Jurnal Keuangan dan Perbankan Universitas Merdeka Malang
Coal Prices and Foreign Ownership on the Capital Structure of Indonesian Coal Companies
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Title
Jurnal Keuangan dan Perbankan Universitas Merdeka Malang
Coal Prices and Foreign Ownership on the Capital Structure of Indonesian Coal Companies
Coal Prices and Foreign Ownership on the Capital Structure of Indonesian Coal Companies
Subject
Capital structure; Coal prices; Foreign ownership
Description
This paper investigated the effect of coal prices and foreign ownership on the capital structure of coal companies in the Indonesian stock exchange. This study used debt to equity ratio (DER) to proxy capital structure and control variables, i.e., size, liquidity, and profitability. This study employed the statistic descriptive analysis and regression analysis
of panel data and covered quarter data of 23 coal companies listed in the Indonesian stock exchange in a 3-year time horizon (2018-2020). This study concludes that ten out of 23 coal companies have more than 100% DER. Based on the sources of liabilities, debt originating from third parties is the primary source of debt for coal companies listed on the IDX in 2018-2020. The next order of sources of debt in a row is bank loans, debts from related parties, lease payables, bonds, and dividends. The result showed that ten out of 23 companies have a more than 100% capital structure value. The panel data regression analysis showed that capital structure significantly impacts coal prices, foreign ownership, size, liquidity, and profitability. As one of the main coal exporters, Indonesia has a good bargaining position in the international market. An investor can use the movement of coal prices as one of the criteria for deciding to invest in this industry
of panel data and covered quarter data of 23 coal companies listed in the Indonesian stock exchange in a 3-year time horizon (2018-2020). This study concludes that ten out of 23 coal companies have more than 100% DER. Based on the sources of liabilities, debt originating from third parties is the primary source of debt for coal companies listed on the IDX in 2018-2020. The next order of sources of debt in a row is bank loans, debts from related parties, lease payables, bonds, and dividends. The result showed that ten out of 23 companies have a more than 100% capital structure value. The panel data regression analysis showed that capital structure significantly impacts coal prices, foreign ownership, size, liquidity, and profitability. As one of the main coal exporters, Indonesia has a good bargaining position in the international market. An investor can use the movement of coal prices as one of the criteria for deciding to invest in this industry
Creator
Hanum Amalia Budhi Pratiwi, Noer Azam Achsani, Toni Irawan
Source
DOI: 10.26905/jkdp.v26i1.6872
Publisher
Universitas Merdeka Malang
Date
January 2022
Contributor
Sri Wahyuni
Rights
ISSN: 2443-2687 (Online) ISSN: 1410-8089 (Print)
Format
PDF
Language
English
Type
Text
Coverage
Jurnal Keuangan dan Perbankan Universitas Merdeka Malang
Files
Collection
Citation
Hanum Amalia Budhi Pratiwi, Noer Azam Achsani, Toni Irawan, “Jurnal Keuangan dan Perbankan Universitas Merdeka Malang
Coal Prices and Foreign Ownership on the Capital Structure of Indonesian Coal Companies,” Repository Horizon University Indonesia, accessed November 21, 2024, https://repository.horizon.ac.id/items/show/4830.
Coal Prices and Foreign Ownership on the Capital Structure of Indonesian Coal Companies,” Repository Horizon University Indonesia, accessed November 21, 2024, https://repository.horizon.ac.id/items/show/4830.