Hendratno, _ (2017) ANALISIS KECEPATAN PENYESUAIAN STRUKTUR MODAL DAN DAMPAKNYA TERHADAP NILAI PERUSAHAAN : studi empiris terhadap emiten bursa efek indonesia. S3 thesis, Universitas Pendidikan Indonesia.
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Abstract
Tujuan dari pengelolaan keuangan perusahaan adalah untuk meningkatkan nilai perusahaan yang tercermin dari harga sahamnya (Athanassakos, 2007; Berk, DeMarzo, & Harford, 2012; Brusov, Filatova, Orekhova, & Eskindarov, 2015; Damodaran, 2013). Upaya meningkatkan nilai perusahaan, mengharuskan pengelola perusahaan menetapkan kebijakan struktur modal. Semakin pesatnya perkembangan bisnis, tidak hanya berhenti dalam keputusan struktur modal, namun ke masalah kecepatan penyesuaian yang dinilai tepat untuk menghadapi situasi bisnis. Secara teoritis, kecepatan respon perubahan struktur modal dikenal dengan konsep a Dynamic Capital Structure Model (Drobetz & Wanzenried, 2006; Flannery & Rangan, 2006; Getzmann, Lang, & Spremann, 2010a; Haas & Peeters, 2006; Huang & Ritter, 2009) Penelitian ini lebih berfocus pada kecepatan penyesuaian struktur modal untuk perusahaan di Indonesia yang tercatat di BEI dan menguji secara empiris dalam dua tahap (model) terhadap 286 laporan keuangan emiten non bank dan lembaga keuangan yang tercatat di Bursa Efek Indonesia 2009-2015 pada 27 bidang usaha, diproses menggunakan perangkat lunak e-views 8.0. Model pertama menganalisis variabel independen data internal perusahaan dan data ekonomi makro pengaruhnya terhadap kecepatan penyesuaian struktur modal (SoA), sedangkan model kedua mengeksplorasi aspek dinamis SoA terhadap nilai perusahaan. Pada model pertama ditemukan bahwa delapan variabel independen berpengaruh signifikant terhadap SoA (6 positif dan 2 negatif) serta model analisis kedua menemukan bahwa SoA memiliki pengaruh signifikan terhadap nilai perusahaan dalam arah yang positif. ;---The purpose of the company's financial management is to increase the value of the company reflected in its share price (Athanassakos, 2007; Berk, DeMarzo, & Harford, 2012; Brusov, Filatova, Orekhova, & Eskindarov, 2015; Damodaran, 2013). Efforts to increase the value of the company, requires managers to establish a policy of capital structure. The rapid growth of business, not only stops in capital structure decisions, but to the problem of adjustment speeds that are judged appropriate to deal with business situations. Theoretically, the speed of the response to changes in capital structure is known by the concept of a Dynamic Capital Structure Model (Drobetz & Wanzenried, 2006; Flannery & Rangan, 2006; Getzmann, Lang, & Spremann, 2010a; Haas & Peeters, 2006; Huang & Ritter, 2009) This study focuses more on the speed adjustment of capital structure for firms in Indonesia which are listed on the BEI and empirically tested in two stages (model) to 286 financial statements of non-bank issuers and financial institutions listed in Indonesia Stock Exchange 2009-2015 in 27 business sectors , processed using e-views software 8.0. The first model analyzes the independent variables of the company's internal data and the macroeconomic data of its effect on the speed of capital structure adjustment (SoA), while the second model explores the dynamic aspects of the SOA against firm value. In the first model it was found that eight independent variables had a significant effect on SoA (6 positive and 2 negative) and the second analytical model found that the SOA had a significant influence on firm value in a positive direction.
| Item Type: | Thesis (S3) |
|---|---|
| Additional Information: | No. Panggil : D IMN HEN a-2017; Promotor : I. Disman; Co Promotor : I. Nugraha, II. Ikin Solikin; NIM : 1308214. |
| Uncontrolled Keywords: | Kecepatan Penyesuaian Struktur Modal, Nilai Perusahaan, Speed Adjustment of Capital Structure, Corporate Value. |
| Subjects: | H Social Sciences > HD Industries. Land use. Labor H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management |
| Divisions: | Sekolah Pasca Sarjana > Ilmu Manajemen S-3 |
| Depositing User: | Isma Anggini Saktiani |
| Date Deposited: | 30 Nov 2018 02:37 |
| Last Modified: | 30 Nov 2018 02:37 |
| URI: | http://repository.upi.edu/id/eprint/32156 |
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