Garuda - Garba Rujukan Digital

DETERMINAN STRUKTUR MODAL DAN DAMPAKNYA TERHADAP NILAI PERUSAHAAN Handayani, Maria Eki; Ichwanudin, Wawan; Khaerunnisa, Enis
ANALISIS Vol. 13 No. 1 (2023): ANALISIS VOL. 13 NO. 1 MARET 2023
Publisher : FACULTY OF ECONOMICS AND BUSINESS FLORES UNIVERSITY

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37478/als.v13i1.2540

This study tested the determinants of capital structure and its impact on the value of the company. The determinant variables of Capital Structure used are Profitability, Liquidity and Asset Structure. This study uses data from the IDX using a sample of companies that are members of the IDX30 index that have complete data in 2016-2020.. Variables that affect the capital structure used are profitability, liquidity, and asset structure. In this study, there were 12 populations. The data analysis technique in this study used and two-stage regression. The results find that Profitability, Liquidity and Assets Structure are the determinant of Capital Structure. Capital structure obtained from the first stage of regression has a negative and significant effect on Firm Value.

FIRM SIZE AS A CONTROL VARIABLE IN THE EFFECT OF PROFITABILITY ON STOCK PRICE WITH CAPITAL STRUCTURE AS MEDIATOR Istiqomah, Atika Rizki; Ichwanudin, Wawan; Suryani, Emma
Management Science Research Journal Vol. 2 No. 3 (2023): August 2023
Publisher : PT Larva Wijaya Penerbit

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56548/msr.v2i3.74

Purpose: The objective of this research is to figure out the impact of profitability (X) on stock prices by using capital structure (Z) as a mediating controllable and firm size as a predictor (Y). Methodology/approach: This study's population comprised eighteen companies, and it engaged secondary data and causal associative research methods with a quantitative approach. The regression intervention data analysis technique was used the SPSS 22 software. Results/findings: According to the analyses, ROA seemed to have a positive significant impact on stock prices, whereas DER had quite a significant negative impact on stock prices.Limitations: For five years, this sample was using one sub-sector of textile and garment companies. Contribution: Investors are expected to pay focus on aspects of profit related to net profit got each period based on managerial implications. Then, investors must consider the company's debt and equity levels, because companies with high debt levels can be risky to invest in. Novelty: Even though previous researchers' study became inconstant, the authors add debt to equity ratio as a mediator factor and firm size as a control framework in this research.

THE EFFECT OF MARKETING DUALITY ON PERFORMANCE: USING A RESPONSE SURFACE APPROACH TO OVERCOME EMPIRICAL BARRIERS Aripin, Zaenal; Ichwanudin, Wawan; Faisal, Ijang
Journal of Jabar Economic Society Networking Forum Vol. 1 No. 3 (2024): Jesocin - February
Publisher : Organisasi Kreatif Indonesia Emas

Show Abstract | Download Original | Original Source | Check in Google Scholar

Marketing plays a crucial role in improving company performance. However, the relationship between marketing strategy and company performance is not always linear. The phenomenon known as the marketing duality effect shows the complexity in the interactions between marketing variables and company performance. To overcome the empirical obstacles associated with understanding duality effects, the response surface approach has been proposed as an effective analytical tool. This research aims to investigate the effects of marketing duality on firm performance and uses a response surface approach to overcome the related empirical obstacles. This study uses a qualitative descriptive analysis method to explore understanding of the effects of marketing duality and a quantitative response surface analysis method to model the relationship between marketing variables and company performance. The analysis shows that the duality effect of marketing has a significant impact on company performance, with interactions between marketing variables being complex and not always linear. By using a response surface approach, we can identify complex patterns in the relationships between marketing variables and company performance, and design more adaptive and responsive marketing strategies.

DETERMINAN PROFITABILITAS DAN IMPLIKASINYA TERHADAP NILAI PERUSAHAAN DENGAN LEVERAGE SEBAGAI VARIABEL INTERVENING Alfiana, Dede; Ichwanudin, Wawan; Khaerunnisa, Enis
Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Vol. 12 No. 1 (2023): Jurnal Maneksi (Management Ekonomi Dan Akuntansi)
Publisher : Politeknik Negeri Ambon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31959/jm.v12i1.1265

This research was conducted with the aim of knowing the ability of leverage to mediate the implications of profitability on firm value, with sales growth and cash turnover as determinants of profitability. The population in this study are companies from the trade, service and investment sectors in the tourism sub-sector, restaurants and hotels listed on the Indonesia Stock Exchange (IDX) for the period 2016 to 2020 with a total population of 19 companies. The antecedent variable of company growth is proxied by sales growth and the activity ratio is proxied by Cash Turnover, the independent variable of profitability is measured using ROE (Return on Equity), the dependent variable of company value is proxied by PBV (Price Book Value), and the intervening variable Leverage is proxied by DER (Debt to Equity Ratio). This study uses secondary data obtained from ICMD (Indonesian Capital Market Directory) for 2016-2020. Testing was carried out using SPSS. The results showed that sales growth has a positive effect on profitability, cash turnover has a positive effect on profitability, profitability has a positive effect on leverage, leverage has a positive effect on firm value, profitability has a negative effect on firm value, leverage mediates profitability on firm value..

Impact of Capital Structure on Firm Value with Profitability as Mediator: Indonesian Coal Companies Study Singgih Widigdya; Akhmadi Akhmadi; Wawan Ichwanudin
Indonesian Journal of Innovation Multidisipliner Research Vol. 2 No. 1 (2024): Januari - Maret
Publisher : Institute of Advanced Knowledge and Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v2i1.151

Over the past six years, global economic volatility shaped by geopolitical complexities has significantly impacted the coal sector, marked by fluctuating prices influenced by events such as the Ukraine crisis and the COVID-19 pandemic. This study focuses on Indonesian coal companies, examining the relationship between capital structure (DER), firm performance (ROA), and firm value (PBV). Through empirical analysis of 15 listed companies from 2018 to 2023, utilizing Hayes' Process Macro Model 4, the research finds that higher Debt to Equity Ratios (DER) negatively affect Return on Assets (ROA), indicating reduced efficiency in asset utilization. However, DER positively correlates with Price to Book Value (PBV), implying investor optimism regarding future earnings and asset worth. The study underscores the nuanced interplay between financial metrics in shaping corporate value within Indonesia's coal sector, offering insights for strategic financial management amid market uncertainties.

The Effect of Liquidity on Capital Structure with Company Size as a Moderating Variable Mediated by Profitability: Pengaruh Likuiditas Terhadap Struktur Modal Dengan Ukuran Perusahaan sebagai Variabel Moderasi yang Dimediasi oleh Profitabilitas Olivia Monica; Wawan Ichwanudin; Emma Suryani
Indonesian Journal of Innovation Multidisipliner Research Vol. 2 No. 4 (2024): Oktober - Desember
Publisher : Institute of Advanced Knowledge and Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v2i4.210

This study aims to examine and analyze the effect of liquidity on capital structure, with firm size as a moderating variable and profitability as a mediating variable, conducted on companies listed in the IDX Growth 30 during the 2020-2022 period. The data used in this study are secondary data, and the sampling technique is purposive sampling. The data sources for this research come from the Indonesia Stock Exchange and the official websites of the listed companies. The results of the study show that liquidity has a negative and significant effect on capital structure, liquidity has a positive and significant effect on profitability, profitability has a negative and significant effect on capital structure, profitability is able to mediate the relationship between liquidity and capital structure, firm size is able to moderate the relationship between liquidity and capital structure, firm size is able to moderate the relationship between profitability and capital structure, and liquidity affects capital structure mediated by profitability and moderated by firm size simultaneously.

Impact of Capital Structure on Firm Value with Profitability as Mediator: Indonesian Coal Companies Study Singgih Widigdya; Akhmadi Akhmadi; Wawan Ichwanudin
Indonesian Journal of Innovation Multidisipliner Research Vol. 2 No. 1 (2024): Januari - Maret
Publisher : Institute of Advanced Knowledge and Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v2i1.151

Over the past six years, global economic volatility shaped by geopolitical complexities has significantly impacted the coal sector, marked by fluctuating prices influenced by events such as the Ukraine crisis and the COVID-19 pandemic. This study focuses on Indonesian coal companies, examining the relationship between capital structure (DER), firm performance (ROA), and firm value (PBV). Through empirical analysis of 15 listed companies from 2018 to 2023, utilizing Hayes' Process Macro Model 4, the research finds that higher Debt to Equity Ratios (DER) negatively affect Return on Assets (ROA), indicating reduced efficiency in asset utilization. However, DER positively correlates with Price to Book Value (PBV), implying investor optimism regarding future earnings and asset worth. The study underscores the nuanced interplay between financial metrics in shaping corporate value within Indonesia's coal sector, offering insights for strategic financial management amid market uncertainties.

The Effect of Liquidity on Capital Structure with Company Size as a Moderating Variable Mediated by Profitability: Pengaruh Likuiditas Terhadap Struktur Modal Dengan Ukuran Perusahaan sebagai Variabel Moderasi yang Dimediasi oleh Profitabilitas Olivia Monica; Wawan Ichwanudin; Emma Suryani
Indonesian Journal of Innovation Multidisipliner Research Vol. 2 No. 4 (2024): Oktober - Desember
Publisher : Institute of Advanced Knowledge and Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v2i4.210

This study aims to examine and analyze the effect of liquidity on capital structure, with firm size as a moderating variable and profitability as a mediating variable, conducted on companies listed in the IDX Growth 30 during the 2020-2022 period. The data used in this study are secondary data, and the sampling technique is purposive sampling. The data sources for this research come from the Indonesia Stock Exchange and the official websites of the listed companies. The results of the study show that liquidity has a negative and significant effect on capital structure, liquidity has a positive and significant effect on profitability, profitability has a negative and significant effect on capital structure, profitability is able to mediate the relationship between liquidity and capital structure, firm size is able to moderate the relationship between liquidity and capital structure, firm size is able to moderate the relationship between profitability and capital structure, and liquidity affects capital structure mediated by profitability and moderated by firm size simultaneously.

The Mediation Role Of Capital Structure And Profitability Moderation In The Relationship Between Liquidity And Company Value (Case Study Of Companies With Small-Mid Cap Liquid Index Listed On The Idx In The 2018-2023 Period) Atsilah, Yasmin; Ichwanudin, Wawan; Purbasari, Intan
Journal of Governance, Taxation and Auditing Vol. 4 No. 4 (2026): Journal of Governance, Taxation and Auditing (April - June 2026)-In Progress
Publisher : PT Keberlanjutan Strategis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38142/jogta.v4i4.1857

In this study, the researcher aims to provide new insights into whether liquidity can enhance firm value by employing capital structure as a mediating variable and profitability as a moderating variable. This research uses a quantitative approach with a causal design and utilizes secondary data obtained from TradingView, annual financial reports available on company websites, and the Indonesia Stock Exchange. The sampling method applied in this research is non-probability sampling with a purposive sampling technique, focusing on companies listed in the Small-Mid Cap Liquid Index on the Indonesia Stock Exchange for the 2018–2023 period. The data were then analyzed using SPSS version 25 through descriptive statistical analysis, followed by hypothesis testing using the PROCESS macro by Hayes. The findings of this study indicate that liquidity has a positive but insignificant effect on firm value; liquidity has a negative and significant effect on capital structure; capital structure has a negative and insignificant effect on firm value; capital structure is unable to mediate the relationship between liquidity and firm value; profitability cannot moderate the relationship between liquidity and firm value; profitability cannot moderate the relationship between capital structure and firm value; however, profitability can moderate the relationship between liquidity and firm value when capital structure is included as a mediating variable.

Analysis of Profitability on Stock Prices: Capital Structure as a Mediator, Firm Size as a Control: Analysis of Profitability on Stock Prices: Capital Structure as a Mediator, Firm Size as a Control Ichwanudin, Wawan; Ginanjar, Seandy
Jurnal Ecoment Global Vol. 11 No. 1 (2026): Volume 11 No. 1 edisi April 2026 (on progress)
Publisher : Universitas Indo Global Mandiri Palembang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36982/jeg.v11i1.6937

Objective: This study aims to empirically investigate the role of the Debt-to-Equity Ratio (DER) as a mediating factor between Return on Assets (ROA) and stock prices in food and beverage companies listed on the Indonesia Stock Exchange (IDX). It seeks to expand existing knowledge by analyzing the connections between these financial metrics and stock prices, offering valuable insights into corporate financial performance and its influence on market valuations. Design/Methods/Approach: Using regression analysis, the study tests the mediation of DER in the relationship between ROA and stock prices. The sample consists of firms in the food and beverage industry listed on the IDX. The hypotheses are tested through regression models to examine both direct and indirect effects. Findings: The results show that DER does not significantly affect ROA or stock prices. While ROA still significantly influences stock prices when DER is included as a mediating variable, DER itself does not mediate the relationship. This suggests that investors focus more on profitability (ROA) when making decisions, rather than considering DER. Originality/Value: This research introduces a novel perspective by exploring DER's mediating role, challenging the traditional view of its significance in investment decisions within the Indonesian food and beverage sector. Practical/Policy implication: Investors should focus on profitability (ROA) directly, rather than DER, when evaluating stock prices. This approach can help refine financial analysis models and investment strategies,

Title

Found 40 Documents
Search

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Title Search

Found 40 Documents Search

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Title

Found 40 Documents
Search