KARAKTERISTIK PERUSAHAAN DAN STRUKTUR MODAL USAHA KECIL DAN MENENGAH DI INDONESIA: ANALISIS DATA PANEL
DOI:
https://doi.org/10.12928/fokus.v11i1.3757Keywords:
Size, Tangible Asset, Current Ratio, Return On Asset, Growth, Capital StructureAbstract
The purpose of this paper is to determine the firm’s characteristics and capital structure of SMEs registered in Indonesia. This study use panel data analysis for twenty-five firms over three years (2016-2018). The samples of this study were 25 Indonesian SMEs registered in the Pefindo25 index. The capital structure determinants are expressed as a function of size, tangible assets, current ratio, return on asset, and growth. This study used a pooled fixed effect to estimate the relationship between the variables. The result shows that the capital structure of registered SMEs in Indonesia is negatively affected by size, current ratio, return on asset, and growth. Registered SMEs in Indonesia have a capital structure that is in line with POT predictions.References
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Sheikh, N. A., & Wang, Z. (2011). Determinants Of Capital Structure: An Empirical Study Of Firms In Manufacturing Industry Of Pakistan. Managerial Finance, 37(2), 117-133.
Sogorb-Mira, F. (2005). How SME Uniqueness Affects Capital Structure: Evidence From A 1994-1998 Spanish Data Panel. Small Business Economics, 25(5), 447-457.
Titman, S., dan Wessels, R. (1988). The Determinants of Capital Structure Choice. The Journal of Finance, 43(1), 1-19.
Anggraeni, L., Puspitasari, H., El Ayyubi, S., & Wiliasih, R. (2013). Akses UMKM terhadap Pembiayaan Mikro Syariah dan Dampaknya terhadap Perkembangan Usaha: Kasus BMT Tadbiirul Ummah, Kabupaten Bogor. Al-Muzara’ah, 1(1), 56-67.
Bradley, M., Jarrell, G. A., & Kim, E. H. (1984). On the Existence of an Optimal Capital Structure: Theory and Evidence. The Journal of Finance, 39(3), 857-878.
Brennan, M. J., & Schwartz, E. S. (1978). Corporate Income Taxes, Valuation, and the Problem of Optimal Capital Structure. The Journal of Business, 51(1), 103-114.
Cassar, G., & Holmes, S. (2003). Capital Structure And Financing of SME’s: Australian Evidence. Accounting and Finance, 43(2), 123-147.
Chadha, S., & Sharma, A. K. (2015a). Capital Structure and Firm Performance: Empirical Evidence from India. Vision, 19(4), 295-302.
Chadha, S., & Sharma, A. K. (2015b). Determinants Of Capital Structure: An Empirical Evaluation from India. Journal of Advances in Management Research, 12(1), 3-14.
Chen, J., Jiang, C., & Lin, Y. (2014). What Determine Firms’ Capital Structure in China?. Managerial Finance, 40(10), 1024-1039.
DeAngelo, H., & Masulis, R. W. (1980). Optimal Capital Structure Under Corporate and Personal Taxation. Journal of Financial Economics, 8(1), 3-29.
Eviani, A. D. (2016). Pengaruh Struktur Aktiva, Pertumbuhan Penjualan, Dividend Payout Ratio, Likuiditas dan Profitabilitas terhadap Struktur Modal. Jurnal Akuntansi dan Sistem Teknologi Informasi, 11(2).
Fama, E. F., & French, K. R. (2002). Testing Trade-Off and Pecking Order Predictions About Dividends and Debt. The Review of Financial Studies, 15(1), 1-33.
Ferri, M. G., & Jones, W. H. (1979). Determinants of Financial Structure: A New Methodological Approach. The Journal of Finance, 34(3), 631-644.
Ghasemi, M., & Ab Razak, N. H. (2016). The Impact of Liquidity on the Capital Structure: Evidence from Malaysia. International Journal of Economics and Finance, 8(10), 130-139.
Gómez, G., Mena Rivas, A., & Lizarzaburu Bolaños, E. R. (2014). The determinants of capital structure in Peru. Academia Revista Latinoamericana de Administracion, 27(3), 341-354.
González, V. M., & González, F. (2012). Firm Size and Capital Structure: Evidence Using Dynamic Panel Data. Applied Economics, 44(36), 4745-4754.
Graham, J. R., & Harvey, C. R. (2001). The Theory and Practice of Corporate Finance: Evidence from The Field. Journal of Financial Economics, 60(2-3), 187-243.
Hall, G. C., Hutchinson, P. J., & Michaelas, N. (2004). Determinants Of The Capital Structures Of European SMEs. Journal of Business Finance and Accounting, 31(5-6), 711-728.
Kesuma, A. (2009). Analisis Faktor yang Mempengaruhi Struktur Modal Serta Pengaruhnya terhadap Harga Saham Perusahaan Real Estate yang Go Public di Bursa Efek Indonesia. Jurnal Manajemen Dan Wirausaha (Journal of Management and Entrepreneurship), 11(1), 38-45.
Kristiyanti, Mariana. (2012). Peran Strategis Usaha Kecil Menengah (UKM) dalam Pembangunan Nasional. Majalan Ilmiah Informatika, 3(1), 63-89.
Li, K., Niskanen, J., & Niskanen, M. (2019). Capital Structure And Firm Performance In European SMEs: Does Credit Risk Make A Difference?. Managerial Finance, 45(5), 582-601.
Margaretha, F., & Khairunisa, K. (2016). Pengaruh Struktur Modal dan Likuiditas Terhadap Profitabilitas pada Usaha Kecil dan Menengah di Indonesia. Jurnal Manajemen Teknologi, 11(2).
Murti, A. K., Trisnadewi, A. A. E., Citraresmi, L. D., & Saputra, K. A. K. (2018). SAK ETAP, Kualitas Laporan Keuangan dan Jumlah Kredit yang Diterima UMKM. Ekuitas: Jurnal Pendidikan Ekonomi, 6(2), 52-61.
Myers, S. C., & Majluf, N. S. (1984). Corporate Financing And Investment Decisions When Firms Have Information That Investors Do Not Have. Journal of Financial Economics, 13(2), 187-221.
Ridloah, S. (2010). Faktor Penentu Struktur Modal: Studi Empirik pada Perusahaan Multifinansial. JDM (Jurnal Dinamika Manajemen), 1(2).
Saskara, I. N., & Putra, I. G. A. A. S. (2013). Efektivitas Dan Dampak Program Bantuan Kredit Usaha Rakyat (KUR) terhadap Pendapatan Dan Kesempatan Kerja Usaha Mikro Kecil Dan Menengah (UMKM) di Kota Denpasar. E-Jurnal Ekonomi Pembangunan Universitas Udayana, 2(10), 44638.
Sheikh, N. A., & Wang, Z. (2011). Determinants Of Capital Structure: An Empirical Study Of Firms In Manufacturing Industry Of Pakistan. Managerial Finance, 37(2), 117-133.
Sogorb-Mira, F. (2005). How SME Uniqueness Affects Capital Structure: Evidence From A 1994-1998 Spanish Data Panel. Small Business Economics, 25(5), 447-457.
Titman, S., dan Wessels, R. (1988). The Determinants of Capital Structure Choice. The Journal of Finance, 43(1), 1-19.
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2021-04-17
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Dwiputri, R. M., & Najmudin, N. (2021). KARAKTERISTIK PERUSAHAAN DAN STRUKTUR MODAL USAHA KECIL DAN MENENGAH DI INDONESIA: ANALISIS DATA PANEL. Jurnal Fokus Manajemen Bisnis, 11(1), 64–73. https://doi.org/10.12928/fokus.v11i1.3757
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