簡易檢索 / 詳目顯示

回結果列表
研究生： Thalia Tamara
Thalia Tamara
論文名稱： 資本結構是否影響公司價值？針對美零售次產業的上市公司的研究
Does Capital Structure Influence Firm Value? A Study on U.S Listed Retail Subsector Companies
指導教授： 陳俊男
Chun-Nan Chen
口試委員: 鄭仁偉
Jen-Wei Cheng
林軒竹
Lin, Hsuan-Chu
陳嬿如
Yenn-Ru Chen
學位類別： 碩士
Master
系所名稱： 管理學院 - 財務金融研究所
Graduate Institute of Finance
論文出版年： 2023
畢業學年度： 111
語文別： 英文
論文頁數： 65
外文關鍵詞： U.S Retail Subsector, Growth Ratio, M.M Theory, Agency Cost Theory
相關次數： 點閱：619  下載：0 
分享至:
查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報
  •  上一筆

    • This paper aims to find out whether capital structure has influence on firm value or not. This study uses U.S listed retail subsector companies as the research sample. Over the years, various theories of capital structure have evolved, ranging from M.M Theory, Trade-Off Theory, Pecking Order Theory and Agency Cost Theory. Moreover, previous studies show inconsistent findings, where some found that capital structure positively influences firm value, and in others it does not. These reasons become motivations of conducting research in this field. Besides using dependent and independent variable, this research also uses control variables to control the research model. Dependent variable used in this research is firm value and independent variable used is capital structure. Control variables used include dividend policy, profitability, size, and growth ratio. This study uses Newey-West Test (HAC Method) to understand whether there is influence of capital structure or not on a firm value. Besides conducting main regression, several sensitivity tests were also done to better understand the influence of those variables on firm value. Based on main regression result, it can be concluded that this study found no influence of capital structure on firm value. Same result was also achieved for profitability where it was found to have no influence on firm value. On the other side, dividend policy, firm size and growth ratio were also found to have positive influence on firm value.

    TABLE OF CONTENTS ABSTRACT....................................................................................................................................iv ACKNOWLEDGEMENTS ..........................................................................................................v LIST OF TABLES.....................................................................................................ix LIST OF FIGURES................................................................................................... x CHAPTER 1 : INTRODUCTION ...............................................................................................1 1.1. Research Background and Motivation ............................................................................1 1.2. Problem Statements and Research Goals........................................................................2 1.3. Structure of Research.........................................................................................................3 CHAPTER 2 : LITERATURE REVIEW AND HYPOTESIS DEVELOPMENT..............4 2.1. Capital Structure.................................................................................................................4 2.1.1. Modigliani and Miller Theory (M.M Theory) ................................................................4 2.1.2. Trade-Off Theory ................................................................................................................5 2.1.3. Pecking Order Theory ........................................................................................................6 2.1.4. Agency Cost Theory ............................................................................................................7 2.2. Firm Value............................................................................................................................8 2.1.2 Price to Book Value (PBV).................................................................................................8 2.3. Hypothesis Development....................................................................................................9 2.3.1. Relationship between Independent Variable and Dependent Variable ......................9 2.3.1.1 The Impact of Capital Structure on Firm Value ..........................................................9 2.3.2. Relationship between Control Variable and Dependent Variable .............................9 2.3.2.1 The Impact of Dividend Policy on Firm Value ..............................................................9 2.3.2.1 The Impact of Profitability on Firm Value ..................................................................10 2.3.2.3 The Impact of Size on Firm Value .................................................................................11 2.3.2.3 The Impact of Company Growth on Firm Value........................................................11 CHAPTER 3 : DATA AND METHODOLOGY .....................................................................13 3.1. Research Model ................................................................................................................13 3.2. Sample Collection and Sampling Process......................................................................13 vii 3.3. Research Variables ...........................................................................................................14 3.3.1. Dependent Variable...........................................................................................................14 3.3.2. Independent Variable .......................................................................................................14 3.3.3. Control Variable ................................................................................................................14 3.4. Research Equation ............................................................................................................16 3.5. Data Analysis .....................................................................................................................17 CHAPTER 4 : EMPIRICAL RESULTS AND DISCUSSIONS ...........................................19 4.1. Descriptive Statistics.........................................................................................................19 4.2. Diagnosis Check.................................................................................................................20 4.2.1. Multicollinearity Test........................................................................................................20 4.2.2. Heteroscedasticity Test .....................................................................................................21 4.2.2. Autocorrelation Test .........................................................................................................21 4.4. Regression Result ..............................................................................................................23 4.4.1. OLS Result..........................................................................................................................23 4.4.2. Regression Result (Newey-West Test)............................................................................24 4.5. Sensitivity Test...................................................................................................................25 4.5.1. Sensitivity Test with Dummy Variables.........................................................................25 4.5.1. Sensitivity Test with different Dependent Variables ...................................................27 4.5.2.1First Sensitivity Analysis..................................................................................................27 4.5.2.1 Second Sensitivity Analysis.............................................................................................28 4.5.3. Sensitivity Test with different Independent Variable Proxy (X) ..............................29 4.5.3.1 Third Sensitivity Analysis...............................................................................................29 4.5.4. Sensitivity Test with different Dependent (X) and Independent Variable Proxies (X) 31 4.5.4.1 Fourth Sensitivity Analysis.............................................................................................31 4.5.4.2 Fifth Sensitivity Analysis.................................................................................................32 4.6. Regression Results Table Summary..............................................................................33 4.6.1 Newey-West Test/HAC Method Result.........................................................................33 4.6.2. Sensitivity Test with Different Dependent Variable Proxy (X).................................34 4.6.3. Sensitivity Test with Different Independent Variable Proxy (Y)..............................35 viii 4.6.3. Sensitivity Test with Different Dependent (X) and Independent Variable Proxies (Y) 36 4.7. Result Analysis...............................................................................................................36 4.7.1 The Impact of Capital Structure on Firm Value......................................................37 4.7.2 The Impact of Dividend Policy on Firm Value .........................................................38 4.7.3 The Impact of Profitability on Firm Value ...............................................................40 4.7.4 The Impact of Size on Firm Value ..............................................................................40 4.7.5 The Impact of Growth on Firm Value .......................................................................41 CHAPTER 5 : CONCLUSION...................................................................................43 5.1. Conclusion ......................................................................................................................43 5.1.1 Main Regression Result ................................................................................................43 5.1.2 Sensitivity Analysis Result ...........................................................................................43 5.1.3 Result Analysis...............................................................................................................44 5.2. Research Limitations ....................................................................................................45 5.2. Future Research Recommendations...........................................................................45 APPENDICES...............................................................................................................................46 REFERENCES...................................................

    Abdou, H. A., & Pointon, J. (2012). Determinants of Capital Structure in the UK Retail Industry: A Comparison of Multiple Regression and Generalized Regression Neural Network. Intelligent Systems in Accounting Finance & Management.
    Abughniem, M. S., Alsmady, A. A., Al Aishat, “Mohammad Adnan” Hilal, & Tawfik, O. I. (2021). Capital Structure Effect on Firms Value from Specific Industry Perspective : Jordanian Industrial Sector as a Case to Study. Academy of Accounting and Financial Studies Journal, 25(1).
    Ali, J., Soukaina, K., Shah, W., Khan, S., Khan, Z. U., & Tahira, Y. (2022). The Impact of Capital Structure on Dividend Policy : Evidence from Pakistan. Journal of Public Value and Administrative Insight, 5(1).
    Anggarwal, D., & Padhan, P. C. (2018). Impact of Capital Structure on Firm Value : Evidence from Indian Hospitality Industry. Scientific Research Publishing, 7(982–1000).
    Antoniou, A., Guney, Y., & Paudyal, K. (2008). The Determinants of Capital Structure : Capital Market-Oriented versus Bank-Oriented Institutions. Journal of Financial and Quantitative Analysis, 43(1).
    Antwi, S., Mills, E. F. E. A., & Zhao, P. X. (2021). Capital Structure and Firm Value : Empirical Evidence from Ghana. International Journal of Business and Social Science, 3(22).
    Areghan, I. (2017). Dividend Policy and Value of the Firm : Is Dividend Relevant or Not? ESUT Journal of Accountancy, 8(1).
    BAHRAINI, S., ENDRI, E., SANTOSO, S., HARTATI, L., & PRAMUDENA, S. M. (2021). Determinants of Firm Value : A Case Study of the Food and Beverage Sector of Indonesia. Journal of Asian Finance, Economics and Business, 8(6).
    Dewi, M., Foanto, G. N., & Christiawan, Y. J. (2021). Profitability, Liquidity, and Firm Value : Does Financial Distress Have a Mediating Effect? (Study of Manufacturing Companies in Indonesia). Advances in Economics, Business and Managament Research, 197.
    eMarketer Editors. (2020, June 7). US Retail Sales to Drop More than 10% in 2020. Insider Intelligence. https://www.insiderintelligence.com/content/us-retail-sales-drop-more-than-10-2020
    Endri, E., & Fathony, M. (2020). Determinants of Firm’s Value : Evidence from Financial Industry. Management Science Letters, 10.
    Fulghieri, P., Garcia, D., & Hackbarth, D. (2012). Asymmetric Information and the Pecking Order. Berkeley Haas.
    Gharaibeh, A. M., & Qader, A. A. A. A. (2017). Factors Influencing Firm Value as Measured by the Tobin’s Q : Empirical Evidence from the Saudi Stock Exchange (TADAWUL). International Journal of Applied Business and Economic Research, 15(6).
    Ghozali, I. (2011). Aplikasi Analisis Multivariate dengan Program IBM SPSS 19. Badan Penerbit Universitas Diponegoro.
    Green, T. (2022, July 19). Investing in Retail Stocks. The Motley Fool. https://www.fool.com/investing/stock-market/market-sectors/consumer-discretionary/retail-stocks/
    Ibrahim, U. A., & Isiaka, A. (2020). Effect of Financial Leverage on Firm Value : Evidence from Selected Firms Quoted on the Nigerian Stock Exchange. European Journal of Business and Management.
    Jensen, M. C., & Meckling, W. H. (n.d.). Theory of the Firm : Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305–360.
    Kashmiri, Mr. R., Zada, Mr. L., & Wadood, Dr. F. (2021). The Effect of Dividend Policy on Firms Performance. Journal of Contemporary Issues in Business and Government, 27(6).
    LUU, D. H. (2019). The Impact of Capital Structure on Firm Value : A Case Study in Vietnam. Journal of Asian Finance, Economics and Business, 8(5).
    MacKay, P., & Phillips, G. M. (2002). Is There an Optimal Industry Financial Structure ? University of Maryland.
    Meiyarni, Olivia, Sudrajat, J., & Daud, Z. M. (2020). The Effect of Firm’s Size on Corporate Performance. International Journal of Advanced Computer Science and Applications (IJACSA), 11(5).
    Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth and The Valuation of Shares. The Journal of Business : The Graduate School of Business of the University of Chicago, XXXIV(4).
    Mukaddam, S., & Sibindi, A. B. (2018). Capital Structure and Financial Performance of Retail Firms : Empirical Evidence from South Africa. ACTA UNIVERSITATIS DANUBIUS, 16(5).
    Myers, S. C. (1984). The Capital Structure Puzzle. The Journal of Finance, XXXIX(3).
    Naseer, M. M. (n.d.). Agency Theory and Capital Structure: A Descriptive Study. Riphah International University, Islamabad, Pakistan.
    Naseer, M. M. (2022). Agency Theory and Capital Structure : A Descriptive Study. Riphah International University, Islamabad, Pakistan.
    Nassar, S. (2016). The Impact of Capital Structure on Financial Performance of the Firms : Evidence from Borsa Istanbul. Journal of Business & Financial Affairs, 5(2). https://doi.org/10.4172/2167-0234.1000173
    Natalia M, A. D. (2019). Pengaruh Price to Book Value, Earning per Share terhadap Reutrn Saham dengan Price Earning Ratio sebagai Variabel Mediasi. Studi Empiris pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi yang Listing di BEI periode 2016-2018. Universitas Sanata Dharma Yogyakarta.
    NGUYEN, L., TAN, T. K. P., & NGUYEN, T. H. (2021). Determinants of Firm Value : An Empirial Study of Listed Trading Companies in Vietnam. Journal of Asian Finance, Economics and Business, 8(6).
    Pertiwi, S., & Chusnah, F. N. (2020). The Effect of Financial Performance on Firm Value with Corporate Social Responsibility as a Moderating Variabel. Indonesia College of Economics.
    Prakasita, D. R. (2019). The Effect of Dividend Policy, Debt Policy, Insider Ownership, on Firm Value in Period of Jokowi. Universitas Islam Indonesia.
    Rayan, K. (2007). Financial Leverage and Firm Value. University of Pretoria.
    Sabrin, Sarita, B., Takdir S., D., & Sujono. (2016). The Effect of Profitability on Firm Value in Manufacturing Company at Indonesia Stock Exchange. The International Journal of Engineering and Science (IJES), 5(10).
    Salim, M., & Yadav, Dr. R. (2012). Capital Structure and Firm Performance : Evidence from Malaysian Listed Companies. Procedia - Social and Behavioral Sciences, 65.
    Sampurna, D. S., & Romawati, E. (2020). Determinants of Firm Value : Evidence in Indonesia Stock Exchange. Advances in Economics, Business and Management Research, 132.
    San, Dr. O. T., & Heng, T. B. (2011). Capital Structure and Corporate Performance of Malysian Construction Sector. International Journal of Humanities and Social Science, 1(2).
    Serrasqueiro, Z., & Caetano, A. (2015). Trade-off Theory versus Pecking Order Theory : Capital Structure Decisions in a Peripheral Region of Portugal. Journal of Business Ecoomics and Management, 16(2). https://doi.org/10.3846/16111699.2012.744344
    Sibindi, A. B. (2016). Determinants of Capital Structure : A Literature Review. Risk Governance & Control : Financial Markets & Institutions, 6(4).
    Sriwardany. (2006). Pengaruh Pertumbuhan Perusahaan terhadap Kebijakan Struktur Modal dan Dampaknya terhadap Perubahan harga Saham pada Perusahaan Manufaktur Tbk. Universitas Sumatera Utara (USU).
    Syaifulhaq, M. D. H., Herwany, A., & Layyinaturrobaniyah. (2017). Capital Structure and Firm’s Growth in Relations to Firm Value at Oil and Gas Companies Listed in Indonesia Stock Exchange. Journal of Accounting Auditing and Business, 3(1).
    Tatiyathavornkul, S. (2022). The Determinants of Liquidity Coverage Ratio for Commercial Banks in Thailand. National Taiwan University of Science and Technology.
    The Impact of COVID-19 on the Retail Industry and the Next Actions to be Taken. (n.d.). ABeam Consulting Ltd. https://www.abeam.com/vn/en/topics/insights/covid19_retail
    The Retail Evolution’s Great Acceleration. (2020, June 9). Deloitte United States. https://www2.deloitte.com/us/en/pages/consumer-business/articles/retail-recession.html
    Uzliawati, L., Yuliana, A., Januarsi, Y., & Santoso, M. I. (2018). Optimisation of Capital Structure and Firm Value. European Research Studies Journal, XXI(2).

    無法下載圖示 全文公開日期 2025/01/18 (校內網路)
    全文公開日期 2025/01/18 (校外網路)
    全文公開日期 2025/01/18 (國家圖書館：臺灣博碩士論文系統)
    QR CODE