INVESTIGASI KEWIRAUSAHAAN SEBAGAI VARIABEL MODERASI KEPUTUSAN STRUKTUR MODAL TERHADAP KINERJA KEUANGAN

Erna Setijani, Pudjo Sugito, Chodidjah Chodidjah

Abstract


This study intends to analyze the role of entrepreneurship as a moderating variable on the effects of capital
structure decisions on financial performance. Population, all the small and medium industries (SMEs) in the
town of Probolinggo, with a sample set of 100 units of SMEs and data collection using purposive random
sampling technique. Data were analyzed using factor analysis in the SEM is used to confirm the most dominant
factors in a group of variables and regression weight on the SEM used for confirmatory examine how
much the relationship between variables. Furthermore, SEM modeling needs to step (a) the development of a
theoretical model, (b) the development path diagram (c) selecting an input matrix and estimation of covariance
or correlation models, (d) the possibility of the emergence of problem identification, (e) evaluation criteria of
goodness-of-fit and (f) the interpretation and modification of the model. The results showed, capital structure
decisions have a significant effect on financial performance. Capital structure decisions have a significant
effect on the financial performance through entrepreneurship moderating variable. Entrepreneurship significant
effect on the financial performance.

Keywords


capital structure, entrepreneurship, financial performance

Full Text:

pdf

References


Ács, Z.J., Desai, S. and Hessels, J. (2008). ‘Entrepreneurship,

economic development and institutions’, Small Business Economics Jurnal, 31:219-234.

Aktan, B.dan Bulut, C., (2008), Financial Performance Impacts of Corporate Entrepreneurship in Emerging Markets: A Case of Turkey*, European Journal of Economics, Finance and Administrative

Sciences, 12: 69-79

Baker W.E., Sinkula J.M., 2009. The Complementary Effects

of Market Orientation and E n t r e p r eneurial Orientation on Profitability in Small Businesses, Journal of Small Business Management, 47(4): 443-464.

Broadbent M. & Cullen J. 2005. Managing Financial Resources,

Elsevier Butterworth- Heinemann,Oxford.

Bruwer, J-P. & Watkins, A. (2010). The sustainability of

fast moving consumer goods retail SMEs. African

Journal of Business Management, 4(16): 3550-3555.

Chechet, I.L. & Olayiwola, A.B. (2014), Capital Structure and Profitability of Nigerian Quoted Firms: The Agency Cost Theory Perspective, American International Journal of Social Science, 3 (1): 139-158.

Chinaemerem, O. C. & Anthony, O. (2012) Impact of Capital

Structure on the Financial Performance of Nigerian

Firms; Arabian Journal of Business and Management

Review OMAN Chapter, 1 (12): 139-195.

Fatoki, O., (2014), The Entrepreneurial Orientation of

Micro Enterprises in the Retail Sector in South Africa,

Journal Sociology Soc Anth, 5(2): 125-129

Ferdinand, A. (2009), Metode Penelitian Manajemen, Edisi

Kedua, Cetakan Kedua, Salemba Empat, Jakarta

Frishemmar J., Horte S.A., 2007. The Role of Market Orientation

and Entrepreneurial Orientation for New Product Development Performance in Manufacturing Firms, Technology Analysis & Strategic Management Journal, 19 (6):765-788.

Hasan et all (2014), Influence of Capital Structure on Firm

Performance: Evidence from Bangladesh, International

Journal of Business and Management, 9 (5): 184-195.

Ibrahim, M. & Ibrahim, A. (2015), The Effect of SMEs’

Cost of Capital on Their Financial Performance

in Nigeria, Journal of Finance and Accounting, 3 (1): 8-11

Lwamba, N.M; Bwisa, H. & Sakwa, M., (2014), Exploring

the Effect of Corporate Entrepreneurship on Financial Performance of Firms: Evidence from Kenya’s Manufacturing Firms, International Journal of Academic Research in Business and Social Sciences,

(1): 352-370.

Muhammad, H. Dhah, B, Islam, Z (2014), The Impact of

Capital Structure on Firm Performance: Evidence

from Pakistan, Journal of Industrial Distribution & Business, 5(2): 13-20

Jensen, M.C. & Meckling, W.H. 1976. Theory of the Firm:

Managerial Behavior, Agency Costs and Ownership

Structure. Journal of Financial Economics,

(4): 305-306.

Ngary et all, (2014), Financial Performance Measures and

Business Objectives Attainment in Fast Food

SMMEs in the Cape Metropolis: A preliminary

Liability and Suitability analysis, Mediterranean

Journal of Social Sciences, 5(20): 909-921.

Pratono, A.H. & Mahmood, R., (2014), The Moderating

Effect of Environmental Turbulence in the Relationship

between Entrepreneurial Management and Firm Performance, Universal Journal of Management,2 (7): 285-292

Saad,N.M.(2010). Corporate Governance Compliance

and the Effects to Capital Structurein Malaysia.

International Journal of Economics & Finance, 2(1),105-114.

Sirivanth, T., Sukkabot, S. dan Sateeraroj, M. (2014), The

Effect of Entrepreneurial Orientation and Competitive

Advantage on SMEs’ Growth: A Structural

Equation Modeling Study, International Journal of

Business and Social Science 5(6): 189-194.




DOI: https://doi.org/10.26905/jkdp.v19i2.850

Refbacks

  • There are currently no refbacks.


Bookmark and Share


Jurnal Keuangan dan Perbankan (Journal of Finance and Banking)

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

Published by University of Merdeka Malang

Mailing Address:
2nd floor Finance and Banking Building, Jl. Terusan Raya Dieng No. 57 Malang, East Java, Indonesia
Phone: -
Email: [email protected]

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