UTANG DAN PENGARUHNYA TERHADAP KINERJA PERUSAHAAN

Sri Isworo Ediningsih, Nilmawati Nilmawati, Joko Sukendro

Abstract


The purpose of this paper was to investigate the influence of debt on profitability of firms listed on Indonesian Stock Exchange. Multiple regression analysis was used in the study in estimating the relationship between debt and firm performance. This study also used three of accounting-based measures and one of market-based measure of financial performance i.e. return on equity (ROE), return on assets (ROA),  gross profit margin (GPM), and Tobin’s Q). Based on a sample of non-financial Indonesian firms listed from 2006 to 2010 the results revealed that debt had a negative impact on firm’s performance. The result showed that industry of Hotel and Travel, and Construction was susceptible to use debt.


Keywords


debt, firm age, firm size, growth, leverage, profitability

References


Abor, J. 2005. The Effect of Capital Structure on Profitability: An Empirical Analysis of Listed Firms in Ghana. The Journal of Risk Finance, 6(5): 438-445.

Abor, J. 2007. Debt Policy and Performance of SMEs: Evidence from Ghanaian and South Africa Firms. The Jounal of Risk Finance, 8(4): 364-379.

Anshari, B. 2009. Analisis Hubungan Struktur Modal dengan Economic Value Added (EVA) Guna Menilai Kinerja Perbankan (Studi Kasus Saham Lima Bank Terbesar Berdasarkan Aset dan Modal di BEJ Tahun 2003 - 2004). Tesis. Program Pascasarjana Universitas Muhammadiyah Surakarta.

Champion, D. 1999. Finance: The Joy of Leverage. Harvard Business Review, 77(4): 19-22.

Chiang, Y., Chang, P., & Hui, C. 2002. Capital Structure and Profitability of Property and Construction Sectors in Hong Kong. Journal of Property Investment and Finance, 20(6): 434-453.

Coleman, K.A. 2007. The Impact of Capital Structure on the Perfomance of Microfinance Institution. The Journal of Risk Finance, 8(1): 56-71.

Ebaid, I.E. 2009. The Impact of Capital Structure Choice on Firm Performance: Empirical Evidence from Egypt. The Journal of Risk Finance, 10(5): 1526-5943.

Fadhilah, A. 2011. Pengaruh Struktur Modal terhadap Kinerja Keuangan Perusahaan Studi Kasus pada Perusahaan Sektor Pertambangan yang Tercatat di Bursa Efek Indonesia 2005-2009. Tesis. Program Pascasarjana Manajemen dan Bisnis Institut Pertanian Bogor.

Fama, E. & French, K. 1998. Taxes, Financing Decision, and Firm Value. Journal of Finance, 53(3): 819-843.

Fama, E. & French, K. 1998. Testing Trade-Off and Pecking Order Predictions About Dividends and Debt. Review of Financial Studies, 15(1): 1-33.

Frank, M.Z. & Goyal, V.K. 2003. Testing the Pecking Order Theory of Capital Structure. Journal of Financial Economics, 67(2): 217-248.

Graham, J.R. 2000. How Big Are the Tax Benefits of Debt? Journal of Finance, 55(5): 1901-1941.

Hatfield, G.B., Cheng, L.T.W., & Davidson, W.N. 1994. The Determinantion of Optimal Capital Structure: The Effect of Firm and Industry Debt Ratios on Market Value. Journal of Financial and Strategic Decision, 7(3): 1 -14.

Hovakimian, A., Opler, T., & Titman, S. 2001. The Debt-Equity Choice. The Journal of Financial & Quantitative Analysis, 36(1): 1-24.

Jensen, M.C. & Meckling, W. 1976. Theory of the Firm, Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Economics, 3(4): 305-360.

Masquita, J.M.C. & Lara, J.E. 2003. Capital Structure and Profitability: The Brazilian Case. Academy of Business and Administration Science Conference. Vancoufer.

Modigliani, F. & Miller, M.H. 1958. The Cost of Capital, Corporation Finance, and the Theory of Investment. American Economic Review, 48(3): 261-297.

Myers, S. 1984. Capital Structure Puzlle. Journal of Finance, 39(3): 575-592.

Myers, S. & Majluf, N. 1984. Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have. Journal of Financial Economics, 13(2): 187-221.

Penman, S.H., Richardson, S.A., & Tuna, I. 2007. The-Book-to-Price Effect in Expected Stock Returns: Accounting for Leverage. Jounal of Accounting Research, 45(2): 427-467.

Safrida, E. 2008. Pengaruh Struktur Modal dan Pertumbuhan Perusahaan terhadap Nilai Perusahaan pada Perusahaan Manufaktur di BEJ. Tesis. Pascasarjana Universitas Sumatera Utara.

Sam’ani, S. 2008. Pengaruh Good Corporate Governance dan Leverage terhadap Kinerja Keungan pada Perbankan yang Terdaftar di BEI. Tesis. Pascasarjana Manajemen Universitas Diponegoro Semarang.

Sugihen, S.G. 2008. Pengaruh Struktur Modal terhadap Produktivitas Aktiva dan Kinerja Keuangan Serta Nilai Perusahaan Industri Manufaktur Terbuka di Indonesia. Disertasi. Universitas Sumatera Utara.

Teddy, C. 2007. Pengaruh Struktur Modal terhadap Produktivitas Aset, Kinerja Keuangan, dan Nilai Perusahaan. Arthavidya, 8(2): 201-208.

Yogantara, I.M. & Wijaya, L.I. 2010. Hubungan Struktural Modal dan Kinerja Keuangan: Studi Empiris pada Industri Perbankan di BEI. Manajemen & Bisnis, 9(1): 40-53.

Zaher. 2010. Performance of Debt Free Firms. Managerial Finance, 36(6): 491-501.

Zeitun, R. & Tian, G. 2007. Capital Structure and Corporate Performance: Evidence from Jordan. Australian Accounting Business and Finance Journal, 1(4): 40-53.


Refbacks

  • There are currently no refbacks.





WhatsApp Image 2019-06-12 at 16.37.31WhatsApp Image 2020-01-06 at 15.29.25.jpeg


Journal of Finance and Banking

Diploma Program of Banking and Finance
Faculty of Economics and Business University of Merdeka Malang

Mailing Address:

2nd-floor Banking and  Finance Building, Terusan Raya Dieng Street No.57 Malang, 65146, East Java, Indonesia
Phone/WhatsApp: +628123321664; Fax. +62 341 580511
Email: jkpunmermlg@yahoo.com


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