PEMILIHAN SEKURITAS DAN ARAH KEBIJAKAN STRUKTUR MODAL: PECKING ORDER ATAUKAH STATIC-TRADEOFF?

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ABSTRACT: This study addresses the specific issue of how firms actually select between financing instruments, debt and equity. Specifically, the examining of  whether in securities offering choice, firms are consistent with pecking order theory or static- tradeoff  theory. The analyses shows three main findings. First, it demonstrates that companies are heavely influenced by maket condition and the past history  of security price inchoosing between equity and debt. Second, it provides empirical evidence that company appears to be consistent with the pecking order theory. Finally, the evidence in regard to tradeoff  theory is less clear. In this case, the result are interesting, since the higher of business risk  and volatility level, firms are more likely using the higher debt. It is not consistent with static-tradeoff theory.
Keywords: Security Offering, Pecking Order, and Static-Tradeoff
Penulis: Perminas Pangeran
Kode Jurnal: jpmanajemendd100143
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