Pengujian Pecking Order Theory dan Trade-Off Theory pada perusahaan-perusahaan publik yang terdaftar di BEJ

MARTININGSIH, Tri, Eduardus Tandelilin, Prof.Dr.,MBA

2007 | Tesis | Magister Manajemen

Perusahaan adalah sebuah entitas yang beroperasi untuk memperoleh laba, dan selanjutnya memiliki tujuan ideal berupa memaksimalkan nilai pemegang saham. Dalam proses operasional tersebut perusahaan membutuhkan dana yang dapat diperoleh dari dua sumber utama, yaitu sumber internal dan sumber eksternal. Sumber internal berupa laba ditahan, sedangkan sumber eksternal berupa hutang dan saham. Diantara banyak teori struktur modal, trade-off theory dan pecking order theory adalah dua teori yang masih banyak diperdebatkan. Penelitian ini akan difokuskan untuk membuktikan variabel-variabel profitability dan growth (pecking order theory) dan variabel-variabel volatility of earnings, tangibility of assets dan size (trade-off theory) dalam menjelaskan proses pengambilan keputusan pendanaan di perusahaan-perusahaan publik di Indonesia. Variabel-variabel tersebut berhubungan dengan berbagai asumsi yang terdapat dalam pecking order theory maupun trade-off theory. Data yang digunakan berupa rasio -rasio keuangan dari perusahaan sample yang berjumlah 91 perusahaan selama periode 2003-2005. Metode yang digunakan adalah multiple regression method dengan variabel terikat debt ratio; sedangkan profitability, growth, volatility of earnings, tangibility of assets dan size bertindak sebagai variabel bebas. Hasil yang diperoleh menunjukkan berlakunya pecking order theory dalam keputusan pendanaan perusahaan-perusahaan publik di Indonesia. Selain itu, terdapat pula indikasi berlakunya trade-off theory dalam keputusan pendanaan perusahaan-perusahaan publik di Indonesia. Ini berarti bahwa proses pengambilan keputusan pendanaan di perusahaan-perusahaan publik di Indonesia mengikuti hirarki pendanaan yang dimulai dari retained earnings, debt, dan yang terakhir adalah equity. Namun demikian, faktor risiko kebangkrutan atau potensi terjadinya financial distress juga menjadi bahan pertimbangan yang penting dalam keputusan pendanaan perusahaan-perusahaan tersebut.

Most companies are profit-oriented institutions. They operate in order to gain profit and have the ideal objective to maximize shareholders’ wealth. For that reason, each company will need some funds which can be raised internally or externally. Internal source of funds is retained earning, while external source of funds are debt and equity. Among many other capital structure theory, trade-off theory and pecking order theory are two theories that still remain in debate. This research focuses on getting empirical evidence on profitability and growth (pecking order theory); also volatility of earnings, tangibility of assets and size (trade-off theory) in explaining the decision making about the source of funds used by the companies listed in JSX. Those variables are chosen in relation to the assumptions of pecking order theory and trade-off theory. The data used are in the form of financial ratios from 91 companies during 2003-2005. The method used is multiple regression method with debt ratio as the dependent variable, while profitability, growth , volatility of earnings, tangibility of assets and size act as independent variables. The result shows that pecking order theory is able to explain the decision making about the source of funds used by the companies listed in JSX. But there is also an indication of trade-off theory. It means that the decision making process in deciding the source of funds used by the companies listed in JSX follows a hierarchy, started from retained earnings, debt, and equity as the last resort. However, bankruptcy risk and fina ncial distress risk also play important parts in the decision making process.

Kata Kunci : Struktur Modal,Pecking Order Theory,capital structure, pecking order theory, trade-off theory