Email this article 
Hide
Show all
Keputusan Struktur Modal Ditinjau dari Siklus Hidup Perusahaan dan Risiko Bisnis pada Perusahaan Teknologi
Abstract
The purpose of this research is to analyze; 1) the effect of the entire company cycle on the capital structure, 2) the effect of business risk on the capital structure, and 3) the influence of the capital structure on the firm value, 4) the influence of the entire company life cycle on the firm value through the capital structure, and 5) influence of business risk on firm value through capital structure. The population of this research is technology companies listed on the Indonesia Stock Exchange for the period 2017-2020, with a selected sample of eight technology companies and using path analysis. The research findings are 1) there is no effect of the entire company cycle on the capital structure, 2) there is the effect of business risk on the capital structure, and 3) there is no effect of capital structure on firm value, 4) there is no effect of the entire company life cycle on firm value. through the capital structure, and 5) there is no influence of business risk on the value of the company through the capital structure.
DOI:https://doi.org/10.26905/afr.v5i2.7769.
Keywords
Full Text:
PDFReferences
Alfawareh, F. S., Al-Kofahi, M., Daoud, L., Marei, A., & Alkhazaleh, A. (2021). The Determinants of Capital Structure: A Conceptual Understanding of Non-Financial Firms in Jordan. July 2021.
Arief, M. (2020). Mediasi Profitabilitas Dalam Menilai Hubungan Antara Manajemen Modal Kerja dan Nilai Perusahaan. AFRE Accounting and Financial Review, 3(2), 126–135.
Aswath, D. (2001). Corporate Finance: Theory and Practice, International Edition, Willey, New York
Barattieri, A., Cacciatore, M., & Ghironi, F. (2018). Protectionism and the business cycle. In NBER Working Paper Series. https://doi.org/ 10.1016/j.jinteco.2020.103417
Basu, S., Candian, G., Chahrour, R., & Valchev, R. (2019). Risky Business Cycles. In NBER Working Paper Series.
Baum, C. F., Caglayan, M., & Rashid, A. (2017). Capital structure adjustments: Do macroeconomic and business risks matter? Empirical Economics, 53(4), 1463–1502. https://doi.org/10.1007/s00181-016-1178-1
Castro, P., Tascón, M. T., & Amor-Tapia, B. (2015). Dynamic analysis of the capital structure in technological firms based on their life cycle stages. Revista Espanola de Financiacion y Contabilidad, 44(4), 458–486. https://doi.org/ 10.1080/02102412.2015.1088202
Chandrarin, G., & Cahyaningsih, D. S. (2018). Identifikasi Struktur Modal Melalui Profitabilitas, Pertumbuhan Penjualan dan Ukuran Perusahaan. AFRE (Accounting and Financial Review), 1(1), 36–45. https://doi.org/ 10.26905/afr.v1i1.2246
Fristiani, N. L., Pangastuti, D. A., & Harmono, H. (2020). Intellectual Capital Dan Kinerja Keuangan Terhadap Nilai Perusahaan: Pada Industri Perbankan. AFRE (Accounting and Financial Review), 3(1), 35–42. https://doi.org/ 10.26905/afr.v3i1.4223
Haryanto, S. (2011). Karakteristik perusahaan dan risiko bisnis terhadap harga saham pada industri otomotif di bursa efek indonesia. Jurnal Ekonomi Modernisasi, 7(2), 162–170.
Haryanto, S. (2014). Identifikasi Ekspektasi Investor Melalui Kebijakan Struktur Modal, Profitabilitas, Ukuran Perusahaan Dan Gcpi. Jurnal Dinamika Manajemen, 5(2), 183–199. https://doi.org/10.15294/jdm.v5i2.3660
Haryanto, S. (2016). Profitability Identification of National Banking Through Credit , Capital , Capital Structure , Efficiency , and Risk Kredit, Permodalan, Struktur Modal, Efisiensi Dan Tingkat. Jurnal Dinamika Manajemen, 7(57), 11–21.
Haryanto, S., Rahadian, N., Mbapa, M. F. I., Rahayu, E. N., & Febriyanti, K. V. (2018). Kebijakan Hutang, Ukuran Perusahaan dan Kinerja Keuangan Terhadap Nilai Perusahaan: Industri Perbankan di Indonesia. AFRE (Accounting and Financial Review), 1(2). https://doi.org/10.26905/afr.v1i2.2279
Hasan, M. M., Lobo, G. J., & Qiu, B. (2021). Organizational capital, corporate tax avoidance, and firm value. Journal of Corporate Finance, 70(July), 102050. https://doi.org/ 10.1016/j.jcorpfin.2021.102050
Kedzior, M., Grabinska, B., Grabinski, K., & Kedzior, D. (2020). Capital Structure Choices in Technology Firms: Empirical Results from Polish Listed Companies. Journal of Risk and Financial Management, 13(9), 221. https://doi.org/10.3390/jrfm13090221
Khoa, B. T., & Thai, D. T. (2021). Capital Structure and Trade-Off Theory: Evidence from Vietnam. Journal of Asian Finance, Economics and Business, 8(1), 045–052. https://doi.org/ 10.13106/jafeb.2021.vol8.no1.045
Kuč, V., & Kaličanin, Đ. (2021). Determinants of the capital structure of large companies: Evidence from Serbia. Economic Research-Ekonomska Istrazivanja , 34(1), 590–607. https://doi.org/ 10.1080/1331677X.2020.1801484
La, M., Tiziana, R. Æ., & Rocca, L. (2011). Keputusan Struktur Modal Selama Siklus Hidup Perusahaan. 107–130.
Luh, N., Gayatri, P. R., & Ketut Mustanda, I. (2012). Gayatri, Mustanda. Manajemen Bisnis, 1, 1700–1718.
McShane, M. K., Nair, A., & Rustambekov, E. (2011). Does Enterprise Risk Management Increase Firm Value? Journal of Accounting, Auditing & Finance, 26. https://doi.org/ 10.1177/0148558X11409160
Mudjijah, S., Khalid, Z., & Astuti, D. A. S. (2019). Pengaruh Kinerja Keuangan Dan Struktur Modal Terhadap Nilai Perusahaan Yang Dimoderasi Variabel Ukuran Perusahaan. Jurnal Akuntansi Dan Keuangan, 8(1), 41–56.
Nurkholik, N., & Khasanah, K. (2022). Pengaruh free cash flow, struktur aset, risiko bisnis dan profitabilitas terhadap kebijakan hutang (Studi Empiris Perusahaan Sektor Industri Barang Konsumsi yang Terdaftar di BEI 2016-2020). E-Jurnal Manajemen Unud, 11(1), 1–21.
Rahadian, D., & Handono, A. A. (2022). The effect of risk based bank rating on firm value. Trikonomika, 21(1), 25–29.
Ramdani, D., & Iswanaji, C. (2018). Dinamika Struktur Leverage dan Rating Obligasi Perusahaan yang Terdaftar Di Bursa Efek Indonesia. AFRE (Accounting and Financial Review), 1(2), 71–77. https://doi.org/ 10.26905/afr.v1i2.2787
Reyes, T., Vassolo, R. S., Kausel, E. E., Torres, D. P., & Zhang, S. (2020). Does overconfidence pay off when things go well? CEO overconfidence, firm performance, and the business cycle. Strategic Organization. https://doi.org/ 10.1177/1476127020930659
Setiadharma, S., & Machali, M. (2017). The Effect of Asset Structure and Firm Size on Firm Value with Capital Structure as Intervening Variable. Journal of Business & Financial Affairs, 06(04). https://doi.org/10.4172/2167-0234.1000298
Sari, D. P., & Setiawan, M. A. (2021). Pengaruh Tangibility, Pertumbuhan Perusahaan, Resiko Bisnis dan Profitabilitas terhadap Kebijakan Hutang (Studi Empiris Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Tahun 2017-2019). Jurnal Eksplorasi Akuntansi, 3(2), 384–399.
Sari, S. D. (2016). Pengaruh risiko bisnis, life cycle dan diversifikasi terhadap struktur modal serta hubungannya dengan nilai perusahaan manufaktur di Indonesia. Jurnal Manajemen Teori Dan Terapan| Journal of Theory and Applied Management, 9(1), 58–77. https://doi.org/10.20473/jmtt.v9i1.2787
Scherr, F. C., Sugrue, T. F., & Ward, J. B. (1993). Financing the Small Firm Start-Up: Determinants of Debt Use. Journal of Entrepreneurial Finance, 3(1), 17–36.
Susilowati, C., Wijayanti, R., & Martono, C. (2020). Speed of Adjustment Pada Struktur Modal: Analisis Berdasarkan Siklus Hidup Perusahaan Di Indonesia. Jurnal Bisnis Dan Akuntansi, 22(1), 121–128. https://doi.org/ 10.34208/jba.v22i1.652
Tian, L., Han, L., & Zhang, S. (2015). Business Life Cycle and Capital Structure: Evidence from Chinese Manufacturing Firms. China and World Economy, 23(2), 22–39. https://doi.org/10.1111/cwe.12105
Tirole, J. (2000). Theory of Corporate Finance. In Development (Vol. 134, Issue 4).
Utami, S. R., & Inanga, E. L. (2012). The Relationship between Capital Structure and the Life Cycle of Firms in the Manufacturing Sector of Indonesia. International Research Journal of Finance and Economics, 88. https://doi.org/10.1097/MPH.0b013e318157fd75
Vo, X. V., & Ellis, C. (2017). An empirical investigation of capital structure and firm value in Vietnam. Finance Research Letters, 22, 90–94. https://doi.org/10.1016/j.frl.2016.10.014
Wang, X., Deng, S., & Alon, I. (2021). Women executives and financing pecking order of GEM-listed companies: Moderating roles of social capital and regional institutional environment. Journal of Business Research, 136(June), 466–478. https://doi.org/10.1016/ j.jbusres.2021.07.055
Wiagustini, N. L. P., & Pertamawati, N. P. (2015). Pengaruh Risiko Bisnis dan Ukuran Perusahaan pada Struktur Modal dan Nilai perusahaan pada PErusahaan Farmasi di Bursa Efek Indonesia. Jurnal Manajemen, Strategi Bisnis Dan Kewirausahaan Universitas Udayana, 9(2), 112–122.
Yıldırım, D., & Çelik, A. K. (2021). Testing the pecking order theory of capital structure: Evidence from Turkey using panel quantile regression approach. Borsa Istanbul Review, 21(4), 317–331. https://doi.org/10.1016/ j.bir.2020.11.002
Zafar, S., Rahman, A., Rizwan, F., & Sohail, M. K. (2016). Capital Structure Decision and Firm’s Life Cycle-A Study on Non-Financial Sector of Pakistan. NICE Research Journal, 1–18. https://doi.org/10.51239/nrjss.v0i0.38
DOI: https://doi.org/10.26905/afr.v5i2.7769
Refbacks
- There are currently no refbacks.
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
AFRE (Accounting and Financial Review) Postgraduate - University of Merdeka Malang Postgraduate Building, Terusan Dieng Street 62-64 | Other Link | Follow Us | |||||
| Site Home Journal Unmer Malang Postgraduate LPPM Library Repository |
|
AFRE (Accounting and Financial Review) |
