Faktor karakteristik perusahaan, pasar keuangan, dan makroekonomi yang mempengaruhi structur modal perusahaan di BEI

Welkom, Syahfitri Suryaningsi (2016) Faktor karakteristik perusahaan, pasar keuangan, dan makroekonomi yang mempengaruhi structur modal perusahaan di BEI. Masters thesis, Institut Pertanian Bogor.

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Abstract

Capital structure is the combination between debt and equity that is used by firms as their financial sources. The objective of managing capital structure is to mix the financial sources used by the firm in a way that will maximize the shareholders’ wealth and minimize the firm’s cost of capital (Tong 1999). Capital structure decisions are vital for the financial soundness of the firm. Inappropriate decisions about the capital structure may lead to financial distress and eventually to economic failure (Baser et al. 2012).The theories of capital structure have been developing from many perspectives and assumptions that are opposite to each other in nature. However, until now, none can exactly explain how to optimize the use of capital structure(Gaud et al. 2004, Graham and Harvey 2001). The research on determinants of capital structure are developing and the new evidence have shown that capital structure is affected by not only firms’ internal factors, but also external factorswhile the firms remain, such as the financial market and macroeconomic conditions of a country. Therefore, even though the types of firms or industries arethe same, the capital structure among them will be different due to the differences in countries’ condition.Several research in Indonesia have been done related with factors that influence the capital structure(determinantsof capital structure), and the most research used factors from the internal aspect of firms as the subjects. The researchs that investigate the external side as effects to capital structure are limited, especiallythe financial market factors. This research has a purpose to analyze not only internal factors which affectfirm’s capital structure in Indonesia, but also external factors particularly financial market and macroeconomic conditions.The firms studied are non-financial firms which have gone public and listed in Indonesia Data Exchange (IDX) during 2005 to 2014, totalling 158 firms. The firms are from eight industrial sectors, namely the agricultural; mining; basic and chemicals; miscellaneous industry; consumer goods; property, real estate, and building construction; infrastructure, utilities, and transportation; trade, services, and investment. The data used are secondary data such as firms’ financial reports, financial market data, and macroeconomic data in 2005-2014 obtained from IDX and World Bank.The dependent variable is debt to equity ratio (DER) that represents the firm’s capital structure. The independent variables are firm size (SIZE), tangibility (TANG), and firm growth opportunity (MBR) which arethe factors of firm characteristic;size of banking sector (M2), activity of the bank lending to the private sector (DCP), size of corporate bond market (BOND), corporate bond trading activity (VBT), size of shares market (MC), and shares trading activities (VST) whichare the factors of financial market; GDP growth (GDPgrw) and inflationrate(INF) which are the factors of macroeconomic. The model of this research is a dynamic panel data regression(System-GMM/generalized method of moments) The results of this study show that the firm characteristics, financial markets and macroeconomic conditions have significant effecton the firm’s capital structure.These prove that the capital structure of the firms in Indonesia, particularly the non-financial firms which have been going public, is not only influenced by internal factors(firm characteristics) but is also influenced by external factors such as financial market and macroeconomic conditions. The variables of firm characteristics that have positive significant effect on the capital structure are firm size and market to book ratio. The variables of financial markets that have positive significant effect on the capital structure are domestic credit to private sector, size ofcorporate bond market, and total value of shares traded, while, the variables that have negative significant effect on the capital structure are size of banking sector, total value of bond traded, and size of shares market. The variables of macroeconomic conditions have positive significant effect on the capital structure, those are GDP growth and inflation rate. The dynamic changes occurring in the firm's internal and external aspects demand dynamic capital structure changes as well, so that managers must always be careful in determining capital structure that is safe for the firm to guarantee the sustainability and development of its business.Investors must be more sensitive to the condition of firms regarding where and when to invest, particularly paying attention to the pattern of the firm's capital structure that is associated with a variety of internal and external factors to the firms.The government and policymakershave to pay attention to the policies issuedthat can affect the firms’ capital structure.

Item Type: Thesis (Masters)
Additional Information: 19(50)Wel f
Uncontrolled Keywords: karakteristik perusahaan, makroekonomi, pasar keuangan, regresi data panel dinamis, struktur modal, system-GMM. capital structure, dynamic panel data regression, financial market, firm characteristics, macroeconomic, system-GMM.
Subjects: Manajemen Keuangan
Depositing User: SB-IPB Library
Date Deposited: 18 Oct 2016 09:03
Last Modified: 25 Oct 2019 02:59
URI: http://repository.sb.ipb.ac.id/id/eprint/2654

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