ANALISIS PENGARUH MARKET TIMING (PADA KONDISI HOT DAN COLD MARKET) TERHADAP LEVERAGE PERUSAHAAN NON KEUANGAN DI INDONESIA
This study aimed to examine the effect of market timing on leverage on nonfinancial companies in Indonesia. Market timing is tested on the hot and cold market conditions. Hot and cold markets are determined based on the monthly market to book ratio. Hot (cold) market takes place when the average mar...
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| Main Authors: | , |
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| Format: | Theses and Dissertations NonPeerReviewed |
| Published: |
[Yogyakarta] : Universitas Gadjah Mada
2014
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| Subjects: | |
| Online Access: | https://repository.ugm.ac.id/130969/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=71403 |
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| Institution: | Universitas Gadjah Mada |
| Summary: | This study aimed to examine the effect of market timing on leverage on nonfinancial
companies in Indonesia. Market timing is tested on the hot and cold market
conditions. Hot and cold markets are determined based on the monthly market to
book ratio. Hot (cold) market takes place when the average market to book ratio of a
month is above (below) the value of the moving average of monthly market to book
ratio. This study also aimed to test whether non-financial companies in Indonesia
persistently applying leverage policy.
This study used two research models. First model is a panel data with a
sample size of 78 non-financial companies listed on the BEI in 2002-2010.Second
model is a cross section data with a sample size of 88 non-financial companies that
conducted IPO in Indonesia in 2003-2010. The dependent variable in both the
research models is leveraget (Levt). The independent variables are markett and
leveraget-1 (Levt � 1). The control variables are profitabilityt - 1 (Proft - 1) |
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