Determinan Struktur Modal Perusahaan Pertambangan Bursa Efek Indonesia tahun 2010-2019

https://doi.org/10.35912/sakman.v1i2.1087
Published: Jun 20, 2022

Abstract:

Purpose: This research is done to analyze the determinants capital structure determinants of mining companies listed on Indonesian Stock Exchange period 2010-2019.

Method: This research used profitability, firm size, liquidity, and assets tangibility as independent variables with capital structure as dependent variable. This research used 2 (two) capital structure which is without lag and with lag. This research divided firm size to small and large category. This research used purposive sampling and panel data analysis with random effect model.

Results: Results show that ROA which was used to measure profitability, current ratio to measure liquidity, and assets tangibility has significant impact on mining companies’ capital structure. However, firm size using natural logarithm of sales as measurement does not have significant impact on mining companies’ capital structure.

Limitations: This research has limitations by including negative ROA data that can affect the results of the study. This research has limitations in the SIZE category division, where the base year used is only year 2019 and used natural logarithm data from sales. This research only used 1 (one) period and 1 (one) sector in analyzing the determinants of capital structure and does not make comparisons.

Contribution: Managers, creditors, and investors can use the results of this research to be taken into consideration in making decisions on corporate funding, borrowing funds, and investing in mining companies.

Keywords:
1. liquidity
2. pecking-order theory
3. profitability
4. capital structure
5. assets tangibility
6. trade-off theory
7. firm size
Authors:
Michelle Aileen Juanda
View PDF
How to Cite
Juanda, M. A. (2022). Determinan Struktur Modal Perusahaan Pertambangan Bursa Efek Indonesia tahun 2010-2019. Studi Akuntansi, Keuangan, Dan Manajemen, 1(2), 85–96. https://doi.org/10.35912/sakman.v1i2.1087
Download Citation
  1. Endnote/Zotero/Mendeley (RIS)
  2. BibTeX

Downloads

Download data is not yet available.
Issue & Section
Vol. 1 No. 2 (2022): Januari
Articles
Creative Commons License

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

References

    Adams, R. G., Gilbert, C. L., & Stobart, C. G. (2019a). Performance improvement and capital productivity. In Modern management in the global mining industry (pp. 181–197).

    Adams, R. G., Gilbert, C. L., & Stobart, C. G. (2019b). The mining cycle. In Modern management in the global mining industry (pp. 215–230).

    Bank Indonesia. (2012). Statistik Perbankan Indonesia Desember 2011. Retrieved from https://www.ojk.go.id/id/kanal/perbankan/data-dan-statistik/statistik-perbankan-indonesia/Documents/DES15022012_1390450380.pdf

    Berkman, A. N., Iskenderoglu, O., Karadeniz, E., & Ayyildiz, N. (2016). Determinants of capital structure: The evidence from European energy companies. International Journal of Business Administration, 7(6), 96–106. https://doi.org/10.5430/ijba.v7n6p96

    Chandra, A., Wijaya, F., Angelia, & Hayati, K. (2021). Pengaruh Debt to Equity Ratio, Total Assets Turnover, Firm Size, dan Current Ratio terhadap Return on Assets. Jurnal Akuntansi, Keuangan, dan Manajemen, 2(1), 57–69. https://doi.org/10.35912/jakman.v2i1.135

    Dang, C., & Yang, C. (2018). Measuring firm size in empirical corporate finance. 86, 159–176. https://doi.org/10.1016/j.jbankfin.2017.09.006

    Dickie, C., & Dwyer, J. (2011). A 2009 perspective of HR practices in Australian mining. Journal of Management Development, 30(4), 329–343. https://doi.org/10.1108/02621711111126819

    Dimitri, M., & Sumani. (2013). Analisis pengaruh likuiditas, profitabilitas, ukuran, usia dan pertumbuhan perusahaan terhadap struktur modal. JURNAL MANAJEMEN, 1(1), 24.

    Gitman, L. J., & Zutter, C. J. (2015). Principles of managerial finance (14th ed). Boston: Pearson.

    Gómez, A. P., Castro, G. Á., & Ortega, M. F. (2016). Determinants of leverage in mining companies, empirical evidence for Latin American countries. Contaduría y Administración, 61(1), 26–40. https://doi.org/10.1016/j.cya.2015.09.010

    Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics (5th ed). Boston: McGraw-Hill Irwin.

    Hardani, H., Auliya, N. H., Andriani, H., Fardani, R. A., Ustiawaty, J., Utami, E. F., … Ria Rahmatul Istiqomah. (2020). Metode penelitian kualitatif kuantitatif (Vols. 1–Yogyakarta). Y: CV. Pustaka Ilmu.

    Hardanti, S., & Gunawan, B. (2010). Pengaruh size, likuiditas, profitabilitas, risiko, dan pertumbuhan penjualan terhadap struktur modal (studi empiris pada perusahaan manufaktur di Bursa Efek Indonesia). Jurnal Akuntansi dan Investasi, 11(2), 148–185.

    Hart, P. E., & Oulton, N. (1996). Growth and size of firms. The Economic Journal, 106(438), 1242–1252. https://doi.org/10.2307/2235518

    Hoque, J., Hossain, A., & Hossain, K. (2014). Impact of capital structure policy on value of the firm – a study on some selected corporate manufacturing firms under Dhaka Stock Exchange. 3(2), 77–84.

    Islam, S. Z., & Khandaker, S. (2015). Firm leverage decisions: Does industry matter? The North American Journal of Economics and Finance, 31, 94–107. https://doi.org/10.1016/j.najef.2014.10.005

    Jackson, W., & Laksmiwati, M. (2021). Pengaruh total asset turnover, debt to equity ratio, return on asset, firm size dan cash ratio terhadap dividend payout ratio pada perusahaan yang tergabung dalam indeks kompas-100 di Bursa Efek Indonesia periode 2013-2018. Studi Akuntansi, Keuangan, dan Manajemen, 1(1), 25–32. https://doi.org/10.35912/sakman.v1i1.398

    Juliantika, N. L. A. A. M., & S, M. R. D. (2016). Pengaruh profitabilitas, ukuran perusahaan, likuiditas, dan risiko bisnis terhadap struktur modal pada perusahaan property dan realestate. 5(7), 4161–4192.

    Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574–592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x

    Otoritas Jasa Keuangan. (2017). Statistik Perbankan Indonesia Desember 2016. Retrieved from https://www.ojk.go.id/id/kanal/perbankan/data-dan-statistik/statistik-perbankan-indonesia/Documents/Pages/Statistik-Perbankan-Indonesia---Desember-2016/SPI%20Desember%202016.pdf

    Otoritas Jasa Keuangan. (2021). Statistik Perbankan Indonesia Desember 2020. Retrieved from https://www.ojk.go.id/id/kanal/perbankan/data-dan-statistik/statistik-perbankan-indonesia/Documents/Pages/Statistik-Perbankan-Indonesia---Desember-2020/Statistik%20Perbankan%20Indonesia%20Des%202020.pdf

    Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421–1460. https://doi.org/10.1111/j.1540-6261.1995.tb05184.x

    Razak, A., Guritno, Y., & Putra, A. M. (2021). Pengaruh ukuran perusahaan, net profit margin, dan total asset turn over terhadap pertumbuhan laba. Jurnal Akuntansi, Keuangan, dan Manajemen, 3(1), 1–13. https://doi.org/10.35912/jakman.v3i1.566

    Saif-Alyousfi, A. Y. H., Md-Rus, R., Taufil-Mohd, K. N., Mohd Taib, H., & Shahar, H. K. (2020). Determinants of capital structure: Evidence from Malaysian firms. Asia-Pacific Journal of Business Administration, 12(3/4), 283–326. https://doi.org/10.1108/APJBA-09-2019-0202

    Sari, A. P., & Sembiring, F. M. (2022). Pengaruh likuiditas, leverage dan aktivitas terhadap kondisi financial distress yang dimoderasi oleh profitabilitas: Studi pada perusahaan pertambangan yang terdaftar di BEI periode 2015-2019. Studi Ilmu Manajemen dan Organisasi, 2(3), 199–211. https://doi.org/10.35912/simo.v2i3.857

    Satrianto, A., Candrianto, C., Gusti, M. ayu, Juniardi, E., & Novenica, M. (2019). Analysis of the effect of asset growth, profitability, and company size on capital structure (empirical study in mining sector companies in Indonesia Stock Exchange). Proceedings of the Third Padang International Conference On Economics Education, Economics, Business and Management, Accounting and Entrepreneurship (PICEEBA 2019), 85–92. Padang, Indonesia: Atlantis Press. https://doi.org/10.2991/piceeba-19.2019.10

    Sugiyono. (2015). Metode penelitian pendidikan: (Pendekatan kuantitatif, kualitatif dan R & D). Bandung: Alfabeta.

  1. Adams, R. G., Gilbert, C. L., & Stobart, C. G. (2019a). Performance improvement and capital productivity. In Modern management in the global mining industry (pp. 181–197).
  2. Adams, R. G., Gilbert, C. L., & Stobart, C. G. (2019b). The mining cycle. In Modern management in the global mining industry (pp. 215–230).
  3. Bank Indonesia. (2012). Statistik Perbankan Indonesia Desember 2011. Retrieved from https://www.ojk.go.id/id/kanal/perbankan/data-dan-statistik/statistik-perbankan-indonesia/Documents/DES15022012_1390450380.pdf
  4. Berkman, A. N., Iskenderoglu, O., Karadeniz, E., & Ayyildiz, N. (2016). Determinants of capital structure: The evidence from European energy companies. International Journal of Business Administration, 7(6), 96–106. https://doi.org/10.5430/ijba.v7n6p96
  5. Chandra, A., Wijaya, F., Angelia, & Hayati, K. (2021). Pengaruh Debt to Equity Ratio, Total Assets Turnover, Firm Size, dan Current Ratio terhadap Return on Assets. Jurnal Akuntansi, Keuangan, dan Manajemen, 2(1), 57–69. https://doi.org/10.35912/jakman.v2i1.135
  6. Dang, C., & Yang, C. (2018). Measuring firm size in empirical corporate finance. 86, 159–176. https://doi.org/10.1016/j.jbankfin.2017.09.006
  7. Dickie, C., & Dwyer, J. (2011). A 2009 perspective of HR practices in Australian mining. Journal of Management Development, 30(4), 329–343. https://doi.org/10.1108/02621711111126819
  8. Dimitri, M., & Sumani. (2013). Analisis pengaruh likuiditas, profitabilitas, ukuran, usia dan pertumbuhan perusahaan terhadap struktur modal. JURNAL MANAJEMEN, 1(1), 24.
  9. Gitman, L. J., & Zutter, C. J. (2015). Principles of managerial finance (14th ed). Boston: Pearson.
  10. Gómez, A. P., Castro, G. Á., & Ortega, M. F. (2016). Determinants of leverage in mining companies, empirical evidence for Latin American countries. Contaduría y Administración, 61(1), 26–40. https://doi.org/10.1016/j.cya.2015.09.010
  11. Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics (5th ed). Boston: McGraw-Hill Irwin.
  12. Hardani, H., Auliya, N. H., Andriani, H., Fardani, R. A., Ustiawaty, J., Utami, E. F., … Ria Rahmatul Istiqomah. (2020). Metode penelitian kualitatif kuantitatif (Vols. 1–Yogyakarta). Y: CV. Pustaka Ilmu.
  13. Hardanti, S., & Gunawan, B. (2010). Pengaruh size, likuiditas, profitabilitas, risiko, dan pertumbuhan penjualan terhadap struktur modal (studi empiris pada perusahaan manufaktur di Bursa Efek Indonesia). Jurnal Akuntansi dan Investasi, 11(2), 148–185.
  14. Hart, P. E., & Oulton, N. (1996). Growth and size of firms. The Economic Journal, 106(438), 1242–1252. https://doi.org/10.2307/2235518
  15. Hoque, J., Hossain, A., & Hossain, K. (2014). Impact of capital structure policy on value of the firm – a study on some selected corporate manufacturing firms under Dhaka Stock Exchange. 3(2), 77–84.
  16. Islam, S. Z., & Khandaker, S. (2015). Firm leverage decisions: Does industry matter? The North American Journal of Economics and Finance, 31, 94–107. https://doi.org/10.1016/j.najef.2014.10.005
  17. Jackson, W., & Laksmiwati, M. (2021). Pengaruh total asset turnover, debt to equity ratio, return on asset, firm size dan cash ratio terhadap dividend payout ratio pada perusahaan yang tergabung dalam indeks kompas-100 di Bursa Efek Indonesia periode 2013-2018. Studi Akuntansi, Keuangan, dan Manajemen, 1(1), 25–32. https://doi.org/10.35912/sakman.v1i1.398
  18. Juliantika, N. L. A. A. M., & S, M. R. D. (2016). Pengaruh profitabilitas, ukuran perusahaan, likuiditas, dan risiko bisnis terhadap struktur modal pada perusahaan property dan realestate. 5(7), 4161–4192.
  19. Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574–592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x
  20. Otoritas Jasa Keuangan. (2017). Statistik Perbankan Indonesia Desember 2016. Retrieved from https://www.ojk.go.id/id/kanal/perbankan/data-dan-statistik/statistik-perbankan-indonesia/Documents/Pages/Statistik-Perbankan-Indonesia---Desember-2016/SPI%20Desember%202016.pdf
  21. Otoritas Jasa Keuangan. (2021). Statistik Perbankan Indonesia Desember 2020. Retrieved from https://www.ojk.go.id/id/kanal/perbankan/data-dan-statistik/statistik-perbankan-indonesia/Documents/Pages/Statistik-Perbankan-Indonesia---Desember-2020/Statistik%20Perbankan%20Indonesia%20Des%202020.pdf
  22. Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421–1460. https://doi.org/10.1111/j.1540-6261.1995.tb05184.x
  23. Razak, A., Guritno, Y., & Putra, A. M. (2021). Pengaruh ukuran perusahaan, net profit margin, dan total asset turn over terhadap pertumbuhan laba. Jurnal Akuntansi, Keuangan, dan Manajemen, 3(1), 1–13. https://doi.org/10.35912/jakman.v3i1.566
  24. Saif-Alyousfi, A. Y. H., Md-Rus, R., Taufil-Mohd, K. N., Mohd Taib, H., & Shahar, H. K. (2020). Determinants of capital structure: Evidence from Malaysian firms. Asia-Pacific Journal of Business Administration, 12(3/4), 283–326. https://doi.org/10.1108/APJBA-09-2019-0202
  25. Sari, A. P., & Sembiring, F. M. (2022). Pengaruh likuiditas, leverage dan aktivitas terhadap kondisi financial distress yang dimoderasi oleh profitabilitas: Studi pada perusahaan pertambangan yang terdaftar di BEI periode 2015-2019. Studi Ilmu Manajemen dan Organisasi, 2(3), 199–211. https://doi.org/10.35912/simo.v2i3.857
  26. Satrianto, A., Candrianto, C., Gusti, M. ayu, Juniardi, E., & Novenica, M. (2019). Analysis of the effect of asset growth, profitability, and company size on capital structure (empirical study in mining sector companies in Indonesia Stock Exchange). Proceedings of the Third Padang International Conference On Economics Education, Economics, Business and Management, Accounting and Entrepreneurship (PICEEBA 2019), 85–92. Padang, Indonesia: Atlantis Press. https://doi.org/10.2991/piceeba-19.2019.10
  27. Sugiyono. (2015). Metode penelitian pendidikan: (Pendekatan kuantitatif, kualitatif dan R & D). Bandung: Alfabeta.