PENENTUAN PERILAKU KEBIJAKAN STRUKTUR MODAL PADA PERUSAHAAN MANUFAKTUR DI BURSA EFEK JAKARTA: HIPOTESIS STATIC TRADE OFF ATAU PECKING ORDER THEORY
ARI CHRISTIANTI1
Universitas Kristen Duta Wacana
ABSTRACT
This paper investigated the effect of the change in certain factors (assets tangibility, growth, profitability, volatility, and flexibility) that are identified by capital structure theories on the firms leverage (short term debt and long term debt). The approach used in this paper is Structural Equation Modelling (SEM) with path diagram.
The empirical results show that assets tangibility, growth, and, profitability support POT but earning volatility does not support both STO and POT. This contradict result is caused by agency cost equity and corporate control considerations. However it can be concluded that the financing behaviour of manufacturing industries in JSX can be explained by POT hypothesis.
Keyword: Static Trade Off Theory (STO), Pecking Order Theory (POT), and Path Diagram
selengkapnya...
ARI CHRISTIANTI1
Universitas Kristen Duta Wacana
ABSTRACT
This paper investigated the effect of the change in certain factors (assets tangibility, growth, profitability, volatility, and flexibility) that are identified by capital structure theories on the firms leverage (short term debt and long term debt). The approach used in this paper is Structural Equation Modelling (SEM) with path diagram.
The empirical results show that assets tangibility, growth, and, profitability support POT but earning volatility does not support both STO and POT. This contradict result is caused by agency cost equity and corporate control considerations. However it can be concluded that the financing behaviour of manufacturing industries in JSX can be explained by POT hypothesis.
Keyword: Static Trade Off Theory (STO), Pecking Order Theory (POT), and Path Diagram
selengkapnya...