The Influence of Capital Structure, Assets Structure and Sales Growth on Company Value

Muhammad Akbar

Abstract


This study aims to determine the effect of capital structure, asset structure, and sales growth on firm value (in food and beverage sector companies listed on the Indonesia Stock Exchange in 2017-2019). The data used is obtained from the financial statements and annual reports of manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2017-2019 period. The sample selection method used in this research is purposive sampling method and the analysis technique used is multiple linear regression which includes descriptive statistics, classical assumption test, and hypothesis testing. The number of samples in this study were 23 companies. Data processing in this study using Eviews version 10 The results showed that capital structure had a negative effect on firm value, asset structure had no effect on firm value and sales growth had a positive effect on firm value.


Keywords


capital structure; asset structure; growth; firm value

Full Text:

PDF

References


Akbar, M., Masyita, D., Febrian, E., & Buchory, HA (2018). The influence of macroeconomic factors, capital structure and liquidity on the performance of foreign banks in Indonesia. Academy of Strategic Management Journal , 17 (2), 1-17.

Aditya, A. (2017). The Effect of Capital Structure, Profitability, Dividend Policy and Company Size on Firm Value in Manufacturing Companies Listed on the Indonesia Stock Exchange 2010-2015. Essay. Faculty of Economics and Business, University of North Sumatra.

Anggraini, Dewi and Ani Siska. (2019). The Effect of Capital Structure, Profitability and Company Size on Firm Value. Management & Accounting Exposure. vol. 2, No. 1. Pages 1-9. e- ISSN : 2620-9314.

Anshori, Muslich and Sri Iswati. (2017). Quantitative Research Methodology : Edition 2. Surabaya: Airlangga University Press.

Ansofino, Jolianis, Yolamalinda and Hagi Arfilindo. 2016. Textbook of Econometrics . Yogyakarta: Depublish.

Arifin, Agus Zainul. (2018). Financial Management . Yogyakarta: Zahir Publisher.

Atiningsih, Suci and Asri Nur Wahyuni. (2020). The Effect of Company Size, Sales Growth, Asset Structure, and Profitability on Firm Value With Capital Structure as an Intervention Variable (Empirical Study on Manufacturing Companies Listed on the Indonesia Stock Exchange (IDX) for the Period 2012 – 2017). Journal of STIE Semarang . vol. 12, No. 1. pp. 47-68.

Emanuel, Richard and Rosmita Rashid. (2019). The Effect of Firm Size, Profitability, Sales Growth, and Leverage on Firm Value in Manufacturing Companies Listed on the Stock Exchange in 2015-2017. Journal of Multiparadigm Accounting . vol. 1, No. 2. Pages: 468-476.

Franita, Riska. (2018). Good Corporate Governance Mechanisms and Corporate Values. Medan: AQLI Institute for Research and Scientific Writing.

Gani, Irwan and Siti Amalia. (2015). Data Analysis Tools: Statistical Applications for Economic and Social Research . Yogyakarta: ANDI Offset.

Hidayat, Wastam Wahyu. (2018). Fundamentals of Financial Statement Analysis . Ponorogo: Uwais Inspiration from Indonesia.

Indonesian Institute of Accountants. (2016). Statement of Financial Accounting Standards No. 1 Presentation of Financial Statements . Jakarta: IAI.

Ichsan, R. et al. (2021). Determinant of Sharia Bank's Financial Performance during the Covid-19 Pandemic. Budapest International Research and Critics Institute-Journal (BIRCI-Journal). P. 298-309.

Irawan, D., & Nurhadi, K. (2016). The effect of capital structure and firm size on firm value. STIE Trisna Negara Actual Journal, 4(2), 358–372.

Irawan, Dedi and Nurhadi Kusuma. (2019) The Effect of Capital Structure and Company Size on Firm Value. STIE Trisna Negara Actual Journal . vol. 17 No. 1. ISSN: 1693-1688.

cashmere. (2016). Financial Statement Analysis . Jakarta: Raja Grafindo Persada.

Kawatu, Freddy Semuel. (2019). Analysis of Public Sector Financial Statements . Yogyakarta: Depublish.

Koto, Murviana and Angga Bayu Putra Wansa. (2019). Company Value: Automotive Industry Research. International Conference Proceedings Journal (JICP). Volume 2. No 1.

Kusumawati, Rita and Irham Rosady. (2018). Effect of Capital Structure and Profitability on Firm Value with Managerial Ownership as Moderating Variable. Journal of Business Management . Vol 9. No 2. E-ISSN: 2622-6308 P-ISSN: 2086-8200.

Mandalika, Andri. (2016). The Effect of Asset Structure, Capital Structure, and Sales on Company Value in Public Companies Listed on the Indonesia Stock Exchange. Journal of Scientific Efficiency Periodic . vol. 16. Number 1. pp 207-218.

Mustafa. (2017). Financial Management . Yogyakarta: CV. Andi Offset.

Nur, Triasesiarta and Suharti Putri Siahaan. (2016). Determinants of Capital Structure and Firm Value. Essence . vol. 19 No. 3. Pages 1-18.

Nurhidayati, Maulida. (2018). Data Analysis With Eviews 9 . Ponorogo: Ponorogo State Islamic Institute.

Nuryanto and Zulfikar Bagus Pambuko. (2018). An Overview for Basic Econometric Analysis: Applications and Interpretation . Magelang: UNIMMA Press.

Pasaribu, Juliani Veronika and Dr. Irvan Noormasyah. (2020). The Effect of Asset Structure, Company Size and Profitability on Company Value in Property and Building Construction Companies Listed on the Indonesia Stock Exchange for the 2016-2018 Period. Article Indonesian College of Economics. Pages 1-16.

Personal, Mita Tough. (2018). The Influence of Asset Structure, Company Size, Liquidity and Profitability on the Value of Large Trading Companies Listed on the Indonesia Stock Exchange. Progress Conference. vol. 1. Number 1. Pg 372-385. E-ISSN: 2622-304X. P-ISSN: 2622-3031.

Prihadi, Toto. (2019). Analysis of Financial Statements. Jakarta: PT Gramedia Pustaka Utama.

Phitaloka, NG, & Kartika, TPD (2018). The Effect of Capital Structure and Profitability on Firm Value With Managerial Ownership As Moderating In The Property And Real Estate Sector Listed On The Stock Exchange. Udayana University Accounting E-Journal , 6 , 0–15.

Putri, I Gusti Agung Prabandari Tri and Henny Rahyuda. (2020). The Effect of Capital Structure and Sales Growth on Firm Value by Mediation of Profitability. International Research Journal of Management, IT & Social Sciences . vol. 7. Number 1. pp. 145-155. ISSN: 2395-7492.

Rahmawati, Syarifah. (2017). Agency Conflicts and Corporate Governance in Indonesia. Banda Aceh: Syiah Kuala University Press.

Ramdhonah, Zahra, Ikin Solikin, and Maya Sari. (2019). The Effect of Capital Structure, Company Size, Company Growth, and Profitability on Company Value . Journal of Accounting and Financial Research . Vol 7, No 1. pp 67-82.

Saleh, Hatta, Sunu Priyawan, and Tri Ratnawati. (2015). The Influence of Asset Structure, Capital Structure and Market Risk on Growth, Profitability and Firm Value (Study on Manufacturing Companies Listed on the Indonesia Stock Exchange). International Journal of Business Invention and Management. vol. 4. Number 12. pp 45-53. ISSN (Online): 2319 – 8028.

Setiadharma S and Machali M. (2017). The Effect of Asset Structure and Firm Size on Firm Value with Capital Structure as an Intervening Variable. Journal of Business & Financial Affairs. vol. 6, No. 4. ISSN: 2167-0234.

Setyawan, Febri Endra Budi. (2017). Research Methodology Guidelines: (Practical Statistics). Sidoarjo: Zifatama Jawara.

Sudaryo, Yoyo, Devyanthi Sjarif and Nunung Ayu. (2017). Finance in the Era of Regional Autonomy. Yogyakarta: ANDI.

Happy, Bambang. (2019). Fundamental Financial Management . Yogyakarta: Depublish.

Sutira, Andri. (2019). The Effect of Asset Structure, Capital Structure and Profitability on Company Value at PT. JASUINDO. Journal Syntax Ideas . vol. 1, No. 8. pp. 20-38. P–ISSN: 2684-6853. E-ISSN: 2684-883X.

Sutopo, Yeri and Achmad Slamet. (2017). Inferential Statistics . Yogyakarta: ANDI Publisher.

Suwardika, Nyoman Agus and I Ketut Mustanda. (2017). The Effect of Leverage, Company Size, Company Growth, and Profitability on Company Value in Property Companies. Unud Management E-Journal . vol. 6, No. 3. pp. 1248-1277. ISSN: 2302-8912.

Toni, Nagian and Silvia. (2021). Determinants of Firm Value . Surabaya: CV. Jakad Media Publishing.

Ukhriyawati, Chess Fatchu and Riani Dewi. (2019). The Effect of Capital Structure, Company Growth and Company Size on Company Value in LQ-45 Companies Listed on the Indonesia Stock Exchange. Journal of Balance . vol. 6. Number 1. ISSN 2503-1546.

Utomo, Mohammad Nur. (2019). Friendly Environment and Corporate Values . Surabaya: Jakad Publisher.

Utomo, Nanang Ari and Nisa Novia Avien Christy. (2017). The Effect of Capital Structure, Profitability, Firm Size on Firm Value in LQ45 Companies on the Indonesia Stock Exchange. Management Frame . National Seminar and Call for Paper 2017. Pages 398-415.




DOI: https://doi.org/10.33258/birci.v5i2.5156

Article Metrics

Abstract view : 102 times
PDF - 57 times

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

 

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.