnal Manajemen Universitas Udayana, 4(6), 1701-1721.