Company value is a describe of a company's level of success that is usually associated with
stock prices. Rising stock prices give a sign that the value of the company is good. This study was
conducted to examine the effect of profitability and growth opportunity on capital structure and its
implications on the value of the company in pharmaceutical companies that have conducted an IPO
before 2013. The sample selection is done by purposive sampling method. So we get a sample of 8
pharmaceutical companies
Firm Value is a description of the level of triumph of the company that is related with stock prices.
High stock prices will affect the high firm value as well. This study was conducted to examine the effect of
financial performance on firm value with intellectual capital as an intervening variable in manufacturing
companies listed on the BEI in the 2015-2017 period
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The document discusses the process of conducting a feasibility study for a proposed business project. It explains that a feasibility study assesses whether the project is practical and can succeed given available resources. The goals are to understand all aspects of the project, identify potential problems, and determine if the project is worth undertaking. Key steps in the process include gathering feedback, analyzing market data, writing a business plan, and preparing financial projections. Conducting a feasibility study helps decide whether to move forward with a project and can convince investors that the project is worthwhile.
Impact of profitability, bank and macroeconomic factors on the market capital...inventionjournals
Panel data has been collected for 44 Middle Eastern banks that are operated during 2005 to 2014 in different Middle Eastern countries. Secondary data has been collected primarily through the DataStream database. The study is conducted to investigate the impact of profitability, bank and macroeconomic factors on the market capitalization of the Middle Eastern banks. Results of Hausman test have explained that fixed effect model is appropriate for the analysis. The result of multiple regression have shown that market capitalization has positive relationship with ROI while negative relationship with credit risk, inflation, and year dummy for the Middle Eastern banks. Furthermore, no relationship has been observed between market capitalization and the ROA, ROE, growth and exchange rate for the Middle Eastern banks.
Impact of Promotional Expenditure on Profitability in Banking Sector of PakistanIJSRED
This document discusses a study examining the impact of promotional expenditure on profitability in Pakistan's banking sector. The study uses a regression model and five years of data from 110 bank samples. The results show that promotional expenditure has a positive impact on profitability - higher promotional expenditure increases profits.
The introduction provides background on the global financial crisis's impact on banks and the importance of research and development. It also discusses how promotional activities and expenditures can affect bank performance.
The literature review summarizes several past studies that have examined the relationship between promotional spending and profits or other financial metrics, with mixed findings on the nature and strength of the relationship.
This document summarizes a study that examined the effect of financial performance on the stock price of PT. Unilever Indonesia, Tbk from 2011-2018. Financial performance was measured using current ratio, earnings per share, and return on equity. The study found that these financial performance variables together had a significant influence on stock price. PT. Unilever Indonesia, Tbk should increase current ratio, earnings per share, and return on equity to generate higher stock prices. Further research on other consumer goods companies is also recommended.
EFFECT OF COMPANY SIZE, PROFITABILITY AND CAPITAL STRUCTURE ON FIRM VALUE IN ...AJHSSR Journal
ABSTRACT : Rated companies are certain conditions that have achieved by a company as an illustration of
public trust in the company after going through a process of activities for several years, from the time the
company was founded until now. Firm value is often associated with stock prices. The highest share price makes
the value of the company will also be high. This study aims to examine the effect of company size, profitability,
and capital structure on Firm value. This research was conducted on the Indonesia Stock Exchange (IDX) in
year 2019. The number of samples used in the study were413 companies, which were taken using a purposive
sampling method with several predetermined criteria. The data analysis technique used is multiple linear
regression. The results of this study indicate that company size, profitability, and capital structure have a
significant effect on Firm value. Partially, company size and profitability have a positive and significant effect
on firm value with a significance value of 0.00 each. While the capital structure does not affect the value of the
company indicated by the significance value of 0.54.
This document summarizes a study that analyzed the impact of debt-to-equity ratio, asset growth on firm value, measured by price-to-book value, with return on assets as a mediator for 34 property and real estate companies in Indonesia from 2014-2017. The results showed that debt-to-equity ratio and asset growth did not significantly affect profitability. Debt-to-equity ratio and return on assets positively and significantly impacted firm value, while asset growth did not. Return on assets did not mediate the relationship between debt-to-equity ratio and firm value, but did mediate the relationship between asset growth and firm value.
Firm Value is a description of the level of triumph of the company that is related with stock prices.
High stock prices will affect the high firm value as well. This study was conducted to examine the effect of
financial performance on firm value with intellectual capital as an intervening variable in manufacturing
companies listed on the BEI in the 2015-2017 period
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The document discusses the process of conducting a feasibility study for a proposed business project. It explains that a feasibility study assesses whether the project is practical and can succeed given available resources. The goals are to understand all aspects of the project, identify potential problems, and determine if the project is worth undertaking. Key steps in the process include gathering feedback, analyzing market data, writing a business plan, and preparing financial projections. Conducting a feasibility study helps decide whether to move forward with a project and can convince investors that the project is worthwhile.
Impact of profitability, bank and macroeconomic factors on the market capital...inventionjournals
Panel data has been collected for 44 Middle Eastern banks that are operated during 2005 to 2014 in different Middle Eastern countries. Secondary data has been collected primarily through the DataStream database. The study is conducted to investigate the impact of profitability, bank and macroeconomic factors on the market capitalization of the Middle Eastern banks. Results of Hausman test have explained that fixed effect model is appropriate for the analysis. The result of multiple regression have shown that market capitalization has positive relationship with ROI while negative relationship with credit risk, inflation, and year dummy for the Middle Eastern banks. Furthermore, no relationship has been observed between market capitalization and the ROA, ROE, growth and exchange rate for the Middle Eastern banks.
Impact of Promotional Expenditure on Profitability in Banking Sector of PakistanIJSRED
This document discusses a study examining the impact of promotional expenditure on profitability in Pakistan's banking sector. The study uses a regression model and five years of data from 110 bank samples. The results show that promotional expenditure has a positive impact on profitability - higher promotional expenditure increases profits.
The introduction provides background on the global financial crisis's impact on banks and the importance of research and development. It also discusses how promotional activities and expenditures can affect bank performance.
The literature review summarizes several past studies that have examined the relationship between promotional spending and profits or other financial metrics, with mixed findings on the nature and strength of the relationship.
This document summarizes a study that examined the effect of financial performance on the stock price of PT. Unilever Indonesia, Tbk from 2011-2018. Financial performance was measured using current ratio, earnings per share, and return on equity. The study found that these financial performance variables together had a significant influence on stock price. PT. Unilever Indonesia, Tbk should increase current ratio, earnings per share, and return on equity to generate higher stock prices. Further research on other consumer goods companies is also recommended.
EFFECT OF COMPANY SIZE, PROFITABILITY AND CAPITAL STRUCTURE ON FIRM VALUE IN ...AJHSSR Journal
ABSTRACT : Rated companies are certain conditions that have achieved by a company as an illustration of
public trust in the company after going through a process of activities for several years, from the time the
company was founded until now. Firm value is often associated with stock prices. The highest share price makes
the value of the company will also be high. This study aims to examine the effect of company size, profitability,
and capital structure on Firm value. This research was conducted on the Indonesia Stock Exchange (IDX) in
year 2019. The number of samples used in the study were413 companies, which were taken using a purposive
sampling method with several predetermined criteria. The data analysis technique used is multiple linear
regression. The results of this study indicate that company size, profitability, and capital structure have a
significant effect on Firm value. Partially, company size and profitability have a positive and significant effect
on firm value with a significance value of 0.00 each. While the capital structure does not affect the value of the
company indicated by the significance value of 0.54.
This document summarizes a study that analyzed the impact of debt-to-equity ratio, asset growth on firm value, measured by price-to-book value, with return on assets as a mediator for 34 property and real estate companies in Indonesia from 2014-2017. The results showed that debt-to-equity ratio and asset growth did not significantly affect profitability. Debt-to-equity ratio and return on assets positively and significantly impacted firm value, while asset growth did not. Return on assets did not mediate the relationship between debt-to-equity ratio and firm value, but did mediate the relationship between asset growth and firm value.
The document discusses reasons for business and industrial failure. It lists 10 common causes: failure to understand the market and customers, opening a business in an unprofitable industry, failure to clearly define and communicate the business's value proposition, inadequate financing, reactive rather than proactive attitudes, overdependence on a single customer, poor cost management, personal problems of the owner, poor quality products or services, and failure to adapt to changing market conditions. Understanding these common pitfalls can help businesses avoid failure and survive over the long run.
This document describes a study that uses an integrated TOPSIS-DEA approach to rank cement companies listed on the Tehran Stock Exchange. The study evaluates 28 cement companies from 2006-2012 using both qualitative and quantitative data. Financial ratios and other data are used as inputs and outputs in the TOPSIS-DEA model. The hybrid model aims to provide a more accurate ranking by combining the advantages of the TOPSIS and DEA methods. When the results were presented to stock market experts, most felt the integrated approach provided a better ranking of company performance than quantitative or qualitative approaches alone.
This document summarizes a research study that aimed to predict financial distress in manufacturing sectors in Indonesia using financial ratios. The researchers used logistic regression analysis to analyze the relationship between profitability ratios, leverage ratios, and the likelihood of financial distress. The results showed that both profitability ratios and leverage ratios had a significant positive effect on predicting financial difficulties. Specifically, declining profitability and increasing debt levels were indicators that a manufacturing company may experience financial distress.
This document summarizes a research study that examined the influence of firm size on the financial performance of deposit money banks quoted on the Nigerian stock exchange from 2005 to 2016. The study used a sample of 5 banks and measured firm size as the log of total assets and financial performance as return on assets. Descriptive statistics and correlation analysis were conducted. The results of the regression analyses showed that firm size had an insignificant negative influence on financial performance, indicating diseconomies of scale. The study recommends that banks minimize expansion costs and maximize economies of scale to stimulate financial performance.
IPO underpricing analysis in Indonesia during 2012-2016edwin hutauruk
ANALYSIS OF FACTORS AFFECTING THE UNDERPRICING OF INITIAL PUBLIC OFFERING (IPO) SECTOR SERVICES / NON-MANUFACTURING IN INDONESIA STOCK EXCHANGE PERIOD 2012-2016
Ratio analysis involves evaluating a company's performance and financial health by comparing financial data over time and against industry benchmarks. There are several types of ratios that provide different insights. Liquidity ratios like the current ratio measure a company's ability to pay short-term debts, with a higher ratio indicating better coverage of current liabilities. Profitability ratios like return on assets indicate how efficiently a company generates profits relative to its assets, with a higher ratio generally being preferable. Ratio analysis is a key tool for fundamental analysis of a company's financial strength and operating efficiency.
Financial analysis of selected pharmaceutical companies in bangladeshAlexander Decker
This document summarizes a study analyzing the financial performance of selected pharmaceutical companies in Bangladesh from 2005-2008. Ratio analysis and multivariate discriminate analysis were used to evaluate the companies' profitability, liquidity, solvency, activity, and risk of bankruptcy. The study found that most companies' earnings capacity, liquidity, financial position, and performance were not strong, and many had a low level of risk for bankruptcy. Reasons given included inefficient financial management, lack of realistic goals, strict government regulation, and increased costs. The document reviews prior literature on using financial analysis techniques to evaluate corporate performance and bankruptcy risk.
Financial analysis of “corporation bank” with special reference to coimbatore...Alexander Decker
This document analyzes the financial performance of Corporation Bank with reference to Coimbatore, Tamil Nadu from 2009-2013. It begins with an abstract stating that financial analysis provides insight into an organization's present and past performance.
The objectives of the study are outlined as: 1) To understand the profile and products/services of Corporation Bank 2) To identify the bank's financial strengths and weaknesses 3) To estimate future earnings using trend analysis.
Ratio analysis and trend analysis are used to analyze the bank's liquidity, profitability, and efficiency over the 5-year period. Key ratios examined include debt-equity ratio and current ratio. The analysis finds that debt-equity ratio decreased from 2009-2013,
Study of the Static Trade-Off Theory determinants vis-à-vis Capital Structure...inventionjournals
This paper investigates the application of the Static Trade-Off theory regarding the capital structure of the Pakistani Chemical Industry. We have used panel data analysis for the sample of 31 listed chemical firms from the period 2005 to 2013. The study is unique in its type as unlike to Shah & Hijazi (2005) who studied many industrial sections, this study only focuses on the listed Chemical Firms. We used five independent variables such as Profitability (P), Tangibility (T), Liquidity (L), Firm Size (FS) and Total Assets Growth (TAG) to study the effect on independent variable Financial Leverage (FG). The results confirmed the relationship of Profitability, Liquidity and Firm Size. However the results were not confirmed for Tangibility and Firm Assets Growth. Even though the results for Tangibility were positive, however the significance of the coefficients failed to support the hypothesis. This study hold a unique position for researchers for future research and also has significance for the investors helping them to make wise investment decisions when investing in Pakistani Chemical Industry since this industry holds a major portion of industrial GDP of the country
International Journal of Engineering Research and DevelopmentIJERD Editor
Electrical, Electronics and Computer Engineering,
Information Engineering and Technology,
Mechanical, Industrial and Manufacturing Engineering,
Automation and Mechatronics Engineering,
Material and Chemical Engineering,
Civil and Architecture Engineering,
Biotechnology and Bio Engineering,
Environmental Engineering,
Petroleum and Mining Engineering,
Marine and Agriculture engineering,
Aerospace Engineering.
This document discusses a study conducted at PT ABC to increase the production capacity of its rack steering line using Lean Six Sigma methodology. PT ABC was facing increasing customer demand but its normal daily production capacity of 744 units was insufficient, requiring overtime. The researchers applied the DMAIC process and identified opportunities to reduce cycle times through minimizing waste. They determined the longest process times were on machines OP-10, OP-20, OP-30 and OP-90. Improvements such as optimizing machine programs, replacing over-specified machines with more appropriate ones, improving tools, and modifying jig positions reduced cycle times from 1.1 minutes to 1 minute. This increased daily capacity to 818 units and reduced overtime costs.
Investigating the Influence of Firm Characteristics on Export Marketing Strat...Waqas Tariq
The export performance has been studied to a great extent while fewer researches have focused the export activities of developing countries. Firm characteristics have always been found to impact export performance considerably. Furthermore, the marketing strategy applied by the firm has been an important issue related to performance. In this paper, the relationships among firm characteristics, export marketing strategies as well as export performance were investigated on the export of medical disposable products in Malaysia. Data was gathered from 22 firms by the means of a questionnaire for which the reliability of 0.85 was achieved. The statistical Chi-Square test for independence was applied for testing the hypotheses via SPSS. The results indicated that several internal firm factors namely, market knowledge, commitment, international experience and innovation affected the application of adaptation strategies. Moreover, the use of adaptation strategies and the export performance were significantly related. Finally it was concluded that firm characteristics could influence export performance indirectly and through marketing strategies.
This research is a type of quantitative research, to determine the pattern of the relationship between profitability,
macroeconomics, capital structure and company value in manufacturing companies listed on the Stock Exchange for the
2014-2018 period. The unit of analysis in this study is financial reports, while the population is all manufacturing
companies. of this population,
Financial analysis using DU- PONT ANALYSIS BY P. SAI PRATHYUSHA SaiLakshmi115
INTRODUCTION# STATEMENT OF PROBLEM#PURPOSE OF STUDY# LITERATURE REVIEW#OBJECTIVES OF STUDY#DU-PONT MEANING# DU PONT CHART# DATA ANALYSIS AND INTERPRETATION#LIMITATIONS# FINDINGS AND CONCLUSION
This case study evaluated the feasibility of a pharmaceutical company launching products in the Indian market. Mangal Advisory Services conducted reviews of the company's operations, marketing, the industry, and financials. It was found that manufacturing locally in India could reduce costs by 30-40% and allow the company to better deal with currency risks. However, the company's high pricing and reliance only on ethical marketing posed challenges. For the project to be viable, the summary recommends manufacturing in India and considering less stringent advertising approaches to reduce costs.
Real estate sector is one of the ever growing sectors in India as it is understood as need fulfilment and
as well as investment opportunity that yields stable returns over a period of time. Earlier the Indian real estate
sector is in the hands of informal real estate agents and brokers. These day the real estate sector is growing in a
tremendous manner due to the government policies, rules and regulations in a more formal way. Foreign Direct
Investments entry into real estate and announcement of regional balanced development by the both central and
state governments increased the employment opportunities further
Long-term Corporate Finance Project on GlaxoSmithKline Inc.nroopraj24
The document is a report analyzing the financial performance and capital structure of GlaxoSmithKline (GSK). It includes an executive summary, sections on financial analysis using key ratios, company information, market analysis, an in-depth analysis of GSK's share buyback program, and conclusions. The financial analysis shows GSK has strong liquidity, high profitability, and uses debt aggressively but is able to service it based on interest coverage ratios. The market analysis compares GSK's stock performance to benchmarks and finds it moves closely with the market.
Abstract:- This study aims to determine the effect of Good Corporate Governance mechanism and Financial Performance on firm value in banking companies. The method used in this research is research method of descriptive associative. The analytical tool used is multiple linear regressions, processed by using SPSS program version 23. The results obtained are partially there is a negative influence of Good Corporate Governance mechanism (independent board of commissioner, institutional ownership, and audit committee) on the value of the company and there is positive influence profitability (ROE) on firm value. While simultaneously, there is influence together mechanism of Good Corporate Governance and profitability to company value. The suggestion is that companies should consider the implementation of Good Corporate Governance and to measure the company's financial performance can use other measurements such as ROA and NPM. While to measure the company's value can also use other measurements such as Price Earnings Ratio (PER) or Tobin's Q.
This document analyzes the effect of financial performance on stock prices of raw material producing companies listed on the Indonesian Stock Exchange from 2009-2013. It finds that variables like current ratio, debt to equity ratio, return on assets, and total asset turnover have a simultaneous significant effect on stock prices. However, in partial tests only total asset turnover is found to have an individually significant impact, while the other variables do not. The study uses multiple linear regression analysis on financial data from 7 sample companies to analyze the relationships between these financial metrics and stock price movements.
The document discusses reasons for business and industrial failure. It lists 10 common causes: failure to understand the market and customers, opening a business in an unprofitable industry, failure to clearly define and communicate the business's value proposition, inadequate financing, reactive rather than proactive attitudes, overdependence on a single customer, poor cost management, personal problems of the owner, poor quality products or services, and failure to adapt to changing market conditions. Understanding these common pitfalls can help businesses avoid failure and survive over the long run.
This document describes a study that uses an integrated TOPSIS-DEA approach to rank cement companies listed on the Tehran Stock Exchange. The study evaluates 28 cement companies from 2006-2012 using both qualitative and quantitative data. Financial ratios and other data are used as inputs and outputs in the TOPSIS-DEA model. The hybrid model aims to provide a more accurate ranking by combining the advantages of the TOPSIS and DEA methods. When the results were presented to stock market experts, most felt the integrated approach provided a better ranking of company performance than quantitative or qualitative approaches alone.
This document summarizes a research study that aimed to predict financial distress in manufacturing sectors in Indonesia using financial ratios. The researchers used logistic regression analysis to analyze the relationship between profitability ratios, leverage ratios, and the likelihood of financial distress. The results showed that both profitability ratios and leverage ratios had a significant positive effect on predicting financial difficulties. Specifically, declining profitability and increasing debt levels were indicators that a manufacturing company may experience financial distress.
This document summarizes a research study that examined the influence of firm size on the financial performance of deposit money banks quoted on the Nigerian stock exchange from 2005 to 2016. The study used a sample of 5 banks and measured firm size as the log of total assets and financial performance as return on assets. Descriptive statistics and correlation analysis were conducted. The results of the regression analyses showed that firm size had an insignificant negative influence on financial performance, indicating diseconomies of scale. The study recommends that banks minimize expansion costs and maximize economies of scale to stimulate financial performance.
IPO underpricing analysis in Indonesia during 2012-2016edwin hutauruk
ANALYSIS OF FACTORS AFFECTING THE UNDERPRICING OF INITIAL PUBLIC OFFERING (IPO) SECTOR SERVICES / NON-MANUFACTURING IN INDONESIA STOCK EXCHANGE PERIOD 2012-2016
Ratio analysis involves evaluating a company's performance and financial health by comparing financial data over time and against industry benchmarks. There are several types of ratios that provide different insights. Liquidity ratios like the current ratio measure a company's ability to pay short-term debts, with a higher ratio indicating better coverage of current liabilities. Profitability ratios like return on assets indicate how efficiently a company generates profits relative to its assets, with a higher ratio generally being preferable. Ratio analysis is a key tool for fundamental analysis of a company's financial strength and operating efficiency.
Financial analysis of selected pharmaceutical companies in bangladeshAlexander Decker
This document summarizes a study analyzing the financial performance of selected pharmaceutical companies in Bangladesh from 2005-2008. Ratio analysis and multivariate discriminate analysis were used to evaluate the companies' profitability, liquidity, solvency, activity, and risk of bankruptcy. The study found that most companies' earnings capacity, liquidity, financial position, and performance were not strong, and many had a low level of risk for bankruptcy. Reasons given included inefficient financial management, lack of realistic goals, strict government regulation, and increased costs. The document reviews prior literature on using financial analysis techniques to evaluate corporate performance and bankruptcy risk.
Financial analysis of “corporation bank” with special reference to coimbatore...Alexander Decker
This document analyzes the financial performance of Corporation Bank with reference to Coimbatore, Tamil Nadu from 2009-2013. It begins with an abstract stating that financial analysis provides insight into an organization's present and past performance.
The objectives of the study are outlined as: 1) To understand the profile and products/services of Corporation Bank 2) To identify the bank's financial strengths and weaknesses 3) To estimate future earnings using trend analysis.
Ratio analysis and trend analysis are used to analyze the bank's liquidity, profitability, and efficiency over the 5-year period. Key ratios examined include debt-equity ratio and current ratio. The analysis finds that debt-equity ratio decreased from 2009-2013,
Study of the Static Trade-Off Theory determinants vis-à-vis Capital Structure...inventionjournals
This paper investigates the application of the Static Trade-Off theory regarding the capital structure of the Pakistani Chemical Industry. We have used panel data analysis for the sample of 31 listed chemical firms from the period 2005 to 2013. The study is unique in its type as unlike to Shah & Hijazi (2005) who studied many industrial sections, this study only focuses on the listed Chemical Firms. We used five independent variables such as Profitability (P), Tangibility (T), Liquidity (L), Firm Size (FS) and Total Assets Growth (TAG) to study the effect on independent variable Financial Leverage (FG). The results confirmed the relationship of Profitability, Liquidity and Firm Size. However the results were not confirmed for Tangibility and Firm Assets Growth. Even though the results for Tangibility were positive, however the significance of the coefficients failed to support the hypothesis. This study hold a unique position for researchers for future research and also has significance for the investors helping them to make wise investment decisions when investing in Pakistani Chemical Industry since this industry holds a major portion of industrial GDP of the country
International Journal of Engineering Research and DevelopmentIJERD Editor
Electrical, Electronics and Computer Engineering,
Information Engineering and Technology,
Mechanical, Industrial and Manufacturing Engineering,
Automation and Mechatronics Engineering,
Material and Chemical Engineering,
Civil and Architecture Engineering,
Biotechnology and Bio Engineering,
Environmental Engineering,
Petroleum and Mining Engineering,
Marine and Agriculture engineering,
Aerospace Engineering.
This document discusses a study conducted at PT ABC to increase the production capacity of its rack steering line using Lean Six Sigma methodology. PT ABC was facing increasing customer demand but its normal daily production capacity of 744 units was insufficient, requiring overtime. The researchers applied the DMAIC process and identified opportunities to reduce cycle times through minimizing waste. They determined the longest process times were on machines OP-10, OP-20, OP-30 and OP-90. Improvements such as optimizing machine programs, replacing over-specified machines with more appropriate ones, improving tools, and modifying jig positions reduced cycle times from 1.1 minutes to 1 minute. This increased daily capacity to 818 units and reduced overtime costs.
Investigating the Influence of Firm Characteristics on Export Marketing Strat...Waqas Tariq
The export performance has been studied to a great extent while fewer researches have focused the export activities of developing countries. Firm characteristics have always been found to impact export performance considerably. Furthermore, the marketing strategy applied by the firm has been an important issue related to performance. In this paper, the relationships among firm characteristics, export marketing strategies as well as export performance were investigated on the export of medical disposable products in Malaysia. Data was gathered from 22 firms by the means of a questionnaire for which the reliability of 0.85 was achieved. The statistical Chi-Square test for independence was applied for testing the hypotheses via SPSS. The results indicated that several internal firm factors namely, market knowledge, commitment, international experience and innovation affected the application of adaptation strategies. Moreover, the use of adaptation strategies and the export performance were significantly related. Finally it was concluded that firm characteristics could influence export performance indirectly and through marketing strategies.
This research is a type of quantitative research, to determine the pattern of the relationship between profitability,
macroeconomics, capital structure and company value in manufacturing companies listed on the Stock Exchange for the
2014-2018 period. The unit of analysis in this study is financial reports, while the population is all manufacturing
companies. of this population,
Financial analysis using DU- PONT ANALYSIS BY P. SAI PRATHYUSHA SaiLakshmi115
INTRODUCTION# STATEMENT OF PROBLEM#PURPOSE OF STUDY# LITERATURE REVIEW#OBJECTIVES OF STUDY#DU-PONT MEANING# DU PONT CHART# DATA ANALYSIS AND INTERPRETATION#LIMITATIONS# FINDINGS AND CONCLUSION
This case study evaluated the feasibility of a pharmaceutical company launching products in the Indian market. Mangal Advisory Services conducted reviews of the company's operations, marketing, the industry, and financials. It was found that manufacturing locally in India could reduce costs by 30-40% and allow the company to better deal with currency risks. However, the company's high pricing and reliance only on ethical marketing posed challenges. For the project to be viable, the summary recommends manufacturing in India and considering less stringent advertising approaches to reduce costs.
Real estate sector is one of the ever growing sectors in India as it is understood as need fulfilment and
as well as investment opportunity that yields stable returns over a period of time. Earlier the Indian real estate
sector is in the hands of informal real estate agents and brokers. These day the real estate sector is growing in a
tremendous manner due to the government policies, rules and regulations in a more formal way. Foreign Direct
Investments entry into real estate and announcement of regional balanced development by the both central and
state governments increased the employment opportunities further
Long-term Corporate Finance Project on GlaxoSmithKline Inc.nroopraj24
The document is a report analyzing the financial performance and capital structure of GlaxoSmithKline (GSK). It includes an executive summary, sections on financial analysis using key ratios, company information, market analysis, an in-depth analysis of GSK's share buyback program, and conclusions. The financial analysis shows GSK has strong liquidity, high profitability, and uses debt aggressively but is able to service it based on interest coverage ratios. The market analysis compares GSK's stock performance to benchmarks and finds it moves closely with the market.
Abstract:- This study aims to determine the effect of Good Corporate Governance mechanism and Financial Performance on firm value in banking companies. The method used in this research is research method of descriptive associative. The analytical tool used is multiple linear regressions, processed by using SPSS program version 23. The results obtained are partially there is a negative influence of Good Corporate Governance mechanism (independent board of commissioner, institutional ownership, and audit committee) on the value of the company and there is positive influence profitability (ROE) on firm value. While simultaneously, there is influence together mechanism of Good Corporate Governance and profitability to company value. The suggestion is that companies should consider the implementation of Good Corporate Governance and to measure the company's financial performance can use other measurements such as ROA and NPM. While to measure the company's value can also use other measurements such as Price Earnings Ratio (PER) or Tobin's Q.
This document analyzes the effect of financial performance on stock prices of raw material producing companies listed on the Indonesian Stock Exchange from 2009-2013. It finds that variables like current ratio, debt to equity ratio, return on assets, and total asset turnover have a simultaneous significant effect on stock prices. However, in partial tests only total asset turnover is found to have an individually significant impact, while the other variables do not. The study uses multiple linear regression analysis on financial data from 7 sample companies to analyze the relationships between these financial metrics and stock price movements.
This document summarizes a study that analyzed the effect of sales growth, net profit margin, and company size on the value of food and beverage companies listed on the Indonesia Stock Exchange from 2016-2019. The study found that sales growth and net profit margin had a significant positive effect on company value, while company size did not have a significant effect. The study used multiple linear regression analysis on a sample of 14 food and beverage companies. It concluded that sales growth and net profit margin are important determinants of company value in this sector.
International Journal of Humanities and Social Science Invention (IJHSSI)inventionjournals
is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
THE EFFECT OF PROFITABILITY, FIRM SIZE, LEVERAGE AND FIRM VALUE ON INCOME SMO...AJHSSR Journal
ABSTRACT : The purpose of this study was to obtain empirical evidence of the influence of profitability,
firm size, leverage and firm value on income smoothing. The number of research samples was 21 companies for
five years with a total of 126 observations. The sample collection method uses a purposive sampling technique.
The data analysis technique used in this study is logistic regression analysis. Based on the results of the analysis
it was found that profitability, firm size, leverage, and firm value have a positive effect on income-smoothing
practices. This study provides additional information about the effect of profitability, firm size, leverage, and
firm value on income smoothing practices on the IDX, especially the LQ45 index.
KEYWORDS: income smoothing, profitability, firm size, leverage, firm value.
Effects of ownership structure, capital structure, profitability and company...inventionjournals
This document examines how ownership structure, capital structure, profitability, and company growth influence firm value. It analyzes these factors for 9 companies in the consumer goods and miscellaneous industries in Indonesia from 2009-2013. The results show that:
1) Managerial ownership and capital structure did not significantly impact firm value, while institutional ownership, profitability, and company growth did significantly impact firm value.
2) Return on equity had the strongest effect on firm value.
3) When considered together, the factors of managerial ownership, institutional ownership, capital structure, return on equity, and earnings growth simultaneously had a significant effect on firm value.
Panel Data Regression Analysis on Factors Affecting Firm Value in Manufacturi...Trisnadi Wijaya
Judul: Panel Data Regression Analysis on Factors Affecting Firm Value in Manufacturing Companies
Jurnal: Journal of Applied Business, Taxation and Economics Research (JABTER)
URL: https://equatorscience.com/index.php/jabter/article/view/119
This document summarizes a study that examined the effects of internal factors and stock ownership structure on dividend policy and company value for manufacturing companies listed on the Indonesia Stock Exchange between 2005-2010. The study found that: (1) free cash flow, company size, and return on equity influence dividend policy and company value in different ways; (2) debt, asset growth, and financial risk affect both dividend policy and company value; (3) managerial ownership does not affect dividend policy but does affect company value, while institutional ownership positively influences both; and (4) dividend policy positively impacts company value. The study used factors like cash flow, size, debt, growth, and ownership structure to analyze their relationship with dividend policy and company
11.financial diagnosis of selected listed pharmaceutical companies in bangladeshAlexander Decker
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The Influence Of Profitability And Growth Opportunity On Capital Structure And His Implication On Corporate Values
1. International Journal of Business Marketing and Management (IJBMM)
Volume 5 Issue 8 August 2020, P.P. 01-08
ISSN: 2456-4559
www.ijbmm.com
International Journal of Business Marketing and Management (IJBMM) Page 1
The Influence Of Profitability And Growth Opportunity On
Capital Structure And His Implication On Corporate Values
Aria Dian Tri Wahyuni1
, Prihat Asih2
, Nanik Sisharini3
1
Student in Magister Management Program, University of Merdeka Malang, Indonesia
2,3
Lecturer in Economics and Businees Faculty, University of Merdeka Malang, Indonesia
Abstract: Company value is a describe of a company's level of success that is usually associated with
stock prices. Rising stock prices give a sign that the value of the company is good. This study was
conducted to examine the effect of profitability and growth opportunity on capital structure and its
implications on the value of the company in pharmaceutical companies that have conducted an IPO
before 2013. The sample selection is done by purposive sampling method. So we get a sample of 8
pharmaceutical companies. The analysis technique used is path analysis. The results showed;
partially, profitability has a negative effect (significant) and Growth Opportunity has no effect on
capital structure. Partially, profitability has a positive (significant) effect, Growth Opportunity has no
influence and capital structure has no influence on the firm's value. The capital structure in this study
only mediates the effect of profitability on firm value.
Keywords : Profitability, Growth Opportunity, Modal Structure, Firm Value.
I. Introduction
A pharmaceutical company is a business company engaged in commercial sector that focuses on
researching, developing and distributing drugs, especially in terms of health. When viewed globally,
pharmaceutical companies are companies that have a large market. The Indonesian pharmaceutical market in
2015 grew 11.8% to US $ 4.6 billion, equivalent to Rp 56 trillion compared to last year, according to the
International Pharmaceutical Manufacturing Group (IPMG, 2015). The estimated market value reflects
pharmaceutical spending of (US $ 19 per capita per year, with national companies controlling 70% of the
market. In 2016, the pharmaceutical industry sales are estimated to reach Rp. 62 trillion and will rise to Rp. 72
trilium. This indicates that pharmaceutical companies are an industry that large and growing, so the
pharmaceutical company must be able to maintain this success.
In achieving success there are problems that will arise that affect the value of the company. Therefore,
it is important to know how much the factors that influence it, so the company can prepare strategies to
overcome these problems.
According Febrina [1] company value is a growing value for shareholders, the value of the company
will be reflected in the market price of its shares. The prosperity of shareholders in accordance with
Hermuningsih [2] reflected by the market price of shares which is a reflection of investment, funding and asset
management decisions.
Profitability is the measure of percentage used to assess the extent to which a company is able to
generate profits at an acceptable level. The profitability of a company can be assessed in various ways
depending on profits and assets or capital to be compared with one another.
Growth opportunity is a growth opportunity for a company in the future and is an opportunity for a company to
invest in things that benefit the company [3]. Growing companies can make investors interested in investing
because growing companies indicate that the company has favorable prospects in the future. So investors expect
to get a rate of return on the investment they plant during this period. Growth opportunity is measured using
Investment Opportunity Set (IOS). William's asymmetric information model [4] and ree cash flow theory from
Jensen [5] provides a basis that there is a relationship between company growth and the company's stock price.
Both predict that changes in stock prices are a response from the company's growth information. A company
that grows is a company that has a high growth opportunity, is predicted to have a positive relationship to stock
prices while for companies that do not grow or companies that have limited growth, is predicted to have a
negative relationship with the company's stock price.
2. The Influence Of Profitability And Growth Opportunity On Capital Structure And His Implication
International Journal of Business Marketing and Management (IJBMM) Page 2
High growth opportunities are basically an expectation that is desired by the internal company as well
as investors and creditors. High growth opportunities reflect company productivity. On the other hand, the cost
of issuing shares is more expensive than the issuance of debt securities so this is the reason companies with
high growth use debt more in the company's capital structure (capital structure). Capital structure is related to
the long-term expenditure of a company which is measured by the comparison of long-term debt with own
capital [6]. Capital structure theory explains the effect of capital structure on firm value. According to Sartono
[7] nilai perusahaan adalah nilai jual sebuah perusahaan sebagai suatu bisnis yang sedang beroperasi. Nilai
High companies will make the market believe not only in the company's current performance but also in the
company's future prospects.
Much research has been done on the factors that influence capital structure. But from a number of
previous studies, there are still inconsistencies in the results of research, especially regarding the variables
studied, namely the effect of the level of profitability and growth opportunity on capital structure and its
implications for company value. In addition there are differences in the results of research with existing
theories.
Research conducted by Hermuningsih [2] said that growth opportunity has a positive and significant
effect on capital structure, meaning that the debt use policy can help the excessive use of free cash funds by
management, the use of debt can also be a positive signal for investors. The results of this study are certainly
not in accordance with the pecking order theory which briefly states that encouraging companies that have large
profits to use their internal funds first in funding company activities so that the level of use of debt will be
relatively low and will reduce the risk of bankruptcy and debt costs incurred. High use of debt can also be a
positive signal for investors.
Research result Setyawan, Topowijono, and Nuzula [3] said that growth opportunity has a negative
and significant effect on capital structure. Research conducted by Moniaga [8] found that capital structure has a
significant effect on firm value whereas Prasetia, Tommy and Saerang [9] found that capital structure had no
significant effect on firm value.
II. Literature review
a. Firm value
The purpose of the company is to always grow by increasing the value of the company. The company's
sign of growth can be seen from a high valuation by the company's external parties towards assets or
stock market growth. According to Harmono, the company's value is an objective value by the market
that is oriented towards the company's survival [10].
To analyze whether a particular stock investment is feasible or not, then we need a way to measure it.
PER is used by investors to predict the ability of companies to generate profits in the future. Investors
can consider this ratio to sort out which stocks can later provide large profits in the future.
b. Struktur Modal
According to Riyanto [11], capital structure is permanent expenditure that is reflected through a
balance between own capital and long-term debt. The capital structure is also called the decision to
choose the source of funding or the composition of the selection of funding which is a comparison in
determining the fulfillment of corporate spending needs where the funds obtained are a combination of
sources originating from long-term funds consisting of two main sources, namely originating from
within and outside the company [12].
c. Profitability
Profitability is the company's ability to generate profits with all the capital that works in it [13] Sutrisno
[13]. Profitability has an important meaning in business, namely to maintain the survival of the
company in the long run because profitability indicates whether the entity has prospects in the future or
not.
d. Growth Opportunity
Growth Opportunity is the company's ability to increase company assets. Growth Opportunity
describes the level of expansion undertaken by the company by looking at the growth of assets used in
operational activities.
3. The Influence Of Profitability And Growth Opportunity On Capital Structure And His Implication
International Journal of Business Marketing and Management (IJBMM) Page 3
e. Conceptual Framework
Figure 1 : Conceptual Framework
f. Hypothesis
The hypothesis tested in this study is
H1 : Profitability has a positive and significant effect on Modal Structure.
H2 : Growth Opportunity has a positive and significant effect on Modal Structure.
H3 : Profitability has a positive and significant effect on Firm Value .
H4 : Growth Opportunity has a positive and significant effect on Firm Value.
H5 : Modal Structure has a positive and significant effect on Firm Value Firm Value.
H6 : Modal Structure as an intervening variable between the effect of Profitability on Firm Value.
H7 : Modal Structure as an intervening variable between the effect of Growth Opportunity on Firm Value.
III. Research Methods
g. Population and Research Samples
Based on the time of implementation, this study uses a longitudinal method (time series) that is data
collection is carried out in several periods, each period the data obtained is then processed, analyzed and drawn
conclusions. The population of this study is pharmaceutical manufacturing which is listed on the Indonesia
Stock Exchange, citing the rapid development and pharmaceutical technology in Indonesia that attracts foreign
and domestic investors to invest in the pharmaceutical sector. The sample selection was carried out using a
purposive sampling method based on predetermined criteria, namely pharmaceutical manufacturing companies
that had conducted an IPO before 2013.
Table 1 : Number of Companies in the Research Sample
No Information Number of
Companies
1 Pharmaceutical manufacturing companies listed on the IDX 10
2 Companies conducting IPOs after 2013 (2)
Total sample 8
Source: Data processed
ρzX1
b3 ρzX1
ρzy
ρzX2
Profitability (X1)
Firm Value
(Z)Capital Structure
(Y)
Growth
Opportunity (X2)
ρ𝑦𝑥2
Ԑ1
Ρyx1
4. The Influence Of Profitability And Growth Opportunity On Capital Structure And His Implication
International Journal of Business Marketing and Management (IJBMM) Page 4
Table 2 : List of Company Sample Names
Source: www.idx.co.id
The data used in this study are secondary data. Secondary data were obtained from annual reports of farmasi
companies in 2013-2017 at www.idx.co.id.
h. Variable Research
The variables used in this study are of two kinds namely
i. Variable Independent
(a) Profitability (X1)
Profitability can be measured in a way:
( )
( )
(1)
(b) Growth Opportunity (X2)
Firm size can be measured in a way:
( ) ( )
( )
ii. Variable Dependent
(a) Struktur Modal (Y)
Modal Structure can be measured in a way:
(b) Firm Value (Z)
Firm value can be measured in a way:
(4)
i. Analysis Technique
The data analysis technique used in this study is path analysis using SPSS 21.0 software. Hypothesis
testing by t test is if p ≥ 0.05 means the hypothesis is rejected (no effect). And if p <0.05 means the hypothesis is
accepted (influential). The regression analysis equation model is formed as follows:
Y = ρ X1 + ρ 2X2 + Ɛ1
Z = ρ X1 + ρ 2X2 + ρ Y + Ɛ2
Note:
X1 = Profitability
X2 = Growth Opportunity
Y = Modal Structure
Z = Firm Value
ρ = The path coefficient of profitability on modal structure
ρ 2 = The path coefficient of growth opportunity on modal structure
ρ = The path coefficient of modal structure on firm value.
No
Nama Perusahaan
1 Darya Varia Laboratoria, Tbk
2 Indofarma, Tbk
3 Kimia Farma, Tbk
4 Kalbe Farma, Tbk
5 Merck Indonesia, Tbk
6 Pyridam Farma, Tbk
7 Taisho Pharmaceutical Indonesia, Tbk
8 Tempo Scan Pacific, Tbk
5. The Influence Of Profitability And Growth Opportunity On Capital Structure And His Implication
International Journal of Business Marketing and Management (IJBMM) Page 5
ρ = The path coefficient of profitability on firm value
ρ 2 = The path coefficient of growth opportunity on firm value
Ɛ1 = Another factor influencing stucture modal
Ɛ2 = Another factor influencing firm value
IV. Results and Discussion
Table 3: Summary of Coefficients
Regression
Standardized
Coefficients
T hitung P Value
ROE DER -0,758 -6,997 0,000
Growth DER 0,076 0,701 0,487
ROE PER 0,777 4,214 0,000
Growth PER -0,114 -0,932 0,358
DER PER 0,118 0,644 0,523
The regression equation analysis model is formed as follows:
Z = -0,758X1 + 0,076X2 + 0,454
Y = 0,777X1 - 0,114X2 + 0,118Z + 0,567
j. Profitability on Struktur Modal
The coefficient of the effect of profitability on capital structure is -0,758 with a significance level of 0,000
that is smaller than 0.05 which means that the profitability variable has a significant and negative effect on the
capital structure variable. Then hypothesis 1 is accepted. The greater the level of profitability obtained by
pharmaceutical companies, the use of capital structures derived from debt will decrease.
Pharmaceutical companies have a large rate of return and have a greater source of internal funding, so this
affects managers in making decisions relating to capital structure or funding of pharmaceutical companies in
financing their business activities, such as developing pharmaceutical products or health equipment, or the
need to invest. Pharmaceutical companies may prefer to use their own capital, namely from pharmaceutical
company internal funds first, as in the form of retained earnings derived from profits generated by
pharmaceutical companies rather than using external funds or funds from outside pharmaceutical companies,
namely debt, so the level debt used by companies is relatively low and can reduce the risk of bankruptcy and
the high cost of capital or debt.
This research, supported and in accordance with the theory of capital structure, namely the Pecking Order
Theory proposed by Myers and Maljuf in 1984, suggested that companies tend to use retained earnings first,
namely from retained earnings and depreciation, rather than using external funds (Debt and Shares) from
funding activities. In addition this research is in line with research conducted by Yusrianti [14].
k. Growth Opportunity on Struktur Modal
The coefficient of influence of growth opportunity is 0.076 with a significance level of 0.487 greater than
0.05, which indicates that the growth opportunity variable does not significantly influence the capital structure
variable, then hypothesis 2 is rejected. Companies with high growth rates prefer to use their own capital
compared to using external capital that has a risk of bankruptcy (debt).
Own capital obtained by the company is of two kinds, namely retained earnings (the remaining profit
rather than company profits that have not been distributed to shareholders as dividends) and ordinary shares
(the type of capital invested in the company by shareholders / investors). Shareholders will get the right to
receive a portion of fixed income / dividends from the company and the obligation to bear the risk of losses
suffered by the company. This research is in line with Mustika's research [15].
l. Profitabilitas Terhadap Nilai Perusahaan
The coefficient of the effect of profitability on firm value is 0.777 with a significance level of 0.000 which
is smaller than 0.05 which indicates that the profitability variable has a significant and positive effect on firm
value, then hypothesis 3 is accepted. the better the company's profitability growth, the future prospects of the
company are considered better, and the value of the company is seen better by investors.
In accordance with one of the signaling theories which states that when an investor receives good
information about a company's performance, the investor will react, that is to buy shares. If the company's
6. The Influence Of Profitability And Growth Opportunity On Capital Structure And His Implication
International Journal of Business Marketing and Management (IJBMM) Page 6
ability to generate profits increases, the share price will also increase. Thus the higher this ratio, the better the
company's position, which means the greater the company's ability to cover the investment used. This can
enable companies to finance investments from funds originating from internal sources available in retained
earnings. The results of this study are consistent with Ria Nofrita's research [16].
The similarity of the results of this study shows that the greater the level of profitability, the better for the
company itself. The higher the level of profitability, the greater the level of prosperity that the company
provides to shareholders. The greater the level of prosperity provided by the company will attract investors to
own the company and will have a positive influence on stock prices in the market. This means it will increase
the value of the company.
m. Growth Opportunity Terhadap Nilai Perusahaan
The coefficient of the influence of Growth Opportunity on firm value is -0.114 with a significance level
of 0.358 which is greater than 0.05 which indicates that the growth opportunity variable does not significantly
influence the firm value variable, then hypothesis 4 is rejected.
The size of the total assets does not affect the value of the company as measured by the ratio of stock
prices to the book value of the company. In accordance with the theory of dividend irrelevance conveyed by
Modigliani Miller, states that dividend policy does not have a good effect on stock prices or capital costs
(dividend policy is irrelevant). This research is in accordance with the research of Ramadhan Harahap [17].
n. Modal Structure on Firm Value
The coefficient of influence of the Capital Structure of the firm's value is 0.118 with a significance level
of 0.523 which is greater than 0.05 which indicates that the capital structure has no significant effect on the
firm's value, then hypothesis 5 is rejected. capital structure is not able to influence investor interest to invest in
a company. It is possible for investors to prefer if a company increases the value of the company rather than
increasing the debt. By using the Debt to Equity Ratio indicator is not a calculation by stock growers to see
whether a company's performance is worth buying or not, so Debt to Equity Ratio cannot affect the size of the
company value. This research is in accordance with Permatasari’s research [18].
o. Pengaruh profitabilitas terhadap nilai perusahaan melalui Struktur modal
Table 4 : Hypothesis Testing of Profitability throught Modal Structure
Variable Direct Effect Indirect Effect
ROE → DER → PER 0,777 -0,758 x 0,118 = -0,089
Sumber: data diolah
Based on table 4, the results of calculations are known that the value of the indirect effect is smaller than
the value of the direct influence (-0.089 <0.777). This shows that the capital structure is not able to mediate
between the value of profitability with the value of the company, then hypothesis 6 is rejected. a company
with a high level of profitability is able to finance its business operations with its retained earnings, so that the
company will use relatively small amounts of debt.
Based on its relationship with profitability and the value of the company that companies that have large
profitability every year, tend to be in demand by many investors. Investors assume that companies that have
large profits will also produce large returns. This is captured by investors as a positive signal from the
company, so that it will increase investor confidence and will facilitate company management to attract capital
in the form of shares. If there is an increase in demand for a company's shares, it will indirectly increase the
price of the company's shares in the market. The results of this study are in line with research conducted by
Andanika [19].
p. Pengaruh growth opportunity terhadap nilai perusahaan melalui Struktur modal
Table 5 : Hypothesis Testing of Growth Opportunity throught Modal Structure
Variable Direct Effect Indirect Effect
ROE → DER → PER -0,114 0,076 x 0,118 = 0,008
Sumber: data diolah
7. The Influence Of Profitability And Growth Opportunity On Capital Structure And His Implication
International Journal of Business Marketing and Management (IJBMM) Page 7
Based on table 5, the calculation results are known that the value of the indirect effect is greater than the
value of the direct influence ie (0.008> -0.114) so it shows that the value of growth opportunity through
capital structure influences the firm's value, then hypothesis 7 is accepted. Companies with high levels of
growth opportunity will encourage companies to continue to expand, using external capital. The existence of
investment opportunities in a company gives a positive signal to the company's growth in the future. These
investment opportunities will affect the value of the company. Companies with high growth opportunities have
many investment opportunities that ultimately attract investors to invest in these companies. This can trigger
an increase in demand for company shares and cause share prices to rise, so that it can increase the value of
the company. This research is in line with Hermuningsih's research [2].
V. Conclusions
Based on the results of research and discussion previously described, it can be concluded that the greater
the level of profitability obtained by pharmaceutical companies, the use of capital structures derived from debt
will decrease. In this pharmaceutical company the growth rate of the company does not affect the capital
structure used, because the company prefers to increase the growth of the pharmaceutical company from
product sales and shares rather than having to expand. The ability of pharmaceutical companies to generate
profits increases, the price of pharmaceutical companies' shares will also increase. In this study, the size of the
growth of pharmaceutical companies which is assessed from the total assets of the company does not affect the
value of the pharmaceutical company as measured by the ratio of the stock price of the pharmaceutical
company itself. By using the Debt to Equity Ratio indicator, it does not become a calculation by shareholders
to see whether a company is worth buying or not, so that the capital structure cannot affect the size of the
company value. Profitability does not affect the value of pharmaceutical companies through the capital
structure but profitability directly affects the value of the company.
VI. Recommendations
For the company, the company can expand or invest to strengthen the value of the company with
external capital while still considering the proportion of the company's debt value which will later become a
burden on the company's obligations.
For further researchers can add other variables in conducting further research such as company size,
taxes, managerial ownership and other variables that are thought to affect the value of the company.
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