THE 10th ISLAMIC BANKING, ACCOUNTING AND FINANCE INTERNATIONAL CONFERENCE 2022
(iBAF 2022)
A Model of Indonesia's Manufacturing Firms' Values Using Capital Structure as Mediation
Ida Kristiana
Faculty of Economics, Universitas Muhammadiyah Semarang (UNIMUS), Jl. Kedungmundu Raya No.18, Semarang, 50273 Indonesia
Tel: +62 24 76740296 E-mail: [email protected]
Iga Villa Febriani
Faculty of Economics, Universitas Semarang (USM), Semarang, 50196, Jawa Tengah, Indonesia Tel: +62 24 6702757 E-mail: [email protected]
Dyah Nirmala Arum Janie
Faculty of Economics, Universitas Muhammadiyah Semarang (UNIMUS), Jl. Kedungmundu Raya No.18, Semarang, 50273 Indonesia
Tel: +62 24 76740296 E-mail: [email protected]
Abstract
This study examines and analyses the effect of dividend policy, liquidity and firm size on firm value with capital structure as an intervening variable in manufacturing companies. The subjects in this study were manufacturing companies listed on the Indonesia Stock Exchange. The sampling technique used was purposive sampling. The data analysis used in this research is descriptive statistics. The results show that dividend policy has a positive effect, while liquidity and firm size negatively affect capital structure. Meanwhile, dividend policy has a positive but insignificant effect on firm value, and liquidity has a significant positive effect on firm value. In contrast, firm size has a significant negative effect on firm value. The firm size directly influences the firm value and, when mediated by capital structure, has a significant effect on firm value. Capital structure has a significant positive effect on firm value. Dividend policy has a significant direct effect on firm value and, when mediated by capital structure, has a significant effect on firm value. Liquidity directly influences the firm value and, when mediated by capital structure, has a significant effect on firm value.
Keywords: Dividend policy; liquidity; firm size; firm value; capital structure
1. Introduction
The company is an object formed by individuals who own property with the company's designation. At the same time, the owner of a company is the person who holds the shares or stockholders. According to Sudana (2015), company value is a ratio related to the ability value of a company's shares that have gone public. According to Pratiwi (2017), the company's value as a shareholder concept for a joint venture relates to shares' prices.
The development of Indonesia's manufacturing industry in the past two years is predicted to experience a delay.
It happened because of two things, namely the first increase in interest, which was at 7.5% and the second because every 1 May 2014, there was an escalation in electricity payments. The manufacturing industry development will probably experience an increase in 2019 by 5% compared to the previous year. In 2016, it only grew by 4.74%.
Such things impact investors who tend to choose an investment because the company will experience growth, as stated by the Deputy Chairperson of the Chamber of Commerce and Industry (Kadin), in empowering underdeveloped regions.
The research gap shows the inconsistency of research results on the variables of dividend policy, liquidity and firm size on firm value. Research by Putra & Lestari (2016) used different variables to influence the company's quality. At the other hand, Mutmainah, Puspitaningtyas, & Puspita (2019) used different data and population analysis, in this research, the author adds an intervening variable with a capital structure variable, while the data
analysis technique uses a regression equation. We selected the capital structure variable because it refers to the journal from Dewi, Andini, & Santosa (2018).
2. Literature review
2.1 Signalling theory
Signalling theory is a sign given by company management to investors as part of notifications related to the progress of an industry (Brigham & Houston, 2006). Based on signalling theory, investors can conclude that information about the company's future profits or profits through signals that come from dividend announcements, both in terms of stability and dividend changes.
The signalling theory assumes that valid information comes from company managers, but investors do not know the information. It results in information asymmetry between the parties who have an interest (Jogiyanto, 2013). Information asymmetry is news that exclusively belongs to an investor and is used to obtain news information. When the information is published, investors then interpret and review the information as a good signal or a wrong indication. So the statement has a good signal, so expect the market to act when the announcement market received (Jogiyanto, 2013).
2.2 Company value
The company's value is something we cannot separate from the company and investors (investors). According to (Sartono, 2010) explaining, the value of the company is the selling value of a company that is operating in a business; through the value of the company, investors can find out that a company can maximize its prosperity of investors. According to (Husnan, 2006), for companies that have not gone public, the value of the company is the number of costs incurred by prospective buyers if the company is sold, while companies that have gone public can be seen from the value of shares in the capital market. If fund management is carried out correctly, the management will increase the company's share price.
2.3 Capital structure
According to (Riyanto B. 2011), capital structure is a permanent expenditure that reflects the balance between long-term debt and own capital. Capital structure is related to funding decisions from internal and external funding sources. Funds from the company's internal are retained earnings from the company's activities, while those sourced from external companies are in the form of a loan or debt capital. Internal corporate funding is a budget personally obtained by the company resulting from retained profits. The manager will fund the internal investment through the debt market if the internal investment is insufficient. (Dewi, Andini, & Santosa, 2018).
2.4 Dividend policy
A dividend policy is a decision regarding the distribution of company income submitted to investors in the form of dividends which will be reused in the company as retained earnings (Bansaleng & I, 2014). Receiving significant dividends by investors will make investors judge that the company can prosper for its shareholders;
this means that the company's valuation will also increase along with the trust and comfort of shareholders after getting dividends or a satisfactory rate of return for shareholders (Mutmainah, 2010; Puspitaningtyas & Puspita, 2019).
2.5 Liquidity
In analyzing the current ratio, it is necessary to pay attention to what causes the height to the ratio. The current ratio is responsible for several things, including its obligation to pay off debt. When the ratio is high, creditors must be responsible for the risk that the company may not be able to meet current obligations. Because the company cannot collect receivables or inventory is not sold, this situation shows the company's ability to pay the current ratio. According to (Nantyo, 2014) states that the company's liquidity ratio has a robust financial portion if:
1. Payment is on time.
2. There is sufficient working capital for the field of operation.
3. There is the placement of interest payments on the required position.
4. Have a good credit score.
2.6 The company size
Company size is a parameter to determine whether it is large or not. We can measure the size of the form of a company based on the total value of assets, total sales, market capitalization, total workforce and others. We can divide company size into four categories, namely large, medium, small, and micro companies, of company in the period between the total dispersed shares.
Efforts to earn a source of funds from a company can be seen from the height of the company's size. The company's size says the total experience and ability that gives rise to the ability and level of risk in managing investments in stockholders to increase their prosperity. Some sources state that small-scale companies are more flexible in experiencing doubts because small companies move more quickly to significant changes (Akbar &
Fahmi, 2020).
3. Hypothesis development
The hypothesis developed based on the description above is the effect of dividend policy, liquidity and firm size on firm value with capital structure as the intervening variable in manufacturing companies.
3.1 The relationship between dividend policy and capital structure
A company's dividend policy is often considered a signal for investors in assessing the good and bad of the company. It is because a dividend policy can influence the company's stock price. The number of dividends distributed signals. They foreshadow whether the company has good or bad prospects in the future. Suppose the company chooses to distribute profits as dividends. In that case, the dividend payment will reduce the retained earnings to reduce the company's internal funding, and vice versa, so the dividend policy will be related to the capital structure (Wahyuni & Ardini, 2017). So the hypothesis is as follows:
H1: Dividend policy significantly affects capital structure.
3.2 The relationship between dividend policy and capital structure
Liquidity is the ability of a business institution to carry out its short-term obligations. According to (Nantyo, 2014) explains that liquidity has a good influence on the capital structure. It can happen because the company will experience high motivation to use personal capital rather than the debt due to the profits obtained from equity. It can make it easier for a business institution to obtain investors and compete with the market so that the company will quickly progress (Thaib & Dewantoro, 2017). So, the hypothesis is as follows:
H2: Liquidity significantly affects capital structure
3.3 The relationship between dividend policy and capital structure
The bigger the company, the bigger the needs of the company. Therefore, a company must be able to manage the development and implementation of its design in order to be able to obtain many investors and have many resources in order to support the company's needs (Mutmainah, Puspitaningtyas, & Puspita, 2019). So there need to be investors ready to support the expenses the company will issue. Also, investors need a lot to get funds that continue to grow to continue to spin and grow. Later, we can get many benefits from working with big companies.
So, the hypothesis is as follows:
H3: Firm size significantly affects capital structure
3.4 The relationship between dividend policy and company value
The dividend policy determination uses the given total profit in the form of profit and cash dividends that hold back the existence of a supplier of funds or a budget. According to (Novita, Putu, & Purbawangsa, 2014), explaining dividend policy can positively impact assessing a business institution. An assessment of a business institution will increase if it can utilize the capital provided by investors properly so that it gains much profit, so the hypothesis formulated is:
H4: Dividend policy significantly affects company value
3.5 The relationship between liquidity and company Value
Kasmir (2016) explains that liquidity is a ratio with an assessment of the skills of an institution or company related to short-term debt fulfilment. According to the signaling theory view, if an institution's ability increases to pay its debts, it will be able to attract investors to invest its capital. Thus, the value of the company can increase.
So that the formulated hypothesis is:
H5: Liquidity significantly affects company value 3.6 The relationship between firm size and company value
Based on signal theory, explains the signal theory and firm size. A large company will find it easier to enter the market, so getting funding from outside is getting more extensive and more accessible because a large company means that it has a good company assessment. Research conducted by Akbar & Fahmi (2020) found that company size influences the assessment of a business institution. In connection with the explanation above, the hypotheses formulated are:
H6: Firm size significantly affects company value
3.7 The relationship between capital structure and company value
Signal theory provides information about the company's condition through financial reports to find differences in information. When the company's capital structure consists of very high debt, investors can find out how the company's condition is, so investors can decide whether to invest in the company or not (Irawan, 2019). According to (Rina, 2012), the capital structure significantly influences the company's value because of the increase and decrease in the capital structure in terms of financing. So, the hypothesis formulated is:
H7: Capital structure significantly affects company valuation 3.8 Theoretical Framework
Based on the explanation above, the framework developed in this study is in the following figure:
Figure 1: Theoretical framework
4. Research Design
The study sampling in on the purposive sampling technique, which was to separate the adjusted sample based on the formulation of the problem and its objectives. The population in this study are all manufacturing companies listed on the IDX for the 2015-2019 period. By criteria:
1. Manufacturing companies listed on the Stock Exchange.
2. Manufacturing companies listed on the 2015-2019 BEI.
3. The company issues funding reports and provides dividends for 2015-2019.
Based on the characteristics above, the number of samples obtained amounted to 10 companies. The data used in this research is secondary quantitative data. The research data source is www.IDX.co.id, the IDX for manufacturing companies 2015-2019.
Dividend Policy (X1)
Liquidity (X2)
Company Size (X3)
Capital Structure
(Y1) Company Value
(Y2)
The method of analysis is hypothesis testing related to multiple regression with the use of SPSS for windows hardware. After collecting data, we processed the data using descriptive statistics, classical assumption, normality, multicollinearity, heteroscedasticity, and autocorrelation tests.
Capital structure assessment is through consideration of total debt and total assets. An institution needs to consider proper capital and financial structure.
𝐷𝐸𝑅 =01%23 &5167% 18 /9:%
01%23 +;6$%< (1)
Firm value is the investor's assumption regarding the company's success in terms of product prices. Product prices that have increased can assess large companies' increase from investors related to the work produced by the company (Khasanah & Aryati, 2019). We compare company valuation to the book value of equity and stock prices to measure financial performance.
𝑃𝐵𝑉 = )%1=> -?$=9
@11> A2369 -9? )B2?9 (2)
Dividend policy provides obtained profits in a certain period which are distributed to the same dividend shares and make a profit.
𝐷𝑃𝑅 =/$C$D97D -9? )B2?9
+2?7$7E -9? )B2?9 (3)
Liquidity is a ratio related to measuring the company's ability to pay short-term debt.
𝐶𝑅 = !6??97% &FF9%F
!6??97% G$2:$3$%$9F (4)
Company size is a measurement based on the total value of assets owned by the company. According to (Khasanah & Aryati, 2019), grouping companies into several parts. The company's size in this study is based on processing existing resources. Company size has characteristics with various values, namely log, size, book value, market value, total assets, total sales and number of employees.
𝑆𝑖𝑧𝑒 = 𝐿𝑛 (𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡) (5)
Multiple linear regression analysis measures the correlation of several selected variables and the direction of the dependent and independent variables (Ghozali, 2016). In this study, the multiple linear regression equation examines the effect of liquidity, dividend policy, and company size on company valuation based on capital composition with intervening variables. So that the formulation of multiple linear regression in this study follows the formulation below:
𝑌(= 𝛼 + 𝛽(𝑋(+ 𝛽H𝑋H+ 𝛽I𝑋I+ 𝜀 (6)
𝑌H= 𝛼 + 𝛽J𝑋( + 𝛽K𝑋H+ 𝛽L𝑋I+ 𝛽M𝑌(+ 𝜀 (7) Whereas:
𝑌H = Company Value
𝑌( = Capital Structure
𝑋( = Dividend Policy
𝑋H = Liquidity
𝑋I = Firm Size
a = Constant
𝛽 (, 𝛽H, 𝛽I, 𝛽J 𝑑𝑎𝑛 𝛽M = Regression Coefficient
𝜀 = Error
The partial test (t test) tested the impact of the independent variable to explain the dependent variable (Ghozali, 2016). The null hypothesis (H0) is that the parameter (bi) is zero. An independent variable does not reflect its significance regarding the dependent variable. The alternative hypothesis (Ha) variable parameter is not zero. The independent variable reflects its significance related to the dependent variable. As for the treatment of the t-test, namely:
1. Quick look if the number of degrees of freedom (df) is 20 or more with a confidence value of 5%, the results show that bi = 0 is not accepted if the value of t > 2.
2. If the statistical value of the measurement results is more than the t table value, indicating that the independent variable influences the dependent variable is acceptable.
The F test describes a test that shows that all independent variables applied by the regression model simultaneously affect the dependent variable (Ghozali, 2016). The coefficient of determination in measuring the ability of modes related to explanation in the dependent variable (Ghozali, 2012). A small value of the coefficient of determination can use independent variables that can explain the limited dependent variable. The value obtained indicates that the independent variable can explain the dependent variable. Path analysis is a method used to test the effect of variable intervening.
Path analysis is an extension of multiple linear regression analysis, based on the theory of path analysis used to estimate the causal relationship between the variables specified. The causal relationship between variables can be seen as a substitute for researchers because path analysis cannot determine a cause-and-effect relationship (Ghozali, 2016).
5. Results and Discussion
The population in this study are Manufacturing Companies Listed on the IDX for the 2015-2019 period. The data is secondary data on annual financial reports (annual reports) obtained from the IDX official website. This study uses a purposive sampling technique, namely the method of selecting samples from the population where the sample must have the following selection criteria:
Table 1 Sample Research Results Data.
No Sampling Criteria Amount
1 Manufacturing companies listed on IDX 2015-2019 137
2 Manufacturing companies that do not present financial statements consecutively and in rupiah currency 4 3 Manufacturing companies that suffered losses for the 2015-2019 period 57 4 Manufacturing companies that do not meet the data needed for research 66
Remaining sample used 10
Number of research periods (2015-2019) 5
Total research observations for five years 50
So that the number of manufacturing companies that meet the criteria for fulfilling the sample in this study is ten companies at the same time, the research period is five years, and the total sample that can be analyzed in this study is 50 samples.
Table 2 Regression Analysis Results.
Unstandardized Coefficient Significance Capital Structure
Y1
Company Value Y2
Capital Structure Y1
Company Value Y2
Constant 1.130 30.465 0.335 0.101
Dividend Policy (X1) 1.026 3.967 0.000 0.318
Liquidity (X2) -0.206 2.033 0.000 0.007
Company Size (X3) -0.011 -1.670 0.770 0.006
Capital Structure (Y1) 29.002 0.000
Adjusted R2 0.590 0.875
Based on the results in table above, the equation can be written as follows:
𝑌(= 1.130 + 1.1026𝑋(− 0.206𝑋H− 0.011𝑋I+ 𝜀 (8)
𝑌H= 30.465 + 3.967𝑋(+ 2.033𝑋H− 1.670𝑋I+ 29.002𝑌(+ 𝜀 (9) This equation has a constant of 30.465, which has a positive value, meaning that if dividend policy, liquidity, firm size and capital structure are assumed constant, the company value tends to increase. B1 = dividend policy regression coefficient of 3.967, which is positive, meaning that if liquidity, firm size and capital structure are assumed to be constant, then firm value tends to increase. B2 = liquidity regression coefficient of 2.033, which is positive, meaning that if dividend policy, firm size and capital structure are assumed to be constant, then company value tends to increase. B3 = firm size regression coefficient of 1.670, which is negative, meaning that if dividend policy, liquidity and capital structure are assumed to be constant, the company value tends to decrease. B4 = capital structure regression coefficient of 29,002, which is positive, meaning that if dividend policy, liquidity, and firm size are assumed to be constant, the company value tends to increase.
6. Closing
Based on the research results, dividend policy has a significant positive effect on capital structure, and liquidity significantly negatively affects capital structure. Firm size has no significant adverse effect on capital structure.
Dividend policy has no significant positive effect on firm value. Liquidity has a significant positive effect on firm value, and firm size has a significant negative effect on firm value.
Capital structure has a significant positive effect on firm value. Dividend policy has a significant direct effect on company value and, when mediated by capital structure, has a significant effect on company value. Liquidity directly influences company value and, when medicated by capital structure, has a significant effect on a firm company. The firm size directly influences company value and, when mediated by capital structure, has a significant effect on company value.
References
Agustini, & Budiyanto. (2015). Pengaruh Struktur Aktiva, Profitabilitas dan Ukuran Perusahaan Terhadap Struktur Modal . Jurnal Ilmu dan Riset Manajemen.
Akbar, F., & Fahmi, I. (2020, Februari). Pengaruh Ukuran Perusahaan, Profitabilitas, Dan Likuiditas Terhadap Kebijakan Deviden Dan Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ilmiah Mahasiswa Ekonomi Manajemen, 5(1), 62-81.
Bansaleng, R. P., & I, S. S. (2014). Kebijakan Hutang, Struktur Kepemilikan, dan Profitabilitas Terhadap Kebijakan Deviden Pada Perusahaan Food And Beverage Di BEI. Jurnal EMBA, 2(3), 817-830.
Brigham, & Houston . (2006). Dasar - Dasar Manajemen Keuangan Edisi 15. Jakarta: Salemba Empat.
Dewi, N., Andini, R., & Santosa, E. B. (2018). Pengaruh Likuiditas Dan Pertumbuhan Perusahaan Terhadap Nilai Perusahaan Dengan Variabel Struktur Modal Sebagai Variabel Intervening. Jurnal of Accounting 2018, 1(1), 1-18.
Ghozali, I. (2016). Aplikasi Analisis Multivariete dengan program IMB SPSS 23. Semarang: Badan Penerbit Universitas Diponegoro.
Hana, T. (2012). Pengaruh Ukuran Perusahaan dan Profitabilitas Terhadap Struktur Modal pada Perusahaan Wholesale and Retail Trade yang Terdaftar di Bursa Efek Indonesia Periode 2008-2010.
Harjito, A., & Martono. (2014). Manajemen Keuangan Edisi Kedua. Yogyakarta: EKONSIA.
Hartono, J. (2010). Teori Portofolio dan Analisis Investasi Edisi Kelima. Yogyakarta: BPFE.
Hermuningsih, S. (2012, Juli 2). Pengaruh Profitabilitas, Size terhadap Nilai Perusahaan dengan Strutur Modal sebagai Variabel Intervening.
Jurnal Siasat Bisnis, 16(2), 232.
Husnan, S. (2006). Teori dan Penerapan Keputusan Jangka Panjang Edisi Keempat. Yogyakarta: BPFE.
Indra, J. (2012). Pengaruh Struktur Modal, Profitabilitas dan Likuiditas terhadap Nilai Perusahaan pada Perusahaan Sekotor Barang Konsumsi Sub Sektor Rokok di BEI 2002-2011.
Irawan, D. (2019, Juni). Pengaruh Struktur Modal dan Ukuran Perusahaan Terhadap Nilai Perusahaan. AKTUAL, 17(1), 66-81.
Istinindiah, & Fanti. (2012). Pengaruh Ukuran Perusahaan dan Profitabilitas terhadap Struktur Modal pada Perusahaan Wholesale dan Retail Trade yang terdaftar di Bursa Efek Indonesia 2008-2010.
Jogiyanto, H. (2013). Metodologi Penelitian Bisnis Salah Kapah Dan Pengalaman - Pengalaman Edisi Keenam. Yogyakarta: BPFE- Yogyakarta.
Kahar, A., & Priyadi, M. (2019, Juli). Pengaruh Struktur Kepemilikan Manajerial, Profitabilitas dan Kebijakan Dividen Terhadap Nilai Perusahaan. Jurnal Ilmu dan Riset Akuntansi, 8(7), 1-15.
Kasmir. (2016). Analisis Laporan Keuangan. Jakarta: Raja Grafindo Persada.
Khasanah, S. K., & Aryati, T. (2019, April). Pengaruh Ukuran Perusahaan, Likuiditas, Kebijakan Hutang Dan Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Kebijakan Deviden Sebagai Variabel Moderating Pada Perusahaan Manufaktur di BEI. Jurnal Penelitian Akuntansi, 1(1), 15-31.
Mery, K. N. (2017, Februari). Pengaruh Likuiditas, Leverage Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Kebijakan Deviden Sebagai Variabel Moderasi Pada Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Tahun 2011-2014. JOM Fekon, 4(1), 2000-214.
Mutmainah, Puspitaningtyas, Z., & Puspita, Y. (2019, Februari). Pengaruh Kebijakan Deviden, Keputusan Investasi, Ukuran Perusahaan Dan Kepemilikan Manajerial Terhadap Nilai Perusahaan. Buletin Studi Ekonomi, 24(1).
Nantyo, K. K. (2014). Pengaruh Likuiditas dan Profitabilitas terhadap Struktur Modal dan Rasio Aktivitas sebagai bariabel Intervening. Jurnal Ilmu dan Riset Manajemen, 3(12).
Normayanti. (2017). Pengaruh Kebijakan Hutang, Kebijakan Deviden Dan Profitabilitas Terhadap Nila Perusahaan (Studi Empiris Pada Perusahaan Food and Beverage Yang Terdaftar di Bursa Efek Indonesia). eJournal Administrasi Bisnis, 5(2), 379-389.
Novita, S., Putu, L., & Purbawangsa, I. B. (2014). Pengaruh Keputusan Investasi, Kebijakan Dividen serta Keputusan Pendanaan Terhadap Nilai Perusahaan Manufaktur di BEI . Jurnal Manajemen Fakultas Ekonomi Universitas Udayana.
Pratiwi, R. A. (2017). Pengaruh Good Corporate Governance dan Ukuran Perusahaan Terhadap Nilai Perusahaan pada Perusahaan Food And Beverage yang Listing di Bursa Efek Indonesia. Jom FISIP, 4(2), 1-13.
Putra, A. G. (2019). Pengaruh Profitabilitas, Ukuran Perusahaan, Dan Struktur Aktiva Terhadap Struktur Modal Pada Perusahaan Makanan Dan Minuman. Jurnal Ilmu dan Riset Manajemen, 1(1), 1-15.
Putra, N. D., & Lestari, P. V. (2016). Prngaruh Kebijakan Deviden, Likuiditas, Profitabilitas, dan Ukuran Perusahaan Terhadap Nilai Perusahaan. E-Jurnal manajemen Unud, 5(7), 4044-4070.
Putri, E. (2017, Februari). Pengaruh Profitabilitas, Struktur Modal, Ukuran Perusahaan, Likuiditas dan Invesment Opporturnity. 1-18.
Rina, B. (2012). Pengaruh Struktur Modal Terhadap Nilai Perusahaan Melalui Profitabilitas Perusahaan BEI. Junal Ilmu & Riset Akuntansi.
Riyanto, B. (2008). Dasar - Dasar Pembelanjaan Perusahaan . Yogyakarta : YKBP Gajah Mada.
Riyanto, B. (2011). Dasar - Dasar Pembelanjaan Perusahaan. Edisi Keempat. Yogyakarta: BPFE.
Sartono, A. (2010). Manajemen Keuangan teoi dan aplikasi. Edisi Keempat. Yogyakarta: BPFE-Yogyakarta.
Sudana, I. M. (2015). Manajemen Keuangan Perusahaan Teori dan Praktik Edisi 2. Jakarta: Erlangga.
Thaib, I., & Dewantoro, A. (2017). Pengaruh Profitabilitas dan Likuiditas Terhadap Nilai Perusahaan dengan Struktur Modal sebagai Variabel Intervening. Jurnal Riset Perbankan Manajemen dan Akuntansi, 1(1), 25-44.
Wahyuni, I., & Ardini, L. (2017, April). Pengaruh Growth Opportunity, Pprofitabilitas dan Kebijakan Dividen Terhadap Struktur Modal.
Jurnal Ilmu & Riset Akuntansi, 6(4), 1309-1325
