The Effects of Managerial Ownership, Institutional Ownership, and Profitability on Capital Structure: Firm Size as the Moderating Variable

Khafid, Muhammad; Prihatni, Rida; Safitri, Ira

doi:10.5430/ijfr.v11n4p493

Cited by 16 publications

(22 citation statements)

References 31 publications

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“…Firm size memperkuat hubungan negatif antara profitability terhadap capital structure (Sari et al, 2019), (Gunardi et al, 2020). Tetapi, (Khafid et al, 2020), (Anum, 2018) menemukan bahwa firm size tidak dapat memoderasi hubungan profitability terhadap capital structure. H5: Firm size memperkuat hubungan negatif antara profitability terhadap capital structure.…”

Section: Pengembangan Hipotesisunclassified

Analisis Determinan Capital Structure Dengan Firm Size Sebagai Variabel Moderasi

Cynthia¹,

Yanti²

2023

JPA

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This study aims to obtain empirical evidence regarding the influence of tangibility, profitability, and business risk on capital structure with firm size as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange during 2017-2019. The sample in this study was taken by purposive sampling method with a sample size of 258 data. This study uses multiple regression analysis and moderated regression analysis assisted by using EViews 11 Student Lite and Microsoft Excel 2010. The results of this study are tangibility and profitability have a positive and significant effect on capital structure, business risk has no significant effect on capital structure, firm size as a moderating variable weakens the positive relationship between tangibility and capital structure, firm size as a moderating variable weakens the positive relationship between profitability and capital structure, firm size as moderating variable cannot moderate the relationship of business risk on capital structure. The implication of this research is there is a need for proper composition of debt and equity in the company's financial in order to achieve a good and optimal capital structure.

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Section: Pengembangan Hipotesisunclassified

Analisis Determinan Capital Structure Dengan Firm Size Sebagai Variabel Moderasi

Cynthia¹,

Yanti²

2023

JPA

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“…Penelitian terdahulu yang dilakukan oleh Dewi & Sudiartha (2017), Puspita & Dewi (2019), Apsari & Dana (2018), Mujiatun et al (2021), dan menunjukkan bahwa profitabilitas berpengaruh positif pada struktur modal. Hasil yang berbeda ditemukan pada penelitian yang dilakukan oleh Mota & Moreira (2017), Ngjeliu (2018), Kythreotis et al (2017), Goh et al (2018), dan Khafid et al (2020) yang menunjukkan hasil bahwa profitabilitas berpengaruh negatif pada struktur modal.…”

Section: Gambar 1 Debt To Equity Ratio Perusahaan Nonkeuangan Yang Te...unclassified

Profitabilitas, Pertumbuhan pada Struktur Modal, dan Ukuran Perusahaan sebagai Variabel Pemoderasi

Hotama,

Gede Wirama

2023

E-Jurnal Akuntansi

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The purpose of this study is to provide empirical evidence regarding the effect of profitability and growth on the capital structure with firm size as moderating variable. This research was conducted on non-financial companies listed on the Indonesia Stock Exchange (IDX) for the 2018-2020 period. 59 companies with three years of observation period were selected, resulting in a sampel of 177 firm-year. Using non-probability sampling with purposive sampling technique, this study used moderated regression analysis technique. The results of the analysis show that profitability and growth had a positive effect on capital structure, and that firm size moderates the effect of profitability and growth on the capital structure of non-financial companies listed on the Indonesia Stock Exchange for the 2018-2020 period. Keywords: Profitability, Growth, Size, Capital Structure.

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“…They found that factors such as profitability, tangibility, GDP, etc., affect the capital structure after moderation. Similarly, Khafid et al [25] introduced firm size as a moderating variable between factors affecting the capital structure. They reported that firm size could moderate between institutional ownership and capital structure.…”

Section: Other Moderation Effectsmentioning

confidence: 99%

Firm Value and Profitability of Saudi Arabian Companies Listed on Tadawul: Moderating Role of Capital Structure

Fatima¹,

Shaik²,

Tripathy³

2023

IJSDP

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The impact of profitability on firm value was always been a matter of great interest for financial managers, because the objective of a company is to increase its value and on the other hand the investors expect higher returns on their investment. Therefore, the purpose of present research is to investigate the impact of profitability on firm value moderated with capital structure in different Saudi Arabian companies. The profitability is measured in terms of ROA (Return on Assets) and ROE (Return on Equity), firm value is calculated using Tobin's Q. Capital structure is measured with the debt-equity ratio. The study selects different companies listed on Tadawul as a sample and the study period starts in 2013 and ends in 2020. To analyze the data collected from the annual reports of listed companies, the study reports results by employing panel regression with FE and RE model, and panel GMM. The analyzed results report a positively significant impact of profitability on firm value and a negative and significant effect of capital structure on firm value in all the estimated models. Further, the capital structure interacts as a moderator between profitability and firm value, where the study finds a negatively significant effect of profitability on firm value after moderation. The results strengthen the moderation of capital structure between profitability and firm value.

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The Effects of Managerial Ownership, Institutional Ownership, and Profitability on Capital Structure: Firm Size as the Moderating Variable

Cited by 16 publications

References 31 publications

Analisis Determinan Capital Structure Dengan Firm Size Sebagai Variabel Moderasi

Analisis Determinan Capital Structure Dengan Firm Size Sebagai Variabel Moderasi

Profitabilitas, Pertumbuhan pada Struktur Modal, dan Ukuran Perusahaan sebagai Variabel Pemoderasi

Firm Value and Profitability of Saudi Arabian Companies Listed on Tadawul: Moderating Role of Capital Structure

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