CAPITAL STRUCTURE DETERMINANTS AND THE SPEED OF ADJUSTMENT TOWARDS CAPITAL STRUCTURE TARGET: EVIDENCE FROM PROPERTY COMPANIES IN INDONESIA
This study provides the empirical evidence of the capital structure determinants and the speed of adjustment to reach the target of firms. Initially, the topic of property development in developing countries has become very interesting to study because of the rapid growth in emerging countries. E...
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| 主要作者: | |
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| 格式: | Theses |
| 語言: | Indonesia |
| 在線閱讀: | https://digilib.itb.ac.id/gdl/view/41361 |
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| 機構: | Institut Teknologi Bandung |
| 語言: | Indonesia |
| 總結: | This study provides the empirical evidence of the capital structure determinants and
the speed of adjustment to reach the target of firms. Initially, the topic of property
development in developing countries has become very interesting to study because
of the rapid growth in emerging countries. Especially in Indonesia, with recent
regulations and president’s focus on the growth of the country, this industry has been
targeted by investors to jump in.
This study uses financial reports from each firm during the period between 2009 and
2016. In accordance with the industry-specified variables, this study examines the
importance of property industry-specific determinants of capital structure. In this
study, we tried to validate our model and theory on a sample of property companies
in Indonesia with two models which are not mutually exclusive but rather
complementary one another. We use static model to validate the determinants of
capital structure, then use dynamic model to estimate the speed of adjustment towards
capital structure target for property companies in Indonesia. The result shows that
property companies in Indonesia have several property industry-specific
determinants. Target capital structure does exist for property companies in Indonesia
with a considered slow speed of adjustment towards capital structure target. |
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