Examining the Factors that Influence capital structure in the basic industry and Chemicals Companies on the Indonesia Stock Exchange: Mediating Role of Stock Return

Elisabahati Laia; Iskandar Muda; Chairul  Muluk

doi:10.56225/finbe.v2i1.192

Authors

Elisabahati Laia Faculty of Economics and Business, Universitas Sumatera Utara, Medan, Indonesia
Iskandar Muda Faculty of Economics and Business, Universitas Sumatera Utara, Medan, Indonesia
Chairul Muluk Faculty of Economics and Business, Universitas Sumatera Utara, Medan, Indonesia

DOI:

https://doi.org/10.56225/finbe.v2i1.192

Keywords:

total asset turnover, return on investment, earning per share, current ratio, stock risk, capital structure, stock return

Abstract

Abstract: This study aims to examine the total asset turnover (TATO), return on investment (ROI), earnings per share (EPS), current ratio (CR) and stock risk in influencing the capital structure through stock return in the basic industry and chemical companies on the Indonesia Stock exchange for 2016-2021. This study is designed using a quantitative approach, with causality and inferential approach. The population used in this study were 88 basic industries and chemical companies listed on the Indonesia Stock Exchange. Meanwhile, the samples were 17 companies determined using purposive sampling. The technique used is a documentation in the form of the annual financial reports from basic Industries and chemical companies published through the official website of the Indonesia Stock Exchange, www.idx.co.id and www.idnfinancial.com. This study uses Path Analysis measured using the STATA software. This study provides significant information that is taken into consideration in determining and deciding on making investments. Potential investors are also likely to look at the value of the current ratio and whether the company can cover its obligations, as seen from the comparison between total current assets and current liabilities. It is recommended that potential investors choose companies with a total current asset value more significant than the entire current debt value.

References

Abdullah. (2002). Daya Saing Daerah: Konsep dan Pengukurannya Di Indonesia. BPFE.

Aminah, S. (2019). Pengaruh Current Ratio, Earning Per Share, Return on Equity Terhadap Debt to Equity Ratio Pada Perusahaan Yang Termasuk Di Jakarta Islamic Index (JII) Periode 2013-2017. Ekonomica Sharia: Jurnal Pemikiran Dan Pengembangan Ekonomi Syariah, 4(2), 25–34.

Antriksa, N. M. C. A., & Sudiartha, G. M. (2019). Peran Profitabilitas Memediasi Pengaruh Likuiditas Dan Struktur Modal Terhadap Return Saham. E-Jurnal Manajemen, 8(6), 3303–3332.

Badruzaman, J. (2017). Pengaruh Earning Per Share Terhadap Harga Saham. Jurnal Akuntansi, 12(1), 101–110.

Basalama, I., Murni, S., & Sumarauw, J. S. B. (2017). Pengaruh Current Ratio, Der Dan Roa Terhadap Return Saham Pada Perusahaan Automotif Dan Komponen Periode 2013-2015. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 5(2), 1–12.

Christy, N. (2018). Analisis Pengaruh Struktur Aset, Struktur Modal, Dan Arus Kas Bebas Terhadap Pertumbuhan Perusahaan Manufaktur Sub Sektor Tekstil Tahun 2011-2016. Skripsi Universitas Trisakti.

Darmanah, G. (2019). Metode Penelitian. CV Hira Tech.

Fahmi, I. (2017). Analisis Laporan Keuangan. Alfabeta.

Galanti, J. J. (2012). Estimating the Cost of Capital. In Litigation Services Handbook: The Role of the Financial Expert (pp. 1–16). Wiley Online Library.

Hanafi, M. (2015). Manajemen Keuangan (1st ed.). BPFE Yogyakarta.

Harjito, & Martono. (2010). Manajemen Keuangan (2nd ed.). Ekonosia.

Hartono, J. (2017). Teori Portofolio dan Analisis Investasi. BPFE.

Hartono, J. (2022). Portofolio dan Analisis Investasi: Pendekatan Modul. Andi Offset.

Hermawan, D. (2012). Pengaruh Debt to Equity Ratio (DER), Earning Per Share (EPS), Dan Net Profit Margin (NPM) Terhadap Return Saham Pada Perusahaan Perbankan yang Listing di BEI Pada Tahun 2008-2010. Management Analysis Journal, 1(5), 1–10.

Irawati, S. (2006). Manajemen Keuangan. Pustaka Pelajar.

Jamaludin, A. (2020). Pengaruh Profitabilitas (ROA), Leverage (LTDER) Dan Intensitas Aktiva Tetap Terhadap Penghindaran Pajak (Tax Avoidance) Pada Perusahaan Subsektor Makanan Dan Minuman Yang Terdaftar Di BEI Periode 2015-2017. Eqien-Jurnal Ekonomi Dan Bisnis, 7(1), 85–92.

Julita, S. E. (2015). Pengaruh Net Profit Margin Dan Return On Investment Terhadap Struktur Modal Pada Perusahaan Asuransi Yang Terdaftar di Bursa Efek Indonesia. Kumpulan Jurnal Dosen Universitas Muhammadiyah Sumatera Utara, 8(1), 1–10.

Kasmir. (2015). Analisis Laporan Keuangan. Raja Grafindo Persada.

Lusy, L., Hermanto, Y. B., Panjaitan, T. W. S., & Widyastuti, M. (2018). Effect of Current Ratio and Debt to Equity Ratio on Return On Asset and Return On Equity. International Journal of Business and Management Invention (IJBMI), 7(12–II), 31–39.

Modigliani, F., & Miller, M. H. (1965). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 55(3), 524–527.

Munawir. (2007). Analisis Laporan Keuangan (4th ed.). Liberty.

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

Nurlaela, S., Mursito, B., Kustiyah, E., Istiqomah, I., & Hartono, S. (2019). Asset Turnover, Capital Structure and Financial Performance Consumption Industry Company in Indonesia Stock Exchange. International Journal of Economics and Financial Issues, 9(3), 297–301.

Rahma, N. A., & Prasetyo, M. S. (2021). Pengaruh Liabilitas Jangka Pendek Dan Liabilitas Jangka Panjang Terhadap Tingkat Profitabilitas Pt. Indospring Tbk. Jurnal Ekonomi Dan Bisnis, 12(1), 134–148.

Ridwan, S., Inge, B., & Dharma, P. S. (2010). Manajemen Keuangan 2 (6th ed.). Literata Lintas Media.

Rodoni, A., & Ali, H. (2010). Manajemen Keuangan. Mitra Wacana Media.

Saputra, K. L., Edy Sujana, S. E., Msi, A. K., Darmawan, N. A. S., & SE, A. (2014). Analisis Pertumbuhan Aset, Risiko Bisnis, Dan Profitabilitas Yang Mempengaruhi Struktur Modal Perusahaan Industri Jasa Yang Terdaftar Pada Bursa Efek Indonesia Periode 2009-2013 (Studi Kasus Pada Sektor Restaurant, Hotel and Tourism). JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 2(1), 1–10.

Sinambela, E. (2013). Pengaruh Earning Per Share (EPS) terhadap Return Saham Pada Perusahaan Property dan Real Estate Yang Terdaftar Di Bursa Efek Indonesia. Ekonomikawan: Jurnal Ilmu Ekonomi Dan Studi Pembangunan, 13(1), 1–10.

Sitepu, A. T. B., Effendi, I., & Tarigan, E. D. S. (2020). Analisis Risiko Investasi terhadap Return Saham pada Sub Sektor Makanan dan Minuman di Bursa Efek Indonesia. Jurnal Ilmiah Manajemen Dan Bisnis (JIMBI), 1(1), 106–111.

Sugiyono. (2017). Metodologi Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.

Syamsuddin, L. (2009). Manajemen Keuangan Perusahaan. Raja Grafindo Persada.

Verawati, R. (2014). Faktor Faktor Penentu Yang Mempengaruhi Return Saham Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2008-2013. Skripsi Universitas Negeri Yogyakarta.

Widiantari, S., & Irawati, D. (2020). Pengaruh Earning Per Share, Struktur Modal Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Consumer Goods Sektor Food and Beverage Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ilmiah Akuntansi Dan Bisnis, 5(2), 91–101.