THE EFFECT OF CAPITAL STRUCTURE ON THE PROFITABILITY OF COMPANIES LISTED ON THE GHANA STOCK EXCHANGE FROM 2002-2021

    Rowland Seyram Koku Dabi, - (2023) THE EFFECT OF CAPITAL STRUCTURE ON THE PROFITABILITY OF COMPANIES LISTED ON THE GHANA STOCK EXCHANGE FROM 2002-2021. S3 thesis, Universitas Pendidikan Indonesia.

    Abstract

    ABSTRAK
    Penelitian ini bertujuan untuk mengeksplorasi pengaruh struktur modal terhadap
    profitabilitas perusahaan yang terdaftar di Ghana selama periode dua puluh tahun
    (2002-2021). Melalui tinjauan literatur yang komprehensif, ditemukan bahwa
    hubungan antara struktur modal dan profitabilitas bisa bersifat positif atau negatif,
    dan tidak ada bukti definitif mengenai struktur modal ideal. Penelitian ini
    memberikan beberapa kontribusi pada literatur keuangan yang ada. Sebelumnya,
    penelitian yang dilakukan di Ghana berfokus pada berbagai industri yang
    menunjukkan struktur yang berbeda. Hal ini disebabkan karena berbagai industri
    menunjukkan karakteristik operasional yang berbeda, tingkat pendapatan sebelum
    bunga yang beragam, struktur aset yang berbeda, dan faktor-faktor relevan
    lainnya. Perbedaan-perbedaan tersebut terkait dengan variasi dalam struktur
    modal setiap industri yang disebutkan. Penelitian ini mengatasi kesenjangan dalam
    kanon sastra.Penelitian ini menggunakan seperangkat indikator struktur modal
    yang komprehensif, yaitu DER, DAR, dan LTDER, dan menilai profitabilitas
    melalui ROA, ROE, dan NPM, sambil mengendalikan pertumbuhan dan
    memoderasi ukuran perusahaan. Pendekatan ini diadopsi karena jumlah indikator
    yang terbatas digunakan dalam penelitian sebelumnya. Untuk menguji hubungan
    antara profitabilitas dan struktur modal, digunakan analisis regresi dengan
    menggunakan Pendekatan analisis regresi data panel Model Efek Umum (Common
    Effect Model - CEM), Model Efek Tetap (Fixed Effect Model - FEM), dan Model
    Efek Acak. Selain itu, untuk mengidentifikasi model terbaik, dilakukan beberapa
    uji, termasuk uji Chow, uji Hausman, dan uji multiplier bahasa. Dua uji asumsi
    klasik juga dilakukan, termasuk uji multikolinieritas dan uji
    heteroskedastisitas.Penelitian ini menemukan bahwa proxy profitabilitas, yang
    diukur menggunakan ROE, dapat diandalkan dan memiliki kemampuan prediksi
    yang kuat. Penelitian ini juga menemukan hubungan yang kuat antara LTDER dan
    ROE, di mana peningkatan LTDER berhubungan dengan peningkatan ROE.
    Sebaliknya, hubungan negatif diamati antara LTDER, ROA, dan NPM, di mana
    penurunan ROA dan NPM terkait dengan LTDER yang lebih tinggi. Penelitian ini
    menunjukkan hubungan yang signifikan antara LTDER dan kinerja, menunjukkan
    bahwa perusahaan terdaftar di Ghana lebih mengandalkan utang daripada ekuitas.ix
    Perusahaan dengan ukuran besar akan lebih mudah untuk membawa jumlah utang
    yang besar sehingga penggunaan utang sebagai modal usaha dapat membantu
    aktivitas operasional perusahaan. Peningkatan ukuran perusahaan dapat
    melemahkan pengaruh struktur modal terhadap profitabilitas perusahaan
    terdaftar. Struktur modal berpengaruh pada profitabilitas dan ukuran perusahaan
    mampu memoderasi pengaruh antara struktur modal dan profitabilitas
    The study aimed to explore the effect of capital structure on the profitability of listed
    companies in Ghana over a period of twenty years (2002-2021). Through a
    comprehensive review of the literature, it was discovered that the relationship
    between capital structure and profitability could be positive or negative and that
    there was no definitive evidence regarding the ideal capital structure. This study
    makes several contributions to the existing financial literature. Initially, prior
    studies carried out in Ghana focused on various industries that displayed distinct
    structures. The reason for this is that various industries exhibit distinct operational
    characteristics, varying levels of earnings before interest, diverse asset structures,
    and other relevant factors. The aforementioned dissimilarities are interrelated with
    the variations in the capital structure of each industry mentioned This addressed
    the gap in the literary canon. This study utilized a comprehensive set of capital
    structure indicators, namely DER, DAR, and LTDER, and assessed profitability
    through ROA, ROE, and NPM, while controlling for growth and moderating for
    firm size. This approach was adopted due to the limited number of indicators used
    in prior research. To examine the association between profitability and capital
    structure, regression analysis was used, employing the Common Effect Model
    (CEM), Fixed Effect Model (FEM), and Random Effect Models in Panel data
    regression analysis approach. Furthermore, to identify the best model, several tests
    were conducted, including the Chow test, Hausman test, and Language multiplier
    test. Two classical assumption tests were also performed, including the
    multicollinearity test and heteroscedasticity test. The study found that profitability
    proxies, measured using ROE, were reliable and had a strong predictive ability.
    The study also found a strong correlation between LTDER and ROE, with an
    increase in LTDER corresponding to an increase in ROE. Conversely, a negative
    association was observed between LTDER, ROA, and NPM, with decreased ROA
    and NPM being linked to higher LTDER. The study demonstrated a meaningful
    relationship between LTDER and performance, indicating that Ghanaian listed
    companies relied more heavily on debt than equity. Companies with a large size
    will find it easier to carry large amounts of debt so that the use of debt as business
    capital can help the company's operational activities. Increasing company size canvii
    weaken the effect of capital structure on the listed companies’ profitability. Capital
    structure has an effect on profitability and that company size is able to moderate
    the influence between capital structure and profitability

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    Official URL: http://repository.upi.edu
    Item Type: Thesis (S3)
    Additional Information: ID Sinta Dosen Pembimbing: 5994754 NUGRAHA 5991816 DISMAN 5984857 MAYA SARI
    Uncontrolled Keywords: Struktur Modal, Ghana, Analisis Regresi,Rasio Utang- eqitas (RUE) Capital structure, Profitability, Ghana, Regression analysis, Debtequity ratio (LTDER)
    Subjects: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
    Divisions: Fakultas Pendidikan Ekonomi dan Bisnis > S3 Manajemen
    Depositing User: Dr. ROWLAND SEYRAM KOKU DABI -
    Date Deposited: 05 Sep 2023 06:56
    Last Modified: 05 Sep 2023 07:18
    URI: http://repository.upi.edu/id/eprint/101872

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