The Influence of Corporate Internal Factors and Market Risk on Company Value with Capital Structure as Mediation Variables in Manufacturing Companies in Indonesia Stock Exchange

  • Yunita Yunita Universitas Kristen Satya Wacana
  • Robiyanto Robiyanto Faculty of Economics and Business, Satya Wacana Christian University

Abstract

This study examines the influence of internal company factors such as profitability, company size, business risk, company growth rate and external factors of the company, namely market risk on the company's capital structure as an intervening variable that affects the value of the company. This research was conducted on manufacturing companies listed on the Indonesia Stock Exchange in the study period of 2013 to 2018 and a sample of 82 companies. This study found that profitability and company size factors have a significant influence on the company's capital structure, but business risk, growth rates, and market risk do not have a significant effect on capital structure. Then capital structure has a significant influence on firm value.

Downloads

Download data is not yet available.

References

Abor, J. (2005). The effect of capital structure on profitability: an empirical analysis of listed firms in Ghana The Journal of Risk Finance, 6(5), 438-445.
Abor, J. (2008). Determinants of the Capital Structure of Ghanaian Firms. The African Economic Research Consortium, 1-29.
Acaravci, S. K. (2015). The Determinants of Capital Structure: Evidence from the Turkish Manufacturing Sector. International Journal of Economics and Financial Issues, 5(1), 158-171.
Andika, A. P., & Fitria, A. (2017). Pengaruh Struktur Aktiva, Ukuran perusahaan, Profitabilitas, dan Risiko Bisnis Terhadap Struktur Modal. Jurnal Ilmu dan Riset Akuntansi, 5(9).
Anggriawan, F., Topowijono, T., & Sudjana, N. (2017). Pengaruh Struktur Modal Terhadap Nilai Perusahaan (Studi Pada Perusahaan Sub Sektor Makanan dan Minuman Yang Listing Di Bursa Efek Indonesia Tahun 2011-2015). Jurnal Administrasi Bisnis, 50(4), 105-114.
Beltrame, F., Previtali, D., & Sclip, A. (2018). Syatematic risk and banks leverage: the role of asset quality. Finance Research Letters.
Brownless, C., & Engle, R. F. (2017). SRISK: A Conditional Capital Shortfall Measure of Systemic Risk. The Reviews of Financial Studies, 30(1), 48-79.
Chadha, S., & Sharma, A. K. (2015). Determinants of capital structure: an empirical evaluation from India. Journal of Advances in Management Research, 12(1), 3-14.
Chasanah, A. N., & Adhi, D. K. (2017). Profitabilitas, Struktur Modal dan Likuiditas Pengaruhnya Terhadap Nilai Perusahaan Pada Perusahaan Real Estate yang Listed di BEI Tahun 2012-2015. Fokus Ekonomi, 12(2), 131-146.
Chen, J., Jiang, C., & Lin, Y. (2013). What determine firms' capital structure in China? Managerial FInance, 10(40), 1024-1039.
Chipeta, C., & Deressa, C. (2015). Firm and country specific determinants of capital structure in Sub Saharan Africa. International Journal of Emerging Markets, 11(4), 649-673.
Dewi, D. A. K. (2014). Analisis Faktor yang Mempengaruhi Struktur Modal: Studi Kasus pada Perusahaan Pertambangan yang Terdaftar di BEI Periode 2009-2012. (S-1), Universitas DIponegoro, Semarang.
Eriotis, N., Vasiliou, D., & Neokosmidi, Z. V. (2007). How firm characteristics affect capital structure: an empirical study Managerial FInance, 33(5), 321-331.
Erosvitha, C. K. L., & Wirawati, N. G. P. (2016). Pengaruh Profitabilitas, Set Kesempatan Investasi,, Pertumbuhan Penjualan dan Risiko Bisnis pada Struktur Modal. E-Jurnal Akuntansi Universitas Udayana, 14(1), 172-197.
Esperanca, J. P., Ana, P. M. G., & Mohamed, A. G. (2003). Corporate debt policy of small firms: An empirical (re)examination. Journal of Small Business and Enterprise Development, 10(1), 62-80.
Gayatri, N. L. P. R., & Mustanda, I. K. (2014). Pengaruh Struktur Modal, Kebijakan Dividen Dan Keputusan Investasi Terhadap Nilai Perusahaan. E-Jurnal Manajemen Universitas Udayana, 3(6), 1700-1718.
Gomez, G., Rivas, A. M., & Bolanos, E. R. L. (2014). The determinants of capital structure in Peru. Academia Revista Latinoamericana de Administracion, 27(3), 341-354.
Hadianto, B., & Tayana, C. (2010). Pengaruh Risiko Sistematik, Struktur Aktiva, Profitabilitas, dan Jenis Perusahaan Terhadap Struktur Modal Emiten Sektor Pertambangan: Pengujian Hipotesis Static-Trade Off. Jurnal Akuntansi, 2(1), 15-39.
Haron, R., Ibrahim, K., Nor, F. M., & Ibrahim, I. (2013). Dynamic Adjustment towards Target Capital Structure: Thailand Evidence Jurnal Pengurusan, 39(7), 73-82.
Hartono, J. (2008). teori Portofolio dan Analisis Investasi. Yogyakarta: BPFE UGM.
Hermuningsih, S. (2013). Pengaruh Profitabilitas, Growth opportunity, sruktur Modal terhadaP nilai Perusahaan Pada Perusahaan Publik di indonesia. Buletin Ekonomi Moneter dan Perbankan, 127-148.
Ho, X. V., & Ellis, C. (2017). An empirical investigation of capital structure and firm value in Vietnam. Finance Research Letters, 22, 90-94.
Hournes, R. E., MacArthur, J. B., & Stranahan, H. (2012). The operating leverage impact on systematic risk within a context of choice. Managerial FInance, 38(12), 1184-1202.
Huang, X., Kabir, R., & Zhang, L. (2018). Government Ownership and The Capital Structure of Firms: Analysis of an Institutional Context From China. China Journal of Accounting Research.
Ibhagui, O. W., & Olokoyo, F. O. (2018). Leverage and firm performance: New evidence on the role of firm size. North American Journal of Economics and Finance, 2(2), 1-26.
Investing.com. (2018). Indeks IDX Composite. Retrieved from https://id.investing.com/indices/idx-composite
Jensen, M. C., & Meckling, W. H. (1976). Agency Cost and the Theory of the Firm. Journal of Financial Economics, 3(4), 305-360.
Jordan, J., Lowe, J., & Taylor, P. (1998). Strategy and Financial Policy in UK small firms. Journal of Business Finance and Accounting, 25(1), 1-27.
Kaliman, R., & Wibowo, S. (2017). Pengaruh Ukuran perusahaan, Risiko Bisnis, Growth, Profitabilitas, Likuiditas, dan Sales Growth Terhadap Struktur Modal Pada Sektor Farmasi yang Tercatat di BEI. Jurnal Bisnis dan Akuntansi, 19(3), 185-190.
Kartika, A. (2016). Pengaruh Profitabilitas, Struktur Aset, Pertumbuhan Penjualan, dan Ukuran Perusahaan terhadap Struktur Modal Perusahaan Manufaktur di Bursa Efek Indonesia. Infokam, 12(1), 49-58.
Kesuma, A. (2009). Analisis Faktor yang Mempengaruhi Struktur Modal Serta Pengaruhnya Terhadap Harga Saham Perusahaan Real Estate yang Go Public di Bursa Efek Indonesia Jurnal Manajemen & Kewirausahaan, 11(1), 38-45.
Khairin, M. Y., & Harto, P. (2014). Pengaruh Growth Opportunity, Profitabilitas, Fixed Asset Ratio dan Risiko Pasar Terhadap Struktur Modal. Diponegoro Journal of Accounting, 3(2), 1-12.
Mahendra, A. D., Artini, L. G. S., & Suarjaya, A. A. G. (2012). Pengaruh kinerja keuangan terhadap nilai perusahaan manufaktur di Bursa Efek Indonesia. Jurnal Manajemen, Strategi Bisnis, dan Kewirausahaan, 6(2), 130-138.
Mangondu, R., & Diantimala, Y. (2016). Pengaruh Struktur Modal Terhadap Nilai Perusahaan dan Kinerja Perusahaan Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Dinamika Akuntansi dan Bisnis, 3(1), 62-69.
Marchyta, N. K., & Astuti, D. (2015). Pengaruh Struktur Modal dan Karakteristik Perusahaan Terhadap Profitabilitas dan Nilai Perusahaan. Finesta, 3(1), 13-18.
Margaretha, F., & Ginting, K. R. (2016). Faktor-Faktor yang Mempengaruhi Struktur Modal pada Perusahaan BUMN di Indonesia. Jurnal Ekonomi Universitas Esa Unggul, 7(1), 55-67.
Matemilola, B. T., Bany-Ariffin, A. N., & McGowan, C. B. (2013). Unobservable effects and firm's capital structure determinants. Managerial FInance, 39(12), 1124-1137.
Michaelas, N., Chittenden, F., & Poutziouris, P. (1999). Financial Policy and Capital Structure choice in UK SMEs: Empirical evidence from company panel data. Small Business Economics, 12, 113-130.
Moniaga, F. (2013). Struktur Modal, Profitabilitas, dan Struktur Biaya Terhadap Nilai Perusahaan Industri Keramik, Porselen dan Kaca Periode 2007-2011. Jurnal Emba, 1(4), 433-442.
Murhadi, W. R. (2011). Determinan Struktur Modal: Studi di Asia Tenggara. Jurnal Manajemen & Kewirausahaan, 13(2), 91-98.
Nguyen, N. (2015). Does hedging increase firm value? An examination of Swedish companies. (The Master Program in Finance), Lund University,
Nur, T., & Siahaan, S. P. (2016). Determinan Struktur Modal dan Nilai Perusahaan. ESENSI, 19(3), 1-18.
Ogolmagai, N. (2013). Leverage Pengaruhnya Terhadap Nilai Perusahaan Pada Industri Manufaktur yang Go Public di Indonesia. Jurnal Emba, 1(3), 81-89.
Oino, I., & Ukaegbu, B. (2015). The Impact of probability on capital structure and speed of adjustment: An empirical examination of selected firms ini Nigerian Stock Exchange. Research in International Business and Finance.
Ooi, J. (1999). The Determinants of Capital Structure: Evidence on United Kingdom Property Companies. Journal of Property Investment and Finance, 17(5), 464-480.
Osazuwa, N. P., & Che-Ahmad, A. (2015). The moderating effect of profitability and leverage on the relationship between eco-efficiency and firm value in publicly traded Malaysian firms. Social Responsibility Journal, 11(1), 60-79.
Pandey, I. M. (2004). Capital Structure, Profitability, and Market Structure: Evidence from Malaysia. Asia Pacific Journal of Economics and Business, 8(2), 78-91.
Pantow, M. S., Murni, S., & Trang, I. (2015). Analisa Pertumbuhan Penjualan, Ukuran Perusahaan, Return On Asset, dan Struktur Modal Terhadap Nilai Perusahaan yang Tercatat di Indeks LQ45. Jurnal Emba, 3(1), 961-971.
Prasetia, T. d. E., Tommy, P., & Saerang, I. (2014). Struktur Modal, Ukuran Perusahaan Dan Risiko Perusahaan Terhadap Nilai Perusahaan Otomotif Yang Terdaftar Di BEI. Jurnal Emba, 2(2), 879-889.
Prasetya, B. D., & Asandimitra, N. (2014). Pengaruh Profitabilitas, Ukuran Perusahaan,Growth Opportunity, Likuiditas, Struktur Aset, Resiko Bisnis dan Non Debt Tax Shield Terhadap Struktur Modal Pada Perusahaan Sub Sektor Barang Konsumsi. Jurnal Ilmu Manajemen, 2(4), 1341-1353.
Pratama, I., & Wirawati, N. (2016). Pengaruh Struktur Modal Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Kepemilikan Manajerial Sebagai Pemoderasi. E-Jurnal Akuntansi Universitas Udayana, 15(3), 1796-1825.
Samosir, H. (2017). Pengaruh Profitabilitas dan Kebijakan Hutang Terhadap Nilai Perusahaan yang Terdaftar di Jakarta Islamic Index(JII). Journal of Business Studies, 2(1), 75-83.
Santika, R. B., & Sudiyatno, B. (2011). Menentukan Struktur Modal Perusahaan Manufaktur di Bursa Efek Indonesia. Dinamika Keuangan dan Perbankan, 3(2), 172-182.
Sari, D. H., Djazuli, A., & Aisjah, S. (2013). Determinan Struktur Modal dan Dampaknya terhadap Nilai Perusahaan (Studi pada Perusahaan Makanan dan Minuman di Bursa Efek Indonesia). Jurnal aplikasi Manajemen, 11(1), 77-84.
Sawitri, N. P. Y. R., & Lestari, P. V. (2015). Pengaruh Risiko Bisnis, Ukuran Perusahaan, dan Pertumbuhan Penjualan Terhadap Struktur Modal. E-Jurnal Manajemen Universitas Udayana, 4(5), 1238-1251.
Serrasqueiro, Z., & Caetano, A. (2015). Trade-off Theory Versus Pecking Order Theory: Capital Structure Decisions in a Peripheral Region of Portugal. Journal of Business Economics and Management, 16(2), 445-466.
Sheikh, N. A., & Wang, Z. (2011). Determinants of Capital Structure An Empirical Study of Firms in Manufacturing Industry of Pakistan. Journal of Managerial Finance, 37(2), 117-133.
Sofat, R., & Singh, S. (2016). Determinants of capital structure: an empirical study of manufacturing firms in India. International Journal of Law and Management, 59(6), 1029-1045.
Stelk, S., Park, S.-H., Medcalfe, S., & Dugan, M. T. (2017). An additional analysis of estimation techniques for the degree of financial leverage. Review of Financial Economics.
Sumani, S. (2015). Determinan Struktur Modal dan Nilai Perusahaan Pertambangan Pasca UU Nomor 4 Tahun 2009. Ekuitas: Jurnal Ekonomi dan Keuangan, 19(1), 24-41.
Susanto, Y. K. (2011). Kepemilikan Saham, Kebijakan Dividen, Karakterisitik Perusahaan, Risiko Sistematis, Set Peluang Investasi dan Kebijakan Hutang. Jurnal Bisnis dan Akuntansi, 13(3), 195-210.
Tandelilin, E. (2007). Analisis Investasi Manajemen Portofolio. Yogyakarta: BPFE.
Tasca, P., Mavrodiev, P., & Schweitzer, F. (2014). Quantifying the impact of leveraging and diversification on systemic risk. Journal of Financial Stability, 15, 43-52.
Utami, S. R. (2012). Determinants of Capital Structure of Firms in the Manufacturing Sector of Firms in Indonesia. (Doctoral Dissertation), Maastricht School of Management, Maastricht, Netherlands.
Wijaya, E., & Jessica, J. (2018). Analisa Pengaruh Struktur Aktiva, Ukuran Perusahaan, Profitabilitas, Growth Opportunity, Tangibility, Business Risk dan Likuiditas Terhadap Struktur Modal Perusahaan pada Sektor Property & Real Estate yang Terdaftar di Bursa Efek Indonesia Pada Tahun 2011-2015. PROCURATIO (Jurnal Ilmiah Manajemen), 5(4), 440-451.
Zeitun, R., & Tian, G. G. (2014). Capital Structure and Corporate Performance: Evidence from Jordan. Australasian Accounting Business & Finance Journal, 1-36.
Published
2021-02-28
How to Cite
YUNITA, Yunita; ROBIYANTO, Robiyanto. The Influence of Corporate Internal Factors and Market Risk on Company Value with Capital Structure as Mediation Variables in Manufacturing Companies in Indonesia Stock Exchange. Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan, [S.l.], p. 11 - 24, feb. 2021. ISSN 2302-8890. Available at: <https://ojs.unud.ac.id/index.php/jmbk/article/view/60142>. Date accessed: 28 mar. 2024. doi: https://doi.org/10.24843/MATRIK:JMBK.2021.v15.i01.p02.
Section
Articles