Does Capital Structure Influence Company Profitability?

Herciu, Mihaela; Ogrean, Claudia

doi:10.1515/sbe-2017-0036

Cited by 20 publications

(7 citation statements)

References 25 publications

(21 reference statements)

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“…Akan tetapi penelitian tersebut menemukan hasil yang berbeda juga. Faktor ROE terhadap struktur modal juga pernah diteliti oleh Herciu and Ogrean (2017);Yulianto, Susyanti, and Salim (2018); Wijayanti (2018); Putra and Sedana (2019); Iqbal, Ahmad, and Ali (2019). Namun penelitian tersebut juga menemukan hasil yang berbeda.…”

Section: Pendahuluanunclassified

“…Hasil hipotesis H 5 ditolak, artinya PDB tidak berpengaruh terhadap struktur modal. Hasil penelitian ini mendukung hasil penelitian yang dilakukan oleh Mahanani and Asandimitra (2017) yang menyatakan Herciu and Ogrean (2017) yang menyatakan bahwa tidak ada pengaruh PDB terhadap struktur modal. Hal tersebut menjelaskan bahwa perusahaan telah terbiasa dengan keadaan ekonomi di Indonesia.…”

Section: Pembahasanunclassified

“…Diantaranya adalah menurutYildirim, Masih, and Bacha (2018);Aktas, Bilge, and Celik (2015) yang menyatakan bahwa adanya pengaruh negatif pertumbuhan PDB terhadap struktur modal. Sedangkan menurutMahanani and Asandimitra (2017);Herciu and Ogrean (2017) yang menyatakan bahwa tidak ada pengaruh PDB terhadap struktur modal. Berdasarkan hasil penelitian tersebut maka dapat dibentuk hipotesis kelima sebagai berikut: H 5 : pertumbuhan PDB berpengaruh terhadap struktur modal.METODE PENELITIANPenelitian ini merupakan penelitian kuantitatif dan data yang digunakan adalah data sekunder.…”

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Determinan Struktur Modal Pada Perusahaan Yang Terdaftar Di Jakarta Islamic Index

2021

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This study aimed to analyze the factors that influence the capital structure of companies listed on the Jakarta Islamic Index (JII). These factors consist of company size, return on assets (ROA), return on equity (ROE), inflation, and growth in the gross domestic product (GDP). This research is quantitative research with a purposive sampling method and obtained a sample of 9 companies. The data used is secondary data in financial reports on companies registered with JII in 2015-2019. Data analysis using the multiple linear regression method. The results showed that ROA had a significant adverse effect on the capital structure, ROE has a significant positive effect on the capital structure, firm size does not affect the capital structure, inflation does not affect the capital structure, GDP growth does not affect the capital structure. Simultaneously, firm size, ROA, ROE, inflation, and GDP growth significantly affect the capital structure.

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Section: Pembahasanunclassified

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Determinan Struktur Modal Pada Perusahaan Yang Terdaftar Di Jakarta Islamic Index

2021

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“…Numerous studies deal with the influence of especially internal corporate factors on the financial structure of enterprises. The influence of profitability on the financial structure of enterprises was examined by the authors Herciu and Ogrean (2017). The research results showed a strong correlation between the company's performance and its financial structure, but the direction of impact depended on the sector in which the enterprises were doing the business.…”

Section: Literature Reviewmentioning

confidence: 99%

Differences in the financial structure of Slovak and Czech enterprises operating in machinery manufacturing and equipment industry

Kalusová¹,

Badura²

2020

Journal of International Studies

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The paper offers a thorough study of the selected factors influencing the financial structure of Slovak and Czech companies operating in the machinery and equipment industry. These factors were broken down into internal factors (profitability, company size, liquidity, assets' structure, business risk, non-debt tax shield and company's age) and the external factors (economic cycle, inflation, interest rate and tax rate). The aim of the paper was to analyze, evaluate and assess whether there were differences in the influence of these factors (i.e. different direction and intensity of their impact) on the financial structure of Slovak and Czech enterprises. The analysis was done for the years 2014-2018. The multiple regression analysis was used as the main research method. The research results pointed to the fact that the financial structure of Slovak and Czech companies was affected mainly by the influence of internal corporate factors, and moreover, there were also certain differences between Slovak and Czech enterprises-not only in intensity but even in the direction of action of these factors. Given the internal structure of financing sources and based on our findings, our recommendations were that in the area of financial structure of enterprises, they should focus their attention primarily on corporate liquidity (Slovak enterprises in particular). At the same time, it was clear that the government policy should focus on improving law enforcement in trade relations and also improving the protection of creditors' rights, as business loans were the most used external sources of funding.

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“…Capital structure has been researched for more than half a century; however, as stated by Myers (2001), there should be no expectation of universality in the theory of debt-equity choice. Researchers have proposed a series of theories regarding the optimal capital structure (Mihaela & Claudia, 2017). The first one is the theory of Modigliani and Miller (1958) showing the irrelevance between capital structure choices and firm's investment decisions in perfect markets without taxes and transaction costs (Balakrishnan & Fox, 1993).…”

Section: Literature Reviewmentioning

confidence: 99%

The Influential Factors on Capital Structure: A Study on Portuguese High Technology and Medium-High Technology Small and Medium-Sized Enterprises

Tong¹,

Serrasqueiro²

2020

IJFR

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Using the panel data model, this paper studies the influential factors on the capital structure of small and medium-sized enterprises (SMEs) in high and medium-high technology manufacturing sectors in Portugal. In particular, the total sample is further classified into young SME group and mature SME group for observing the similarities and differences. The research results show that firm size, profitability, firm age, and industry sector impact much on the capital structure and debt ratios; on the other hand, the impacts of tangible assets, intangible assets, and growth are not as strong as the previous factors. The differences of the impacts on young and mature SMEs are mainly shown by growth, intangible assets and industry sector. In particular, intangible assets show more statistical significance in young SMEs compared to mature SMEs, and intangible assets tend to be positively related to long-term debt especially in young SME group; this may reflect the positive attitude of financial institutions on the value of intangibles in generating future benefits for high and medium-high technology young firms. Besides, the findings tend to support the pecking order theory more than the trade-off theory regarding the high and medium-high technology manufacturing SMEs here.

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Does Capital Structure Influence Company Profitability?

Cited by 20 publications

References 25 publications

Determinan Struktur Modal Pada Perusahaan Yang Terdaftar Di Jakarta Islamic Index

Determinan Struktur Modal Pada Perusahaan Yang Terdaftar Di Jakarta Islamic Index

Differences in the financial structure of Slovak and Czech enterprises operating in machinery manufacturing and equipment industry

The Influential Factors on Capital Structure: A Study on Portuguese High Technology and Medium-High Technology Small and Medium-Sized Enterprises

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