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Teori Pecking Order dan Trade-Off dalam Analisis Struktur Modal di Bursa Efek Indonesia

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  • D Agus Harjito

Abstract

This study aims to test the pecking order theory and trade-off theory of capital structure in the analysis of the Indonesia Stock Exchange. Pecking order theory is represented by the variable profitability and growth, while the variables volatility of earnings, tangibility of assets and the size represents a trade-off theory. The company's goal is prosperity of shareholder value. To achieve these objectives the company needs funds from internal sources and external sources. Internal sources in the form of retained earnings, while the external sources of debt and shareholders' approval in the pecking order theory. This study uses the data of financial ratios of the firms during the period 2000-2010. To analyze the data, this study uses a multiple regression with the dependent variable is the debt ratio, while profitability, growth, volatility of earnings, tangibility of assets and size as independent variables. The results show that asset structure and company size has a positive and significant impact on capital structure, while profitability has a negative effect on debt ratios. But company's growth rate has not relationship with the debt ratio or capital structure. Simultaneously, the all independent variables affect capital structure significantly.Keywords: pecking order, trade-off, capital structure, debt rasioAbstrakPenelitian ini bertujuan untuk menguji teori pecking order dan teori trade-off dalam analisis struktur modal di Bursa Efek Indonesia. Teori pecking order diwakili oleh variabel profitability dan growth, sementara variabel-variabel volatility of earnings, tangibility of assets dan size mewakili teori trade-off. Tujuan perusahaan adalah memakmurkan nilai pemegang saham. Untuk mencapai tujuan tersebut perusahaan membutuhkan dana yang diperoleh dari sumber internal dan sumber eksternal. Sumber internal berupa laba ditahan, sedangkan sumber eksternal berupa hutang dan saham sebagaimana dijelaskan dalam teori pecking order. Data yang digunakan dalam penelitian ini berupa rasio-rasio keuangan dari perusahaan sampel selama periode tahun 2000-2010. Metode analisis yang digunakan adalah regresi berganda dengan variabel terikat adalah debt ratio; sedangkan profitability, growth, volatility of earnings, tangibility of assets dan size bertindak sebagai variabel bebas. Hasil analisis menunjukkan bahwa struktur asset dan ukuran perusahaan memiliki pengaruh positif dan signifikan terhadap rasio hutang perusahaan. Sementara variabel proftabilitas memiliki efek negatif terhadap rasio hutang. Sedangkan tingkat pertumbuhan perusahaan tidak ditemukan memiliki hubungan yang signifikan dengan rasio hutang. Secara simultan, variabel-variabel bebas dapat mempengaruhi rasio hutang secara signifikan.Kata Kunci: pecking order, trade-off, struktur modal, rasio keuangan

Suggested Citation

  • D Agus Harjito, 2011. "Teori Pecking Order dan Trade-Off dalam Analisis Struktur Modal di Bursa Efek Indonesia," Jurnal Siasat Bisnis, Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia, vol. 15(2).
    • Handle: RePEc:uii:jsbuii:v:15:y:2011:i:2:id:3215
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    Cited by:

    1. Palaniappan Gurusamy, 2024. "Corporate Ownership Structure and Its Effect on Capital Structure: Evidence from BSE Listed Manufacturing Companies in India," IIM Kozhikode Society & Management Review, , vol. 13(2), pages 135-153, July.
    2. Richard Yeaw Chong Seow, 2023. "Comparative Financial Performance and Firm Valuation Analysis: A Malaysian Logistics Service Provider Case Study," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(7), pages 594-613, July.

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    Keywords

    pecking order; trade-off; capital structure; debt rasioabstrakpenelitian ini bertujuan untuk menguji teori pecking order dan teori trade-off dalam analisis struktur modal di bursa efek indonesia. teori pecking order diwakili oleh variabel profitability dan growth; sementara variabel-variabel volatility of earnings; tangibility of assets dan size mewakili teori trade-off. tujuan perusahaan adalah memakmurkan nilai pemegang saham. untuk mencapai tujuan tersebut perusahaan membutuhkan dana yang diperoleh dari sumber internal dan sumber eksternal. sumber internal berupa laba ditahan; sedangkan sumber eksternal berupa hutang dan saham sebagaimana dijelaskan dalam teori pecking order. data yang digunakan dalam penelitian ini berupa rasio-rasio keuangan dari perusahaan sampel selama periode tahun 2000-2010. metode analisis yang digunakan adalah regresi berganda dengan variabel terikat adalah debt ratio; sedangkan profitability; growth; volatility of earnings; tangibility of assets dan size bertindak sebagai variabel bebas. hasil analisis menunjukkan bahwa struktur asset dan ukuran perusahaan memiliki pengaruh positif dan signifikan terhadap rasio hutang perusahaan. sementara variabel proftabilitas memiliki efek negatif terhadap rasio hutang. sedangkan tingkat pertumbuhan perusahaan tidak ditemukan memiliki hubungan yang signifikan dengan rasio hutang. secara simultan; variabel-variabel bebas dapat mempengaruhi rasio hutang secara signifikan.kata kunci: pecking order; trade-off; struktur modal; rasio keuangan;
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