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: jpakuntansidd140954
