PENGUJIAN HIPOTESIS PECKING ORDER THEORY : MELALUI MODERASI PROFITABILITAS
Keywords:
Asset Structure, Company Size, Profitability, Capital Structure
Abstract
Key Problem: Over the past 11 years the invoicing industry has shown a declining contribution to GDP, and moderation testing of profitability is still very limited. Objective: examine and analyze the effect of company size, and asset structure on capital structure based on pecking order theory, either directly or through profitability moderation. Originality: development of the pecking order theory hypothesis with moderation of profitability which throughout the previous research review was still very limited. Method: quantitative design with population in manufacturing industry companies listed on the IDX, as many as 223 companies, based on purposive sampling, obtained 80 companies for a period of 4 years. The analysis technique uses the MRA method. Result: the size of the company is in line with the pecking order theory, which has a negative and significant impact, while the asset structure is positive and significant to the capital structure sourced from debt. Moderation tests show that profitability only moderates the effect of firm size on capital structure. Novelty: the emphasis on the results of testing a high fixed asset structure will increase debt, but the way management views will change when the company's profitability is also high, so it does not reinforce the decision. Future Research Agenda: additional independent variables are needed to strengthen the model, such as ownership structure, board of commissioners, audit committee, and so on. It can be expanded from various points of view of other capital structure theories.
References
Antoro, W.; Sanusi, A. & Asih, P. (2020). The Effect of Profitability, Company Size, Company Growth on Firm Value Through Capital Structure in Food and Beverage Companies on the Indonesia Stock Exchange 2014-2018 Period. International Journal of Advances in Scientific Research and Engineering (IJASRE). 6(9), 36–43. ISSN:2454-8006. DOI: 10.31695/IJASRE. https://doi.org/10.31695/IJASRE.2020.33876.
Astutik, D.; Sukirman & Atmini, N.D. (2023). Pendekatan Theory of the Firm: Dalam Pengujian Market to Book Value melalui Mediasi Struktur Modal. Jurnal Bingkai Ekonomi. Vol. 8. No. 2. Hal. 47-61. e-ISSN : 2615-7918.
https://scholar.google.co.id/citations?view_op=view_citation&hl=id&user=OGEI2TYAAAAJ&sortby=pubdate&citation_for_view=OGEI2TYAAAAJ:Wp0gIr-vW9MC.
Basyith, A. & Fitriya. (2023). The Effect of Covid-19 on Working Capital Strategy and Profitability. International Journal of Social Science and Business. Volume 7. Number 3. Pp. 520-527. https://doi.org/10.23887/ijssb.v7i3.45904.
Bhatia, A. & Kumari, P. (2024). The Moderating Effect Of Corporate Governance Factors On Capital Structure And Performance: Evidence From Indian Companies. Corporate Governance. Vol. ahead-of-print No. ahead-of-print. SSN: 1472-0701. https://doi.org/10.1108/CG-06-2023-0239.
Brusov, P. & Filatova, T. (2023). Capital Structure Theory: Past, Present, Future. Mathematics. 11, 616. https://doi.org/10.3390/math11030616.
Ciputri L.M.SM, & Malau, H. (2022). The Effect of Profitability, Asset Structure on Capital Structure in Registered Chemical Sub-Sector Companies on IDX from 2018-2020. Budapest International Research and Critics Institute Journal (BIRCI-Journal. 5(3). Page: 28354-28361. DOI: https://doi.org/10.33258/birci.v5i3.6917.
Dewi, C., & Fachrurrozie, F. (2021). The Effect of Profitability, Liquidity, and Asset Structure on Capital Structure with Firm Size as Moderating Variable. Accounting Analysis Journal. 10(1). Pp : 32-38. https://doi.org/10.15294/aaj.v10i1.44516.
Deng, X. (2023). The Capital Structure Through the Trade-Off Theory: Evidence from Chinese Firm. Proceedings of the 2022 2nd International Conference on Financial Management and Economic Transition (FMET 2022). 227, Pp. 461–473. https://doi.org/10.2991/978-94-6463-054-1_50.
Djazuli, A. (2019). The Impact of Company Size, Asset Structure and Profitability on Capital Structure of the Automotive Sector Companies Listed in Indonesia Stock Exchange. Journal of Management Research. ISSN 1941-899X. 2019. Vol. 11. No. 2. Doi: 10.5296/jmr.v11i2.14473.
Donaldson, G. (1961). Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity. Division of Research, Graduate School of Business Administration. Harvard University. Boston.
Ezeani, E.; Kwabi, F.; Salem, R.; et al. (2021). Corporate Board And Dynamics Of Capital Structure : Evidence from UK, France and Germany. International of Journal : Financing & Ecomomics. Volume 28. Issue 3. Pages : 2227-3466. https://doi.org/10.1002/ijfe.2593.
Feni; Burhanuddin & Guasmin. (2021). Effect of Asset Structure and Firm Size on Capital Structure (Case Study on Food and Beverage Companies on the Indonesian Stock Exchange). International Journal of Health, Economics, and Social Sciences. Vol-3. Issue-3. Pp : 191-201.
https://jurnal.unismuhpalu.ac.id/index.php/IJHESS/article/download/1580/1391/.
Fitri A.N. (2023). Kontribusi Industri Manufaktur Terhadap PDB Capai 18,75%. https://nasional.kontan.co.id/news/kontribusi-industri-manufaktur-terhadap-pdb-capai-1875.
Gah, T.N.P. (2022). Analysis Of Factors Affecting Capital Structure (Empire Study On Lq45 Companies Listed On The Indonesia Stock Exchange). Journal of Management. Vol. 12. No. 4. Pp : 2763-2769. https://doi.org/10.35335/enrichment.v12i4.738.
Ghani, E.K.; Hye, Q.M.A.; Rehan, R. & Salahuddin, S. (2023). Examining Capital Structure Determinants for ASEAN Energy Firms. International Journal of Energy Economics and Policy. 13(3), Pp : 129-140. DOI: https://doi.org/10.32479/ijeep.14070.
Guizani, M. (2020). Testing The Pecking Order Theory Of Capital Structure: The Case Of Islamic Fnancing Modes. Future Business Journal. 6(1), Pp : : 1-12. https://doi.org/10.1186/s43093-020-00042-9.
Hartati, M. S., & Mukhibad, H. (2018). The Influence Of Profitability, Liquidity, Business Risk, Firm Size, and Sales Growth in The Property and Real Estate Companies Listed in the Idx During 2013-2016. Accounting Analysis Journal. 7(2). Pp : 103-110. https://doi.org/10.15294/aaj.v7i2.22383.
Hasania, Z.; Purwidiantia, W.; Rahmawatia, I.Y. & Bagis, F. (2023). Influence of Company Internal Factors and Macroeconomics on Capital Structure Moderated by Firm Size. Asian Journal of Economics, Business and Accounting. Volume 23. Issue 24. Pp : 207-216. https://journalajeba.com/index.php/AJEBA/article/view/1198/2393.
Hasanudin (2023). Effect of Return on Assets, Current Ratio and Degree of Leverage on Debt To Equity Ratio Mixed Private Banking Sector Listed On The Indonesia Stock Exchange 2016-2020. International Journal of Artificial Intelligence Research, 6(1.2). DOI: https://doi.org/10.29099/ijair.v6i1.380.
Hidranto, H. (2023). Industri Manufaktur Masih Jadi Motor Utama Perekonomian. https://indonesia.go.id/kategori/editorial/7143/industri-manufaktur-masih-jadi-motor-utama-perekonomian?lang=1.
Huda, C. & Rahmawati, A. (2024). Institutional Ownership, Business Risks, Asset Structure to Capital Structure: Profitability as Moderation. Journal of Business Economics and Agribusiness, 1(2), 1-13. DOI: https://doi.org/10.47134/jbea.v1i2.96.
Irdiana, S. (2021). Impact Of Company Size On Capital Structure And Profitability As Intervening Variable. International Conference On Economics And Business. Vol. 3,6. Pp. 308-312. DOI: https://doi.org/10.31967/prmandala.v3i0.471.
Jahanzeb, A.; Muneer, S. & Rehman, S.U. (2012). Implication of Behavioral Finance in Investment Decision-Making Process. Information Management and Business Review. Vol. 4. No. 10. Pp : 532-536. https://ojs.amhinternational.com/index.php/imbr/article/download/1009/1009.
Jahanzeb, A.; Rehman, S.U.; Bajuri, N.H.; Karami, M. & Ahmadimousaabad, A. (2014). Trade-Off Theory, Pecking Order Theory and Market Timing Theory: A Comprehensive Review of Capital Structure Theories. International Journal of Management and Commerce Innovations. Vol. 1. Issue 1. Pp : 11-18. www.researchpublish.com.
Judith, J.M.P. (2023). Ekspansi Tidak Merata, Pertumbuhan PDB Industri Diprediksi Stagnan. https://www.kompas.id/baca/ekonomi/2023/07/30/ekspansi-tidak-merata-pertumbuhan-pdb-industri-diprediksi-stagnan.
Kartika; Fatimah & Ladewi, Y. (2022). The Influence of Asset Structure, Firm Size, Profitability and Business Risk on Capital Structure in Companies Listed on the IDX. International Journal of Finance Research. 3(2). Pp : 84-100. https://doi.org/10.47747/ijfr.v3i2.745.
Krisnawati, H., Astutik, D. & Purnomo, Y.A. (2022). Determinan Pengembalian atas Total Aset pada Industri Manufaktur Sub Sektor Makanan dan Minuman yang Terdaftar di BEI. Cemerlang: Jurnal Manajemen dan Ekonomi Bisnis. 2(2). Pp : 146-153.
https://doi.org/10.55606/cemerlang.v2i2.324.
Koralun, J., & Bereznicka. (2013). How Does Asset Structure Correlate with Capital Structure ? – Cross-Industry and Cross-Size Analysis of the EU Countries. Universal Journal of Accounting and Finance. Vol. 1. No. 1. Page: 19-28. DOI: 10.13189/ujaf.2013.010103. https://www.hrpub.org/download/201308/ujaf.2013.010103.pdf.
Lestari, T.; Kadir, A.; Rahman, Y. & Wijaya, H. (2023). Analysis of the Influence of Profitability, Asset Structure, and Growth Rate on Capital Structure in Registered Mining Companies on the Indonesian Stock Exchange. International Journal of Economics, Business and Management Research. Vol. 7, No. 03. Pp : 173-191. https://doi.org/10.51505/IJEBMR.2023.7313.
Mardan, R.M.; Moeljadi; Sumiati & Indrawati, N.K. (2023). The Determinants Of Capital Structure: Evidence From Indonesia. International Journal of Profess. Vol. 8. No. 5. Pp: 01-30. DOI: https://doi.org/10.26668/businessreview/2023.v8i5.878.
Mardani, R.M. & Indrawati, N.K. (2023). The Determinants of Capital Structure: Evidence from Indonesia. International Journal of Professional Business Review, 8(5), e0878-e0878. DOI:https://doi.org/10.26668/businessreview/2023.v8i5.878.
Myers, S.C. (1984). The Capital Structure Puzzle. Volume 39. Issue 3. PP : 574-592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x.
Myers, S.C. (2001). Capital Structure. The Journal of Economic Perspectives. Vol. 15. No. 2. Pp : 81-102. https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.15.2.81.
Mayor, B.M.; Isaac, O.I.; & Davidson, A.A. (2022). Influence of Profitability and Firm Growth on Capital Structure among Listed Manufacturing Companies in Nigeria. Vol. 4 . Issue 3. Pp : 1-18.
https://www.researchgate.net/publication/370112000_Influence_of_Profitability_and_Firm_Growth_on_Capital_Structure_among_Listed_Manufacturing_Companies_in_Nigeria
Noor, T.; Sinaga, B. & Maulana, T.B.N.A. (2015). Testing On Pecking Order Theory And Analysis Of Company’s Characteristic Effects On Emitten’s Capital Structure. Indonesian Journal of Business and Entrepreneurship. Vol. 1. No. 2. Pp : 81-89.
DOI: https://doi.org/10.17358/ijbe.1.2.81.
Panjaitan, F.R.; Minan, H.K. & Arief, M. (2023). The Effect of Liquidity, Profitability And Company Size on Company Value With Capital Structure As An Intervening Variable In Manufacturing Companies Listed on The Idx In 2016- 2020. International Journal of Economics and Management. Volume 01. Number 01. Pp : 19-29. Doi : https://doi.org/10.54209/iem.v1i01.3.
Pratiwi, Y.S. & Yulianto, A. (2022). An Additional Evidence: Pecking Order Theory in Indonesia. Management Analysis Journal. 12 (4), Pp : 308-313. http://maj.unnes.ac.id.
Prenaj, V.; Miftari, I.; Krasniqi, B. (2023). Determinants of the Capital Structure of Non-Listed Companies in Kosovo. Economy, Business Economy / Management, Financial Markets. Issue No: 1. Page : 36-50. https://www.ceeol.com/search/article-detail?id=1092607.
Putri, S.S. & Miswanto, M. (2023). The Effect Of Liquidity , Growth, Profitability, And Company Size On Capital Structure In Consumer Goods Companies On The Indonesia Stock Exchange For The 2016-2020. Jurnal Ekonomi, 12(01). Pp : 1510–1513. https://ejournal.seaninstitute.or.id/index.php/Ekonomi/article/view/1472.
Putri, N.P.W.L.; Astiti, N.P.Y. & Mentari, N.M.I. (2023). Profitability, Company Size and Asset Structure on Capital Structure of Food and Beverage Companies in Indonesia Stock Exchange. Business And Entrepreneurial Review. Volume 23. Nomor 2. Pp : 211-220. http://dx.doi.org/10.25105/ber.v23i1.18532.
Purwansyah, F.D. & Yuliana, I. (2023). Company Size Moderated The Effect Of Profitability, Current Ratio, And Tax Level To Debt Equity Ratio. Jurnal Analisis, Prediksi dan Informasi. Vol. 24. No. 01. Pp : 16-30.
https://jurnalekonomi.unisla.ac.id/index.php/ekbis/article/view/1126.
Rao, P.; Satish, K. dan Vinodh, M. 2019. A Study on Factors Driving The Capital Structure Decisions of Small And Medium Enterprises (SMES) In India. IIMB Management Review. Vol. 31. Page : 37–50.
Rozet, A.Y.D.P. & Kelen, L.H.S. (2022). Analisis Pola Struktur Modal Perusahaan-Perusahaan Manufaktur di Bursa Efek Indonesia Selama Masa Pandemi Covid-19. Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi. Vol. 9 No. 1. Hal. 336-351.
https://ejournal.unsrat.ac.id/v3/index.php/jmbi/article/download/39712/37142.
Saleh, H.; Sunu, P.; Tri, R. (2015). The Influence of Assets Structure, Capital Structure and Market Risk on the Growth, Profitability and Corporate Values (Study In Manufacturing Companies Listed In Indonesia Stock Exchange). International Journal of Business and Management Invention. Volume 4 Issue 12.
http://www.ijbmi.org/papers/Vol(4)12/F04012045053.pdf.
Schwartz, E. & Tassel, T. R.C. (1950). Some Suggested Changes In The Corporate Tax Structure. The Journal of Finance. 5(4). Pp : 410–420. DOI: j.1540-6261.1950.tb03804.x.
Sudrajat, J. & Setiyawati, H. (2021). Role Of Firm Size And Profitability On Capital Structures And Its Impact Over Firm Value. Dinasti International Journal of Economics, Finance & Accounting. Vol. 2 No. 1. Pp : 13-26.
DOI: https://doi.org/10.38035/dijefa.v2i1.737
Suhardjo, Y., Karim, A. & Taruna, M.S. (2022). Effect of Profitability, Liquidity, And Company Size On Capital Structure: Evidence From Indonesia Manufacturing Companies. Diponegoro International Journal of Business. Vol. 5, No.1. Pp. 70-78.
DOI: https://doi.org/10.14710/dijb.5.1.2022.70-78.
Tamba, C.A.O. & Purwanto, P. (2021). Determinants of Capital Structure Using Profitability as Moderating in Indonesia’s Property and Real Estate Firms. Emerging Markets : Business and Management Studies Journal, 8(2), 73-88. https://doi.org/10.33555/embm.v8i2.175.
Wiagustini, N.L.P.; Ramantha, I.W.; Sedana, I.B.P. & Rahyuda, H. (2017). Indonesia’s Capital Structure: Pecking Order Theory or Trade-Off Theory. International Journal of Applied Business and Economic Research. Volume 15. Number 16. Pp : 119-131. https://simdos.unud.ac.id/uploads/file_penelitian_1_dir/1e6dd19f41c735c23fff61a89269f1a5.pdf.
Astutik, D.; Sukirman & Atmini, N.D. (2023). Pendekatan Theory of the Firm: Dalam Pengujian Market to Book Value melalui Mediasi Struktur Modal. Jurnal Bingkai Ekonomi. Vol. 8. No. 2. Hal. 47-61. e-ISSN : 2615-7918.
https://scholar.google.co.id/citations?view_op=view_citation&hl=id&user=OGEI2TYAAAAJ&sortby=pubdate&citation_for_view=OGEI2TYAAAAJ:Wp0gIr-vW9MC.
Basyith, A. & Fitriya. (2023). The Effect of Covid-19 on Working Capital Strategy and Profitability. International Journal of Social Science and Business. Volume 7. Number 3. Pp. 520-527. https://doi.org/10.23887/ijssb.v7i3.45904.
Bhatia, A. & Kumari, P. (2024). The Moderating Effect Of Corporate Governance Factors On Capital Structure And Performance: Evidence From Indian Companies. Corporate Governance. Vol. ahead-of-print No. ahead-of-print. SSN: 1472-0701. https://doi.org/10.1108/CG-06-2023-0239.
Brusov, P. & Filatova, T. (2023). Capital Structure Theory: Past, Present, Future. Mathematics. 11, 616. https://doi.org/10.3390/math11030616.
Ciputri L.M.SM, & Malau, H. (2022). The Effect of Profitability, Asset Structure on Capital Structure in Registered Chemical Sub-Sector Companies on IDX from 2018-2020. Budapest International Research and Critics Institute Journal (BIRCI-Journal. 5(3). Page: 28354-28361. DOI: https://doi.org/10.33258/birci.v5i3.6917.
Dewi, C., & Fachrurrozie, F. (2021). The Effect of Profitability, Liquidity, and Asset Structure on Capital Structure with Firm Size as Moderating Variable. Accounting Analysis Journal. 10(1). Pp : 32-38. https://doi.org/10.15294/aaj.v10i1.44516.
Deng, X. (2023). The Capital Structure Through the Trade-Off Theory: Evidence from Chinese Firm. Proceedings of the 2022 2nd International Conference on Financial Management and Economic Transition (FMET 2022). 227, Pp. 461–473. https://doi.org/10.2991/978-94-6463-054-1_50.
Djazuli, A. (2019). The Impact of Company Size, Asset Structure and Profitability on Capital Structure of the Automotive Sector Companies Listed in Indonesia Stock Exchange. Journal of Management Research. ISSN 1941-899X. 2019. Vol. 11. No. 2. Doi: 10.5296/jmr.v11i2.14473.
Donaldson, G. (1961). Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity. Division of Research, Graduate School of Business Administration. Harvard University. Boston.
Ezeani, E.; Kwabi, F.; Salem, R.; et al. (2021). Corporate Board And Dynamics Of Capital Structure : Evidence from UK, France and Germany. International of Journal : Financing & Ecomomics. Volume 28. Issue 3. Pages : 2227-3466. https://doi.org/10.1002/ijfe.2593.
Feni; Burhanuddin & Guasmin. (2021). Effect of Asset Structure and Firm Size on Capital Structure (Case Study on Food and Beverage Companies on the Indonesian Stock Exchange). International Journal of Health, Economics, and Social Sciences. Vol-3. Issue-3. Pp : 191-201.
https://jurnal.unismuhpalu.ac.id/index.php/IJHESS/article/download/1580/1391/.
Fitri A.N. (2023). Kontribusi Industri Manufaktur Terhadap PDB Capai 18,75%. https://nasional.kontan.co.id/news/kontribusi-industri-manufaktur-terhadap-pdb-capai-1875.
Gah, T.N.P. (2022). Analysis Of Factors Affecting Capital Structure (Empire Study On Lq45 Companies Listed On The Indonesia Stock Exchange). Journal of Management. Vol. 12. No. 4. Pp : 2763-2769. https://doi.org/10.35335/enrichment.v12i4.738.
Ghani, E.K.; Hye, Q.M.A.; Rehan, R. & Salahuddin, S. (2023). Examining Capital Structure Determinants for ASEAN Energy Firms. International Journal of Energy Economics and Policy. 13(3), Pp : 129-140. DOI: https://doi.org/10.32479/ijeep.14070.
Guizani, M. (2020). Testing The Pecking Order Theory Of Capital Structure: The Case Of Islamic Fnancing Modes. Future Business Journal. 6(1), Pp : : 1-12. https://doi.org/10.1186/s43093-020-00042-9.
Hartati, M. S., & Mukhibad, H. (2018). The Influence Of Profitability, Liquidity, Business Risk, Firm Size, and Sales Growth in The Property and Real Estate Companies Listed in the Idx During 2013-2016. Accounting Analysis Journal. 7(2). Pp : 103-110. https://doi.org/10.15294/aaj.v7i2.22383.
Hasania, Z.; Purwidiantia, W.; Rahmawatia, I.Y. & Bagis, F. (2023). Influence of Company Internal Factors and Macroeconomics on Capital Structure Moderated by Firm Size. Asian Journal of Economics, Business and Accounting. Volume 23. Issue 24. Pp : 207-216. https://journalajeba.com/index.php/AJEBA/article/view/1198/2393.
Hasanudin (2023). Effect of Return on Assets, Current Ratio and Degree of Leverage on Debt To Equity Ratio Mixed Private Banking Sector Listed On The Indonesia Stock Exchange 2016-2020. International Journal of Artificial Intelligence Research, 6(1.2). DOI: https://doi.org/10.29099/ijair.v6i1.380.
Hidranto, H. (2023). Industri Manufaktur Masih Jadi Motor Utama Perekonomian. https://indonesia.go.id/kategori/editorial/7143/industri-manufaktur-masih-jadi-motor-utama-perekonomian?lang=1.
Huda, C. & Rahmawati, A. (2024). Institutional Ownership, Business Risks, Asset Structure to Capital Structure: Profitability as Moderation. Journal of Business Economics and Agribusiness, 1(2), 1-13. DOI: https://doi.org/10.47134/jbea.v1i2.96.
Irdiana, S. (2021). Impact Of Company Size On Capital Structure And Profitability As Intervening Variable. International Conference On Economics And Business. Vol. 3,6. Pp. 308-312. DOI: https://doi.org/10.31967/prmandala.v3i0.471.
Jahanzeb, A.; Muneer, S. & Rehman, S.U. (2012). Implication of Behavioral Finance in Investment Decision-Making Process. Information Management and Business Review. Vol. 4. No. 10. Pp : 532-536. https://ojs.amhinternational.com/index.php/imbr/article/download/1009/1009.
Jahanzeb, A.; Rehman, S.U.; Bajuri, N.H.; Karami, M. & Ahmadimousaabad, A. (2014). Trade-Off Theory, Pecking Order Theory and Market Timing Theory: A Comprehensive Review of Capital Structure Theories. International Journal of Management and Commerce Innovations. Vol. 1. Issue 1. Pp : 11-18. www.researchpublish.com.
Judith, J.M.P. (2023). Ekspansi Tidak Merata, Pertumbuhan PDB Industri Diprediksi Stagnan. https://www.kompas.id/baca/ekonomi/2023/07/30/ekspansi-tidak-merata-pertumbuhan-pdb-industri-diprediksi-stagnan.
Kartika; Fatimah & Ladewi, Y. (2022). The Influence of Asset Structure, Firm Size, Profitability and Business Risk on Capital Structure in Companies Listed on the IDX. International Journal of Finance Research. 3(2). Pp : 84-100. https://doi.org/10.47747/ijfr.v3i2.745.
Krisnawati, H., Astutik, D. & Purnomo, Y.A. (2022). Determinan Pengembalian atas Total Aset pada Industri Manufaktur Sub Sektor Makanan dan Minuman yang Terdaftar di BEI. Cemerlang: Jurnal Manajemen dan Ekonomi Bisnis. 2(2). Pp : 146-153.
https://doi.org/10.55606/cemerlang.v2i2.324.
Koralun, J., & Bereznicka. (2013). How Does Asset Structure Correlate with Capital Structure ? – Cross-Industry and Cross-Size Analysis of the EU Countries. Universal Journal of Accounting and Finance. Vol. 1. No. 1. Page: 19-28. DOI: 10.13189/ujaf.2013.010103. https://www.hrpub.org/download/201308/ujaf.2013.010103.pdf.
Lestari, T.; Kadir, A.; Rahman, Y. & Wijaya, H. (2023). Analysis of the Influence of Profitability, Asset Structure, and Growth Rate on Capital Structure in Registered Mining Companies on the Indonesian Stock Exchange. International Journal of Economics, Business and Management Research. Vol. 7, No. 03. Pp : 173-191. https://doi.org/10.51505/IJEBMR.2023.7313.
Mardan, R.M.; Moeljadi; Sumiati & Indrawati, N.K. (2023). The Determinants Of Capital Structure: Evidence From Indonesia. International Journal of Profess. Vol. 8. No. 5. Pp: 01-30. DOI: https://doi.org/10.26668/businessreview/2023.v8i5.878.
Mardani, R.M. & Indrawati, N.K. (2023). The Determinants of Capital Structure: Evidence from Indonesia. International Journal of Professional Business Review, 8(5), e0878-e0878. DOI:https://doi.org/10.26668/businessreview/2023.v8i5.878.
Myers, S.C. (1984). The Capital Structure Puzzle. Volume 39. Issue 3. PP : 574-592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x.
Myers, S.C. (2001). Capital Structure. The Journal of Economic Perspectives. Vol. 15. No. 2. Pp : 81-102. https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.15.2.81.
Mayor, B.M.; Isaac, O.I.; & Davidson, A.A. (2022). Influence of Profitability and Firm Growth on Capital Structure among Listed Manufacturing Companies in Nigeria. Vol. 4 . Issue 3. Pp : 1-18.
https://www.researchgate.net/publication/370112000_Influence_of_Profitability_and_Firm_Growth_on_Capital_Structure_among_Listed_Manufacturing_Companies_in_Nigeria
Noor, T.; Sinaga, B. & Maulana, T.B.N.A. (2015). Testing On Pecking Order Theory And Analysis Of Company’s Characteristic Effects On Emitten’s Capital Structure. Indonesian Journal of Business and Entrepreneurship. Vol. 1. No. 2. Pp : 81-89.
DOI: https://doi.org/10.17358/ijbe.1.2.81.
Panjaitan, F.R.; Minan, H.K. & Arief, M. (2023). The Effect of Liquidity, Profitability And Company Size on Company Value With Capital Structure As An Intervening Variable In Manufacturing Companies Listed on The Idx In 2016- 2020. International Journal of Economics and Management. Volume 01. Number 01. Pp : 19-29. Doi : https://doi.org/10.54209/iem.v1i01.3.
Pratiwi, Y.S. & Yulianto, A. (2022). An Additional Evidence: Pecking Order Theory in Indonesia. Management Analysis Journal. 12 (4), Pp : 308-313. http://maj.unnes.ac.id.
Prenaj, V.; Miftari, I.; Krasniqi, B. (2023). Determinants of the Capital Structure of Non-Listed Companies in Kosovo. Economy, Business Economy / Management, Financial Markets. Issue No: 1. Page : 36-50. https://www.ceeol.com/search/article-detail?id=1092607.
Putri, S.S. & Miswanto, M. (2023). The Effect Of Liquidity , Growth, Profitability, And Company Size On Capital Structure In Consumer Goods Companies On The Indonesia Stock Exchange For The 2016-2020. Jurnal Ekonomi, 12(01). Pp : 1510–1513. https://ejournal.seaninstitute.or.id/index.php/Ekonomi/article/view/1472.
Putri, N.P.W.L.; Astiti, N.P.Y. & Mentari, N.M.I. (2023). Profitability, Company Size and Asset Structure on Capital Structure of Food and Beverage Companies in Indonesia Stock Exchange. Business And Entrepreneurial Review. Volume 23. Nomor 2. Pp : 211-220. http://dx.doi.org/10.25105/ber.v23i1.18532.
Purwansyah, F.D. & Yuliana, I. (2023). Company Size Moderated The Effect Of Profitability, Current Ratio, And Tax Level To Debt Equity Ratio. Jurnal Analisis, Prediksi dan Informasi. Vol. 24. No. 01. Pp : 16-30.
https://jurnalekonomi.unisla.ac.id/index.php/ekbis/article/view/1126.
Rao, P.; Satish, K. dan Vinodh, M. 2019. A Study on Factors Driving The Capital Structure Decisions of Small And Medium Enterprises (SMES) In India. IIMB Management Review. Vol. 31. Page : 37–50.
Rozet, A.Y.D.P. & Kelen, L.H.S. (2022). Analisis Pola Struktur Modal Perusahaan-Perusahaan Manufaktur di Bursa Efek Indonesia Selama Masa Pandemi Covid-19. Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi. Vol. 9 No. 1. Hal. 336-351.
https://ejournal.unsrat.ac.id/v3/index.php/jmbi/article/download/39712/37142.
Saleh, H.; Sunu, P.; Tri, R. (2015). The Influence of Assets Structure, Capital Structure and Market Risk on the Growth, Profitability and Corporate Values (Study In Manufacturing Companies Listed In Indonesia Stock Exchange). International Journal of Business and Management Invention. Volume 4 Issue 12.
http://www.ijbmi.org/papers/Vol(4)12/F04012045053.pdf.
Schwartz, E. & Tassel, T. R.C. (1950). Some Suggested Changes In The Corporate Tax Structure. The Journal of Finance. 5(4). Pp : 410–420. DOI: j.1540-6261.1950.tb03804.x.
Sudrajat, J. & Setiyawati, H. (2021). Role Of Firm Size And Profitability On Capital Structures And Its Impact Over Firm Value. Dinasti International Journal of Economics, Finance & Accounting. Vol. 2 No. 1. Pp : 13-26.
DOI: https://doi.org/10.38035/dijefa.v2i1.737
Suhardjo, Y., Karim, A. & Taruna, M.S. (2022). Effect of Profitability, Liquidity, And Company Size On Capital Structure: Evidence From Indonesia Manufacturing Companies. Diponegoro International Journal of Business. Vol. 5, No.1. Pp. 70-78.
DOI: https://doi.org/10.14710/dijb.5.1.2022.70-78.
Tamba, C.A.O. & Purwanto, P. (2021). Determinants of Capital Structure Using Profitability as Moderating in Indonesia’s Property and Real Estate Firms. Emerging Markets : Business and Management Studies Journal, 8(2), 73-88. https://doi.org/10.33555/embm.v8i2.175.
Wiagustini, N.L.P.; Ramantha, I.W.; Sedana, I.B.P. & Rahyuda, H. (2017). Indonesia’s Capital Structure: Pecking Order Theory or Trade-Off Theory. International Journal of Applied Business and Economic Research. Volume 15. Number 16. Pp : 119-131. https://simdos.unud.ac.id/uploads/file_penelitian_1_dir/1e6dd19f41c735c23fff61a89269f1a5.pdf.
Published
2023-10-30
How to Cite
Astutik, D., & Aditya, G. (2023). PENGUJIAN HIPOTESIS PECKING ORDER THEORY : MELALUI MODERASI PROFITABILITAS. Dinamika: Jurnal Manajemen Sosial Ekonomi, 3(2), 272-286. https://doi.org/10.51903/dinamika.v3i2.476
Section
Articles
