Overconfidence and Size of Companies as a Predictor of Capital Structure and Company Values in Pharmaceutical Companies in Indonesia Stock Exchange

Ni Luh Eka Silvia Dewi, Ni Luh Putu Wiagustini

Abstract


The purpose of this study was to examine the overconfidence and firm size as a predictor of capital structure and firm value in companies listed on the Indonesia Stock Exchange during the period 2009-2016. This research is a causality research where there is a relationship between one or more variables. This study also does not directly link between predictor variables, namely for the capital structure of the firm's value. This study uses Path Analysis as a tool to analyze the relationships that occur. The location of the study was conducted at the Indonesia Stock Exchange at pharmaceutical companies by taking data through ICMD (Indonesian Capital Market Directory) for the period of 2009-2016. The results of the study found that excessive uncertainty significantly towards the capital structure. While the size of the company does not. The size of the company is significant to the value of the company. The test results of the capital structure on the firm's value are positive. Excessive self-confidence has a significant positive effect on the level of trust not insignificantly insignificant to the value of the company..


Keywords


Overconfidence; Size; Capital Structure; Capital Structure Theory; Company Value.

Full Text:

PDF

References


Nuraina, E. 2012. Pengaruh Kepemilikan Institusional Dan Ukuran Perusahaan Terhadap Kebijakan Hutang Dan Nilai Perusahaan (Studi Pada Perusahaan Farmasi Yang Terdaftar Di BEI). Jurnal Bisnis dan Ekonomi (JBE), September 2012, Hal. 110 – 125 Vol. 19, No. 2, ISSN: 1412-3126.

Prasetia, dkk. 2014. Struktur Modal, Ukuran Perusahaan Dan Risiko Perusahaan Terhadap Nilai Perusahaan Otomotif Yang Terdaftar Di Bei. Jurnal EMBA 881. Vol.2 No.2 Juni 2014, Hal. 879-889.

Rudangga, I Gusti Ngurah Gede dan Sudiarta, Gede Merta. 2016. Pengaruh Ukuran Perusahaan, Leverage, Dan Profitabilitas Terhadap Nilai Perusahaan. E-Jurnal Manajemen Unud, Vol. 5, No.7, 2016: 4394 - 4422 ISSN : 2302-8912.

Moeljadi. 2014. Factors Affecting Firm Value:Theoretical StudyOnPublic Manufacturing Firms InIndonesia. South East Asia Journal of Contemporary Business, Economics and Law, Vol. 5, Issue 2 (Dec.). ISSN 2289-1560.

Klimenok, Aleksandr. 2014. The influence of capital structure on the value of the firm-A study of European firms. E-Master Thesis. University Of Nordland.

Gharaibeh A.M.O and Sarea, A.M. 2015. The Impact Of Capital Structure And Certain FirmSpecific Variables On The Value Of The Firm:Empirical Evidence From Kuwait. Corporate Ownership & Control / Volume 13, Issue 1, 2015, Continued – 10. Visrtus Interpress.

Gultom, R., Agustina, dan Wijaya, S.W. 2013. Analisis Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan Pada Perusahaan Farmasi Di Bursa Efek Indonesia. Jurnal Wira Ekonomi Mikroskil. Program Studi Akuntansi. STIE Mikroskil. Medan.)

Wahyuni, I.A.T. dan Suryantini, N.P.S. 2014. Pengaruh Ukuran Perusahaan, Profitabilitas Dan Penghematan Pajak Terhadap Struktur Modal. E-Journal. Fakultas Ekonomi Universitas Udayana: Denpasar.

Lusangaji, D. 2013. Pengaruh Ukuran Perusahaan, Struktur Aktiva, Pertumbuhan Perusahaan, dan Profitabilitas Terhadap Struktur Modal (Studi pada Perusahaan Makanan dan Minuman yang Tercatat di BEI). Jurnal Ekonomi.

Setiadewi, K.A.Y. dan Purbawangsa, I.B.A. 2015. Pengaruh Ukuran Perusahaan Dan LeverageTerhadap Profitabilitas Dan Nilai Perusahaan. Jurnal Ekonomi dan Bisnis. Fakultas Ekonomi dan Bisnis Universitas Udayana: Denpasar, Bali, Indonesia.

Nofsinger, Jhon R. 2005. Psychologi of Investing. Second Edition. New Jersey. Precentice-HallInc

Yuliani. 2015. Overconfidence Dan Nilai Perusahaan: Struktur Modal Dan Investasi Sebagai Pemediasi. Journal of Management and Business Review Vol.12, No.2

Tomak, S. 2013. The Impact of Overconfidence on Capital Structure in Turkey. International Journal of Economics and Financial Issue. Vol. 3, No. 2, 2013, pp.512-518 ISSN: 2146-4138.

Supramono dan Putlia, N. 2010. Persepsi Dan Faktor Psikologis Dalam Pengambilan Keputusan Hutang. JurnalKeuangan dan Perbankan, Vol. 14, No. 1 Januari 2010, Hal. 24-35.

Salvatore, D. 2005. Ekonomi Manajerial dalam Perekonomian Global. Salemba Empat: Jakarta.

Aditama, D.S. 2013. Pengaruh Kepemilikan Manajemen, Kepemilikan Institusi, Leverage dan Pengungkapan Corporate Social Responsibility Terhadap Nilai perusahaan pada Perusahaan Manufaktur Di Bursa Efek Indonesia. E-Jurnal. Fakultas Ekonomi Dan Bisnis. Universitas Muhammadiyah: Surakarta.

Husnan, S. dan dan Enny Pudjiastuti, 2012. Dasar-dasar Manajemen Keuangan, UPP AMP YKPN: Yogyakarta.

Martono dan Harjito, A. 2013. Manajemen Keuangan.Edisi 3. Ekonisia: Yogyakarta.

Husnan, S. dan dan Enny Pudjiastuti, 2012. Dasar-dasar Manajemen Keuangan, UPP AMP YKPN: Yogyakarta

Brigham,E. F dan J.F.Houston.2006. Fundamental of Financial Managements. Edisi Kesembilan. Jilid2. Erlangga.: Jakarta

Riyanto, B. 2011. Dasar-Dasar Pembelanjaan Perusahaan. Edisi Keempat. BPFE: Yogyakarta.

Sari, R.A. 2012. Pengaruh Karakteristik Perusahaan Terhadap Corporate Social Responsibility Disclosure Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Nominal. Volume I Nomor I / Tahun 2012. Universitas Negeri Yogyakarta

Nungki, K., Subroto, B., Rahman, A.F. 2012. Perbedaan Tujuan Auditor Atas Tingkat Overconfidence Pertimbangan Auditor (Studi Eksperimental). Ekuitas: Jurnal Ekonomi dan Keuangan, Vol.17, No.2: 234-255

Rihab, Ben Atitallah and Lotfi, Ben Jedidia. 2016.Managerial Overconfidence and Debt Decisions. Journal of Modern Accounting and Auditing, April 2016, Vol. 12, No. 4, 225-24.

Ali Ataullah, Andrew Vivian & Bin Xu. 2018. Time-varying managerial overconfidence and corporate debt maturity structure. The European Journal of Finance.Volume 24, 2018 - Issue 2.

Bin Xu. 2014. Corporate Financing Decisions: The Role of Managerial Overconfidence. E-Thesis. Loughborough University.

Oliver, Barry R. and Mefteh, Salma. 2010. Capital structure choice: The influence of sentiment in France. International Journal of Behavioural Accounting and Finance, 1 4: 294-311

Chandra, Teddy. 2012. Faktor-Faktor Yang Memengaruhi Struktur Modal Pada Perusahaan Properti Dan Real Estate Di Indonesia. Jurnal Ekonomi dan Keuangan ISSN 1411– 0393.

Hoang Linh Nguyen. 2014. How Firm Characteristics Affect Capital Structure-An Analysis of Finnish Technology Industry. E-Thesis. Lahti University Of Applied Sciences.

Muigai1 Robert Gitau and Muriithi Jane Gathigia. 2017. The Moderating Effect of Firm Size on the Relationship Between Capital Structure and Financial Distress of Non-Financial Companies Listed in Kenya. Journal of Finance and Accounting. ISSN: 2330-7331 (Print); ISSN: 2330-7323.

Sujono, M.S.I., Sudarma, M. dan Solimun. (2012). Determinan Struktur Modal Inovasi dan Nilai Perusahaan (Studi pada Industri Farmasi di Bursa Efek Indonesia). Jurnal Ekonomi. Fakultas Ekonomi Universitas Haluoleo Kendari. Sulawesi Utara

Slothouber, E.IJ.S. 2010. The influence of CEOoverconfidence on firm value. Tilburg School of Economics and ManagementDepartment of Finance. Master Thesis. Tilburg University.

Velde, P.H. Van der. 2016. What is the effect of CEO overconfidence on firm value?.E-MasterThesis. Erasmus School of Economics. Erasmus University Rotterdam

Maxwell, Ogbulu, Onyemachi and Emeni, Francis Kehinde. 2012. Capital Structure and Firm Value: Empirical Evidence from Nigeria. International Journal of Business and Social Science Vol. 3 No. 19; October 2012.

Yuliani., Isnuhardi, & Samadi W. Bakar. 2013. Keputusan Investasi, Pendanaan, dan Dividen terhadap Nilai Perusahaan dengan Risiko Bisnis sebagai Variabel Mediasi. Dalam Jurnal Keuangan dan Perbankan, Vol. 17 No. 3 September 2013, Hal. 362-375. Palembang : Universitas Sriwijaya

Asif, Ammara and Aziz, Dr. Bilal. 2016. Impact of Capital Structure on Firm Value Creation-Evidence from the Cement Sectorof Pakistan. International Journal of Research in Finance and Marketing (Impact Factor – 5.861).IJRFM Volume 6, Issue 6 (June, 2016) (ISSN 2231-5985).

Aroram Parvinder et al. 2016. Determinants of Capital Structure in Singapore’s Manufacturing Industry. Asian Journal of Business Research Volume 6, Issue 2, 2016. ISSN 2463-4522 e-ISSN 1778-8933.

Nugroho, N, C. 2014. Analisis Pengaruh Profitabilitas, Pertumbuhan Penjualan, Ukuran Perusahaan, Dan Umur Perusahaan Terhadap Struktur Modal Usaha Mikro Kecil Dan Menengah Kerajinan Kuningan Di Kabupaten Pati. Management Analysis Journal 3 (2).

Hudan, Y., Isynuwardhana, D., Triyanto, D,N., 2016. Pengaruh Profitabilitas, Likuiditas Dan Ukuran Perusahaan Terhadap Struktur Modal (Studi Pada Perusahaan Pertambangan Sektor Batubara Yang Terdaftar Di Bursa Efek Indonesia Tahun 2011-2015). e-Proceeding of Management. Vol.3, No.2


Refbacks

  • There are currently no refbacks.


 

 
  
 

 

  


About IJSBAR | Privacy PolicyTerms & Conditions | Contact Us | DisclaimerFAQs 

IJSBAR is published by (GSSRR).