FACTOR-FAKTOR PENENTU STRUKTUR MODAL
Abstract
In this article, a literature review on the determinants of capital structure is
presented from research conducted, both in Indonesia and internationally, in recent years.
Furthermore, the results of the review will conclude the factors that determine the capital
structure that generally affects the company's leverage. From the results of the review, it
is known that the variables that influence the capital structure are; Corporate tax rates,
debt costs, dividend payout ratios, firm age, company size, growth opportunities,
liquidity, non-tax shields, profitability, tangibility
Keywords: Capital Structure; Leverage; Determining Factors
Downloads
References
Abor, J. (2008) Determinants of the
Capital Structure of Ghanaian
Firms, AERC Research Paper
, March, pp.1–34, African
Economic Research
Consortium, Nairobi.
Ariani, Wiagustini (2017) “Faktor –
Faktor Yang Mempengaruhi
Struktur Modal Perusahaan
Property & Real Estate Yang
Terdaftar Di Bei” , E-Jurnal
DIE
Jurnal Ekonomi & Manajemen, Hal. 35-44 Volume 11, Nomor 1, Maret 2020
Manajemen Unud, Vol. 6, No.
, 2017: 3168-3195
Baral, K.J. (2004) ‘Determinants of
capital structure: a case
study of listed companies of
Nepal’, Journal of Nepalese
Business Studies, Vol. 1, No. 1,
pp.1–13.
Bas, T., Muradoglu, G. and
Phylaktis, K. (2009)
Determinants of Capital
Structure in Developing
Countries, Cass Business
School, 106 Bunhill Row,
London, UK.
Chandrasekharan, C.V. (2012)
‘Determinants of capital
structure in the Nigerian
listed firms’, International
Journal of Advanced Research
in Management and Social
Sciences, Vol. 1, No. 2,
pp.108–133.
Chen, J.J. (2004) ‘Determinants of
capital structure of Chineselisted
companies’, Journal of
Business Research, Vol. 57, No.
, pp.1341–1351.
Choi, D.S. (2014) ‘Determinants of
the capital structure:
empirical study from the
Korean market’, International
Journal of Science, Commerce
and Humanities, Vol. 2, No. 7,
pp.116–125.
Fauzi, F., Basyith, A. and Idris, M.
(2013) ‘The determinants of
capital structure: an
empirical study of New
Zealand-listed firms’, Asian
Journal of Finance and
Accounting, Vol. 5, No. 2,
pp.1–21.
Fernandez, D.M., Kumar, D.R. and
Mansour, D.E. (2013)
‘Determinants of capital
structure: evidence from
Oman’, Arabian’, Journal of
Business and Management
Review, Vol. 2, No. 11,
pp.34–44.
Frank, M.Z. and Goyal, V.K. (2007)
Capital Structure Decisions:
Which Factors are Reliably
Important?, University of
Minnesota, Hong Kong
University of Science and
Technology, Working Paper.
Guha-Khasnobis, B. and
Bhaduri, S.N. (2002)
‘Determinants of capital
structure in India, (1990–
: a dynamic panel data
approach’, Journal of
Economic Integration, Vol. 17,
No. 4, pp.761–776.
Handoo, A. and Sharma, K. (2014)
‘A study on determinants of
capital structure in India’
IIMB Management Review,
Vol. 26, No. 3, pp.170–182.
Huang, S.G.H. and Song, F.M.
(2002) The Determinants of
Capital Structure: Evidence
from China, School of
Economics and Finance and
Centre for China Financial
Research, The University of
Hong Kong, Working Paper
No. 1042, pp.1–34.
Ogbulu, O.M. and Kehinde, E.F.
(2012) ‘Determinants of
corporate capital structure in
Nigeria’, International Journal
of Economics and Management
Sciences, Vol. 1, No. 10,
pp.81–96.
DIE
Jurnal Ekonomi & Manajemen, Hal. 35-44 Volume 11, Nomor 1, Maret 2020
Pahuja, D.A. and Sahi, M.A. (2012)
‘Factors affecting capital
structure decisions: empirical
evidence from selected
Indian firms’, International
Journal of Marketing, Financial
Services and Management
Research, Vol. 1, No. 3, pp.76–
Ramakrishnan, S. (2012) Sectoral
Analysis on Capital
Structure Determinants
among the Malaysian Listed
Firms, PhD thesis, Deakin
University.
Rasoolpur, G.S. (2012) ‘An empirical
analysis of capital structure
determinants: evidence from
the Indian corporate sector’,
International Journal of
Management and Information
Technology, Vol. 1, No. 3,
pp.1–12
Ray, D.S. (2013) ‘Investigating
capital structure
determinants in listed cement
companies of India’, Financial
and Quantitative Analysis, Vol.
, No. 3, pp.47–58.
Song, H. (2005) ‘Capital structure
determinants an empirical
study of Swedish companies’,
Paper No. 25, Paper
presented at the International
PhD Workshop ‘Innovation,
Entrepreneurship and Growth’,
Royal Institute of Technology
Stockholm, 19–20 November.
Thippayana, P. (2014)
‘Determinants of capital
structure in Thailand’,
Procedia – Social and
Behavioral Sciences, Vol. 143,
pp.1074–1077.
Tiwari, A.K. and Krishnankutty, R.
(2014) ‘Determinants of
capital structure: comparison
of empirical evidence for the
use of different estimators’,
Theoretical and Applied
Economics, Vol. 21, No. 12,
pp.63–82.
Titman and Wessels (1988) “The
Determinants of Capital
Structure Choice” The
Journal of Finance, Vol. 43,
No. 1 (Mar., 1988), pp. 1-19
Yadav, C.S. (2014) ‘Determinants of
the capital structure and
financial leverage: evidence
of selected Indian
companies’, Asia Pacific
Journal of Research, Vol. 1, No.
, pp.121–130.
Zabri, S.M. (2012) ‘The determinants
of capital structure among
SMEs in Malaysia’,
International Conference of
Technology Management,
Business and
Entrepreneurship,
Renaissance Hotel, Melaka,
Malaysia, 18–19 December,
pp.132–146.
The author who will publish the manuscript at DiE: Jurnal Ilmu Ekonomi dan Manajemen, agree to the following terms:
1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution ShareAlike License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories, pre-prints sites or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater dissemination of published work
