The Influence Of Financial Flexibility, Managerial Ownership, Firm Size On Capital Structure, And Firm Value On Infrastructure, Utility And Transportation Companies

  • Asrul Jaya Master in Management Science, Faculty of Economics and Business,Hasanuddin
  • Djabir Hamzah 2. Management Science Department, Faculty of Economics and Business,Hasanuddin University
  • Maat Pono 3. Management Science Department, Faculty of Economics and Business,Hasanuddin University
  • Idayanti Nursyamsi 4. Management Science Department, Faculty of Economics and Business,Hasanuddin University
Keywords: Financial Flexibility, Managerial Ownership, Firm Size, Firm Value

Abstract

This study aims to analyze the effect of financial flexibility, managerial ownership, and firm size on firm value with capital structure as an intervening variable for infrastructure, utility, and transportation companies. This research was a quantitative study. The data used were secondary data in the form financial statements of infrastructure, utility and transportation companies listed in the Indonesia Stock Exchange during the period 2015-2019. The sample used was a purposive sampling technique consisting of 30 companies infrastructure, utility and transportation. The data were analyzed using path analysis supported by SmartPLS 3.3 software. The results show that financial flexibility has no significant negative effect on the capital structure; managerial ownership has a significant negative effect on the capital structure; firm size has a significant positive effect on the capital structure; financial flexibility has a significant negative effect on firm value; managerial ownership has no significant positive effect on firm value; firm size has no significant positive effect on firm value; capital structure has a significant positive effect on firm value; financial flexibility had no significant effect on firm value through capital structure; managerial ownership has a significant effect on firm value through capital structure; firm size has a significant effect on firm value through capital structure.

Downloads

Download data is not yet available.

References

Andriza, R., & Yusra, I. (2019). Pengaruh kepemilikan manajerial dan kebijakan deviden terhadap kemakmuran Investor dan nilai perusahaan yang tercatat pada indeks LQ45.

Angga Pratama, A. B., & Wiksuana, I. G. B. (2018). Pengaruh Firm Size Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Mediasi. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 5, 1289. https://doi.org/10.24843/eeb.2018.v07.i05.p03

Aribowo, H., & Wirapraja, A. (2018). Strategi Inovasi Dalam Rangka Menjaga Keberlanjutan Bisnis Dalam Menghadapi Era Volatility, Uncertainty, Compelxity, Dan Ambiguity (Vuca). Jurnal Ilmu Manajemen Dan Akuntansi Terapan (Jimat), 9(1), 51–58.

Baldwin, R., & Di Mauro, B. W. (2020). Economics in the time of COVID-19: A new eBook. VOX CEPR Policy Portal, 2–3.

Bilyay-Erdogan, S. (2020). Does financial flexibility enhance firm value? A comparative study between developed and emerging countries. Business: Theory and Practice, 21(2), 723–736.

Brigham, E. F. dan J. F. H. (2011). Dasar – Dasar Manajemen Keuangan (Erlangga (ed.); Kesebelas).

Byoun, S. (2007). Financial Flexibility, Firm Size, and Capital Structure. Journal of Economic Literature.

Chin, W. W. (1998). Commentary: Issues and opinion on structural equation modeling. JSTOR.

Gu, Y., & Yuan, F. (2020). Internal control, financial flexibility and corporate performance - Based on empirical analysis of listed companies in information Technology industry. Journal of Physics: Conference Series, 1607(1). https://doi.org/10.1088/1742-6596/1607/1/012118

Husnan, S. (2014). Manajemen Keuangan Teori dan Penerapan (KeputusanJangka Panjang). In Edisi Keempat Yogyakarta: BPFE (Edisi Keem). BPFE.

Huy, Q. (2020). Four Strategic Priorities for the Post-COVID-19 World, knowledge.insead.edu. Retrieved from https://knowledge.insead.edu/blog/insead-blog/four-strategic-priorities-for-thepost-covid-19-world-14086

KataData. (2021, 10 7). Saham Garuda Anjlok 40%, Chairul Tanjung Diklaim Rugi Rp 11 T Retrieved 2021 from katadata.co.id https://katadata.co.id/lavinda/finansial /60bdd68904ba2/saham-garuda-anjlok-40-chairul-tanjung-diklaim-rugi-rp-11-t:

Keown, A. J. (2010). Basic Financial Management, Diterjemahkan oleh Chaerul D. Djakman. Salemba Empat.

Lumapow, L. S. (2018). The Influence of Managerial Ownership and Firm Size On Debt Policy. International Journal of Applied Business and International Management, 3(1), 47–55.

Martono, dan Harjito, D. A. (2005). Manajemen Keuangan (Pertama). Ekonisia Fakultas Ekonomi UI.

Pramana, I., & Mustanda, I. (2016). The Effect of Profitability and Size on Firm Value with CSR as a moderating variable. E-Journal of Management, 5(1), 27–33. https://doi.org/10.9790/487X-2204062733

Sudana, M. I. (2011). Manajemen Keuangan Perusahaan: Teori dan Praktik. Erlangga.

Teng, X., Chang, B.-G., & Wu, K.-S. (2021). The Role of Financial Flexibility on Enterprise Sustainable Development during the COVID-19 Crisis—A Consideration of Tangible Assets. In Sustainability (Vol. 13, Issue 3). https://doi.org/10.3390/su13031245

Wright, S. (1934). The Method of Path Coefficients. The Annals of Mathematical Statistics, 5(3), 161–215. http://www.jstor.org/stable/2957502

Published
2021-07-23
How to Cite
Asrul Jaya, Djabir Hamzah, Maat Pono, & Idayanti Nursyamsi. (2021). The Influence Of Financial Flexibility, Managerial Ownership, Firm Size On Capital Structure, And Firm Value On Infrastructure, Utility And Transportation Companies. International Journal of Science, Technology & Management, 2(4), 1371-1377. https://doi.org/10.46729/ijstm.v2i4.286
Section
Articles