Theoretical Economics Letters

Volume 7, Issue 4 (June 2017)

ISSN Print: 2162-2078   ISSN Online: 2162-2086

Google-based Impact Factor: 1.34  Citations  

Impact of Capital Structure on Firm Value: Evidence from Indian Hospitality Industry

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DOI: 10.4236/tel.2017.74067    5,733 Downloads   23,900 Views  Citations

ABSTRACT

This study examines the effect of capital structure and firm quality on firm value of selected BSE listed Indian hospitality firms over a time frame of 2001-15. Variables including firm quality measured through Altman Z score, leverage, size, profitability, tangibility, growth, liquidity along with macro variables of growth in gross domestic product and inflation are taken into consideration for examining their impact on firm value. An empirical study has been carried out through panel data techniques by applying pooled OLS, fixed effects and random effects models. The findings of the study reveal a significant relationship of firm value with firm quality, leverage, liquidity, size and economic growth. The study shows that Modigliani miller theorem of capital structure irrelevance does not hold for Indian hospitality sector. It is of practical significance for hotel owners to reassess their capital structure to improve firm quality and firm’s market performance.

Share and Cite:

Aggarwal, D. and Padhan, P. (2017) Impact of Capital Structure on Firm Value: Evidence from Indian Hospitality Industry. Theoretical Economics Letters, 7, 982-1000. doi: 10.4236/tel.2017.74067.

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[171] Pengaruh Profitabilitas, Leverage, Likuiditas, Ukuran Perusahaan Dan Struktur Aset Terhadap Nilai Perusahaan
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[172] DOES CAPITAL STRuCTuRE AFFECT FIRM VALuE IN VIETNAM?
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[173] Sustainability reporting and market value growth of quoted companies in Nigeria
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[174] The Effect of Leverage, Agency Cost, and Firm Size on Firm Value
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[175] MODERATING EFFECT OF BOARD INDEPENDENCE ON THE RELATIONSHIP BETWEEN CAPITAL STRUCTURE AND PROFITABILITY OF LISTED …
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[176] THE IMPACT OF CAPITAL STRUCTURE AND OWNERSHIP ON THE PERFORMANCE OF STATE ENTERPRISES AFTER EQUITIZATION: EVIDENCE FROM …
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[177] PENGARUH STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN DENGAN PENGHINDARAN PAJAK SEBAGAI VARIABEL MEDIASI PADA PERUSAHAAN …
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[178] The Impact of Capital Structure on the Profitability Efficiency of ICT firms
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[179] THE ROLE OF FINANCIAL DISTRESS AS MEDIATOR BETWEEN FINANCIAL PERFORMANCE AND FIRM VALUE
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[180] RELATIONSHIP BETWEEN CAPITAL STRUCTURE AND CORPORATE INVESTMENT STRATEGY OF SELECTED LISTED OIL AND GAS COMPANIES IN …
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[181] The effect of growth opportunity, firm size, and debt policy on firm value mediated by profitability in real estate and property sector companies on the Indonesian …
Russian Journal of Agricultural and Socio …, 2021
[182] Profitabilitas, Likuiditas, Kebijakan Dividen, serta Implementasi GCG dan Pengaruhnya Terhadap Nilai Perusahaan
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[183] Relasi Faktor Internal dan Nilai Perusahaan Subsektor Makanan dan Minuman di Indonesia
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[184] Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan Pada Perusahaan Manufaktur Di BEI
Jurnal Paradigma Akuntansi, 2021
[185] Lampiran Berkas BKD_Penelitian_Semester Genap 2020/2021
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[186] Pengaruh Struktur Modal, Profitabilitas, Ukuran Perusahaan dan Kepemilikan Manajerial Terhadap Nilai Perusahaan Food and Beverages yang Terdaftar di BEI
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[187] Relação entre custo de capital alheio ea qualidade da informação financeira em empresas do setor hoteleiro em Portugal
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[188] Analisis pengaruh struktur modal, growth dan size terhadap nilai perusahaan dan profitabilitas sebagai variabel intervening: Studi pada perusahaan sub …
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[189] Impact Of Firm Specific Factors On Firm Value In Nepalese Commercial Banks
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[190] PENGARUH STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI MODERASI (Studi Kasus pada Perusaahan …
SIMBA: Seminar Inovasi …, 2021
[191] Peran Kebijakan Dividen dalam Memediasi Pengaruh Struktur Modal terhadap Nilai Perusahaan pada Indeks Saham Syariah Indonesia
YUME: Journal of Management, 2021
[192] KETERKAITAN STRUKTUR KEPEMILIKAN, STRUKTUR MODAL DAN NILAI PERUSAHAAN
Kompak: Jurnal Ilmiah Komputerisasi Akuntansi, 2021
[193] PENGARUH GOOD CORPORATE GOVERNANCE DAN VOLUNTARY DISCLOSURE TERHADAP NILAI PERUSAHAAN DENGAN COST OF DEBT SEBAGAI VARIABEL INTERVENING
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[194] FIRM'S VALUE AND CAPITAL STRUCTURE: EVIDENCE FROM QUOTED INDUSTRIAL GOODS COMPANIES IN NIGERIA
Al-Hikmah International Journal of Finance, 2021
[195] The effect of capital structure, earning management, profitability, free cash flow and environment cost on firm value with dividend policy as moderating variables …
Jurnal Sains Sosio Humaniora, 2021
[196] FAKTOR-FAKTOR YANG MEMPENGARUHI NILAI PERUSAHAAN NON-KEUANGAN YANG TERDAFTAR DI BEI
E-Jurnal Akuntansi TSM, 2021
[197] Impact of Capital Structure, Growth Opportunities, and Profitability on Company Value
Klabat Accounting Review, 2021
[198] THE EFFECT OF GROWTH OPPORTUNITY, FIRM SIZE, AND DEBT POLICY ON FIRM VALUE MEDIATED BY PROFITABILITY IN REAL ESTATE AND …
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[199] Capital Structure and Financial Performance: Evidence from Listed Firms in the Oil and Gas Sector in Nigeria
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[200] The Relationship between SDG Engagement and Corporate Financial Performance: Evidence from Public Listed Companies in Malaysia.
Global Business & Management …, 2021
[201] Corporate governance and the firm value proposition: evidence from Nigeria.
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[202] PENGARUH MANAJEMEN LABA, STRUKTUR KEPEMILIKAN, DAN FAKTOR LAINNYA TERHADAP NILAI PERUSAHAAN
E-Jurnal Akuntansi TSM, 2021
[203] YÖNETİMSEL MÜLKİYET, SERMAYE YAPISI VE ŞİRKET BÜYÜKLÜĞÜNÜN KURUMSAL DEĞER ÜZERİNDEKİ ETKİSİ: BIST100 ŞİRKETLERİ ÜZERİNE …
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[204] Praktik manajemen laba dan excess cash holding terhadap nilai perusahaan di indonesia
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[205] The Effect of Capital Structure, Company Growth, and Profitability on Firm Value
2021
[206] THE EFFECT OF PROFITABILITY, FIRM SIZE, CAPITAL STRUCTURE AND TAX AVOIDANCE ON FIRM VALUE
2021
[207] The Impact of Capital Structure on Financial Performance of the Listed Companies in the Material Sector in Sri Lanka
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[208] GCG, Ukuran Perusahaan, Leverage, Cash holding, Profitabilitas dan Nilai Perusahaan
Cakrawala Management …, 2021
[209] Impact of the Organisational Attributes on Capital Structure Efficiency
Journal of Commerce and Trade, 2020
[210] Factors Used to Determine the Financing Structure for Shareholding Companies Listed in Amman Stock Exchange in Jordan
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[211] STRATEGY IMPLEMENTATION, CAPITAL STRUCTURE, MACRO ENVIRONMENT AND PERFORMANCE OF ENERGY SECTOR INSTITUTIONS IN …
2020
[212] Pengaruh Kebijakan Dividen, Pengungkapan Enterprise Risk Management, Dan Struktur Modal Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Yang …
Procuratio: Jurnal …, 2020
[213] Pengaruh Struktur Modal dan Ukuran Perusahaan terhadap Nilai Perusahaan Asuransi di Indonesia
Jurnal Manajerial Dan Kewirausahaan, 2020
[214] STRATEGY IMPLEMENTATION AND PERFORMANCE OF ENERGY SECTOR INSTITUTIONS IN KENYA
2020
[215] Examining the relationship between political connections, related party transactions, and firm value in Egyptian listed companies: empirical study
Int J Acad Res Bus …, 2020
[216] Impact of Ownership Structure, Capital Structure, Investment Opportunities on Dividend and Value Policy Company
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[217] Financial performance, exchange rate, and firm value: The Indonesian public companies case
2020
[218] Audit Reporting Lag and Firm Value in Nigerian Food and Beverage Companies
2020
[219] The relationship Between Capital Structure and Firm Value: Cases of Listed Companies in The Food and Beverages Industry in Vietnam
2020
[220] Impact of Financial Leverage, Size and Assets Structure on Firm Value: Evidence from Industrial Sector, Jordan
2020
[221] FACTORS AFFECTING THE VALUE OF COMPANIES IN THE FOOD AND BEVERAGE COMPANIES LISTED ON BEI
2020
[222] The role of internal factors in determining the firm value in Indonesia
2020
[223] The dynamics of capital structure and firm value of listed industrial goods in Nigeria
2020
[224] DETERMINANT OF STOCK PRICE OF COAL MINING COMPANY LISTED ON INDONESIA STOCK EXCHANGE 2014-2018
2020
[225] The relationship between capital structure and firm performance: empirical evidence from Indian service sector
2020
[226] Corporate Financial Attributes and the Value of Listed Financial Service Firms: The Nigerian Evidence
2020
[227] The Interaction Between Debt Policy, Dividend Policy, Firm Growth, and Firm Value
2020
[228] The Determinants of Capital Structures in Automotive and Component Industries as Listed in IDX (Indonesia Stock Exchange)
2020
[229] ARE FINANCIAL STATEMENTS (LESS) FUNDAMENTAL TO INVESTOR'S DECISIONS?: STUDY OF INDONESIAN STOCK EXCHANGE.
2020
[230] A Driving Force of Firm Value Based on Profitability and Capital Structure: A Perspective of Signaling and Pecking Order Theory
2020
[231] Firms Attributes, Corporate Social Responsibility Disclosure and the Financial Performance of Listed Companies in Nigeria
2020
[232] ผล กระทบ ของ การ ตัดสินใจ ทาง การเงิน ต่อ มูลค่า ตลาด ของ บริษัท จดทะเบียน ไทย ใน ดัชนี SET CLMV Exposure (SETCLMV)
2020
[233] FAKTOR-FAKTOR INTERNAL YANG MENENTUKAN KEBIJAKAN STRUKTUR MODAL DAN PENGARUHNYA PADA NILAI PERUSAHAAN MANUFAKTUR YANG GO …
2020
[234] FAKTOR-FAKTOR YANG MEMPENGARUHI FIRM VALUE PADA BUMN
2020
[235] Pengaruh Struktur Modal, Likuiditas Dan Profitabilitas Terhadap Nilai Perusahaan Food And Beverage Dengan Ukuran Perusahaan Sebagai Variabel Moderasi
2020
[236] PENGARUH CURRENT RATIO, DEBT TO EQUITY RATIO, RETURN ON ASSET, DAN TOTAL ASSET TURNOVER TERHADAP NILAI PERUSAHAAN PADA …
2020
[237] Pengaruh Kepemilikan Saham, Keputusan Pendanaan, CSR dan Kinerja Keuangan Terhadap Nilai Perusahaan Jasa Konstruksi
2020
[238] Analisis Faktor-Faktor yang Mempengaruhi Nilai Perusahaan
2020
[239] PENGARUH KEBIJAKAN DIVIDEN, PENGUNGKAPAN ENTERPRISE RISK MANAGEMENT, DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN (STUDI …
2020
[240] PENGARUH UKURAN PERUSAHAAN, PROFITABILITAS, DIVIDEN DAN UMUR PERUSAHAAN TERHADAP NILAI PERUSAHAAN
2020
[241] PENGARUH KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI MODERASI (Studi pada Perusahaan Sektor Pertambangan yang terdaftar di BEI tahun 2015-2019)
Dissertation, 2020
[242] PENGARUH UKURAN PERUSAHAAN, STRUKTUR MODAL, PROFITABILITAS, DAN LIKUIDITAS TERHADAP NILAI PERUSAHAAN
2020
[243] FAKTOR YANG MEMPENGARUHI NILAI PERUSAHAAN PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI
2020
[244] Profitability and liquidity on firm value and capital structure as intervening variable
2020
[245] Te Effect of Innovational Performance on Determining Firm Value: Evidence from Indonesia
2020
[246] The Impact of the Capital Structure on the Firms' Value of Jordanian Industrial and Service Corporations: An Analytical Study
2020
[247] FIRM VALUE IMPACT OF INTELLECTUAL CAPITAL, COMPANY SIZE, PROFITABILITY, CAPITAL STRUCTURE AND ASSETS STRUCTURE
2020
[248] The Effect of Innovational Performance on Determining Firm Value: Evidence from Indonesia
2020
[249] The Effect of Leverage, Profitability, Liquidity, and Asset Growth on Corporate Value of Consumption Goods Sectors Listed in Idonesia Stock Exchange in 2015 …
International Journal of Innovative Science and Research Technology, 2020
[250] Dani Triantoro, Eka Bertuah" The Determinants of Capital Structures in Automotive and Component Industries as Listed in IDX (Indonesia Stock Exchange)
2020
[251] STRATEGY IMPLEMENTATION, CAPITAL STRUCTURE, MACRO ENVIRONMENT AND PERFORMANCE OF ENERGY SECTOR INSTITUTIONS IN KENYA
2020
[252] Capital Structure Determinants and Firm's Value-Applied Research on Lebanese Banks
2020
[253] THE IMPACT OF ENTERPRISE RISK MANAGEMENT, EARNINGS VOLATILITY, FIRM CHARACTERISTICS TO FIRM VALUE
International Journal of Business, Economics and Law, 2020
[254] BUKU REFERENSI VARIABEL PENELITIAN STRUKTUR MODAL TEORI DAN EMPIRIS
2020
[255] Growth Opportunities, Debt policy, and Firm Value Relationship
Jurnal Ilmiah Komputerisasi Akuntansi, 2020
[256] CAPITAL MIX, FINANCIAL RISK AND CORPORATE VALUE OF LISTED INDUSTRIAL GOODS COMPANIES IN NIGERIA
LAPAI JOURNAL OF MANAGEMENT …, 2020
[257] Impact of the Company's Attributes on Capital Structure Efficiency
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[258] Journal of Business and Economics (JBE)
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[259] Taxonomy of Financing Decision
2019
[260] A Study of Relationship Between Capital Structure and Profitability of the Selected Companies in India
2019
[261] Determinants of Capital Structure and Speed of Adjustment in Nigerian Non-financial Firms
2019
[262] The Deviation from Target Capital Structure and Firms' Value
2019
[263] تأثیر انحراف از ساختار سرمایۀ هدف بر ارزش شرکت‎
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[264] PENGARUH PROFITABILITAS, LIKUIDITAS, STRUKTUR MODAL, KEBIJAKAN DIVIDEN DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN PADA PERBANKAN YANG TERDAFTAR DI BEI TAHUN 2013-2018
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[265] Pengaruh kebijakan hutang, kebijakan dividen, profitabilitas, pertumbuhan penjualan dan kesempatan investasi terhadap nilai perusahaan dengan ukuran …
Jurnal Magister Akuntansi …, 2019
[266] Corporate Governance, Earnings Quality and Market Response: Comparison of Islamic and Non-islamic Stock in the Indonesian Capital Market
2019
[267] Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan Manufaktur Yang Terdaftar Di BEI
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[268] Pengaruh Profitabilitas dan Struktur Modal terhadap Nilai Perusahaan dengan Kepemilikan Manajerial sebagai Variabel Moderasi (Studi pada Perusahaan Property …
2019
[269] Ownership Structure, Capital Structure and Firm Performance: A Case in Indonesia
2019
[270] Financial Performance and Firm Value Lesson from Mining Sub-sector Companies on the Indonesia Stock Exchange
2019
[271] Capital structure as a mediation variable: Profitability and liquidity on company value in real estate companies in Indonesia stock exchange
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[272] Pengaruh Struktur Modal, Profitabilitas, Dan Kebijakan Dividen Terhadap Nilai Perusahaan Di Sektor Real Estate & Property Yang Terdaftar Di Bei Periode 2013 …
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[273] Capital Structure and Firm Performance
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2019
[275] Determinants of profitability: Sector level study of theselectfmcg companies in India
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[276] Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan Pada Perusahaan Manufaktur Sektor Aneka Industri
2019
[277] PENGARUH KEPEMILIKAN INSTITUSIONAL, PROFITABILITAS, UKURAN PERUSAHAAN DAN PERTUMBUHAN PENJUALAN TERHADAP NILAI PERUSAHAAN …
2019
[278] APAKAH RASIO KEUANGAN BERDAMPAK PADA NILAI PERUSAHAAN PERKEBUNAN DI BEI?
2019
[279] PENGARUH KEBIJAKAN HUTANG, KEBIJAKAN DIVIDEN, PROFITABILITAS, PERTUMBUHAN PENJUALAN DAN KESEMPATAN INVESTASI TERHADAP NILAI …
2019
[280] PENGARUH KEBIJAKAN DIVIDEN, DAR, FIRM SIZE DAN ROA TERHADAP NILAI PERUSAHAAN SEKTOR CONSUMER GOOD YANG TERDAFTAR DI BEI …
2019
[281] Apakah sinyal kinerja keuangan masih terkonfirmasi?: Studi empiris lembaga keuangan di PT. BEI
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[282] Faktor Yang Mempengaruhi Nilai Perusahaan Pada Perusahaan Property Dan Real Estate
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[283] Factors Influence Firm Value
European Journal of Business and Management, 2019
[284] Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan Pada Perusahaan Consumer Goods
2019
[285] Pengaruh Kinerja Keuangan Dan Mekanisme Corporate Governance Terhadap Nilai Perusahaan Manufaktur Sektor Industri Barang Konsumsi Tahun 2013-2017
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2019
[287] CORPORATE GOVERNANCE, EARNINGS QUALITY AND MARKET RESPONSE: COMPARISON OF ISLAMIC AND NON-ISLAMIC STOCK IN THE INDONESIAN …
2019
[288] Accrual Earnings Management and Real Earnings Management: Increase or Destroy Firm Value?
2019
[289] Performance Based Compensation and Firm Value of Commercial Banks in Nigeria
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[290] Does Good Corporate Governance Able to Moderate The Relationship of Financial Performance Towards Firm Value?
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[291] Capital Structure and Firm Value of Selected Quoted Manufacturing Firms in Nigeria
DUTSE JOURNAL OF ECONOMICS AND DEVELOPMENT STUDIES, 2019
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2019
[293] ANALISIS PENGARUH PROFITABILITAS, KEPEMILIKAN INSTITUSI, DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN DENGAN STRUKTUR …
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[294] PENGARUH KEBIJAKAN HUTANG, KEBIJAKAN DIVIDEN, PROFITABILITAS, PERTUMBUHAN PENJUALAN DAN KESEMPATAN INVESTASI …
2019
[295] Ukuran Perusahaan, Kebijakan Hutang Dan Profitabilitas Pengaruhnya Terhadap Nilai Perusahaan
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[296] Pengaruh Modal Intelektual, Ukuran Perusahaan dan Struktur Modal pada Perusahaan dengan Profitabilitas sebagai Variabel Intervening
Journal of Business and Economics (JBE) UPI YPTK, 2019
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Inovbiz: Jurnal Inovasi Bisnis, 2019
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[303] Penentu Nilai Perusahaan Dengan Kebijakan Dividen dan CSR Sebagai Pemoderasi
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[311] DETERMINANTS OF FIRM VALUE OF SECURITIES FOR COMPANIES THAT HAD ISSUED INITIAL PUBLIC OFFERING AT THE NAIROBI SECURITIES …
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International Journal for Innovative Research in Multidisciplinary Field, 2018
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