Articles

Impact of Capital Structure on Firm Performance of Food and Beverage Listed Companies on the Stock Exchange of Vietnam

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This study tested the relationship between capital structure and firm performance. Data were collected from 41 food and beverage companies listed on the Vietnam Stock Exchange from 2017 to 2021. Three variables were used to measure the performance of each company, including ROA, ROE and EPS. The ratio of total debt to total assets (DA), total debt to total equity (DE), short-term debt to total assets (SDTA) and long-term debt to total assets (LDTA) are the key factors. for capital structure. Besides, growth rate (GROWTH) and company size (SIZE) are also applied in the model as control variables. As a result, most of the capital structure variables have a negative effect on each of the firm’s performance variables. It is noteworthy that this study also illustrates the negative correlation between ROE and capital structure shown, which was thought to be insignificant in many previous studies but also shows a negligible relationship between SDTA and SDTA. Moreover, ROE was rarely seen in previous studies. Furthermore, the research results also show a negligible impact on growth rate and a positive relationship between size and firm performance.

The Effect of Capital Structure and Operating Leverage on Going Concern Opinion with Profitability as Intervening Variables in Property and Real Estate Sub Sector Services Companies Listed on the Indonesia Stock Exchange for the 2014-2019 Period What is the Profitability to Mediate the Going Concern Audit Opinion: Empirical Evidence on Developing Capital Markets

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The purpose of this study is to empirically examine the effect of capital structure and operating leverage on going concern opinions with profitability as an intervening variable. The population of this research is the property and real estate sub- sector service companies listed on the Indonesia Stock Exchange in the 2014-2019 period, which are 65 companies. The sample in this study amounted to 15 companies and had 90 observational data that had been selected using the purposive sampling method. The data used in this study is secondary data obtained from the Indonesia Stock Exchange (IDX) and data analysis using Logistics Regression analysis. The results of this study indicate that capital structure, operating leverage and profitability have a positive influence on going concern opinions and capital structure and operating leverage have no effect on profitability and even profitability is not able to mediate the effect of capital structure on operating leverage, to the going concern opinion.