ANALISIS KEPUTUSAN PENDANAAN PERUSAHAAN: PENGUJIAN EMPIRIK PECKING ORDER THEORY DAN BALANCE THEORY
Abstract: This study addresses
the spesific issue of how firm actually select between equity or debt. The coefficient of model are estimated using
multivariate logistic regression. This study throws light on a number of
interesting issues. Firstly, it demontrates that companies are heavely
influenced by market condition and the past history of security price in
choosing between equity and debt. Secondly, it provides empirical evidene that
company appears to be consistent with the pecking order theory. Finally, the evidence
in regard to balancing theory is less clear. It 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 balance theory.
Keywords: Security Offering,
Pecking Order Theory, Balance Theory, Multivariate Logistic Regression
Penulis: Sujoko
Kode Jurnal: jpmanajemendd100326
