The Influence of Liquidity, Profitability and Non-Debt Tax Shield on Capital Structure with Institutional Ownership as a Moderating Variable
Keywords:
Liquidity, profitability, Non Debt Tax Sheild, Capital Structure, Institutional Ownership.Abstract
This study aims to empirically prove the effect of liquidity, profitability, non-debt tax sheild on capital structure with institutional ownership as a moderating variable in manufacturing companies listed on the Indonesian stock exchange for the 2017-2021 period. The research time period used is 5 years, namely 2017-2021. The population of this study includes all manufacturing companies listed on the Indonesian stock exchange for the 2017-2021 period, totaling 60 companies. Tests in this study using E-Views 9 software. The sampling technique used purposive sampling technique. Based on predetermined criteria obtained 12 companies. The analytical method used is Moderate Regression Analysis (MRA). This test uses quantitative research methods. The results of this research show that partially liquidity and profitability have no effect on capital structure. while the non-debt tax sheild has a negative effect on capital structure. institutional ownership is not able to moderate the liquidity and profitability of transfer pricing. And the non-debt tax sheild is able to moderate the debt covenants on the capital structure.
References
Agus, Sartono (2005). Manajemen Keuangan: Teori dan Aplikasi. Yogyakarta:BPFE
Astuti, N., & Nuraini, L. (2020). Pengaruh Non Debt Tax Shield, Risiko Bisnis, Asset Tangibility dan Growth Opportunity Terhadap Struktur Modal Pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2016-2019, Jurnal Ekonomi Bisnis, 26(2),378-389.
Atick Sri Purwati, S. Z. (2006). Teori Kontinjensi, Sistem Pengendalian Manajemen Dan Outcomes Perusahaan: Implikasinya Dalam Riset Masa Kini Dan Masa Yang Akan Datang. Angewandte Chemie International Edition, 6(11), 951-952., 2013-2015.
Dewi, N., & Dana, I. (2017). Pengaruh Growth Opportunity, Likuiditas, Non-Debt Tax Shield Dan Fixed Asset Ratio Terhadap Struktur Modal. E-Jurnal Manajemen Universitas Udayana, 6(2), 255256.
Dewi, D., & Sudiartha, G. (2017). Pengaruh Profitabilitas, Ukuran Perusahaan,Dan Pertumbuhan Aset Terhadap Struktur Modal Dan Nilai Perusahaan. EJurnal Manajemen Universitas Udayana, 6(4), 242635.
Gomez, G., Rivas, A. M., dan Lizarzaburu Bolanos, E. R. 2014. Penentu Struktur Modal di Peru. Academia Revista Lationoamericana de Administration 27(3): 341-354.
Hakim, M. Z., & Abbas, D. S. (2019). Pengaruh Ukuran Perusahaan, Struktur Modal, Likuiditas, Investment Opportunity Set (los), Dan Profitabilitas Terhadap Kualitas Laba (Perusahaan Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia Tahun 2013-2017). Competitive Jurnal Akuntansi Dan Keuangan, 3(2), 26-51.
Horne, Van dan Wachowicz. 2007. Fundamentals of Financial Management, Prinsip-Prinsip Manajemen Keuangan. Jakarta: Salemba Empat.
Luthfia, K., & Prastiwi, A. (2010). Pengaruh Kinerja Keuangan, Ukuran Perusahaan, Struktur Modal dan Corporate Governance Terhadap Publikasi Sustainability Rep
Gaud, P., Jani, E., Hoesli, M., & Bender, A. (2005). Struktur modal perusahaan Swiss: analisis empiris menggunakan data panel dinamis. eur. Keuangan. Mengelola. 11 (1), 51-69,
Nita Septiani, N. P., & Suaryana, I.G. N. A. (2018). Pengaruh Profitabilitas, Ukuran Perusahaan, Struktur Aset, Risiko Bisnis dan Likuiditas pada 22, 1682.
E-Jurnal Akuntansi, Struktur Modal. https://doi.org/10.24843/eja.2018.v22.103.p 02
Nur, T., & Mustofa, D. (2018). Analisis Pengaruh Profitabilitas, Struktur Aset, Dividend Payout Ratio, dan Likuiditas terhadap Struktur Modal dengan Kepemilikan Manajerial dan Kepemilikan Institusional sebagai Faktor Pemoderasi. ESENSI: Jurnal Manajemen Bisnis, 20(2), 29-54.
Paranoan, N., Tandirerung, C. J., & Paranoan, A. (2019). Pengaruh Pemanfaatan Teknologi Informasi dan Kompetensi Sumber Daya Manusia Terhadap Efektivitas Sistem Informasi Akuntansi. Jurusan Akuntansi, Fakultas Ekonomi, Universitas Kristen Indonesia
Downloads
Published
Issue
Section
License
Copyright (c) 2024 Selmha Bella Arvhiari Selmha Bella Arvhiari, Dirvi Surya Abbas Dirvi Surya Abbas (Author)
This work is licensed under a Creative Commons Attribution 4.0 International License.
Simposium Ilmiah Akuntansi under the terms of a Creative Commons Attribution 4.0 International License / CC BY 4.0 This license permits anyone to copy and redistribute this material in any form or format, compose, modify, and make derivative works of this material for any purpose, including commercial purposes, so long as they include credit to the Author of the original work.