PENGUJIAN STRUKTUR MODAL (TEORI PECKING ORDER): ANALISIS EMPIRIS TERHADAP SAHAM di LQ-45

Herman Ruslim

21 citations0/0 files storedJurnal Bisnis dan Akuntansi

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Corporate Finance and Governance Financial Analysis and Corporate Governance Working Capital and Financial Performance

Abstract

Testing capital structure theory is remain puzzle, most researchers using a static model to explain the dynamic capital structure, however the expectation gap still could not be solved. This research attempts to study the dynamic capital structures which using the effect of profitability, cashflow deficit and long term debt on dynamic capital structure. The measurement of dynamic capital structure using a book value of share price instead of market value to compute the equity of the companies. This research used a sample of the 18 companies in LQ45, which are listed in Indonesia Stock Exchange of the period from 2000 to 2006. The analysis method used in this research was time series analysis with generalized method of moment technique. It was found that the profitability has no significant effect on dynamic capital structures. The research results indicated that the company did not follow pecking order hypotesis.Based on time series analysis, long term debt and cashflow deficit has significant effect on dynamic capital structures. Despite of this, profitability, cash flow deficit and long term debt have a significant effect simultaneously on the dynamic capital structure.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1973Risk, Return, and Equilibrium: Empirical Tests 1977Determinants of corporate borrowing 1984The Capital Structure Puzzle 1995What Do We Know about Capital Structure? Some Evidence from International Data 1988The Determinants of Capital Structure Choice 1991The Theory of Capital Structure

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2014Pengaruh Likuiditas, Profitabilitas, Tangibility Assets, Ukuran Perusahaan dan Pajak terhadap Struktur Modal 2015TESTING ON PECKING ORDER THEORY AND ANALYSIS OF COMPANY’S CHARACTERISTIC EFFECTS ON EMITTEN’S CAPITAL STRUCTURE 2022Capital structure behaviour among Indonesian property developers during different business cycles

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