PENGARUH DETERMINAN STRUKTUR MODAL
TERHADAP LEVERAGE
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Institusion
Universitas Atma Jaya Yogyakarta
Author
Savitri, Intan Ayu
Subject
Manajemen Keuangan
Datestamp
2015-02-23 07:45:42
Abstract :
A financial manager in taking funding decisions should consider carefully the characteristics and the cost of the capital source that he or she will choose. The mistakes in determining the capital structure will have enormous impact especially if the company employs too many debts; as a result, the fixed cost that the company should bear will be bigger as well. The study was performed in order to test empirically whether the use of different financial leverage theory will lead to different results. The study was performed in non-active financial companies listed in the Indonesian Stock Exchange, Malaysian Stock Exchange, Singaporean Stock Exchange, Thailand Stock Exchange and Philippines Stock Exchange from 2009-2013. The results of the study showed that the use of different theory led to different results. Non-debt tax shield, tangibility, profitability, business risk, company size, liquidity, share price performance, share market development, interest rate and country governance had influence toward the leverage. The growth opportunities and the economic governance did not have any influence toward the leverage.
A financial manager in taking funding decisions should consider carefully the characteristics and the cost of the capital source that he or she will choose. The mistakes in determining the capital structure will have enormous impact especially if the company employs too many debts; as a result, the fixed cost that the company should bear will be bigger as well. The study was performed in order to test empirically whether the use of different financial leverage theory will lead to different results. The study was performed in non-active financial companies listed in the Indonesian Stock Exchange, Malaysian Stock Exchange, Singaporean Stock Exchange, Thailand Stock Exchange and Philippines Stock Exchange from 2009-2013. The results of the study showed that the use of different theory led to different results. Non-debt tax shield, tangibility, profitability, business risk, company size, liquidity, share price performance, share market development, interest rate and country governance had influence toward the leverage. The growth opportunities and the economic governance did not have any influence toward the leverage.
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