EFEK WAKTU PASAR DAN KEBIJAKAN INVESTASI TERHADAP STRUKTUR MODAL
Abstract: The capital
structure policy by an entity is still a question specially in the context of investment
policy and if related to market timing. The question is still exist because the
entity faced by two options of financing which are internal financing (capital)
and external financing (debt).
This study is using data from the samples of 241 entities listed in
Indonesia Stock Exchange in period of 2009 till 2012 making the total of
observed data are 964. Conducting multiple regression analysis, this study
conclude that, the effect of pecking order, trade off and market timing are not
absolute for all conditions of entities, because the entities will take
decision for capital structure policy based on its conditions such as internally
or externally. In this case, the external condition is referring to capital
market.
Penulis: Winston Pontoh
Kode Jurnal: jpakuntansidd140953
