Determinants of Capital Structure and Its Implications on the Value of Banking Companies Listed on the BEI Period 2011-2015
DOI:
https://doi.org/10.59693/insoma.v1i1.16Keywords:
Profitability, Size, Tangibility, Growth, Liquidity, Business Risk, Managerial Ownership, Institutional Ownership, Komisaris Independen, Independent Commissioner, Capital Structure, Company ValueAbstract
This research aims to determine and analyze the influence of profitability, size, tangibility, growth, liquidity, business risk, managerial ownership, institutional ownership, and independent commissioner on capital structure and its implications on the value of companies in the Banking Companies Listed on the Indonesia Stock Exchange (IDX) Period 2011-2015. The research method using the method of causality research with hypothesis testing. The study population was 36 banking companies listed in Indonesia Stock Exchange 2011-2015 period, the sample selection was conducted by non probability sampling with purposive sampling technique, so set a total of 29 banking companies. The data used in this research is secondary data. Data were analyzed using panel data regression model (a combination of time series and cross section) with the help of Eviews 9.0 application program by first testing the classical assumption of heteroscedasticity. The result of research shows that profitability, size, tangibility, liquidity and business risk partially have negative effect and significant on capital structure, while growth partially have negative effect but no significant on capital structure, then managerial ownership, institutional ownership, and independent commissioner partially have negative effect but no significant on capital structure. Meanwhile, partially profitability and institutional ownership have positive effect and significant on the firm value. Capital structure has negative effect and significant on the firm value. Simultaneously profitability, size, tangibility, growth, liquidity, business risk, managerial ownership, institutional ownership, independent commissioner and capital structure have a significant effect on the firm value. Value of indirect effect of size, tangibility, liquidity, business risk, and independent commissioner greater than direct effect on the firm value. It means capital structure proven mediate influence of size, tangibility, liquidity, business risk, and independent commissioner on the firm value and otherwise capital structure does not mediate the influence of profitability, growth, managerial ownership, and institutional ownership on the firm value
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