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Determinan Struktur Modal dalam Upaya Meningkatkan Profitabilitas Perusahaan Manufaktur di Indonesia Stefani Chandra; Martha Ng; evelyn wijaya
Jurnal Manajemen dan Keuangan Vol 9 No 2 (2020): JURNAL MANAJEMEN DAN KEUANGAN
Publisher : Program Studi Manajemen Fakultas Ekonomi Universitas Samudra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33059/jmk.v9i2.2550

Abstract

Setiap perusahaan dalam menjalankan usahanya mempunyai tujuan yaitu untuk menghasilkan profit yang optimal. Profit mampu memberikan gambaran kinerja perusahaan dalam suatu periode serta menjadi daya tarik bagi investor dalam melakukan kegiatan jual beli saham. Perusahaan manufaktur merupakan salah satu perusahaan yang memberikan peranan penting bagi perekonomian nasional. Hal ini dapat terlihat dari laba perusahaan yang menunjukkan trend meningkat dibandingkan sektor lainnya. Penelitian ini bertujuan untuk menganalisis pengaruh ukuran perusahaan, uniqueness dan tangibilitas terhadap struktur modal dan profitabilitas pada perusahaan manufaktur. Populasi dalam penelitian adalah seluruh perusahaan manufaktur yang terdaftar di BEI periode 2010-2018 sebanyak 145 perusahaan. Sampel dalam penelitian sebanyak 96 perusahaan yang dipilih dengan menggunakan teknik purposive sampling. Teknik analisis data penelitian menggunakan bantuan program AMOS. Hasil penelitian menyatakan bahwa ukuran perusahaan dan tangibilitas tidak berpengaruh signifikan terhadap struktur modal, uniqueness berpengaruh signifikan positif terhadap struktur modal, dan struktur modal berpengaruh signifikan negatif terhadap profitabilitas. Hasil penelitian mendukung pecking order theory yang menyatakan bahwa semakin rendah nilai hutang perusahaan maka akan meningkatkan profitabilitas perusahaan.
The Co-Determinant of Capital Structure and Profitability Based on the Supply Chain Strategy: Evidence from Manufacturing Sector in Indonesia Teddy Chandra; Achmad Tavip Junaedi; Evelyn Wijaya; Stefani Chandra; Priyono Priyono
International Journal of Supply Chain Management Vol 8, No 6 (2019): International Journal of Supply Chain Management (IJSCM)
Publisher : International Journal of Supply Chain Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (608.817 KB)

Abstract

This study aims to analyze the simultaneous relationship between supply chain strategy and profitability. This study will also analyze the effect of capital structure and profitability on firm value based on the supply chain strategy. Furthermore, it will analyze the factors that influence capital structure, profitability and firm value in manufacturing companies in Indonesia. The endogenous variables used are profitability, capital structure and firm value, while the exogenous variables used are firm size, growth, tangibility, liquidity, volatility, uniqueness, advertising and financial flexibility. The population of this research is manufacturing companies listed on the Indonesia Stock Exchange. The sampling technique used was the purposive sampling. There were 117 companies that became the research samples. The observation period began in 2010-2016, so the amount of the data used in this study became 819 units of analysis. The analysis technique uses path analysis. The results of the research showed that there was a simultaneous relationship between profitability and capital structure. Profitability and firm size have a significant effect on firm value, while capital structure and growth do not have a significant effect on the firm value. Firm size, growth, tangibility and capital structure affect the profitability, while liquidity, volatility and advertising have no significant effect on profitability. Firm size, uniqueness, financial flexibility and profitability have a significant effect on capital structure, while growth, tangibility, liquidity and volatility have no significant effect on capital structure.