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

Laely Aghe Africa

Abstract


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.

Keywords


Bankruptcy,Early warning, Financial Distress, Risk Analysis

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DOI: 10.14414/tiar.v7i2.1398

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