PENGARUH KARAKTERISTIK PERUSAHAAN TERHADAP TINGKAT LEVERAGE PADA PERUSAHAAN PUBLIK DI BURSA EFEK JAKARTA
Abstract
The objective of this research is to identify the effect of firm characteristics (firm size, and asset growth, and profitability) simultaneously and individually on leverage rate at public firm of manufacturer sector listed in Jakarta Stock Exchange (BEJ).
According to the objective, this research are explanatory research, is done by survey method on public firm of manufacturer sector listed in Jakarta Stock Exchange (BEJ) with firm population amount of 157. The minimal samples were taken in the amount of 84 firms based on Yamane method.
This research used cross section data in the year at 2001 – 2003. This study used Multiple Regression Model, Furnished with tests on classical assumptions, such as multicollinearity, heteroscedasticity, and autocorrelation.
Based on multiple regression model of analysis, the result aare that firm characteristics (firm size, and asset growth, and profitability) simultaneously and individually have influence on leverage rate at public firm of manufacturer sector listed in Jakarta Stock Exchange (BEJ)
Keyword : Firm Characteristics and Leverage rate
Full Text:
PDF (Bahasa Indonesia)References
Ang, Chua, dan McConnell (1982), The Administrative Costs of Corporate Bankrupcy : A note,
Journal of Finance, Vol. 37,337-348
Barclay, Michael J. Dan Clifford W. Smith, 2011, The Capital Structure Puzzle : Anathor Look
at The evidence, Section III, Capital Structure and Payout Policy Journal, P. 197-209
Barton, Sidney L., Hill, Ned C., and Sundaram S., 1989, An Empirical Test of Stajeholder
Theory Predictions of Capital Structure, Journal of the Financial Management
Association (Spring) 36-44
Brailsford, Oliver, and Pua 2002, On the Relation Between Ownership Structure and Capital
Structure, Journal of Accounting and Finance No.42, P.1-26
Brennan, Michael dan Andrew Schwartz, 1978, Taxes, Market Valution, and Corporate
Financial Policy, National Tax Journal, December, pp. 576-577
Brigham, E. F., and Gapenski, 1996, Intermediate Financial Management, 5th edition, New
York : The Dryden Press
Chang R.P. dan S.G. Rhee, 1990, The Impact of Personal Taxes on Corporate Dividend Policy
and Capital Structure Decisions, Financial Management, Summer 21-31
Gitman, Lawrence J., 1997, Principles of Managerial Finance, 8th edition.
Harris M. Dan A. Raviv, 1990, Capital Structure and Information Role of Debt, Journal of Finance, 35 (2), June, pp. 145-166
Jensen, M and W. Meckling, 1976, Theory of The Firm : Managerial Behavior, Agency Cost,
And Ownership Structure, Journal of Finance Economics (Desember) 3, 305-360
JSX Monthly Statistic, PT Bursa Efek Jakarta, Bebagai Edisi
Kim, Wi Seang, 1982, Investment Peformance of Common Stocks in Relation to insider
ownership, The Financial Review, Vol. 23, No. 1, February 1998
Lasher, William R., 2003, Practical Financial Management, Edisi Ke-3, South Western :
Thompson Learning
Lauterbach, Beni., and Vaninsky, Alexander,1999, Ownership Structure and Firm Peformance
: Evidence From Israel, Journal of Management and Governance 3, 189 – 201.
Moch. Nazir. 1999. Metodologi Penelitian. Cetakan Ketiga. Jakarta : Ghalia Indonesia.
Myer, 1984, Determinants of Corporate Borrowing, Journal of Financial Economics 9
(November), 147-176.
Myers, S., and N. Majluf, 1984, Corporate Financing and Investment Decisions When Firms
Have Information Investor do not have, Journal of Financial Economics 13 (June), 187-
Ozkan, A., 2001, Determinant of Capital Structure and Adjusment to Long Run Target :
Evidence From UK Company Panel Data, Journal of Business Finance & Accounting, Vol.28 (1) & (2), 175-198.
PT Bursa Efek Jakarta Report, Berbagai edisi.
Rajan dan Zingales (1995), What do We Know about Capital Structure ? Some Evidance from
International Data, The Journal of Finance, Vol.I no. 5, December 1996.
Ross, Stephen A., Randolph W. Westerfield, and Jeffrey Jaffe, 2002, Corporate Finance,
International Edition, Singapore : Irwin/McGraw Hill.
Suad Husnan, 1994, Manajemen Keuangan, Teori dan Penerapan, Buku 1 dan 2, Edisi ketiga,
Yogyakarta. BPFE.
Titman and Wessels, 1988, ,The Determinants of Capital structure Choice, The Journal of
Finance 43 (March) No.1, 1-19
Voulgaris, F., D. Asteriou dan G. Agiomirgianikis, 2002, Capital Structure, Asset Utilization,
Profitability, and Growth in the Greek Manufacturing Sector, Applied Economics,
Vol.43, 11, 1379-1388
Wald, John K., 1999, How Firm Characteristics Affect Capital Structure : An International
Comparison, Journal of Financial Research, Vol. 22, No.2, 161-187.
Wahidahwati, 2001, Pengaruh Kepemilikan Manajerial dan Kepemilikan Institusional pada
Kebijakan Hutang Perusahaan : Sebuah Perspektif Theory Agency (Paper), Simposium Nasional Akuntansi IV, 1084-1105.
DOI: https://doi.org/10.29313/performa.v2i2.6601
Refbacks
- There are currently no refbacks.
Copyright (c) 2020 Jurnal Manajemen dan Bisnis (Performa)
Jurnal manajemen dan bisnis (Performa) diindeks oleh:
Alamat Redaksi:
Jl. Tamansari 1, Bandung 40116, Jawa Barat, (022) 4203368 pes. 210, (022) 4264064. jmb.performa@gmail.com / jmb.performa@unisba.ac.id
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. ISSN 1829-8680 | E-ISSN 2599-0039