KEBIJAKAN STRUKTUR MODAL DAN KINERJA PERUSAHAAN PROPERTI DAN REAL ESTATE INDONESIA

Dwi Hartini Rahayu

Abstract


 

Abstrak

 

Tujuan: Penelitian ini bertujuan untuk menguji pengaruh struktur modal terhadap kinerja perusahaan property dan real estate  yang terdaftar di Bursa Efek Indonesia

Desain/Metodologi/Pendekatan Data yang digunakan adalah data dari perusahaan property dan real estate yang terdaftar di Bursa Efek Indonesia selama tahun 2011-2018 untuk mengukur rasio hutang (leverage), dan kinerja berbasis akuntansi (ROA dan ROE) dan kinerja berbasis pasar (Tobin’s Q). Regresi data panel digunakan untuk mengetahui pengaruh struktur modal terhadap kinerja perusahaan.

Hasil Penelitian: Struktur modal berpengaruh negatif terhadap ROA dan berpengaruh positif terhadap Tobin’s Q. Tidak ditemukan adanya pengaruh struktur modal terhadap ROE.

Keterbaruan/Nilai: Penelitian ini tidak hanya menggunakan kinerja berbasis akuntansi (ROA dan ROE) tetapi juga menggunakan pengukuran kinerja berbasis pasar (Tobin’s Q).


Abstract

 

Propose This study aims to examine the effect of capital structure on the performance of property and real estate companies listed on the Indonesia Stock Exchange

Design/Methodology/Approach The data used is data from property and real estate companies listed on the Indonesia Stock Exchange during 2011-2018 to measure debt ratios (leverage), and accounting-based performance (ROA and ROE) and market-based performance (Tobin's Q) Panel data regression is used to determine the effect of capital structure on company performance

Hasil Penelitian The capital structure has a negative effect on ROA and has a positive effect on Tobin's Q. No effect of capital structure was found on ROE

Keterbaruan/Nilai This research not only uses accounting-based performance (ROA and ROE) but also uses market-based performance measurement (Tobin's Q).



Keywords


Capital Structure, Firm Performance, Panel Data

Full Text:

PDF

Article Metrics

Abstract views : 0| PDF views : 0

References


Aliabadi, S; A. Dorestani, dan N. Balsara. 2013. The Most Value Relevant Accounting Performance by Industry. Journal of Accounting and Finance, Vol 3(1): 22-34

Al-Matari, E. M; A. K. Al-Swidi, dan F. H. Bt Fadzil. 2014. The Measurements of Firm Performance’s Dimensions. Asian Journal of Finance and Accounting, Vol 6(1): 24-49

Chadha, S; dan A. K. Sharma. 2015. Capital Structure and Firm Performance” Empirical Evidence from India. Vision Vol 19(4) : 295-302

Dewi, P. Y. S; G. A. Yuniarta, dan A. W. W. T. Atmaja. Pengaruh Struktur Modal, Pertumbuhan Perusahaan dan Profitabilitas terhadap Nilai Perusahaan pada Perusahaan LQ 45 di BEI Periode 2008-2012. e-Journal S1 Ak Universitas Pendidikan Ganesha Jurusan Akuntansi S1, Vol 2(1)

Moghimi, A; A. S. Taran, A. F. Yazdi, dan S. D. Harati. 2014. The Impact of Implementing Accounting Standards 30 and 31 on the Financial Performance on the Firms Listed on the Tehren Stock Exchange. Advances in Environmental Biology, Vol 8(12): 14-23

Muritala, Taiwo Adewale. 2012. An Empirical Analysis of Capital Structure on Firms’ Performance in Nigeria. International Journal of Advances in Management and Economics, Vol 1(5): 116-124

Nguyen, T; dan H. C. Nguyen. 2015. Capital Structure and Firms’ Performance: Evidence from Vietnam’s Stock Exchange. International Journal of Economics and Finance, Vol 7(12): 1-10

Nwude, E. C; I. O. Itiri, B. O. Agbadua, dan S. N. Udeh. 2016. The Impact of Debt on Firm Performance: Empirical Evidence from Nigerian Quoted Firms. Asian Economic and Financial Review, Vol 6(11): 647-660

Okiro, K; J. Aduda, dan N. Omoro. 2015. The Effect of Corporate Governance and Capital Structure on Performance of Firms Listed at the East African Community Securities Exchange. European Scientific Journal, Vol 11(7): 517-546

Panigrahi, S. K; Y. Zainuddin, dan A. Azizan. 2014. Comparing Traditional and Economic Performance Measure for Creating Shareholder’s Value: A Perspective from Malaysia. International Journal of Academic Research in Accounting, Finance dan Management Sciences, Vol 4(4): 280-289

Pervan, M; dan J. Visic. 2012. Influence of Firm Size on It’s Business Success. Croatian Operational Research Review, Vol 3: 213-223

Pouraghajan, A; E. Malekian, M. Emamgholipour, V. Lotfollahpour, dan M. M. Bagheri. 2012. The Relationship between Capital Structure and Firm Performance Evaluation Measures: Evidence from the Tehran Stock Exchange. International Journal of Business and Commerce, Vol 1(9): 166-181

Rouf, Md. Abdur. 2011. The Relationship Between Corporate Governance and Value of the Firm in Developing Countries: Evidence from Bangladesh. The International Journal of Applied Ecomonics and Finance, Vol 5(3): 237-244

Salim, M; dan R. Yadav. 2012. Capital Structure and Firm Performance: Evidence from Malaysian Listed Companies. Procedia- Social and Behavioral Sciences, Vol 65: 156-166

Seetanah, B; K. Seetah, K. Appadu, dan K. Padachi. 2014. Capital Structure and Firm Performance: Evidence from An Emerging Economy. The Business and Management Review, Vol 4(4): 185-196

Soumadi, M. M; dan O. S. Hayajneh. 2012. Capital Structure and Corporate Performance: Empirical Study on the Public Jordanian Shareholding Firms Listed in the Amman Stock Market. European Scientific Journal, Vol 8(22): 173-189

Xu, L; R. P. McIver, Y. G. Shan, dan X. Wang. 2015. Governance and Performance in China’s Real Estate Sector. Managerial Finance, Vol 42(6): 585-603




DOI: http://dx.doi.org/10.25105/mrbm.v20i2.7479

Refbacks

  • There are currently no refbacks.


Copyright (c) 2021 Media Riset Bisnis & Manajemen

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

 


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