The Influence of Capital Structure and Management Quality on Firm Value With Capital Expenditure as Moderating Variable in the Primary Consumer Goods Sector on the Indonesia Stock Exchange
DOI:
https://doi.org/10.35877/454RI.qems1104Keywords:
Capital Structure, Management Quality, Capital Expenditure, Company ValueAbstract
The purpose of this study is to determine the effect of capital structure and management quality on firm value and the effect of capital expenditure as a moderating variable on the effect of capital structure and management quality on firm value. The population in this study is the Primary Consumer Goods Sector Companies on the Indonesia Stock Exchange (IDX) from 2016 to 2020, of which there are 92 companies. The sampling technique is purposive sampling, so the research sample is 59 companies. The analysis stages of this study include descriptive statistical analysis, classical assumption testing, multiple linear analysis, correlation coefficient analysis and determination, hypothesis testing, and moderating regression analysis. The results of the study show that capital structure and management quality have a positive effect on firm value, and capital expenditure has a moderating effect that weakens the effect of capital structure on firm value, while capital expenditure has a moderating effect that strengthens the influence of management quality on firm value.
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Agus Harjito, M. (2008). Manajemen Keuangan, edisi 1. Yogyakarta: Ekonisia.
Alghifari, E. S., Triharjono, S., & Juhaeni, Y. S. (2013). Effect of return on assets (roa) against Tobin’s q: Studies in food and beverage company in Indonesia stock exchange years 2007-2011. International Journal Of Science and Research (IJSR), 2, 108–116.
Bajaj, Y., Kashiramka, S., & Singh, S. (2020). Application of capital structure theories: a systematic review. Journal of Advances in Management Research.
Butt, M. N., Baig, A. S., & Seyyed, F. J. (2021). Tobin’s Q approximation as a metric of firm performance: an empirical evaluation. Journal of Strategic Marketing, 1–17.
Chung, K. H., & Pruitt, S. W. (1994). A simple approximation of Tobin’s q. Financial Management, 70–74.
Djaja, I. (2020). All About Corporate Valuation (Edisi Revisi). Elex Media Komputindo.
Duarte, R., Lloyd, A., Kotas, E., Andronis, L., & White, R. (2019). Are acceptance and mindfulness?based interventions ‘value for money’? Evidence from a systematic literature review. British Journal of Clinical Psychology, 58(2), 187–210.
Dzahabiyya, J., Jhoansyah, D., & Danial, R. D. M. (2020). Analisis nilai perusahaan dengan model rasio tobin’s Q. JAD: Jurnal Riset Akuntansi & Keuangan Dewantara, 3(1), 46–55.
Fahmi, I. (2012). Analisis Kinerja Keuangan, 2017. Alfabeta, Bandung.
Fama, E. F., & French, K. R. (2001). Disappearing dividends: changing firm characteristics or lower propensity to pay? Journal of Financial Economics, 60(1), 3–43.
Ghozali, I. (2013). Aplikasi Analisis Multivariate Dengan Program SPSS. Semarang: Universitas Diponegoro.
Ghozali, I. (2016). Aplikasi analisis multivariete IBM SPSS 23. Badan Penerbit Universitas Diponegoro, Semarang.
Hasnawati, S. (2005). Dampak set peluang investasi terhadap nilai perusahaan publik di Bursa Efek Jakarta. Jurnal Akuntansi Dan Auditing Indonesia, 9(2).
HELBY PETERSEN, O. (2019). Evaluating the costs, quality, and value for money of infrastructure public?private partnerships: a systematic literature review. Annals of Public and Cooperative Economics, 90(2), 227–244.
Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability.
Husain, T., & Sunardi, N. (2020). Firm’s Value Prediction Based on Profitability Ratios and Dividend Policy. Finance & Economics Review, 2(2), 13–26.
Ishaq, M., Islam, Y., & Ghouse, G. (2021). Tobin’s Q as an Indicator of Firm Performance: Empirical Evidence from Manufacturing Sector Firms of Pakistan. International Journal of Economics and Business Administration, IX, (1), 425–441.
Jiang, C., Chen, H., & Huang, Y. (2006). Capital expenditures and corporate earnings: Evidence from the Taiwan Stock Exchange. Managerial Finance.
Kissi, E., Adjei-Kumi, T., Twum-Ampofo, S., & Debrah, C. (2020). Identifying the latent shortcomings in achieving value for money within the Ghanaian construction industry. Journal of Public Procurement, 20(3), 313–330.
Kumar, S., Sureka, R., & Colombage, S. (2020). Capital structure of SMEs: a systematic literature review and bibliometric analysis. Management Review Quarterly, 70(4), 535–565.
Kusumajaya, D. K. O. (2011). Pengaruh struktur modal dan pertumbuhan perusahaan terhadap profitabilitas dan nilai perusahaan pada perusahaan manufaktur di bursa efek Indonesia. Universitas Udayana, Denpasar: Tesis Yang Tidak Dipublikasikan.
Liana, L. (2009). Penggunaan MRA dengan SPSS untuk menguji pengaruh variabel moderating terhadap hubungan antara variabel independen dan variabel dependen. Dinamik, 14(2).
Manurung, A. H., FoEh, J. E. H. J., Ni Nyoman, S., & Saragih, H. S. (2021). Restrukturisasi Perusahaan: Merger, Akuisisi dan Konsolidasi serta Pembiayaannya. PT. Adler Manurung Press.
Marantika, A. (2012). Analisis Efisiensi Penggunaan Modal Kerja dan Profitabilitas Efficiency Analysis Of The Use Of Working Capital And Profitability. Jurnal Manajemen Dan Keuangan, 10(2).
Mardiasmo. (2009). Akuntansi Sektor Publik. Yogyakarta: Andi.
Martinez, L. B., Scherger, V., & Guercio, M. B. (2018). SMEs capital structure: trade-off or pecking order theory: a systematic review. Journal of Small Business and Enterprise Development.
Maswadeh, S. N. (2021). Financial structure effects on Jordanian banks tobin’s Q. Review of Finance, 19(2021), 35–41.
Miles, M. B., Huberman, A. M., & Saldana, J. (2020). Qualitative Data Analysis, A Methods Sourcebook. (FOURTH EDI). USA: Sage Publications, Inc.
Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. The Journal of Business, 34(4), 411–433.
Mwangi, R. W. (2014). The effect of capital expenditure on financial performance of firms listed at the Nairobi securities exchange.
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147–175.
Obradovich, J., & Gill, A. (2013). The impact of corporate governance and financial leverage on the value of American firms.
Pertiwi, T. K., & Pratama, F. M. I. (2012). Pengaruh Kinerja Keuangan Good Corporate Governance Terhadap Nilai Perusahaan Food and Beverage. Jurnal Manajemen Dan Kewirausahaan, 14(2), 118–127.
Priyatno, D. (2013). Analisis korelasi, regresi dan multivariate dengan SPSS.
Qiu, S. C., Jiang, J., Liu, X., Chen, M.-H., & Yuan, X. (2021). Can corporate social responsibility protect firm value during the COVID-19 pandemic? International Journal of Hospitality Management, 93, 102759.
Rehman, O. U. (2016). Impact of capital structure and dividend policy on firm value. Journal of Poverty, Investment and Development, 21(1), 40–57.
Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2016). Corporate Finance Fundamentals. Global edition. Boston: Irwin/McGraw–Hill.
Subramanyam, K. R. (2017). Analisis Laporan Keuangan. Edisi Kesebelas. Jakarta: Salemba Empat.
Sudana, I. (2011). Manajemen Keuangan Perusahaan: Teori & Praktik.
Sugeng, B. (2017). Manajemen keuangan fundamental. Deepublish.
Sujarweni, V. W., & Endrayanto, P. (2012). Statistika untuk penelitian. Yogyakarta: Graha Ilmu, 14, 17.
Sukamulja, S. (2005). Good corporate governance di sektor keuangan: Dampak GCG terhadap kinerja perusahaan (Kasus di Bursa Efek Jakarta). Benefit: Jurnal Manajemen Dan Bisnis, 8(1), 1–25.
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Published
2022-09-04
How to Cite
Willim, A. P. (2022). The Influence of Capital Structure and Management Quality on Firm Value With Capital Expenditure as Moderating Variable in the Primary Consumer Goods Sector on the Indonesia Stock Exchange. Quantitative Economics and Management Studies, 3(6), 881–888. https://doi.org/10.35877/454RI.qems1104
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