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Diversifikasi korporasi dan biaya modal

Author

Listed:
  • Katiya Nahda
  • Marwan Asri

Abstract

Tujuan penelitian ini adalah menguji pengaruh diversifikasi usaha terhadap biaya modal dikaitkan dengan korelasi arus kas antar segmen serta tingkat kendala pendanaan yang dihadapi perusahaan. Model penelitian diuji dengan menggunakan sampel dari seluruh perusahaan di luar sektor keuangan yang terdaftar di Bursa Efek Indonesia periode 2010-2014 dengan metode Feasible Generalized Least Square (FGLS). Hasil penelitian menunjukkan diversifikasi usaha berpengaruh positif terhadap biaya modal secara keseluruhan. Namun, pengujian model secara parsial menunjukkan adanya perbedaan pengaruh diversifikasi terhadap biaya utang dan biaya ekuitas. Di satu sisi diversifikasi usaha menurunkan biaya utang, dan di sisi yang lain juga dapat meningkatkan biaya ekuitas. Temuan yang lain menunjukkan bahwa semakin rendah tingkat korelasi arus kas antar segmen usaha, semakin rendah biaya modal yang ditanggung perusahaan. Tingkat kendala pendanaan juga menunjukkan pengaruh signifikan dalam memoderasi hubungan diversifikasi usaha dengan biaya modal.

Suggested Citation

  • Katiya Nahda & Marwan Asri, 2017. "Diversifikasi korporasi dan biaya modal," Jurnal Siasat Bisnis, Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia, vol. 21(2), pages 181-198.
    • Handle: RePEc:uii:jsbuii:v:21:y:2017:i:2:p:181-198:id:8664
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