DETERMINAN STRUKTUR MODAL: ANALISIS SEBELUM DAN PADA MASA COVID-19

Rosalia Elsa Dwiyanti, Jesica Handoko
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Abstract

Companies must be able to combine their capital structure through internal and external funding to maximize company value while minimizing costs. This research examines the factors of ownership structure, asset structure, and liquidity on capital structure and differences in influence before and during the Covid-19 pandemic. This research uses a quantitative design with multiple linear regression analysis. Testing was carried out on manufacturing companies listed on the Indonesia Stock Exchange for the 2018-2021 period with a sample of 447 data with a distribution of 228 data for 2018-2019 and 219 data for 2020-2021. The study's results proved that institutional ownership and managerial ownership did not affect capital structure, capital structure was negatively affected by asset structure, and liquidity was negatively affected. No differences in ownership, asset structure, or liquidity were found before and during the Covid-19 pandemic. The results of this research provide relevant theoretical contributions to agency theory, pecking order theory, and relevant trade-off theory.
资本结构的决定因素:科维德-19 事件前后的分析
公司必须能够通过内部和外部融资将资本结构结合起来,在最大限度地提高公司价值的同时最大限度地降低成本。本研究探讨了所有权结构、资产结构和流动性等因素对资本结构的影响,以及在科威德-19 大流行之前和期间的影响差异。本研究采用多元线性回归分析的定量设计。测试对象为2018-2021年期间在印尼证券交易所上市的制造业公司,样本数据为447个,2018-2019年数据分布为228个,2020-2021年数据分布为219个。研究结果证明,机构所有权和管理所有权不影响资本结构,资本结构受资产结构的负面影响,流动性受资产结构的负面影响。在 Covid-19 大流行之前和期间,所有权、资产结构和流动性没有发现差异。本研究的结果为代理理论、啄食秩序理论和相关权衡理论提供了相关的理论贡献。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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