(Peer Review + Similarity) Model of Capital Structure and Firm Value

Afif, Muhammad and Suharsono, Riyanto Setiawan (2021) (Peer Review + Similarity) Model of Capital Structure and Firm Value. IOSR Journal of Economics and Finance (IOSR-JEF), Indonesia.

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Abstract

The main goal of all companies is to build shareholder prosperity to the maximum and then it is
realized by maximizing share prices. Thus maximizing the stock price means maximizing the value of the
company. While the fundamentals that affect stock prices, one of which is the capital structure. From several
research results revealed that tangibility or asset structure, profitability, company size and growth opportunity,
depreciation to total assets, taxes and inflation as determinants of the company's capital structure. The research
objectives: (1) Analyze the effect of asset structure on capital structure, (2) Analyze the effect of sales growth on
capital structure, (3) Analyze the effect of profitability on capital structure, (4) Analyze the effect of liquidity on
capital structure, and (5) Analyze effect of capital structure on firm value. Research method: This research is
also a causal study, namely research conducted with the intention of providing an explanation of cause-and�effect or relationships between variables through hypothesis testing. The population used is manufacturing companies listed on the Indonesia Stock Exchange, totaling 144 in 2019. The sample in this study is manufacturing companies in the textile and garment sub-sector as many as 21 companies. While the sampling technique using purposive sampling is a technique to determine the sample with certain considerations, namely
the company issues annual financial statements continuously and the company must show a positive total equity
and profit balance in the annual financial statements for 4 consecutive years. The data analysis technique used
in this study is the classical assumption test and multiple linear regression analysis. The calculation of the
regression coefficient with the help of SPSS, namely: using multiple linear regression analysis models assisted
by computer calculations with SPSS (Statistics Program for Social Science), then the magnitude of the influence
of these independent variables will be known accurately. Results: multiple linear regression analysis are: Asset
structure value = 0.062 < significance level (α) 0.05 there is no significant effect on capital structure. Sales growth value = 0.655 < significance level (α) 0.05 there is no significant effect on capital structure. Profitability value = 0.298 < significance level (α) 0.05 there is no significant effect on capital structure.
Liquidity value = 0.001 < significance level (α) 0.05 there is a significant effect on capital structure. Capital structure value = 0.000 < significance level (α) 0.05 there is a significant effect on firm value

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Item Type:	Peer Review
Subjects:	600 Technology and Applied Science > 650 Business > 657 Accounting
Divisions:	Faculty of Economics > Department of Accounting (S1)
Depositing User:	Riyanto Setiawan Suharsono | riyantosetiawan@unmuhjember.ac.id
Date Deposited:	13 Dec 2022 01:08
Last Modified:	14 Dec 2022 01:52
URI:	http://repository.unmuhjember.ac.id/id/eprint/15638

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