Internationalization, firm performance, and capital structure: an empirical study in Indonesia

Marciano, Deddy (2019) Internationalization, firm performance, and capital structure: an empirical study in Indonesia. In: Proceedings of the 16th International Symposium on Management (INSYMA 2019), March 4-6. 2019, Aryaduta Hotel, Piere Tendean Road, Manado.

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Abstract

The objective of this study is to examine the impact of internationalization, firm performance, and capital structure: an empirical study in Indonesia. This research used industrial manufacturing companies listed on the Indonesian Stock Exchange over the 2012-2016 period. The dependent variable in this study is the capital structure. Independent variables used are internationalization and firm performance, Control variables used are size, age current ratio, tangibility, and total asset turnover. This study used multiple linear regression analysis models (two-stage least square) to test the hypothesis with a sample of 57 manufacturing companies listed on the Indonesian Stock Exchange over the 2012-2016 period. The number of observation used in this study was 285 observations at first by using classical. The study findings suggest that internationalization has a significant positive effect on relative performance based on historical target, and a significant negative effect on relative performance based on the industrial target. While relative performance based on historical target and relative performance based on industrial target has a significant positive effect on short term debt and private debt and also has a significant negative effect on long term debt, total debt, and public debt.

Item Type:	Conference or Workshop Item (Paper)
Uncontrolled Keywords:	internationalization, firm performance, capital structure
Subjects:	H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Divisions:	Faculty of Business and Economic > Department of Management
Depositing User:	Ester Sri W. 196039
Date Deposited:	24 Sep 2024 08:10
Last Modified:	24 Sep 2024 08:10
URI:	http://repository.ubaya.ac.id/id/eprint/47136

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