Determinants of Capital Structure and Its Impact on Firm Value on Manufacturing Companies at Indonesia Stock Exchange (IDX) and Thailand Stock Exchange (SET)

Diana Dwi Astuti, Isti Fadah, Hari Sukarno, Nurhayati

2018

Abstract

Aims of this study are to analyze the direct effect of macro variables on capital structure and firm value; to analyze the effect of capital structure on firm value, and to analyze the indirect effect of macro and micro variable to firm value through the capital structure as intervening variable. The analysis method is path analysis. Samples are 34 and 39 manufacturing companies in IDX and SET in 2010-2015. Novelty: Makro and mikro variable, Capital Expenditure, Cost of Financial Distress, and path analyst. The result shows that macro variable has no significant effect to capital structure and firm value in IDX and SET, ROA has a significant negative effect to capital structure and have a significant positive effect to firm value. CAPEX has the significant effect on the capital structure and firm value, Non-Debt Tax Shield only have the significant effect on firm value in IDX. NDTS significant effect on capital structure while capital expenditure and asset structure have an effect on Significant to firm value in SET; Capital structure has significantly influences the value of firms in IDX and SET; Inflation, ROA, NDTS, asset structure, CFD has significant influence to firm value through capital structure in IDX, in SET that has significant influence to firm value through capital structure is the exchange rate, NDTS and CFD.

Paper Citation

in Harvard Style

Astuti D., Fadah I., Sukarno H. and Nurhayati. (2018). Determinants of Capital Structure and Its Impact on Firm Value on Manufacturing Companies at Indonesia Stock Exchange (IDX) and Thailand Stock Exchange (SET).In Proceedings of the Journal of Contemporary Accounting and Economics Symposium 2018 on Special Session for Indonesian Study - Volume 1: JCAE Symposium, ISBN 978-989-758-339-1, pages 481-491. DOI: 10.5220/0007017204810491

in Bibtex Style

@conference{jcae symposium18,
author={Diana Dwi Astuti and Isti Fadah and Hari Sukarno and Nurhayati},
title={Determinants of Capital Structure and Its Impact on Firm Value on Manufacturing Companies at Indonesia Stock Exchange (IDX) and Thailand Stock Exchange (SET)},
booktitle={Proceedings of the Journal of Contemporary Accounting and Economics Symposium 2018 on Special Session for Indonesian Study - Volume 1: JCAE Symposium,},
year={2018},
pages={481-491},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0007017204810491},
isbn={978-989-758-339-1},
}

in EndNote Style

TY - CONF

JO - Proceedings of the Journal of Contemporary Accounting and Economics Symposium 2018 on Special Session for Indonesian Study - Volume 1: JCAE Symposium,
TI - Determinants of Capital Structure and Its Impact on Firm Value on Manufacturing Companies at Indonesia Stock Exchange (IDX) and Thailand Stock Exchange (SET)
SN - 978-989-758-339-1
AU - Astuti D.
AU - Fadah I.
AU - Sukarno H.
AU - Nurhayati.
PY - 2018
SP - 481
EP - 491
DO - 10.5220/0007017204810491