The Determinants of capital structure in Indonesian manufacturing firms
BENDARNINGTIYAS, Endah, Dr. Jogiyanto Hartono, MBA
2001 | Tesis | Magister Manajemen-
In this thesis, the researcher analyzes the determinants of capital structure for Indonesian manufacturing firms from 1994-1 999. The objectives of the research are to test various hypotheses concerning the determinants of capital structure and to establish whether and how the relationship of these determinants to debt varied in manufacturing industry. For the determinants of capita! structure, the researcher observes the level of assets structure, market to book, company size, profitability, growth, business risk, and inflation in the relationship with the changes of the various debt components over time. The research also attempts to test whether the determinants of capital structure is significantly different between the periods before crisis and the periods during crisis. This research reports the results of an investigation that the levels of profitability and inflation have significantly negative correlation to the capital structure, while the size of company has significantly positive correlation to the capital structure. As well as the researcher finds that the determinants of capital structure in the periods before crisis is significantly different from that of in the periods during crisis. Keywords: Capital stxcture determinants, debt elements, optimal leverage, pecking order theory
Kata Kunci : Struktur Modal,Perusahaan Indonesia
