PENGUJIAN STRUKTUR MODAL (TEORI PECKING ORDER): ANALISIS EMPIRIS TERHADAP SAHAM di LQ-45
Abstract: Testing capital
structure theory is
remain puzzle, most researchers
using a static model to explain the dynamic capital structure, however the
expectation gap still
could not be
solved. This research attempts to study the dynamic
capital structures which using the effect of profitability, cashflow deficit
and long term debt on dynamic capital structure. The measurement of dynamic
capital structure using a book value
of share price
instead of market
value to compute
the equity of the
companies. This research
used a sample
of the 18
companies in LQ45, which
are listed in
Indonesia Stock Exchange
of the period from 2000 to 2006. The analysis method
used in this research was time series
analysis with generalized
method of moment
technique. It was found that the profitability has no
significant effect on dynamic capital structures. The
research results indicated
that the company
did not follow pecking order
hypotesis.Based on time series analysis, long term debt and
cashflow deficit has
significant effect on
dynamic capital structures. Despite
of this, profitability, cash
flow deficit and
long term debt have
a significant effect
simultaneously on the
dynamic capital structure.
Keywords: Dynamic capital
structure, profitability, cash flow deficit, long term debt, generalized method
of moment
Penulis: HERMAN RUSLIM
Kode Jurnal: jpakuntansidd090042
