Factors Affecting the Financial Structure of Trade Company in Namlea Buru Regency

INTERNATIONAL JOURNAL OF SCIENTIFIC & TECHNOLOGY RESEARCH VOLUME 8, ISSUE 11, NOVEMBER 2019 ISSN 2277-8616

Factors Affecting The Financial Structure Of Trade Company In Namlea Buru Regency

Nurhaya Yusuf

Abstract: This research aims to know integrally (1) the factors of assets structure, the level of growth of sale and profitability towards the Financial Structure of Trade Company in Namlea Buru Regency. (2) To know the most dominant factors affecting the roomates the Financial Structure of Trade Company in Namlea Buru Regency. The mode of the data to the analysis used in this research was a double-linear regression. The result of the test of F is counted 23 392> from table 9.78. This shows simultaneously that factors of assets structure, sale growth and profitability used in this research towards Significantly Affect the Financial Structure of Trade Company in Namlea Buru Regency. From all the variables, profitability is the most significant variable significance with 0:00 amount towards financial structure. Correlation between independent variables towards financial structure of Trade Company in Namlea Buru Regency is closely inter-related. This is pointed out by the coefficient point R 0.99 or about 99% and R-square is about 0.98% the roomates shows that 98% for the variation level of the independent variable. While the rest, 0.2% is elucidated by other independent variables exclude roomates on the research models.

Keywords: Financial Company, Trade, Buru Regency, Affecting ————————————————————

1. INTRODUCTION both vertically and horizontally guidelines for conservative Every business organization from, whether the private sector, financial structure roomates Gives vertical ratio must be the Government, the State-Owned Enterprises (SOEs) and the maintained by a company regarding the amount of the loan or Cooperative are Generally not separated from various debt capital with a Reviews their own large amount of problems. One of the problems Often Become obstacles is the capital[8]. problem of funding. In the implementation and development of enterprises, companies need capital to be met both from 2 LITERATURE REVIEW internal and external sources. Internal sources are coming The financial structure of the horizontal guidelines provide a from within the company, the which means the fulfillment of the counterweight limits the ratio between the amount of Reviews capital requirements to be taken from funds created or their own capital to the large number of fixed assets plus net produced Themselves within the company[1]. External sources inventory should be fully with its own capital is capital that are Often seen as the main source in the company to finance remains embedded within the company. investments in fixed assets or capital expenditure, especially In attracting funds from the overall debt must be recalculated, for companies that have a substantial business risk[2]. The so that the balance can be cultivated as an optimal capital finance function is one of the important functions for the structure[9]. The capital structure is the optimal capital company in corporate activities. In managing the finance structure to minimize the average cost of capital or maximize function of one element to Consider is how much the company the value of the company[6] based on the opinion of the is Able to meet the needs of the funds will be used to operate factors that led to high cost of capital for a company because and expand its business. Fulfillment of Reviews These funds of the high fixed load. Based on the high cost of capital, then could be sourced from its own funds, equity and debt, both the determination of the capital structure Becomes extremely short-term debt and long-term debt[3]. In order packing theory, important, errors in the determination of capital structure will Showed that the majority of important companies such as how have a broad impact[10], because of the burden remains to be to spend the optimal corporate activities?, How will Obtain borne by the company getting bigger the which means that funding needs for efficient investment? How the composition of Also increases the risk of spending taken by the head of the optimal funding sources should be retained? Whether the company, the which in Ultimately will Affect the profitability of company should use foreign capital or equity? Is there any the company. Financial structure is how companies finance influence spending decisions of companies on the value of the Reviews their assets, and is Noted on the right side of the company? As well as how best to improve the performance balance sheet (liabilities)[11]. Thus Spake the financial incentive management[4]. Typically, the method of selecting structure involves a comparison between the total sources of the source of funds expenditures for companies that grow funds are debt, both short-term and long-term debt with quickly intervening, that with added leverage. In addition to the Reviews their own capital or equity. To Determine the ratio absence of inflation will Affect the number of sources of between the amount of total debt to capital sendri, the which is additional spending[5]. Other experts argue that election reflected in the company's financial structure, taking into spending of resources is a function of the total asset turnover, account various factors that influence it. namely: Level sustainable growth, leverage and information asymmetry[6]. Company Growth, Stability Sales, Industry Structure, Asset One of the problems is a matter of spending company financial Structure, Management Attitudes and Attitude lender[12]. balance[7]. The company's financial balance can be Achieved Meanwhile, According to factors - factors that Affect the when the company for its function does not face the caused structure finanial namely: level of sales, asset structure, rate of disproportionate financial disturbances between the amount of growth, profitability, and tax, Attitude management, the internal capital available to capital required. In Determining the condition of the company. Of the Several factors Mentioned sources of funds can be used conservative financial structure above[13], the author tries to simplify and pick some of the factors that are Considered very dominant memepengaruhi ______financial structure. The factors that will be raised in this study  Nurhaya Yusuf, University of Iqra Buru, Maluku 97571, include: Structure of Assets, Sales and Profitability Growth Indonesia. Email: [email protected] 1616 IJSTR©2019 www.ijstr.org INTERNATIONAL JOURNAL OF SCIENTIFIC & TECHNOLOGY RESEARCH VOLUME 8, ISSUE 11, NOVEMBER 2019 ISSN 2277-8616

rate. Trading company is a company that is very important in Descriptive each variable as the basis for the supporting the economic cycle Buru In Maluku, until 2016, implementation of the inferential statistical analysis, by there were 207 companies in the Department of Industry and applying a multiple regression equation. Cooperatives engaged in the procurement of goods and • The second phase, stataistik inferential analysis. This is the services[14]. Trading companies where its characteristics to model used to Determine the relationship of the dependent buy goods and then sold to generate cash for the company variable[20]. To PROVE the hypothesis that there are and then buy back, and so on. In order to meet the needs of multiple linear regression analysis using SPSS 14 Carried the source of funds to finance the company's operations so out in three stages of each group financial structure is most companies borrow from outside sources that banks or Expressed by the function of the following equation: other financial institutions, in the form of short-term debt and long-term debt[15]. By him that the use of external funding Y = a + b1, b2 + X1, X2 + b3 X3 + e (J. suranto, 1992) sources, it will expose the company to the problems of Where: financial structure as explained previously that the Y = Financial Structure determination of the financial structure will have an impact on a = Constant the value of the company b1, b2, b3 = regression coefficient X1 = Asset structure 3 METHODS X2 = rate of sales growth This research was conducted in the region of items, namely X3 = Profitability the company Buru Buru trade in Maluku recorded on the e = Coefficient intruder. Department of Industry and Cooperatives the which is planned to run for two (2) months of April through December 2016. Of 4 RESULT the 207 (one hundred and seventy) registered trading company the Department of Industry and Cooperatives Table. 5. Regression Analysis Model Summary Namlea City, the which is a sample of this study is that 10 Model Summary companies trading. As for the ten (10) companies are as follows: PT AG-PT RA-CV-PT Sarana Utama Buru RP-PT NB- Adjusted R Std. Error of the UD United Cooperative. MKR-Kop-Kop Sang julfikar UN-store Model R R Square Square Estimate

SBThe population in this study, is a trading company in Buru 1 .990 .980 .972 20.10871101 as many as 10 companies selected for the sample with the (a) following criteria: the business field are going for a Predictors: (Constant), X3, X1, X2 Approximately five (5) years up to seven (7) years or more, and have administrative records concerning Reviews their From the above table is Obtained: respective businesses[16]. Thus Spake the trading company The correlation coefficient (R) is used to Determine Whether that does not meet the criteria Reviews These will not be there is a relationship between the variables, how the direction selected as a sample. The period of the research is for five (5) of the relationship and how much the relationship as a whole. years up to seven (7) ie from 2010 to 2016, with the data Correlation coefficient between 0 and 1 can be valuable both retrieval techniques (pooling the data time series and cross positive and negative. Guidelines to provide interpretation of section)[17]. Thus Spake the sheer number of observations is the correlation coefficient According Sugiyono (2000) as 80 cases altogether. follows:

The Data used in this study of data derived from primary Table. 6. The level of the relationship of each variable and secondary data are as follows: interval level of relationship a. Observasi Several manufacturers to be Examined. 0:00 to 0199 Very low b. Wawancara directly with the leadership of the company to 0:20 to 0399 low Obtain information related to the company's financial 0:40 to 0599 moderate condition 0.60 to 0.799 strong c. Laporan each financial trading company, consisting of the 0.80 to 1 Very strong income statement, balance sheet during the period 2010 to 2016. Figures R of 0,990 Showed Showed that the relationship Other d.Data required at the Department of Industry and between the dependent variable Y (financial structure) with Cooperatives Buru[18]. Methods of data to the analysis in this independent variables are: the structure of assets (X1), the study, conducted in two (2) phases that are interrelated or growth rate of sales (X2), and profitability (X3), is in a very sustainable. Is as follows: strong category. Direction is a positive correlation indicates a • The first phase, analyzing financial ratios to describe the pattern direction proportional relationship, in other words in development of financial ratio variables studied, and general in the period 2003-2008 the increase is in the perform statistical analysis descriptive to describe the company's financial structure (Y) will be Followed by an characteristics quantitatively by adding and find the value Increase in the asset structure (X1), the growth rate of sales of the average (mean) of each variable, both independent (X2), and profitability (X3), variables as well as the dependent variable. Basic use average figures or mean, Because It basically consists of a Table. 8. Coefficient Regesi few years, in order to reflect the financial condition and Coefficients (a) activity of the entire enterprise into Reviews These coefficients standardized samples since 2010 up to the year 2016[19]. Quantitative Model unstandardized Coefficients 1617 IJSTR©2019 www.ijstr.org INTERNATIONAL JOURNAL OF SCIENTIFIC & TECHNOLOGY RESEARCH VOLUME 8, ISSUE 11, NOVEMBER 2019 ISSN 2277-8616

Std. profitability, on the financial structure of City Trading B Error beta t Sig. Company in Namlea 1 (Constant) -4861 21 938 -222 .839 From the results of multiple linear regression analysis Showed variable asset structure regression coefficient of 1.86, the X1 1.863 1.378 .608 8352 .002 value of the standardized beta coefficient is equal to 608, and X2 656 .773 .468 6.135 .003 on the degree of confidence α= 0,05% 8,35 earned t, where t X3 10 .000 table is 1.89 hitung means t> t table. This shows the asset 4.216 3018 .825 206 structure Significantly variables influence the financial a Dependent Variable: Y structure. Reviews These results indicate that the trading company in the City of Namlea the which has the structure of Source: The results of the data processing with SPSS 13, assets growing niche to behave in the pecking order Obtained The regression equation is based on the table above theory[23], roomates in kegiatanya need of funds derived from are: retained earnings, equity and debt. Measurement of asset Y = -4861+ 1.863 X1 + .656 X2 + 4,216 X3 + i structure can be done by using total current assets and total Interpretation of the regression equation as follows: assets of the company. By looking at the average growth of 1. Konstanta -4861indicates the absence of three the company's assets structure is Relatively unstable in 2010- variables: the structure of assets (X1), the growth rate of 2011 was -9.95%, in 2011 to 2012 Increased by 8:51%, a sales (X2), and profitability X3) value the profitability of - Decrease in the year 2012 to 2013 Became -2.50% and in 4861. This quantity indicates the magnitude of the external 2013-2014 Increased again by of 9.33% and in 2014-2015 factors were not Examined roomates Affect the financial Decreased 0, 62% then increase again by 4:55 Suffered%. So structure and value of minus (-) this amount is close to zero with unstable and asset structure in the City Namlea trading value or there can be no outside factors that Affect the company associated with the total assets of the funds financial structure of companies in the period from 2010 to Necessary to finance the company's operations growing niche 2016 in addition to three variables: the structure of assets to behave in the pecking order theory, ie retained earnings and (X1), the growth rate of sales (X2), and profitability X3). equity. If funds from retained earnings and equity capital is not 2. Koefisien regression 1.863 states that each increase of sufficient then the company needs a loan or debt capital[24]. one unit of variable asset structure will increase of the level Thus Spake the structure of the assets of the company have a of the company's financial structure 1.863 unit (for the sign significant impact on the financial structure. So with unstable +). and asset structure in the City Namlea trading company 3. Koefisien regression 0 .656 states that each associated with the total assets of the funds Necessary to increase of one unit of variable sales growth rate will finance the company's operations growing niche to behave in increase of the level of financial structure of the company the pecking order theory, ie retained earnings and equity. If amounted to 0.656 unit (for the sign +). funds from retained earnings and equity capital is not sufficient Regression 4.Koefisien 4216 states that each increase of one then the company needs a loan or debt capital. Thus Spake unit of the variable will increase the profitability of the the structure of the assets of the company have a significant company's financial structure level of 4,216 units (for the sign impact on the financial structure. So with unstable and asset +) structure in the City Namlea trading company associated with the total assets of the funds Necessary to finance the 5 DISCUSSION company's operations growing niche to behave in the pecking order theory, ie retained earnings and equity. If funds from 5.1 Effect of asset structure, sales growth rate and retained earnings and equity capital is not sufficient then the profitability, to the financial structure of the City Trading company needs a loan or debt capital. Thus Spake the Company in Namlea structure of the assets of the company have a significant Based on the results of the analysis have been Described in impact on the financial structure. ie retained earnings and the previous section that simultaneous Showed variable asset equity. If funds from retained earnings and equity capital is not structure, rate of growth in sales and profitability, Significantly sufficient then the company needs a loan or debt capital. Thus Affect the financial structure of the trading company in the City Spake the structure of the assets of the company have a Namlea[21]. Variations Described effect is equal to 98% is significant impact on the financial structure[25]. ie retained 0.2% explained by other variables not included in the variables earnings and equity. If funds from retained earnings and equity studied. Reviews These results indicate that the trading capital is not sufficient then the company needs a loan or debt company in the City of Namlea the which has assets, rate of capital. Thus Spake the structure of the assets of the company sales growth and profitability Likely to require funds from have a significant impact on the financial structure. From the retained earnings, equity and debt. In other words, in the results of multiple linear regression analysis Showed sales decision of funding a trading company in the City of Namlea growth rate of variable regression coefficient value of 656 growing niche to behave in the pecking order[22], this standardized beta coefficient is equal to 468, and on the behavior is shown by the growth of the asset structure, the degree of confidence α= Of 0.05% is Obtained of 6:13 t where rate of growth in sales and profitability during the year 2010- t table is 1.89 arithmetic means t> t table. This shows the 2016 erratic both positively and negatively. The tendency of growth rate of sales variables Significantly influence the the pecking order theory can be interpreted that the company financial structure. The results of Reviews These studies show Initially sourced funding indent on retained earnings and that companies with sales levels Relatively erratic growth, as equity. seen from the average growth during the years 2010-2011 amounted to 13:33% and in 2011 to 2012 Increased by 5.2 Effect of asset structure, sales growth rate, and 37.03% decline in 2012 -2013 be 21:55% and in 2013-2014

Decreased again to 9:16% and the year Increased by 17.90% way spending Appropriate for the company in order to Obtain from 2014 to 2015 then again Suffered increase by 51.09% in the maximum benefit. The policies include the investment the year 2014-2015. This means that the sale Becomes needs buy Whether by Reviews their own capital, long-term unstable, the resulting in management parties will have loans or short-term loans or a combination of short-term loans, difficulty in making planning[26] for the fulfillment of the short term loans and equity. There are many factors that Affect financial obligations, the financial risk is high if more shopping the company's management in Deciding how to spend operations with borrowed funds. This situation hints that the determine or Appropriate for the company, and this factor, members should hold the company net income after taxes, in Analyzed factor is the structure of assets, the rate of sales addition Also reduce fixed costs in the form of interest on the growth and profitability. For the purposes of holding the loan company. Thus Spake the financial risk would be better. measurement of the financial structure used measure of the which resulted in the management will have difficulty in financial structure ratios. In general merchandisers Namlea in making planning for the fulfillment of the financial obligations, Buru work with the financial structure of an average of 8.28%, the financial risk is high if more shopping operations with this indicates that the company's operations expenditure using borrowed funds. This situation hints that the members should funds derived from retained earnings, own capital or capital hold the company net income after taxes, in addition Also owners Also partly derived from loans or debt, the which can reduce fixed costs in the form of interest on the loan company. also be said to have a tendency to behave in the pecking Thus Spake the financial risk would be better. the which order theory. Companies that work with high financial resulted in the manajmen will have difficulty in making structures have a high financial risk anyway so can degrade planning for the fulfillment of the financial obligations, the creditor confidence. It is difficult, to add a loan if they want to financial risk is high if more shopping operations with hold a profitable investment, should Thus using Reviews their borrowed funds. This situation hints that the members should own capital expenditures. In addition, the lender would ask for hold the company net income after taxes, in addition Also a high return on funds borrowed Because It is difficult, to add a reduce fixed costs in the form of interest on the loan company. loan if they want to hold a profitable investment, should Thus Thus Spake the financial risk would be better. From the results using Reviews their own capital expenditures. In addition, the of multiple linear regression analysis Showed profitability lender would ask for a high return on funds borrowed Because variable regression coefficient value of 4:21 standardized beta It is difficult, to add a loan if they want to hold a profitable coefficient is equal to 825, and on the degree of confidence α= investment, should Thus using Reviews their own capital Of 0.05% was Obtained t count at 10:20 the which is 1.89 t expenditures[27]. In addition, the lender would ask for a high table means arithmetic t> t table. This shows Significantly return on funds borrowed Because Companies that work with profitability variables influence the financial structure. Reviews high financial structures have a high financial risk anyway so These results indicate that the company has good profitability can degrade creditor confidence[28]. It is difficult, to add a loan growing niche to behave in the pecking order theory in if they want to hold a profitable investment, should Thus using Determining the financial structure through the order that the Reviews their own capital expenditures. In addition, the lender retained earnings and the capital itself. If funds from retained would ask for a high return on funds borrowed Because It is earnings and equity and debt. Average growth for the difficult, to add a loan if they want to hold a profitable company's ability to generate profits of 17.66% during the investment, should Thus using Reviews their own capital years 2010 to 2016 have a tendency to use debt Reached A expenditures. In addition, the lender would ask for a high relatively not too big Because The company is still Able to return on funds borrowed Because It is difficult, to add a loan if provide funds through retained earnings and equity. From the they want to hold a profitable investment, should Tus using description that has been stated that the strong influence of Reviews their own capital expenditures. In addition, the lender the independent variables to variable Depending on the would ask for a high return on funds borrowed Because magnitude of the regression coefficient of each independent Companies that work with high financial structures have a high variable. Then the estimator regression models can be used financial risk anyway so can degrade creditor confidence. It is for comparison purposes in the financial structure of predicting difficult, to add a loan if they want to hold a profitable a trading company in Namlea Buru for A Certain period when investment, should Thus using Reviews their own capital the asset structure, penjulan growth rate, profitability can be expenditures. In addition, the lender would ask for a high known. In this connection it was stated that the financial return on funds borrowed Because It is difficult, to add a loan if structure is not an optimal Obtained financial structure, but it is they want to hold a profitable investment, should Tus using Generally Accepted financial structure for a trading company Reviews their own capital expenditures. In addition, the lender in the research area. Disususn of this Study to Determine the would ask for a high return on funds borrowed Because It is factors that affect the financial structure to support the decision difficult, to add a loan if they want to hold a profitable in order to underpin the financial management of a trading investment, should Thus using Reviews their own capital company in the City of Namlea Buru. By knowing the models expenditures. In addition, the lender would ask for a high of a regression equation estimator financial structure in return on funds borrowed Because It is difficult, to add a loan if question, the decision-making in a trading company's Easier to they want to hold a profitable investment, should Tus using analyze the decision, the which relates to the use of the funds Reviews their own capital expenditures. In addition, the lender available, Because The balance of the financial firm can be would ask for a high return on funds borrowed Because It is Achieved when the company for its function does not face difficult, to add a loan if they want to hold a profitable interference - disruption of financial means. In addition the investment, should Thus using Reviews their own capital results of this study can be seen the most dominant factor to expenditures. In addition, the lender would ask for a high the financial structure that is expected to answer the doubts in return on funds borrowed Because It is difficult, to add a loan if the decision on spending the company. Wisdom is one they want to hold a profitable investment, should Tus using function of expenditure expenditure management is set up the Reviews their own capital expenditures. In addition, the lender

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