The Effect of Asset Structure and Dividend Policy on the Capital Structure of Infrastructure Subsector Companies Listed on the Indonesia Stock Exchange 2016-2020 Period

Aninditha Putri Kusumawardhani; Ahmad Ramdan Rizali; Ratih Hadiantini

doi:10.46336/ijrcs.v5i3.624

The Effect of Asset Structure and Dividend Policy on the Capital Structure of Infrastructure Subsector Companies Listed on the Indonesia Stock Exchange 2016-2020 Period

Aninditha Putri Kusumawardhani, Ahmad Ramdan Rizali, Ratih Hadiantini

Abstract

The purpose of this study was to determine the effect of Asset Structure and Dividend Policy on the Capital Structure of
Infrastructures Sub-sector Companies listed on the Indonesia Stock Exchange for the 2016-2020 period. The research indicators
used are Fixed Assets Ratio, Dividend Payout Ratio and Debt to Equity Ratio. The approach used in this research is a quantitative
approach. The population in this study were 175 financial statements from 35 infrastructures sub-sector companies listed on the
Indonesia Stock Exchange and the sample used in this study were 35 financial statements from 7 companies. The data used is
secondary data, namely data obtained directly in the form of financial reports from the website of each company and the
www.idx.co.id website. The data analysis technique was carried out using statistical analysis, namely classical assumption test,
multiple linear regression coefficient, multiple correlation coefficient, coefficient of determination and hypothesis testing using
SPSS version 25 program. The results showed that partially Asset Structure had no significant effect on The Capital Structure of
the infrastructures subsector companies listed on the Indonesia Stock Exchange for the 2016-2020 period, while the Dividend
Policy has no significant effect on the capital structure of the infrastructures subsector companies listed on the Indonesia Stock
Exchange for the 2016-2020 period. Simultaneously, the Asset Structure and Dividend Policy have a significant influence on the
capital structure of the infrastructures sub-sector companies listed on the Indonesia Stock Exchange for the 2016-2020 period.

Keywords

Asset Structure, Dividend Policy, Capital Structure, Fixed Assets Ratio, Dividend Payout Ratio, and Debt to Equity Ratio

Full Text:

PDF

References

Al-ANI, M. K. (2013). Effects of assets structure on the financial performance: Evidence from sultanate of Oman. In 11th EBES Conference proceedings in Ekaterinburg, Russia (pp. 147-165).

Bragg, S. M. (2012). Business ratios and formulas: a comprehensive guide. John Wiley & Sons.

Bustani, B., Kurniaty, K., & Widyanti, R. (2021). The effect of earning per share, price to book value, dividend payout ratio, and net profit margin on the stock price in Indonesia stock exchange. Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship, 11(1), 1-18.

Chu, H., & Ke, Q. (2017). Research methods: What's in the name?. Library & Information Science Research, 39(4), 284-294.

Damayanti, E., & Chaerudin, C. (2021). the Role of Current Ratio (Cr), Debt To Equity Ratio (Der), and Total Asset Turnover (Tato) on Return on Asset (Roa) in Multi-Industrial Sector Manufacturing Companies That Registered To the Indonesia Stock Exchange for 2015-2019. Dinasti International Journal of Management Science, 2(6), 915-924.

Higgins, R. C. (1972). The corporate dividend-saving decision. Journal of Financial and Quantitative Analysis, 7(2), 1527-1541.

Kanakriyah, R. (2020). Dividend policy and companies' financial performance. The Journal of Asian Finance, Economics and Business, 7(10), 531-541.

Mohajan, H. K. (2020). Quantitative research: A successful investigation in natural and social sciences. Journal of Economic Development, Environment and People, 9(4), 50-79.

Myers, S. C. (2001). Capital structure. Journal of Economic perspectives, 15(2), 81-102.

Rehman, O. U. (2016). Impact of capital structure and dividend policy on firm value. Journal of Poverty, Investment and Development, 21(1), 40-57.

Vătavu, S. (2015). The impact of capital structure on financial performance in Romanian listed companies. Procedia economics and finance, 32, 1314-1322..

www.adhi.co.id (Accessed October 23, 2021)

www.idx.co,id (Accessed October 15, 2021).

www.indopora.com (Accessed October 24, 2021)

www.investor.waskita.co.id (Accessed October 24, 2021)

www.ptpp.co.id (Accessed October 24, 2021)

www.suryainternusa.com (Accessed October 23, 2021)

www.totalbp.com (Accessed October 23, 2021)

www.wika.co.id (Accessed October 23, 2021)

DOI: https://doi.org/10.46336/ijrcs.v5i3.624