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All Journal Jurnal Ekonomi dan Bisnis Jagaditha Dinasti International Journal of Education Management and Social Science
Jhonni Sinaga
University of Bhayangkara Jakarta Raya, Jakarta, Indonesia
Economics, Econometrics & Finance Education

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The Influence of Profitability, Solvability, Firm Size, and Macroeconomics on Cost of Capital With Risk As a Moderating Variable on Multifinance Companies Giovani Huiser Mangalindung; Adler Haymans Manurung; Jhonni Sinaga; Idel Eprianto
Dinasti International Journal of Education Management And Social Science Vol. 6 No. 4 (2025): Dinasti International Journal of Education Management and Social Science (April
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijemss.v6i4.4200

Abstract

This research was conducted to examine the effect of gross profit margin, return on asset, leverage, firm size, oil price, and exchange rate on the cost of capital with risk as a moderating variable of multifinance companies that go public. This research population publishes multifinance companies that go public for the 2016-2023 period. The sampling technique uses purposive sampling technique. Based on predetermined criteria the number of samples obtained by 12 companies. The type of data used in this study is secondary data using panel data regression analysis methods. The results showed gross profit margin has a positive and not significant effect on the cost of capital, leverage variable has a positive and significant effect on the cost of capital, return on asset and firm size have negative significant effect on the cost of capital, oil price has a positive significant effect on the cost of capital, exchange rate has a positive and not significant effect. Risk is able to moderate gross profit and firm size have positive and not significant effect on the cost of capital, whereas risk is able to moderate return on asset and leverage have negative and not significant effect on the cost of capital.
Internal and External Factors on Cost Capital of Apparel and Luxury Goods Companies in Indonesia Stock Exchange Jerry Marmen Simanjuntak; Adler Haymans Manurung; Nera Marinda Machdar; John EHJ FoEH; Jhonni Sinaga
Jurnal Ekonomi dan Bisnis Jagaditha Vol. 12 No. 2 (2025): Jurnal Ekonomi dan Bisnis Jagaditha
Publisher : Universitas Warmadewa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22225/jj.12.2.2025.269-278

Abstract

This study aims to explore the determinants of the cost of capital for apparel and luxury goods companies listed on the Indonesia Stock Exchange. It utilizes annual data from 2016 to 2023 and employs a panel data model. The findings indicate that both internal and external factors influence the cost of capital. Internal factors include leverage, the interest coverage ratio (ICR), and taxes, while external factors include interest rates and exchange rates.
Co-Authors Adler Haymans Manurung Giovani Huiser Mangalindung Idel Eprianto Jerry Marmen Simanjuntak John EHJ FoEH Nera Marinda Machdar