PENGARUH STRUKTUR MODAL, UKURAN PERUSAHAAN, LIKUIDITAS TERHADAP KINERJA KEUANGAN YANG DIMODERASI INFLASI

Cindhy Dahlia
| Abstract views: 569 | views: 219

Abstract

This study aims to obtain empirical evidence on the effect of capital structure, firm size, liquidity of financial performance and inflation as a moderating variable. The number of sample companies used in this study is 168 non financial companies period from 2012 to 2016. The results of this study indicate that on the capital structure have a significant negative effect of financial performance, firm size have a significant positive effect of financial performance, and liquidity have an non significant and positive effect of financial performance. Data were analyzed using panel data regression. Based on the analysis of regression panel data, we concluded that the inflation proved to have a pure moderating influence on the relationship between liquidity of the financial performance.

 

Keyword: Capital Structure, Firm Size, Liquidity, Inflation, Financial performance

Abstrak

Penelitian ini bertujuan untuk mendapatkan bukti empiris mengenai pengaruh struktur modal, ukuran perusahaan, likuiditas terhadap kinerja keuangan yang dimoderasi oleh inflasi. Jumlah sampel perusahaan yang digunakan dalam penelitian ini adalah 168 perusahaan non keuangan tahun 2012-2016. Hasil penelitian ini menunjukkan struktur modal berpengaruh negatif dan signifikan terhadap kinerja keuangan, ukuran perusahaan berpengaruh positif dan signifikan terhadap kinerja keuangan, likuiditas berpengaruh positif dan tidak signifikan terhadap kinerja keuangan. Data yang dianalisis menggunakan regresi data panel. Berdasarkan analisis regresi data panel, dapat disimpulkan bahwa inflasi sebagai variabel pure moderating antara pengaruh likuditas terhadap kinerja keuangan.

Keyword: struktur modal, ukuran perusahaan, likuiditas, inflasi, kinerja keuangan

Keywords

Struktur Modal; Ukuran Perusahaan; Likuiditas; Inflasi; Kinerja Keuangan

Full Text:

PDF

References

Ahlgrim, K., D’Arcy, S.P. (2012). The Effect of Deflation on Insurance Industry Research Journal of Finance and Accounting. 4(2), 1-30.

Akenga, Grace (2015). Effect on Liquidity on Financial Performances of Firms listed at Nairobi Securities exchanges. International Journal of Science and Research, 6 (7):279-286

Ajija, Shochrul R. et al (2011). Cara Cerdas Menguasai Eviews. Jakarta: Salemba Empat.

Ayako et al.(2017). Determinants of the Performance of Firms Listed At the Nairobi Securities Exchanges. Research Journal of Finance and Accounting, 6(12),157-166.

Bouckova, Marketa (2015). Management Accounting and Agency Theory. Procedia Economics and Finance, 25(2): 5-13.

Brigham, E.F. dan Houston, Joel F. (2016). Fundamental of Financial Management . Edisi Kesembilan. South Western College: Canada.

Caporale, Guglielmo Maria et al. (2016). The performances of banks in Mena Region during Global Financial Crisis. Journal of Economics and Finances, 10(2): 145-158.

Chadha, dan Sharma (2015). Determinants of capital structure: an empirical evaluation from India, Journal of Advances in Management Research,12 (1): 3-14

Chandrapala, Pathirawasam (2013). The Value Relevance of Earnings and Book Value: The Importance of Ownership Concentration and Firm Size. Journal of Competitiveness, 5 (2):98-108

Dawar, Varun. (2014). Agency Theory, Capital Structure and Firm Performance Some Indian Evidence. Managerial Finance Journal, 40 (2): 1190-1126.

Demirhan, H.Gökçehan, dan Anwar, Waseem (2014). FACTORS AFFECTING THE FINANCIAL PERFORMANCE OF THE FIRMS DURING THE FINANCIAL CRISIS EVIDENCE FROM TURKEY. Strategic Research Journal, 7(1):65-80.

Ebaid, Ibrahim El- Syaed (2009). The impact of capital‐structure choice on firm performance: empirical evidence from Egypt. Journal of Risk Finance, 10(5): 477-487.

Erasmus, P. D. (2008). Evaluating Value Based Financial Performance Measures, Corporate Ownership& Control Journal, 6 (1): 66-77

Faroq, Omar (2012). Liquidity and Firm Performance in MENA Region, International Journal of Business Governance & ethics,7(3):82-95

Fosu, Samuel (2013). Capital structure, Product Market Competition, and Firm Performance: Evidence from South Africa. Review of Economics and Finance,53 (2): 140-151.

Gantino, Rilla (2015). Effect of Managerial Ownership Structure, Financial Risk and Its Value on Income Smoothing in the Automotive Industry and Food & Beverage Industry Listed in Indonesia Stock Exchange. Journal of Finance and Accounting, 6(4): 48-57.

Gujarati, Damodar dan Porter, Dawn C.. (2013). Dasar-Dasar Ekonometrika. Jakarta: Salemba Empat.

Guruswamy,D, dan Hedo, Abdulkerim (2014). Impact of Macroeconomic Variables on Financial Performance of Banks: A Case of Selected Private Commercial Banks in Ethiopia. Journal of Finances, 7(4): 19-24.

Hossain, Monzur, dan Rafiq, Farhana (2013). Global Commodity Price Volatility and Domestic Inflation Impact on the Performance of the Financial Sector in Bangladesh. Journal of Economics and International Finances: 1-25

Huber, Peter J. (1973). The 1972 Wald Memorial Lectures: Robust regression: Asymtotics, Conjectures and Monte Carlo, Journal of Applied Mathematic, Vol. 1 (5): 799-817.

Jensen, M. dan Meckling, W. (1976), Theory of the firm: managerial behaviour, agency costs and ownership structure, Journal of Financial Economics, Vol. 3, pp. 305-360

Judith, Modebe Nwanneka, dan Chijindu (2016). Dynamics of Inflation and Manufacturing Sector Performance in Nigeria: Analysis of Effect and Causality. International Journal of Economics and Financial Issues, 6(4): 1400-1407

Karadeniz, et al. (2009), “Determinants of capital structure: Evidence from Turkish lodging companies”, International Journal of Contemporary Hospitality Management, 21 (5), 594-609.

Kimathi et al. (2015). Effect of Leverage on Performance of Non-financial Firms Listed at the Nairobi Securities Exchange. Journal of Finance and Accounting, 3(5). 132-140.

Kuncova et al (2016). Firm Size as a Determinantof Firm Performance The Case of Swine Raising. Journal Economics and Informatics, 8(3): 77-90.

Lazar, Sebastian (2016). Determinants of Firm Performance: Evidence from Romanian Listed Companies. Review of Economic and Business Studies, 9(1): 53-69.

Leland, Hayne E. dan Pyle, David H (1977). INFORMATIONAL ASYMMETRIES, FINANCIAL STRUCTURE, AND FINANCIAL INTERMEDIATION. The Journal of Finance, 32(2): 371-389

Mirza, Sidra Ali, dan Javed, Attiya (2013). Determinant of Financial Performance of a Firm: Case of Pakistani Stock Market. Journal of Economics and International Finances, 5(2): 43-52.

Muritala, TA dan Ajibola, O.B. (2014). Does Capital Structure Enhance Firm Performance? Evidence from Nigeria. Journal of Accounting and Audit Practiced, 12(4): 43-55.

Naser, K. dan Mokhtar, M. Z. (2004). Determinants of Corporate Performance of Malaysian Companies. Journal of Accounting, 4(2): 52-56

Niresh dan Velnampy, Thirunavukkarasu, (2014). Firm Size and Profitability: A Study of Listed Manufacturing Firms in Sri Lanka. International Journal of Business and Management, 9(4):57-65.

Odalo, Samuel Kanga, dan Achoki, George (2016). Liquidity and Financial Performance in Agricultural Firms listed in the Nairobi Securities Exchange in Kenya. International Journal of Business and Social Science, 7 (7): 57-65.

Ogebe, dan Patrick, Ojah (2014). the impact of capital structure on firm's performance in Nigeria. Journal of Economics: 1-24.

Ongore, Vincent Okoth, dan Kusa, Gemechu Berahnu (2013). Determinants of Financial Performances of Commercial Banks in Kenya. Economics and Finance Issue, 3 (1):237-252.

Pandey, I. (2005). Financial Management (9th edition). New Delhi: Vikas Publishing House.

Ross, S. A. (1977). The Determination of Financial Structure: The Incentive Signaling Approach. Bell Journal of Economics and Management Science, 8 (1):23-40

Riaz, Saad (2015). Impact of Capital Structure on Firm’s Financial Performance: Analysis of Chemical Sector of Pakistan. Journal of Poverty, Investment and Development: 85-95

Roscoe, J.T. (1975) Fundamental Research Statistics for the Behavioural Sciences (2nd Edition). New York: Holt Rinehart & Winston

Sarwono, Jonathan (2016). Prosedur- Prosedur Analisis Populer Aplikasi Riset Skripsi dan Tesis dengan Eviews. Jogjakarta: Gava Media.

Seetanah, et al (2014). Capital structure and firm performance: evidence from an emerging economy. The Business and Management Review, 4(4): 185-198.

Sekaran, Uma dan Bougie, Roger (2016). Research Method for Business: A Skill Building Approach. Edisi ketujuh.New York: John Wiley & Sons, Inc.

Thorp, dan Quandt (1960). The new inflation. Financial Analysts Journal, 16 (6): 143-144

Xu, Lei (2016). Governance and performance in China's real estate sector. Managerial Finance Journal, 6(1): 585-603.

Zeitun, Rami , dan Saleh, Ali Salman (2015). Dynamic performance, financial leverage, and financial crisis evidence from GCC countries. Journal of Business. Vol 10(2):147-162.

Undang-Undang Republik Indonesia Nomor 20 Tahun 2008 Tentang Usaha Mikro, Kecil, dan Menengah

www.saham ok.com

www.idx.co.id

Copyright (c) 2019 Jurnal Muara Ilmu Ekonomi dan Bisnis

Refbacks

  • There are currently no refbacks.