Sie sind auf Seite 1von 17

Jurnal Manajemen Keuangan 2015

CAPITAL STRUCTURE DETERMINANTS AND IT’S INFLUENCE TO VALUE OF


THE FIRM
Wholesale and Retail Companies Listed at Indonesia Stock Exchange 2008-2012

Shelly
Erman Munzir
Universitas Esa Unggul – Jakarta
Email : cshell1708@yahoo.com

ABSTRACT

Every year, wholesale and retail industry in Indonesia always grow positively, even in
the Asia Pasific region its the fastest. Therefore, investors see this as one of promising
investment but Indonesia Capital Market Directory data indicates that most of wholesale and
retail company is a high risk company, defined by company capital structure. Because of that
before making decision to investment, investor need to analyze financial report to know
determinants of capital structure and its influence to value of the firm.
Analysis was performed using financial statement data of 21 wholesale and retail
companies listed on Indonesia Stock Exchange in 2008-2012 using path analysis to see the
direct and indirect influence of independent variable ( liquidity, profitability and firm size) to
dependent variable (value of the firm and capital structure) and whether the capital structure
is an intervening variable . Results of analysis proved that independent variables
simultaneously and partially significant influence to capital structure but it doesn’t significant
t influence to value of the firm but if its through capital structure, then its partially and
simultaneously significant influence to value of the firm. Its means that capital structure is
proven as an intervening variable.

Key words : wholesale, retail, investment, capital structure, value of the firm, determinants, liquidity,
profitability, firm size, path analysis, intervening

INTRODUCTION retail company is acompany with a high


The growth of wholesale and retail risk, therefore, before investing, investors
industry in Indonesia is increasing every must first do financial analysis to see how
year, even in the Asia Pacific region it is the company's financial position and
an industry with rapid growth. This growth performance. In financial analysis, investor
is supported by income per capita, people's will analyze financial statements. In the
lifestyles, people's purchasing power, ease financial statements, investors will find
and wholesale and retail infrastructure information about the company's capital
which always grow. Given the huge structure.
market growth, its reasonable if investors The capital structure is a source of
see this as a business opportunity and corporate funds and a combination of debt
wholesale and retail industry became one and equity in the company long term
of the promising investment from the financial structure. The Company which is
standpoint of investors. Data Indonesia operate use it’s debt greater than it’s equity
Capital Market Directory in the period means that the company is a high level risk
2008-2012 shows that wholesale and company. High-risk capital structure is a

1
Jurnal Manajemen Keuangan 2015

capital structure with debt to equity value The capital structure is divided into
is greater than 1. Data from Indonesia two essential parts, debt and equity, where
Capital Market Directory in the period the sum of debt and equity is create the
2011-2012 showed us that the wholesale value of the firm. The capital structure can
and retail company mostly has DER value be calculated through Debt to Equity Ratio
greater than 1. So the wholesale and retail (DER). Companies that have a high DER
company is consider as a company with a value means that doing it’s operation, the
high degree of risk. It is therefore company using debt and it’s means that the
necessary to analyze the determinants that company is not liquid and has a high level
influence to capital structure and how it’s of risk.
influence to the value of the firm with Capital structure theory explains the
determinant used is liquidity, profitability long-term expenditure policies that may
and firm size. influence the value of the firm, the cost of
capital of the company and the company's
LITERATURE REVIEW stock price as well as a combination of
Pecking order theory long-term debt and equity capital that can
Pecking order theory states that the make optimal capital structure. Optimal
Company with high level of profitability capital structure is a capital structure that
show a low levels of debt, because the maximizes the value of the firm or to
high profitability company has a abundant minimize the cost of capital of the
sources of internal funds (Breadley, company or to maximize the company's
Myers, & Marcus, 2007). Pecking order stock market price.
theory has two rules, the rule are using Capital structure theory is a theory
internal funds and issuing securities that that the most sophisticated and elegant in
have minimal risk. Pecking order theory finance. But none of the theory of capital
implies that if the source of funds from structure is able to evaluate the optimal
outside the company is required then capital structure for a company, so that in
firstly the company need to issue debt the determination of an optimal capital
before issuing shares. Only if the capacity structure, managers or economists need to
of the company to use debt reaches a take evidence exists in the real world.
maximum value then the company can The First capital structure theory is
consider to issue stock. Considering there known by Franco Modigliani and Merton
are various kinds of debt, the pecking Miller in 1958, called the theory of MM.
order theory also indirectly expressed the According to them, In the capital structure
company's managers should publish debt using funds from debt does not have any
with a minimum risk. influence on the value of the firm, but
when it began to consider to use the tax
Capital Structure factor, the use of debt will always be more
The capital structure is a permanent profitable and can increase the value of the
proportion spend to cover the needs of firm, assuming that when it used there is
corporate spending, using funds obtained no bankruptcy costs, no transaction fees
from a combination or sources that comes and interest on loans and deposits of the
from within and outside the company. It’s same deposit for individuals or companies.
should reflect the balance between debt Trade off theory saying that if
and equity. Sources of fund that comes companies use leverage, then the company
from outside is obtained from loans or debt would get benefit from tax savings, but in
(both short and long term) while the source the other side the company need to
of funds from the capital obtained from calculate a costs that would arise from the
equiy itself (share capital, retained use of leverage, such as bankruptcy costs
earnings and reserves). and agency costs increased as a result of

2
Jurnal Manajemen Keuangan 2015

the decline in the credibility of a company stock price. High stock price made the
(Keown, 2005). high value of the firm. The high value of
Signaling theory explains that when the company will make the market believe
the company is able to generate profits, its not only on the company's performance
tend to increase the amount of debt, due to today, but also on the company's prospects
the additional interest payments and in the future.
income before taxes. Companies that Shares are proof of ownership of a person
predict lower profits will tend to use low or entity against a company. Companies
debt levels. High corporate debt will that need funds in the form of equity can
increase the possibility that the company be acquired through the issuance of shares.
faced financial difficulties. The more The shares can be sold directly to the
successful a company, the possibility to owner of the funds or the investors or the
use more debt is increasing. Companies general public through the stock market.
can use the additional interest to reduce the Stock return is the rate of profit
bigger tax on corporate profits. The more earned by the owner or investor funds on
secure the company in terms of financing, short-term stock investments and long-
additional debt only slightly increase the term stock investment. A rational investor
risk of bankruptcy. Rational company would consider two things when making
would increase the debt if additional debt invesments, that is the expected return
can increase profits while rational investor and risk.
would see debt as a signal of an increase in
the value of the firm. Liquidity
Here are the factors that may have a Liquidity is the ability of a company
significant impact on the optimal capital to pay bills in the short term without
structure, the stability of sales, asset disrupting operations. In the balance sheet,
structure, operating leverage, growth rate, the company's liquidity is characterized by
profitability, tax, controll, management the division of current assets divided by
attitude, the attitude of lenders and short-term debt. A company that able to
credibility appraisal company, market pay all its financial obligations called
conditions, internal conditions corporate liquid company, and a company that has
and financial flexibility (Weston and no able to pay all its financial obligations
Brigham, 1997). called ilikuid company. A company rate of
liquid is when the value of the division of
The value of the Firm current assets value to short-term debt is
The Company is an organization that greater than 1. In general, investors in
combines and organizes various resources making investment also saw the company's
for the purpose of producing goods and liquidity so that liquidity is also affecting
services for sale (Salvatore, 2005). The the company's capital structure. Investors
company's main purpose according to who invest will increase long-term debt or
theory of the firm is to maximize the value short-term debt, and it changing the
of the firm. Maximizing the value of the capital structure of the company.
firm is very important for a company,
because with maximizing the value of the Profitability
company also means maximizing Profitability is a measure that
shareholder wealth. The company's value indicates the company's ability to generate
is the market value of enterprises securities profits for its shareholders over the assets.
(Keown, 2005) Profit distributed to shareholders called
The value of the firm is investor dividends will cause the company requires
perception level of success of the external funding thereby increasing
company and is often associated with the company long-term debt or short-term debt

3
Jurnal Manajemen Keuangan 2015

and retained earnings cause the company said that companies with large size have a
have additional funds capital resulting in a greater chance to win the competition or to
change of corporate capital and a reduction survive in the industry.
in the use of the loan / debt. Therefore, it Large companies have many
can influence the company capital advantages compared to small-sized
structure. companies. The Advantages of companies
Profitability is important in the with large size is it can determine the level
company's survival in the long term, of ease companies to obtain funds from the
because the profitability indicate whether capital market, the size of the company
the company has good prospects in the determines bargaining power in financial
future. Each company will always try to contracts, and there is a possible that a
improve its profitability, because the large size company have a scale of
higher the level of profitability of a influence in cost and can earn more much
company, the survival of the company will profit (Sawir, 2004).
be more secure. Increased profitability
indicates that the performance of PREVIOUS RESEARCH
management in managing operational Margaretha and Rizky (2010)
source of funding to generate net income conducted a study with dependent variable
increased and more efficient, so it can be used is capital structure and independent
said that in addition to the efficient variables used were firm size, tangibility,
management in managing the investments profitability, growth, non-debt tax shield,
of the company, investors also pay age and investment. The object of research
attention to the performance of was 40 manufacture companies listed on
management capable of managing the Stock Exchange in the period 2005-
resources. Growing profitability shows 2008, this research using multiple
the company's prospects are better due to regression analysis. The conclusion from
the potential for increased corporate these studies is generally profitability,
profits. This is captured by investors as a liquidity, growth and non-debt tax shield
positive signal of the companies that will has influence with capital structure, while
increase investor confidence and facilitate the the company size, tangibility, age and
the management of the company to attract investment had no influence. In this
capital in shares. If there is an increase research, Margaretha and Rizky (2010)
demand for shares of a company, then it measure the influence of independent
will indirectly raise the company's value in variables in short-term capital structure
the stock market. and long-term capital structure. In short-
term capital structure, the variables that
Firm Size have an influence is tangibility,
Firm size described the size of the profitability, liquidity, growth, non-debt
company, Firm size indicated by total tax shield and the age of the company ,
sales, total assets and the average level of while firm size and investment variable
sales (Seftianne, 2011). Total assets as the has no effect. In Long-term capital
use of funds affect the capital structure structure, the variables that have an
because it determines how a company influence firm size, tangibility and non-
should provide funds to finance its assets debt tax shield, while profitability,
which led to change the composition of the liquidity, growth, age and investment
debt and equity of the company. variable has no effect.
Companies with large size have Utami (2009 ) conducted a study
greater access and wide to obtain external with dependent variable used is capital
sources of financing, so condition to structure and independent variables used
obtain a loan would be easier because it is were firm size, business risk , growth rate,

4
Jurnal Manajemen Keuangan 2015

structure of asset and profitability. The while the other variables showed a positive
object of research was 10 manufacturing relation with leverage of firms.
companies listed on the Stock Exchange in Safitri, Sinarwati and Atmadja
the period 2003-2006, this research using (2015) conducted a study with dependent
multiple regression analysis. The variable used is stock returns and
conclusion from these studies is firm size , independent variables used are
business risk and growth rate have no profitability, liquidity and leverage. The
influence to capital structure while the object of research was 55 manufacture
structure of asset and profitability have companies listed on the Stock Exchange in
positive influence to capital structure. the period 2009-2013, this research using
Kartika (2009) conducted a study multiple regression analysis. The
with dependent variable used is capital conclusion from these studies is variable
structure and independent variables used profitability, liquidity and leverage
are business risk, structure of asset, simultaneously significant influence to
profitability, firm size. The object of stock returns
research was 71 manufacture companies
listed on the Stock Exchange in the period HYPOTHESIS
2004-2006, this research using multiple Liquidity Influence To Capital
regression analysis. The conclusion from Structure
these studies is business risk does not have Liquidity is the ability of a company
an influence to capital structure while to pay bills in the short term without
structure asset, profitability and firm size disrupting operations. In the balance sheet,
significant positive have an influence to the company's liquidity is characterized by
capital structure. the division of current assets divided by
Ganerse and Suarjaya (2014) short-term debt. A company that able to
conducted a study with dependent variable pay all its financial obligations called
used is stock returns and independent liquid company, and a company that has
variables used were liquidity, profitability no able to pay all its financial obligations
and firm size. The object of research was called ilikuid company. A company rate of
16 food and beverage companies listed on liquid is when the value of the division of
the Stock Exchange in the period 2008- current assets value to short-term debt is
2011, this research using multiple linear greater than 1. In general, investors in
regression analysis. The conclusion from making investment also saw the company's
these studies is variable profitability, liquidity so that liquidity is also affecting
liquidity and firm size simultaneously the company's capital structure. Investors
significant influence to stock returns, but who invest will increase long-term debt or
only variable profitability and firm size is short-term debt, and it changing the
partially significant influence to stock capital structure of the company. It is
returns. supported by research conducted by Farah
Sabir and Malik (2012) conducted a Margaretha and Rizky Aditya Ramadhan
study with dependent variable used is (2010). The result showed that the
leverage of firms and independent liquidity has influence to capital structure.
variables used are profitability, liquidity, Based on the description above, the first
firm size and tangibility. The object of hypothesis formulated in this study are as
research was 5 pakistan oil and gas follows
companies in the period 2005-2010, this H1: If liquidity has increased, then the
research using multiple regression capital structure will decreased
analysis. The conclusion from these
studies is profitability variable is
negatively influence to leverage of firms

5
Jurnal Manajemen Keuangan 2015

Profitability Influence To Capital traded on the stock exchange, the more


Structure active the higher level of demand for the
Profitability is a measure that indicates the company's stock. Under the laws of supply
company's ability to generate profits for its and demand, if an item has a high level of
shareholders over the assets. Profit demand for the goods it will increase the
distributed to shareholders called price. Based on the description above, it
dividends will cause the company requires can be formulated fourth hypothesis in this
external funding thereby increasing study is as follows
company long-term debt or short-term debt H4: If Liquidity has increased, then the
and retained earnings cause the company value of the firm will increase.
have additional funds capital resulting in a
change of corporate capital and a reduction Profitability Influence To Value of The
in the use of the loan / debt. Therefore, it Firm
can influence the company capital Pecking order theory states that the
structure. Endang Sri Utami (2009) in his Company with high level of profitability
research using variables profitability with show a low levels of debt, because the
the results of positive effect on the high profitability company has a abundant
profitability of the capital structure. Based sources of internal funds (Breadley,
on the description above, it can be Myers, & Marcus, 2007). Companies that
formulated the hypothesis in this study is have a low level of debt will attract
as follows investors to invest or increase investor
H2: If the profitability has increased, then confidence due to high profitability
the capital structure will increase. demonstrate the effectiveness and
efficiency of corporate management in
Firm Size Influence To Capital running the operation. Increased investor
Structure confidence that could raise the company's
Firm size described the size of the value in the stock market. Based on the
company, Firm size indicated by total description above, it can be formulated
sales, total assets and the average level of fifth hypothesis in this study is as follows
sales (Seftianne, 2011). Total assets as the H5: If the profitability has increased, then
use of funds affect the capital structure the value of firm will increase.
because it determines how a company
should provide funds to finance its assets Firm Size Influence To Value of The
which led to change the composition of the Firm
debt and equity of the company. Andi The size of the company is an
Kartika (2009) conducted a study which important factor in the formation of the
has the result of firm size significantly company's value. Larger companies can
influence the capital structure. Based on generate earnings greater and getting a
the description above, it can be formulated higher return than smaller companies. This
third hypothesis in this study is as follows is supported by research conducted
H3: If the size of the company has Ganerse and Suarjaya (2014) which result
increased, then the capital structure will be show that the size of the company partially
increased. positive significant effect on stock returns,
if the size of the company large then the
Liquidity Influence To Value of The stock returns generated will be higher.
Firm Based on the description above, it can be
An an investor would see the level of formulated sixth hypothesis in this study is
liquidity of the company when as follows
investments. The liquidity of the company H6: If the company firm size increases,
reflect the level of activity of a stock then the value of the firm will increase.

6
Jurnal Manajemen Keuangan 2015

Capital Structure Influence to Value of research conducted by Sari and Abundanti


the Firm (2012) which has the result that the capital
The capital structure is divided into structure negatively affect the value of the
two essential parts, debt and equity, where company. Based on the description above,
the sum of debt and equity is create the it can be formulated seventh hypothesis in
value of the firm. The capital structure can this study is as follows
be calculated through Debt to Equity Ratio H7: If the structure of the capital increase,
(DER).. Currently there are no rules that then the value of the firm will decline.
determine the fair value of DER, but
generally DER value should be less than 1, The relationship between the
because the DER value more than 1 variables in this study illustrates the
indicates that the company is running their dependency relationship of dependent
operation using debt higher than the variable with independent variables. Its
equity. It’s means that the company is high show one to one relation from independent
level risk. Investors when seeing a high variables to dependent variable and
lever risk ofthe company will reconsider describes the intervening variable. Here is
whether the risk taken is balanced with the a picture of the research model
rate of return earned. This is supported by

H6

H1 H3
Liquidity
(X1)

Capital H2 H4
Profitability Value of The
Structure
(X2) Firm (Z)
(Y)

Firm Size
(X3)
H3 H5

Picture 1 Research Model

RESEARCH METHODS issued by the Indonesia Stock Exchange in


Research Design 2010-2013 containing financial data from
This research using clause design, period 2008-2012.
which is looking for direct and indirectly The sampling technique using
relationship or influence between the purposive sampling method. It is a method
variables of liquidity , profitability and of sampling with particular consideration
firm size to capital structure and value of based on interests or research purposes.
the firm. The criteria used in sampling is a company
engaged in wholesale and retail industry
Data Collection Techniques and listed in Indonesia Stock Exchange in the
Sampling period 2008-2012 and has a value of DER,
This study using secondary data ROE, current ratio, and total assets
financial report of 21 wholesale and retail positive.
companies. The sources of secondary data
is Indonesia Capital Market Directory
7
Jurnal Manajemen Keuangan 2015

Operational Definition and Liquidity


Measurement of Variables Liquidity is the ability of a company to
Capital Structure pay bills in the short term without
The capital structure is a combination of disrupting operations. To measure liquidity
debt and equity in the company long term variables, researchers used a current ratio
financial structure. To measure the value which indicates the company's ability to
of the capital structure, the researchers repay current liabilities using current
used the Debt to Equity Ratio (DER), assets. Current ratio chosen as a
which shows the proportion of funds from measurement variable with the
debt to finance the company's activities. consideration that current ratio involve
Companies that have a high DER value inventory in it, given that the company's
means that the company is running their main activity is selling goods produced by
operation using debt higher than the manufacturers with the amount of great
equity. It’s means that the company is high stuff, so that this ratio can be used to
level risk. determine the extent to which the ability of
Debt Equity Ratio = (3.1) the company need to meet the demands of
short-term creditors by using the assets are
expected to be cash. Moreover, the current
Value of The Firm ratio can be used to predict the extent to
The company's value is the market value which the company's ability to pay its
of enterprises securities (Keown, 2005). obligations. The greater the current ratio,
The value of the company is investor the better the position of creditors, as it
perception of the level of success of the will give a good signal where the
company and is often associated with the possibility of the company to pay its
stock price. To measure the value of obligations on time is enormous.
companies, researchers used stock return
that shows the level of profit earned by the
owner or investor funds on short-term current ratio = (3.4)
stock investments and long done.
Firm Size
Share Return = (3.2) Firm size id describe a large or small a
company. To measure the variable size
companies, researchers used a total
Profitability
nominal asset.
Profitability is the company's ability to
earn income from business activities. To
measure the variables of profitability,
Table 1 Reseatch Variables
researchers used a Return on Equity
Variabel Pengukuran Skala
(ROE), which indicates the company's
Liquidity Current Ratio Ratio
ability to generate profit after tax by using Profitability ROE Ratio
their own equity of the company. The Firm Size Total Asset Nominal
higher ROE value indicates that the use of Capital DER Ratio
equity capital committed by the Structure
management company more efficient. Value of The Stock Return Ratio
Increased profitability indicates that Firm
improved performance management in
managing operational financing sources of
funds effectively to produce a net profit. Analysis Method
ROE = (3.3) This study will be using two stage
least squares (TSLS) analysis method to
determine the effect, directly or indirectly

8
Jurnal Manajemen Keuangan 2015

between liquidity, profitability and the size obligations so that the company is a liquid
of the company to the value of the firm companies.
with capital structure as an intervening The lowest value of return on equity
using path analysis techniques. from 81 data is 0,002 and the highest is
In the statement of financial position, 0,81. The lowest value achieved by PT Inti
it illustrates the pattern of financing assets Perkasa Sigmagold in 2008 and the highest
as use of fund from liabilities as the source value achieved by PT Matahari Putra
of funds. Financing patterns show Prima in 2010. The average value of the
interplay relationship, where the value of ROE is 0,14 with standard deviation value
current liabilities and long-term debt will is 0,13. This value indicates wholesale and
be amended if there is a change in the retail company have an average rate of
value of current assets, and long-term debt return on equity about 13-14% pa. The
with equity would change if the value of average value and standard deviation
fixed assets changed. If the composition of showed no major fluctuations in the
the liabilities change, then the company's wholesale and retail company.
capital structure will change, because the The lowest value of total assets from
composition of liabilities and equity 81 data is 0,04 and the highest value is
formed a company's capital structure. 11,42. The lowest value achieved by PT
The interplay is one to one relation Millennium Pharmacon International Tbk
that can be drawn into a structural equation in 2012 and the highest value achieved by
follows: PT Matahari Putra Prima in 2010. The
average value of total assets is 2,15 with
Y = α + β1X1 + β2X2 + β3X3 + ε (3.6) standard deviation value is 2,49.
Z = α + β4X1 + β5X2 + β6X3 + ε (3.7) The lowest value of debt equity ratio
Z = α + β7Y + ε (3.8) from 81data is 0,10 and the highest value
is 23,94. The lowest value achieved by PT
Ace Hardware in 2009 and the highest
Where : value achieved by PT Permata Sakti Prima
Z = Value of the Firm Tbk in 2008. The average value of DER is
Y = Capital Structure 2,46 with standard deviation value is 3,83.
α = Constanta The average value of DER showed that
βi = Path coefficient wholesale and retail companies is a
X1 = Liquidity company with high level of risk because of
X2 = Profitability DER value greater than 1.
X3 = Firm Size The lowest value of stock return
ε = Error from 81 data is 0,81 and the highest value
3,31. The lowest value achieved by PT
RESULT Triwira Insan Lestari Tbk in 2009 and the
Descriptive Analysis highest value achieved by PT Mitra Adi
The lowest value of current ratio Perkasa Tbk in 2010. The average value of
from 81 data is 0,68 and the highest is return is 0,33 with standard deviation
10,2. The lowest value achieved by PT value is 0,77. Standard deviation value is
Hero Supermarket in 2012 and the highest greater than the average value, this
value achieved by PT Triwira Insanlestari indicates that there is fluctuations in
in 2009. The average value of the current wholesale and retail companies stock
ratio is 2,17 with standard deviation value returns.
is 1,9 . It means that wholesale and retail
company have average ability to pay short-
term obligations 2 times greater than their

9
Jurnal Manajemen Keuangan 2015

Quality Test Data the regression model did not happen


Normality test heteroscedasticity problem.
Normality test used to determine
whether the data used normally distributed Multicollinearity
or not. Parametric analysis such as linear Multicollinearity test aims to test
regression requires that data should be whether there is strong or high regression
normally distributed. One method used to correlation was found between the
test for normality is the Kolmogorov- independent variables, this test is using the
Smirnov Z method. Decision-making value of VIF (Variance Inflation Factors)
method to this test is, if the significance and tolerance.
value > 0.05 then the data were normally Rules in this test is if VIF > 10 and
distributed and if the significance < 0.05 the value of tolerance < 0.1, then there is
then the data were not normally multicollinearity between independent
distributed. The Result of normality test variables in regression models and if VIF
for independent and dependent variable in < 10 and tolerance values > 0.1, then there
this research has significant value of 0,2. is no multicollinearity between
The significant value is greater than 0.05 independent variables in the regression
so the conclusions is sample of data from model.
this research is normal distributed. Multicollinearity test conducted on
the three equations have results tolerance
Classical Assumption Test value greater than 0.1 and VIF smaller
Heteroscedasticity than 10, so that the conclusions drawn are
Heteroscedasticity test aims to there is no multicollinearity in the third
determine whether there are similarities in equation.
the regression model residual variance
from one observation to another Table 2 : Result of Multicollinearity
observation. Method for detecting the Test
presence or absence of heteroscedasticity Multicollinearity
is looking at the graph plot between the Capital Value of The
Variable
Structure Firm
predicted value of the dependent variable
Tole VIF Tol VIF
(ZPRED) with residual (SRESID), the Liquidity 0,918 1,089 0,935 1,070
point spread with no clear pattern above Profitability 0,826 1,211 0,790 1,266
and below the number 0 on the Y axis Total Asset 0,895 1,118 0,839 1,192
Test Heteroskidastity of the capital Capital
1,000 1,000
structure by looking at the graph plot Structure
between the predicted value of the
dependent variable (ZPRED) with residual Autocorrelation
(SRESID) has the result that the dots Autocorrelation is the correlation
spread pattern is unclear above and below between observations in a single variable.
the number 0 on the Y axis so that it can how to detect the presence of
be concluded that the regression model did autocorrelation is using Durbin Watson
not happen heteroscedasticity problem. (DW) statistics. To help concluding the
Test Heteroskidastity of value of the relationship autocorrelation, DW has a
firm by looking at the graph plot between table that is used as a rule of comparison
the predicted value of the dependent test conducted DW.
variable (ZPRED) with residual (SRESID) DW table consists of two values, the
has the result that the dots spread pattern is lower limit (dL) and the upper limit (dU).
unclear above and below the number 0 on dL and dU value obtained through Table
the Y axis so that it can be concluded that DW to see how many samples as well as
many independent variables used. dL and

10
Jurnal Manajemen Keuangan 2015

dU used as a comparison test DW, with the variable. For linear regression model that
rules if the value DW < dL and DW > 4- uses three or more independent variables,
dL means that there is a correlation, if the to analyze the coefficient of determination
value of dL <DW <dU or 4-dU <DW <4- will use the adjusted R Square while for
dL means no definite decision and if value the linear regression model that uses 1
dU <DW <4- dU means no correlation independent variables, to analyze the
occurs. coefficient of determination will use the
The result of autocorrelation test value of R Square.
conducted on equation 3.6 using the Adjusted R Square of equation 3.6 is
Durbin-Watson is 1,938. Based on the 0.37, the conclusion drawn is that the
table with a significant DW 0.05 with a effect of variable liquidity, profitability
value of k = 3 (number of independent and the size of the company to variable
variables) and N = 40 (amount of data), the capital structure is 37.2% and the influence
obtained values of dL = 1.3384 and dU = of other factors not examined was 62.8%
1.6589. If the results of DW inserted into Adjusted R Square of equation 3.7 is
the test table, it can be concluded that the 0.111, the conclusion drawn is that the
Durbin-Watson value of 1.938 is located ia effect of variable liquidity, profitability
the area dU<DW<4-dU which means there and company size on the variable value of
is no autocorrelation in the equation 3.6. the company was 11.1% and the influence
The result of autocorrelation test of other factors not examined was 88.9%
conducted on equation 3.7 using the Adjusted R Square of equation 3.8 is
Durbin-Watson is 1,245. Based on the 0,211, the conclusion drawn is that the
table with a significant DW 0.05 with a effect of variable capital structure to the
value of k = 3 (number of independent variable value of the company is 21.1%
variables) and N = 21 (amount of data), the and the influence of other factors not
obtained values of dL = 1.0262 and dU = examined was 78.9%
1.6694. If the results of the DW inserted
into the test table, it can be concluded that Test F (ANOVA)
the Durbin-Watson value of 1,245 located Test F was used to test the influence
in the area dL<DW<dU which means no of independent variables together on the
definite decision on the equation 3.7. dependent variable. Decision making is
The result of autocorrelation test based on the significance value, if
conducted on equation 3.8 using the Sig>0.05 then H0 is accepted and if
Durbin-Watson is 1,464. Based on the Sig<0.05 then H0 is rejected. H0 is the null
table with a significant DW 0.05 with a hypothesis which state that there is no
value of k = 1 (the number of independent simultanly influence on the dependent
variables) and N = 21 (amount of data), the variable form independent variables.
obtained values of dL = 1.2212 and dU = Test F on equations 3.6 and 3.8 show
1.4200. If the results of DW inserted into the Sig value less than 0.05, the conclusion
the test table, it can be concluded that the drawn in the equation 3.6 is variable
Durbin-Watson value of 1.464 is located in liquidity, profitability and the size of the
the area dU<DW<4-dU which means there companies simultantly influence the
is no autocorrelation in the equation 3.8. capital structure and the conclusions drawn
in the equation 3.8 is a variable structure
Hypothesis Testing capital simultanly influence the value of
Analysis of Coefficient Determination the firm.
R2 Analysis - R Square or the coefficient Test F in equation 3.7 shows the Sig
of determination used to know how big the greater than 0.05, the conclusion drawn in
donation presentation independent the equation 3.7 is variable liquidity,
variables together on the dependent profitability and the size of the companies

11
Jurnal Manajemen Keuangan 2015

simultantly does not influence the value of capital structure is an intervening variable
the firm. to value is the firm is by looking the sum
value of indirect influence. If the amount
Test T - Partial Significant of the indirect influence is greater than the
Test T was used to test the influence direct influence of value of the firm, then
of partially independent variables to the intervening variables proved
dependent variable. Decision making is influential.
based on the significance value, if Based on the table 2 below, the
Sig>0.05 then H0 is accepted and when amount of indirect influence is greater than
Sig<0.05 then H0 is rejected. H0 is the null the direct influence of value of the firm, so
hypothesis which state that there is no that the study was able to prove that the
partially influence from the independent capital structure is an intervening variable
variables to the dependent variable. that is able to give effect to the relationship
Test T at each independent variable between the variables of liquidity,
in the equation 3.6 and 3.8 show the Sig profitability and the size of the company to
value less than 0.05, the conclusion drawn the value of the Firm
in the equation 3.6 is variable liquidity, .
profitability and company size Table 4 Direct and Indirect Influence
significantly influence the capital structure
and the conclusions drawn in the equation Variabel
DER Return Saham
3.8 is a variable capital structure PL PL PTL
significantly influence the value of the A B C D = B x -0,459
Firm. Current Ratio -0,315 0,389 0,145
ROE 0,314 -0,017 -0,144
TA -0,532 0,316 0,244
Table 3 Value of T DER -0,459
t
0,245
Capital Value of The
Variable
Structure Firm
t Sig. t Sig Discussion
Liquidity -2,377 0,23 1,786 0,092 Based on the results of the analysis
Profitability 2,248 0,31 -0,074 0,942 above, relationship between independent
Total Asset -3,968 0,00 1,374 0,187 variables and dependent variable in the
Capital
Structure
-2,253 0,036 equation 3.6 - 3.8 can be described as a
path diagram analysis. Below is a
structural equation formed from the
Intervening Analysis coefficients in our model
From individual relationships
between independent variables on the Y = 3003 – 0,689 X1 + 2,949 X2 –
dependent variable there is an intervening 0,285X3 (4.1)
variable that needs to be analyzed its
influence in the research model. Through Z = -0,345 + 0,591 X1 – 0,155 X2 + 0,101
multilevel regression analysis, we get X3 (4.2)
coefficient path directly connecting the
variable liquidity, profitability and firm Z = 1270 – 0,306 Y (4.3)
size variable value of the firm and capital Significant value equation 4.1 and
structure and we get coefficient path 4.3 is smaller than 0.05, while significant
directly connecting capital structure to value equation 4.2 is greater than 0.05
value of the firm. To see whether the

12
Jurnal Manajemen Keuangan 2015

-0,306

-0,689 0,591
Liquidity
(X1)

Capital 2,949 -0,155


Profitability Value of The
Structure
(X2) Firm (Z)
(Y)

Firm Size
(X3)
-0,285 0,101

Picture 2 Path Diagram

Based on structural equation above, liquidity significantly influence the capital


it can be explained as follows: structure. Results of this study are not
Capital structure significantly influence consistent with results of previous studies
to value of the firm by Mahvish Sabir and Qaisar Ali Malik
Statistical tests showed that the (2012) which states that the liquidity has a
capital structure has a negative coefficient positive influence to the capital structure
0.306 unit and significant value 0.036, of the oil and gas company in pakistan
which means that if there is a value added because the results of this study stated that
to capital structure 1 unit, then the value of liquidity has a negative influence to the
the firm will decrease 0.306 units. capital structure.
Significant value of capital structure is
smaller than 0.05 so the conclusions drawn Profitabilitysignificantly influence to
are capital structure significantly influence capital structure
the value of the firm. This proves H7 Statistical tests showed that the
proposed by the researchers, that the profitabilit has a positive coefficient 2.949
investor will consider investing in the unit and significant value 0.031, which
company's capital structure, when the means that if there is a value added to
company increased its capital structure due profitability 1 unit then the capital
to the use of debt increases, investors will structure will be increase 2,949 units.
consider it when buying shares of the Significant value of profitability is smaller
company. The results are consistent with than 0.05 so the conclusions drawn are
results of previous studies Okky Safitri, profitability significantly influence capital
Sinarwati and Anantawikrama Tungga structure. The results are consistent with
Atmadja (2015) which states that the results of previous studies by Endang Sri
variable leverage positive effect on firm Utami (2009) which states that the
value. profitability has positive influence to
capital structure. Profitability is the most
Liquidity significantly influence to dominant factor influencing capital
capital structure structure.
Statistical tests showed that the
liquidity has a negative coefficient of Firm size significantly influence to
0.689 unit and the significant value of capital structure
0.023, which means that if there is a Statistical tests showed that firm size
liquidity value added 1 unit then the has a negative coefficient 0.285 unit and
capital structure will decrease 0.689 units. significant value of 0.000, which means
Significant value of liquidity is smaller that if there is a value added to firm size 1
than 0.05 so the conclusions drawn are unit, then the capital structure will

13
Jurnal Manajemen Keuangan 2015

decrease 0.285 units. Significant value of


firm size is smaller than 0.05 so the Profitability doesn’t have influence to
conclusions drawn are firm size value of the firm
significantly influence to capital structure Statistical tests showed that the
variables. Results of this study are not profitability has a negative coefficient of
consistent with results of previous studies 0.155, which means that if the value of
by Andi Kartika (2009) which states profitability rose 1 unit then the value of
variables firm size has positive influence the firm will be reduced 0.155 units but the
to capital structure because the result of significant value is 0.942, so its mean that
this research is firm size negatively the profitability variable does not influence
influence to capital structure. to value of the firm.

Liquidity doesn’t have influence to Firm size doesn’t have influence to


value of the firm value of the firm
Statistical tests showed that the Statistical tests showed that the
liquidity has a positive coefficient of firm size has a positive coefficient 0.101,
0.591, which means that if the value of which means that if the value of the size of
liquidity rose 1 point then the value of the the company rose 1 point, then the value of
firm will increase 0.591 units but liquidity the company's value will increase by 0.101
significant value is 0.092, so its mean that units but the significant value is 0.187, it
the liquidity variables does not influence means that firm size does not influence to
the value of firm. value of the firm

Table 5 Result Hypothesis Testing


Hypothesis Result Desctiption
H1 If liquidity has increased, then the Retain Liquidity has a negative
capital structure will decreased influence to capital
structure
H2 If the profitability has increased, then Retain Profitability has a positive
the capital structure will increase influence to capital
structure
H3 If the size of the company has Reject Firm size has a negative
increased, then the capital structure influence to capital
will be increased structure

H4 If Liquidity has increased, then the Reject Liquidity is not


value of the firm will increase significantly influence to
value of firm
H5 If the profitability has increased, then Reject Profitability is not
the value of firm will increase significantly influence the
value of firm
H6 If the company firm size increases, Reject Firm size is not
then the value of the firm will significantly influence to
increase value of firm
H7 If the structure of the capital Retain capital structure has a
increase, then the value of the firm negative influence to the
will decline value of firm

Manajemerial nt Implications optimally because as the result of this


Companies must pay attention to the research that capital structure has influence
company's capital structure. Capital to value of the firm. If the company made
structure must be made and managed
14
Jurnal Manajemen Keuangan 2015

additional debt, the level of risk the The company in addition assets must
company will be increased as well. pay attention to the return on assets, good
Increasing value of the firm could assets are assets that can add company's
happen if the company stock is often revenues so the company does not need
traded, therefore all activities must be additional loans to manage. In there is an
centered to increase value of the firm. One absence of additional debt then there is no
of the way to increase value of the firm is additional risk level.
by investment decisions and funding Based on these results, the
decisions. Investment and funding fundamental analysis directly does not
decisions must be planned carefully significantly influence the value of the
because the investment decisions taken firm but if through the capital structure,
will affect the left side of the balance sheet the fundamental analysis indirectly
and funding decisions taken will affect the significantly influence the value of the
right side of the balance sheet. An increase firm, so the company must always
in the value of the firm will lead to an maintain the company's financial
increase in all financial aspects like fundamentals and the composition of the
profitability. debt and equity of the company. For
The dominant factors affecting investors and prospective investors in
capital structure is profitability, so the making investment should have to pay
company must improve profitability, attention to the information contained in
improvement of profitability will made the financial statements in this liquidity,
company performance increasing. If profitability and the size of the company as
profitability increase, the company can consideration in making the right
also consider to obtain internal financing investment decisions and profitable.
through retained earnings so it can reduce
external financing from debt. A decrease CONCLUSION & SUGGESTION
from external financing will reduce value Conclusion
of debt to equity, causing the company's The conclusion drawn by this study
risk level is reduced. In conducting its are variable of liquidity, profitability, and
operations, the company also firm size simultantly and partially proved
recommended to more effective and significantly influence capital structure
efficient, therefore the value of variables. Partially, the variable of
profitability will increase. Increasing value liquidity has negative influence to capital
of profitability does not guarantee an structure variables, the variable of
increase in value of firm but it still needs profitability has positive influence to
to be done because of the value of capital structure variables and the variable
profitability is a guarantee to investors that of firm size hasnegative influence to
the company has a future. capital structure variables. Variable of
Liquidity is the ability of a company liquidity, profitability, firm size
to pay bills in the short term without simultantly and partially proved
disrupting operations. In general, investors significantly not influence to the variable
in making investment will see whether a value of firm. Variable of capital structure
company is liquid or not, a company with is proven as an intervening variable that
good value of liquidity in running its influence the relationship between the
operation does not require additional debt variables of liquidity, profitability, and
so it will lower capital structure and firm size to value of the firm variable.
reduced the level of risk, therefore the Variable of profitability is the most
company must always maintain value of dominant variable influencing capital
liquidity and must increase the value of structure variable followed by liquidity
liquidity. variable and firm size variable.

15
Jurnal Manajemen Keuangan 2015

Joni, & Lina. (2010). Faktor-Faktor Yang


Research Limitation Mempengaruhi Struktur Modal.
Test results of value of the firm can Jurnal Bisnis dan Akuntansi , 81-96.
not be verified due to lack of data, in the Kartika, A. (2009). Faktor-Faktor Yang
period 2008-2012 the stock value of Mempengaruhi Struktur Modal Pada
wholesale and retail company is not Perusahaan Manufaktur Yang Go
significant change. When doing data Public di BEI. Dinamika Keuangan
analysis, some data does not pass outliers dan Perbankan , 105-122.
testing so the amount of data was Keown. (2005). Manajemen Keuangan :
shrinkage. Researchers can’t obtain Prinsif-Prinsif Dasar Dan Aplikasi.
financial statement data after 2012 so Jakarta: PT Indeks Kelompok
analysis doing in this research not in Gramedia.
updated period Kim, C. S., Mauer, D. C., & Sherman, A.
E. (1998). The Determinants Of
Suggestion Corporate Liquidity : Theory And
For further research , it is Evidence. Journal of Financial and
recommended to use a longer period in Quantitative Analysis , 335-359.
order to increase the number of samples Margaretha, F., & Ramadhan, A. R.
and it is recommended to choose another (2010). Faktor-Faktor Yang
variable to be studied considering the Mempengaruhi Struktur Modal Pada
coefficient of determination variable from Industri Manufaktur Di Bursa Efek
this study only affects the capital structure Indonesia. Jurnal Bisnis dan
of 37.2 % and affects value of the firm of Akuntansi , 119-130.
11.1 %. When doing a selection of the Maytariana, D., Suhadak, & Kertahadi.
object of study make sure that object of (2013). Faktor-Faktor Fundamental
study is issuing financial statements for 10 Yang Memperngaruhi Struktur
years, so that the sample data is bigger. Modal Perusahaan.
Object of study is recommended to Niztiar, G. (2013). Analisis Faktor Yang
selected company that is often traded on Mempengaruhi Struktur Modal.
the stock exchange. Noor, J. (2014). Analisis Data Penelitian
Ekonomi & Manajemen. Jakarta: PT
BIBLIOGRAPHY Gramedia Widiasarana Indonesia.
Breadley, R. A., Myers, S. C., & Marcus, Priyatno, D. (2010). Teknik Mudah Dan
A. J. (2007). Dasar-Dasar Cepat Melakukan Analisis Data
Manajemen Perusahaan Jilid 1. Penelitian dengan SPSS.
Jakarta: Erlangga. Yogyakarta: Gava Media.
Brigham, E. F., & Gapenski, L. C. (2004). Retherford, R. D., & Choe, M. K. (1993).
Financial Management : Theory And Statistical Models For Causal
Practice. Florida: Harcourt College. Analysis. New York: John Wiley &
Febriminato, R. D. (2012). Analisis Sons, Inc.
Faktor-Fakor Yang Mempengaruhi Riyanto, B. (2001). Dasar-Dasar
Struktur Modal Pada Perusahaan Pembelanjaan Perusahaan.
Yang Terdaftar Di Bursa Efek Yogyakarta: BPFE.
Indonesoa Periode 2001-2010. Rodoni, A., & Ali, H. (2010). Manajemen
Ganerse, I. M., & Suarjaya, A. A. (2014). Keuangan. Jakarta: Mitra Wacana
Pengaruh Profitabilitas, Likuiditas Media.
dan Ukuran Perusahaan Terhadap Ross, S. A., Westerfield, R. W., & Jordan,
Return Saham Perusahaan F&B. The B. D. (2009). Pengantar Keuangan
Indonesian Publication Index , 1620- Perusahaan. Jakarta: Salemba
1632. Empat.

16
Jurnal Manajemen Keuangan 2015

Ross, S. A., Westerfield, R. W., Jaffe, J., Perusahaan Publik Sektor


& Jordan, B. D. (2008). Modern Manufaktur. Jurnal Bisnis dan
Financial Management (Vol. 8). Akuntansi , 39-56.
New York: McGraw Hill. Sudana, I. M. (2011). Manajemen
Sabir, M., & Malik, Q. A. (2012). Keuangan Perusahaan Teori &
Determinants of Capital Structure - Praktik. Jakarta: Erlangga.
A Study of Oil and Gas Sector of Syah, T. Y., & Ruswanti, E. (2015).
Pakistan. Interdisciplinary Journal Pedoman Penyusunan Tugas Akhir
of Contemporary Research in Program Magister Manajemen.
Business , 395-400. Jakarta: Universitas Esa Unggul.
Safitri, O., Sinarwati, & Atmadja, A. T. Umar. (2008). Metode Penelitian Untuk
(2015). Analisis Pengaruh Skripsi dan Tesis Bisnis. Jakarta:
Profitabilitas, Likuiditas, Dan Raja Grafindo Persada.
Leverage Terhadap Return Saham Usman, Y. (2004). Analisis Pengaruh
Pada Perusahaan Manufaktur Yang EVA, MVA Dan Kinerja Keuangan
Terdaftar di BEI Tahun 2009-2013. Konvensional Terhadap Return
e-journal S1 Ak Universitas Saham Di Bursa Efek Jakarta.
Pendidikan Ganesha . Utami, E. S. (2009). Faktor-Faktor Yang
Salvatore, D. (2005). Ekonomi Manajerial Mempengaruhi Struktur Modal
Dalam Perekonomian Global. Perusahaan Manufaktur. Fenomena ,
Jakarta: Salemba Empat. 39-47.
Sari, P. I., & Abundanti, N. (2012). Weston, F. J., & Copeland, T. E. (1995).
Pengaruh Pertumbuhan Perusahaan Manajemen Keuangan. Jakarta:
dan Leverage Terhadap Profitabilitas Binapura Aksara.
dan Nilai Perusahaan. The Weston, J. F., & Brigham, E. F. (1997).
Indonesian Publication Index , 1427- Dasar-Dasar Manajemen Keuangan
1441. (9 ed., Vol. 2). Jakarta: Erlangga.
Sawir, A. (2004). Kebijakan Pendanaan Winahyuningsih, P., Kertati, S., &
dan Resrukturisasi Perusahaan. Prasetyo, H. (2011). Analisis Faktor-
Jakarta: PT. Gramedia Pustaka Faktor Yang Mempengaruhi Struktur
Utama. Modal Pada Perusahaan Manufaktur
Seftianne. (2011). Faktor-Faktor Yang Yang Go Public Di Bursa Efek
Mempengaruhi Struktur Modal Pada Indonesia.

17