RELEVANKAH TEORI STRUKTUR MODAL DI INDONESIA?

Sumani Sumani, Ahmad Roziq, Daniel T H Manurung

Abstract


Abstrak: Relevankah Teori Struktur Modal di Indonesia? Tujuan penelitian ini adalah untuk menelaah relevansi teori struktur modal pada aspek optimalisasi terjadinya risiko berdasarkan pecking order theory, trade off theory, dan teori agensi. Metode yang digunakan adalah regresi berganda pada perusahaan manufaktur terbuka di Indonesia tahun 2010-2018. Penelitian ini menemukan bahwa beberapa indikator teori struktur modal tidak relevan dengan ketiga teori tersebut. Hal ini menunjukkan bahwa perusahaan harus menekan biaya modal, peluang bangkrut, dan biaya keagenan melalui keseimbangan pendanaan antara yang dinginkan oleh agen maupun prinsipal.

 

Abstract: Is Capital Structure Theory Relevant to Indonesia?? The purpose of this study is to examine the relevance of capital structure theory on the aspects of optimizing risk based on pecking order theory, trade-off theory, and agency theory. The method used is multiple regression in public manufacturing companies in Indonesia in 2010-2018. This study finds that several indicators of capital structure theory are not relevant to the three theories. This shows that the company must reduce the cost of capital, bankruptcy opportunities, and agency costs through a balance of funding that is desired by agents and principals.


Keywords


biaya keagenan; kebijakan dividen; profitabilitas; struktur modal

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References


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DOI: http://dx.doi.org/10.21776/ub.jamal.2020.11.2.22

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