Pengujian Kembali Teori Pecking Order dan Teori Trade Off pada Perusahaan Manufaktur di Indonesia

DIAN RATNASARI, Eduardus Tandelilin., Prof., MBA., Dr.,

2017 | Tesis | S2 Manajemen

Penelitian ini bertujuan untuk menguji dua teori struktur modal, yaitu teori Pecking Order dan teori Trade Off manakah yang lebih banyak diterapkan pada perusahaan manufaktur di Indonesia. Pengujian penerapan kedua teori dilakukan dengan mengukur faktor-faktor yang diindikasikan mempengaruhi struktur modal. Penelitian ini dilakukan terhadap perusahaan yang tercatat di Bursa Efek Indonesia yang memenuhi kriteria pengambilan sampel berbentuk data panel dengan periode pengamatan dari tahun 2011-2015. Terdapat dua model pengujian yaitu yang pertama mengukur perubahan utang (net debt issued) dengan variable bebas defisit keuangan; model kedua mengukur leverage dengan variabel bebas profitabilitas (profitability), likuiditas (liquidity), pertumbuhan perusahaan (growth), struktur asset (tangibility), selisih terhadap target utang (deviation to target debt), dan variabel kontrol umur perusahaan (firm age). Dengan menggunakan level signifikansi 5%, hasil penelitian menunjukkan bahwa defisit keuangan, profitabilitas, likuiditas, pertumbuhan perusahaan, selisih terhadap target utang berpengaruh secara signifikan terhadap struktur modal. Sedangkan struktur aset tidak berpengaruh terhadap struktur modal. Dari hasil pengujian dapat disimpulkan bahwa teori Pecking Order masih lebih banyak diterapkan di Indonesia, diketahui dari pengaruh defisit keuangan, profitabilitas, likuiditas dan pertumbuhan perusahaan. Selisih terhadap target utang menunjukkan arah negatif yang artinya tidak mendukung teori Trade Off. Namun adanya variabel kontrol yaitu umur perusahaan yang hasilnya mendukung teori Trade Off, menandai bahwa teori tersebut juga diterapkan. Hal ini sejalan dengan penelitian-penelitian sebelumnya yang menyatakan bahwa teori Pecking Order dan teori Trade Off diterapkan secara simultan dan tidak mutually exclusive.

The purpose of this study is to examine the two theories of capital structure, namely Pecking Order theory and Trade Off theory which is more widely applied to manufacturing companies in Indonesia. Testing the application of both theories is done by measuring the factors that are indicated to affect the capital structure. The data used in this study is secondary data taken from manufacturing firms listed in Indonesia Stock Exchange which meets the criteria of sampling for period from 2011-2015. There are two test models: the first one measures the change of debt (net debt issued) with financial deficit as independent variable; the second model measures leverage with independent variables: profitability as measured by ROA, liquidity, firm growth, tangibility, deviation to target debt, and firm age as control variable. Based on 5% significant level, the results showed that the deficit of finance, profitability, liquidity, corporate growth and the deviation to target debt significantly influence the capital structure. While the asset structure does not affect the capital structure. From the test results can be concluded that the Pecking Order theory is still more widely applied in Indonesia, known from the influence of financial deficit, profitability, liquidity and growth of the company. The deviation to the target debt indicates a negative direction which means it does not support the Trade Off theory. However, the control variable is the age of firms whose results support the Trade Off theory, indicating that the theory is also applied. This is in line with previous studies which suggest that Pecking Order theory and Trade Off theory are applied simultaneously and not mutually exclusive.

Kata Kunci : trade-off theory, pecking order theory, capital structure, deviation to target debt