Uji Teori : Pecking Order, Trade-Off Dan Market Timing Pada Struktur Modal Perusahaan Perbankan Go Public Di Indonesia

Laely Aghe Africa


Capital structure has effect in the short and long term, which is funding given by bank doesn’t apart from the availability of the third parties’ saving, current account, and deposits. Third parties’ funding should be balance with the funds disbursed by the company. Therefore, company policy is important in how to manage funding compositions. The objective of this research is to analyze capital structure theory, which is Pecking Order Theory, Trade-Off Theory and Market Timing Theory. Pecking Order Theory variable consists of financing deficit, long term debt, and total debt. Trade-Off Theory variable represented by tangible asset, growth, size, profitability, total debt and long term debt.  Market Timing Theory variable consists of equity finance weighted average of market to book ratio and leverage ratio. Sample of this research is 100 listed bank data from 2011 to 2015. Multiple linier regression used to analyze the data. The result of this study is Trade-Off and Market Timing Theory can be implemented by the company in terms of determine the capital structure. This research implication is to enhance management choices, especially in how to set capital structure of the company.


Bankruptcy,Early warning, Financial Distress, Risk Analysis


Baker, M., & Wurgler, J. (2002). Market Timing and Capital Structure. The Journal of Finance, 57(1). 1-32.

Frank, Z. Murray and Goyal, K.Vidhan. (2003). Testing The Pecking Order Theory Of Capital Structure. Journal Of Financial Economics 67. 217-248.

Ghozali, Imam. 2013. Aplikasi Analisis Multivariate dengan Program IBM SPSS 21. Semarang Edisi Kelima Badan Penerbit Universitas Diponegoro

Ghozali, Imam. 2016. Desain Penelitian Kuantitatif & Kualitatif Untuk Akuntansi, Bisnis dan Ilmu Sosial Lainnya. Semarang, Yoga Pratama.

Jahanzeb, Agha., Rehman Saif-Ur., Bajuri, Norkhairul Hafiz., Karami Meisam and Ahmadimousaabad Aiyoub. (2014). Trade-Off Theory, Pecking Order Theory and Market Timing Theory : A Comprehensif Review Of Capital Structure Theory. L Of International Journal Of Management and Commerce Innovation. Vol (1) 1, 11-18)

Miswanto. (2013). Market Timing Dan Pengaruhnya Terhadap Struktur Modal Pada Perusahaan manufaktur Indonesia yang IPO tahun 2000-2008. Jurnal Siasat Bisnis. Vol 17 (1). 69-79.

Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Econom-ics, Vol. 13(2). 187-221.

Myers, S. C. (2003). Financing of Corporations. In G. Constantinides, M. Harris, & R. Stulz (Eds.), Handbook of the Economics of Finance: Corporate Finance. Amsterdam, North Holland: Elsevier. pp. 215–253.

Pudak Sari, Ni Putu Ayu. (2014). Faktor-Faktor Yang Mempengaruhi Struktur Modal Pada Perusahaan Non Keuangan Yang Terdaftar Di Bursa Efek Indonesia Ta-hun 2008-2012. E-Jurnal Akuntansi Universitas Udayana. Vol 7 (1). 33-47.

Rajan, RG. and L. Zingales.1995. What Do We Know about Capital Structure? Some Evidence from Interna-tional Data. Journal of Finance. 50 (5).

Ross, Westerfield dan Jordan. 2009. Corporate Finance Fundamentals Edisi Kedelapan. Terjemahan Oleh Ali Akbar Yulianto. Jakarta: Salemba Empat.

Tsuji, Chikasi. (2011). An International Survey Of The Evidence On The Pecking Order Theory Of Corporate Financing. Business and Economic Research. Vol 1 (I). 1-13.

Vatayu, Sorana. (2012). Trade-Off Versus Pecking Order Theory In Listed Companies Around The World. Annals Of The University Of Petrosani, Economics., vol 12 (2). 285-292.

Weston dan Copeland. 2010. Managerial Finance Edisi Kesembilan. Terjemahan Oleh Jaka Wasana. Jakarta: Binarupa Aksara.

Xu, Z. 2009. The Impact of marketing Timing on Canadi-an and US Firm’s Capital Structure. Working Paper. Bank of Canada.

Yuliati, Sri (2011). Pengujian Pecking Theory: Analisis Faktor-Faktor Yang Mempengaruhi Struktur Modal Industri Manufaktur Di Bursa BEI Periode Setelah Krisis Moneter. Politeknosains, Vol X (1). 56-79



DOI: 10.14414/tiar.v7i2.1398


  • There are currently no refbacks.

Copyright (c) 2018 Laely Aghe Africa

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.