International Research Journal of Innovations in Engineering and Technology - IRJIET International Open Access, Monthly, Peer Reviewed, Reputed Journal ISSN (online): 2581-3048

Impact Factor (2025): 6.9

DOI Prefix: 10.47001/IRJIET

The Effect of Capital Structure, Dividend Policies, and Working Capital Routing on Company Value and Profitability as Intervening Variables in Property and Real Estate Companies in Indonesia Stock Exchange 2014-2018

Abstract

This study aims to examine and analyze the effect of capital structure, dividend policy, and working capital turnover on firm value and profitability as intervening variables in property and real estate companies on the Indonesia Stock Exchange. The research sample was conducted on 7 (seven) property and real estate issuers based on available data or published on the Indonesia Stock Exchange website from 2014 to 2018. The analysis method uses path analysis. The results showed that capital structure has a significant positive effect on profitability, dividend policy has no positive effect on profitability, working capital turnover has no positive effect on profitability, profitability has a significant positive effect on firm value.

Country : Indonesia

1 Ahmad Badawi Saluy2 Essy Meisha Fitri3 Sudjono4 Novawiguna K

  1. Master of Management Study Program, Mercu Buana University, Indonesia
  2. Master of Management Study Program, Mercu Buana University, Indonesia
  3. Master of Management Study Program, Mercu Buana University, Indonesia
  4. Master of Management Study Program, Mercu Buana University, Indonesia

IRJIET, Volume 4, Issue 10, October 2020 pp. 14-19

doi.org/10.47001/IRJIET/2020.410003

Full Paper
Download

References

  1. Ary Wirajaya, Ayu. 2013. "The Effect of Capital Structure, Profitability and Company Size on Firm Value." E-Journal of Accounting.
  2. Economics, E-Journal. 2016. "The Effect of Share Ownership Structure, Capital Structure and Profitability on Company Value Kadek Apriada Made Sadha Suardikha." Udayana University Business 52 (5): 201–18.
  3. Fitri Prasetyorini, Bhekti. 2013. "The Effect of Company Size, Leverage, Price Earnings Ratio and Profitability on Firm Value." Journal of Management Science (Jim) 1 (1).
  4. Goyena, Rodrigo. 2019. “Financial Management & Analysis” Journal of Chemical Information and Modeling. Vol. 53. https://doi.org/10.1017/CBO9781107415324.004.
  5. Istamarwati, and Y. Djoko Suseno. 2017. "The Influence of Company Size and Debt to Equity Ratio against Firm Value with Profitability as an Intervening Variable." Journal of Human Resource Management 11: 148–62. https://ejurnal.unisri.ac.id/index.php/Mana Manajemen/article/view/1603/1409.
  6. Mas'ud., Masdar. 2008. "Analysis of Factors Affecting Capital Structure and Its Relationship to Firm Value." Management and Business 7 (1): 82–83.
  7. Prabansari, Yuke, and Hadri Kusuma. 2005. "Factors Affecting the Capital Structure of Manufacturing Companies Go Public on the Jakarta Stock Exchange." Special Synergy on Finance, 1–15.
  8. Pranata, I Made Adi, and Gede Sri Darma. 2018. " Analysis of Factors Affecting Capital Structure " Journal of Management and Business 11 (1): 81–99. https://doi.org/10.31843/jmbi.
  9. Safrida, Eli. 2008. "Eli Safrida: The Effect of Capital Structure and Company Growth on Firm Value in Manufacturing Companies on the Jakarta Stock Exchange, 2008. USU e-Repository © 2008 Essay.
  10. Toni, Antoni Anton. 2016. "Factors Affecting the Capital Structure of Manufacturing Companies on the Indonesia Stock Exchange." Benefita Journal 1 (2): 119–29. https://doi.org/10.22216/jbe.v1i2.1429.
  11. Berger, Allen N., and Emilia Bonaccorsi in Patti. 2006. "Capital Structure and Firm Performance: A New Approach to Testing Agency Theory and an Application to the Banking Industry." Journal of Banking and Finance 30 (4): 1065–1102. https://doi.org/10.1016/j.jbankfin.2005.05.015.
  12. El-Sayed Ebaid, Ibrahim. 2009. "The Impact of Capital-Structure Choice on Firm Performance: Empirical Evidence from Egypt." Journal of Risk Finance 10 (5): 477–87. https://doi.org/10.1108/15265940911001385.
  13. Erdoğan, Seda. 2014. "The Effect of Capital Structure on Profitability: An Empirical Analysis" Handbook of Research on Developing Sustainable Value in Economics, Finance, and Marketing, 3 (12): 307–23. https://doi.org/10.4018/978-1-4666-6635-1.ch018.
  14. Gill, Amarjit, Nahum Biger, and Neil Mathur. 2011. "The Effect of Capital Structure on Profitability: Evidence from the United States" International Journal of Management 28 (4): 3–15.
  15. Li Ju, Chen, and Chen Shun Yu. 2011. "The Influence of Profitability on Firm Value with Capital Structure as the Mediator and Firm Size and Industry as Moderators" Investment Management and Financial Innovations 8 (3): 121–29.
  16. Ogbulu, Onyemachi Maxwell, and Francis Kehinde Emeni. 2012. "Capital Structure and Firm Value: Empirical Evidence from Nigeria." International Journal of Business and Social Science 3 (19): 252–61.
  17. Yilmaz, Ayse Kucuk. 2008. "The Enterprise Risk Management Model for Corporate Sustainability and Selection of the Best ERM Operator in the Turkish Automotive Distributor Company: ANP Based Approach." European Journal of Economics, Finance and Administrative Sciences 10 (10): 213–32.

Copyright @ 2026-2017 IRJIET. All Right Reserved.

Developed by Byzero Technologies