ANALISIS PENGARUH MARKET TIMING (PADA KONDISI HOT DAN COLD MARKET) TERHADAP LEVERAGE PERUSAHAAN NON KEUANGAN DI INDONESIA

• Main Authors: , VERA PIPIN WULANDARI, , Kusdhianto Setiawan, SE., Siv. Ok., Ph.D.
• Format: Theses and Dissertations NonPeerReviewed
• Published: [Yogyakarta] : Universitas Gadjah Mada 2014
• Subjects: ETD
• 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
• Institution: Universitas Gadjah Mada

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)