PENGARUH PECKING ORDER HYPHOTHESIS PADA EMITEN PERUSAHAAN MAKANAN DAN MINUMAN GO PUBLIC DI BURSA EFEK INDONESIA

Harri Priyono, S. Sos, Prof. Dr. Eduardus Tandelilin, MBA, CWM

2011 | Tesis | S2 Magister Manajemen

Tujuan penelitian ini, untuk menguji theory pecking order perusahaan - perusahaan makanan dan minuman di Indonesia didalam menentukan kebijakan struktur modal. Penelitian ini difokuskan untuk menguji pengaruh variabelvariabel asset tangibility, pertumbuhan, ukuran perusahaan, profitabilitas dan hutang masa lalu terhadap struktur modal pada perusahaan makanan dan minuman di Bursa Efek Indonesia tahun 2005-2009. Penelitian ini menggunakan 18 sampel saham perusahaan makanan dan minuman yang mempunyai laporan keuangan lengkap dan sudah diaudit selama periode tahun 2005-2009. Dengan menggunakan metode uji hipotesis, model analisis regresi linear dan asumsi klasik menunjukkan bahwa rasio Profitability dan Debt to Total Assets masa lalu berpengaruh signifikan terhadap struktur modal, sedangkan rasio Tangibility, Growth, dan Firm Size tidak berpengaruh signifikan terhadap struktur modal. Dengan hasil tersebut, mengindikasikan bahwa perusahaan – perusahaan makanan dan minuman di Indonesia dalam menentukan kebijakan struktur modal menggunakan theory pecking order.

The objectives of this study was examine pecking order theory in food and beverages industries in Indonesia. Additionally, it is specifically focused on investigating the influence of tangibility ratio, Profitability, Growth, Firm Size and Debt to Total Assets of the past variables to leverage in food and beverages the companies during the period 2005-2009. This study used 18 samples of stock in food and beverages industries that have completed and audited financial statement during the period of 2005-2009. This study applied the method of hypothesis testing with multiple linear regression analysis model, and the classical assumptions. The results showed that the ratio of Profitability and Debt to Total Assets past significant effect on leverage, while the ratio of tangibility, Growth, and Firm Size no significant effect on leverage. The result shows that there is an indication of pecking order theory contribution in the financial decisions process among the food and beverages companies within the Indonesian stock market.

Kata Kunci : Struktur Modal, Tangibility, Profitability, Growth, Firm Size dan Debt to Total Assets masa lalu