文章基本信息

标题：THE EFFECT OF PROFITABILITY, LIQUIDITY ON CAPITAL STRUCTURE AND FIRM VALUE: A STUDY OF PROPERTY AND REAL ESTATE COMPANIES LISTED ON INDONESIA STOCK EXCHANGE IN 2013-2015
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作者：Zulhilmi Wangsawinangun Rizki ; Zulhilmi Wangsawinangun Rizki ; Dzulkirom Mochammad 等
期刊名称：Eurasia: Economics & Business
电子版ISSN：2522-9710
出版年度：2018
卷号：8
期号：2
页码：34-41
语种：English
出版社：Grodno State Agrarian University
摘要：This study aims to find out and explain the context of profitability, liquidity, capital structure and firm value by property and real estate companies listed on Indonesia Stock Exchange in 2013-2015; to know and explain the effect of profitability on capital structure, liquidity on capital structure, profitability on firm value, liquidity on firm value and capital structure on firm value by using some capital structure theories such as: Modigliani Miller theory (1963), Pecking Order Theory (Myers, 1984) and Trade-off Theory. This study uses explanatory research using annual report as secondary data. Secondary data is obtained from the annual report published by the companies in their official website. The sampling technique used is purposive sampling with 23 companies as the samples per research year. Data analysis in this study uses Smart PLS 3.0 with a significance level of 0,05. The analysis result in this research indicates that profitability has negative and significant effects on capital structure, liquidity has no significant effect on capital structure, profitability has no significant effect on firm value, liquidity has positive and significant effects on firm value, and capital structure has positive and significant effects on firm value. The results of this study show that when the capital structure of property and real estate companies in 2013-2015 has not reached an optimum point, then the addition of debt will increase the firm value.
关键词：Profitability; liquidity; capital structure; firm value; property; real estate companies