DETERMINAN KECEPATAN PERUBAHAN STRUKTUR MODAL PADA PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA
The purpose of this study is to find the determinants of the speed adjustment of capital structure in Indonesia. In addition, in this study will be discussed when the company had to make adjustments to its capital structure. Based on the trade-off theory, capital structure adjustment will lead to an...
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| Main Authors: | , |
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| 格式: | Theses and Dissertations NonPeerReviewed |
| 出版: |
[Yogyakarta] : Universitas Gadjah Mada
2013
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| 主題: | |
| 在線閱讀: | https://repository.ugm.ac.id/126189/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=66388 |
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| 總結: | The purpose of this study is to find the determinants of the speed adjustment
of capital structure in Indonesia. In addition, in this study will be discussed when the
company had to make adjustments to its capital structure. Based on the trade-off
theory, capital structure adjustment will lead to an optimal capital structure, therefore
we need a model to determine the optimal capital structure. In this study, the
characteristics of the company's consisting of variables fixed assets, firm size, firm
growth and profitability are used as determinants of optimal capital structure.
The study was conducted at manufacturing company in Indonesia, which is
the data taken from 2001 to 2011 . In this study, the partial adjustment model ( PAM )
are used to determine the speed of adjutment in the capital structure for each company
. This model will be able to capture the dynamism of the variables that affect the
optimal capital structure , so that the resulting optimal capital structure will be better
than previous empirical studies. After finding the optimal capital structure, the speed
of each of these companies will be regressed with variable firm size, firm growth,
profitability, distance, inflation and Gross Domestic Product (GDP).
The results of this study show that the adjustment of capital structure in a
manufacturing company in Indonesia is influenced by growth, distance, inflation and
Gross Domestic Product (GDP). Increased growth of the company, distance, and
GDP would result in a decrease in the speed of capital structure adjustment. In the
other side inflation variable is positively correlated to the speed of capital structure
adjustment. |
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