ANALISIS MODEL DINAMIS TRADE-OFF THEORY PADA STRUKTUR MODAL PERUSAHAAN KONSTRUKSI DI BURSA EFEK INDONESIA
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Published:
Jun 30, 2023
Keywords:
Struktur Modal Teori Trade-Off Profitabilitas Likuiditas Leverage Tangibility Non-Debt Tax Shield Ukuran Perusahaan Kecepatan Penyesuaian
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Abstract
Struktur modal merupakan bagian penting bagi perusahaan dalam penentuan sumber dana yang digunakan untuk operasional perusahaan. Salah satu teori dari struktur modal adalah Trade-off theory. Teori ini memanfaatkan penggunaan utang sebagai sumber pendanaan. Variabel yang digunakan dalam pengukuran trade-off theory ini yaitu, lagged leverage, profitabilitas, likuiditas, tangibility, non-debt tax shield, dan ukuran perusahaan. Penelitian ini bertujuan untuk menganalisis pengaruh dari tiap variabel terhadap pembentukan struktur modal oleh perusahaan konstruksi yang terdaftar di Bursa Efek Indonesia (BEI) serta menguji perbedaan speed of adjustment antara sub sampel underlevered dan overlevered. Sampel penelitian ini ditentukan dengan metode purposive sampling dan diperoleh 7 perusahaan konstruksi selama periode 2012-2021. Hasil dari penelitian ini menunjukkan bahwa lagged leverage dan tangibilitas berpengaruh positif terhadap pembentukan struktur modal perusahaan. Variabel Non-debt tax shield bepengaruh negatif dalam pembentukan strukutur modal. Sedangkan profitabilitas, likuiditas dan tangibilitas tidak berpengaruh terhadap pembentukan leverage perusahaan.
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References
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Atrill, P. (2014). Financial Management For Decision Makers.
Baker, M., & Wurgler, J. (2002). Market Timing and Capital Structure. The Journal of Finance.
Baxter, N. D. (1967). Leverage, Risk of Ruin and the Cost of Capital. The Journal of Finance, 22(3), 395–403. https://doi.org/10.1111/j.1540-6261.1967.tb02975.x
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Chakraborty, I. (2010). Capital structure in an emerging stock market: The case of India. Research in International Business and Finance, 24(3), 295–314. https://doi.org/10.1016/J.RIBAF.2010.02.001
Charalambakis, E. C., & Psychoyios, D. (2012). What do we know about capital structure? Revisiting the impact of debt ratios on some firm-specific factors. Applied Financial Economics, 22, 1727–1742. https://doi.org/10.1080/09603107.2012.676733
Dang, V. A., Kim, M., & Shin, Y. (2012). Asymmetric capital structure adjustments: New evidence from dynamic panel threshold models. Journal of Empirical Finance, 19(4), 465–482. https://doi.org/10.1016/J.JEMPFIN.2012.04.004
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Fama, E. F., & French, K. R. (2002). Testing Trade-off and Pecking Order Predictions About Dividends and Debt. The Review of Financial Studies Spring, 15(1), 1–33.
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Ford, J. S. D. (2020). An Empirical Investigation of Dynamic Trade-off theory: Evidence from Sri Lankan Non Financial Firms. Peradeniya Management Review, 02(Ii), 61–74.
Fourati, H. (2021). Ownership concentration Dynamic trade off theory And debt funding of business start-up. The Journal of Entrepreneurial Finance, 23(1).
Fuady. (2013). Pengujian Teori Trade-Off Dan Pecking Order: Apakah Mutually Exclusive?
Graham, J., Economics, M. L.-A. R. of F., & 2011, undefined. (2011). A review of empirical capital structure research and directions for the future. JSTOR, 3, 309–345. https://doi.org/10.1146/annurev-financial-102710-144821
Hansen, L. P. (1982). Large Sample Properties of Generalized Method of Moments Estimators. Econometrica, 50(4), 1029. https://doi.org/10.2307/1912775
Hapsari, L. (2010). Analisis Faktor-Faktor yang Mempengaruhi Struktur Modal Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2006-2008
Haron, R. (2016). Do Indonesian firms practice target capital structure? A dynamic approach. Journal of Asia Business Studies, 10(3), 318–334. https://doi.org/10.1108/JABS-07-2015-0100
Ho, L., Lu, Y., & Bai, M. (2020). Liquidity and speed of leverage adjustment. Https://Doi.Org/10.1177/0312896220918913, 46(1), 76–109. https://doi.org/10.1177/0312896220918913
Hossain, F., And, A. A.-I. J. of B. R., & 2012, U. (2012). Impact of firm specific factors on capital structure decision: an empirical study of Bangladeshi Companies. Citeseer, 3, 2012.
Islam, S. Z., & Khandaker, S. (2015). Firm leverage decisions: Does industry matter? The North American Journal of Economics and Finance, 31, 94–107. https://doi.org/10.1016/J.NAJEF.2014.10.005
Keown, A. J., Pamplin, R. B., Martin, J. D., Battista, D., & Goldstein, A. (2020). The Logic and Practice of Financial Management Tenth Edition Foundations of Finance.
Khoa, B. T., & Thai, D. T. (2021). Capital Structure and Trade-off theory: Evidence from Vietnam. Journal of Asian Finance, Economics and Business, 8(1), 045–052. https://doi.org/10.13106/jafeb.2021.vol8.no1.045
Kumar, S., Colombage, S., & Rao, P. (2017). Research on capital structure determinants: a review and future directions. International Journal of Managerial Finance, 13(2), 106–132. https://doi.org/10.1108/IJMF-09-2014-0135
Modigliani, F., & Miller, M. H. (1958). American Economic Association. Source: The American Economic Review, 48(3), 261–297.
Myers, S. C. (1984). Finance Theory and Financial Strategy. Interfaces, 14(1), 126–137. https://doi.org/10.1287/INTE.14.1.126
Myers, S. C., & Majiuf, N. S. (1984). CORPORATE FINANCING AND INVESTMENT DECISIONS WHEN FIRMS HAVE INFORMATION THE INVESTORS DO NOT HAVE. National Bereau of Economic Research.
Nunkoo, P. K., & Boateng, A. (2010). The empirical determinants of target capital structure and adjustment to long-run target: Evidence from Canadian firms. Applied Economics Letters, 17(10), 983–990. https://doi.org/10.1080/17446540802599671
Peterson, P., & Fabozzi, F. (2002). Capital budgeting: theory and practice.
Richard A Brealey, Stewart C Myers, and F. A. (2003). Principles of Corporate Finance, Seventh Edition. 1061.
Santika, R. B., & Sudiyatno, B. (2011). Menentukan struktur modal perusahaan manufaktur di bursa efek indonesia. Dinamika Keuangan Dan Perbankan, 3(2), 172–182.
Shyam-Sunder, L., Economics, S. M.-J. of financial, & 1999, U. (1999). Testing static tradeoff against pecking order models of capital structure. Elsevier.
Ting, I. W. K. (2016). Estimating Dynamic Panel Model of Leverage Decision: Evidence from Malaysia. Procedia Economics and Finance, 35, 267–273. https://doi.org/10.1016/S2212-5671(16)00033-2
Versmissen, J., & Zietz, J. (2017). Is there a leverage target for REITs? Quarterly Review of Economics and Finance, 66, 57–69. https://doi.org/10.1016/j.qref.2017.01.001
Wendy, & Salim, K. C. (2019). The speed of adjustment towards optimal capital structure in Indonesia: A test of dynamic trade-off model. Jurnal Ekonomi Malaysia, 53(3). https://doi.org/10.17576/JEM-2019-5303-07
Zhang, A. (2010). The Product Category Effects on Capital Structure: Evidence from the SMEs of British Manufacturing Industry
Alan, K., & Litzenber, R. (1973). a State-Preference Model of Optimal Financial Leverage. The Journal of Finance, Vol. 28(No. 4 (Sep., 1973)), 911–922.
Alom, K. (2013). Capital structure choice of Bangladeshi firms: An empirical investigation. Asian Journal of Finance & Accounting. https://doi.org/10.5296/ajfa.v5i1.3495
Alom, K. (2013b). Capital Structure Choice of Bangladeshi Firms: An Empirical Investigation. Asian Journal of Finance & Accounting, 5(1). https://doi.org/10.5296/AJFA.V5I1.3495
Ameer, R., Finan, J. E., & Ameer, R. (2013). Financial liberalization and firms’ capital structure adjustments evidence from Southeast Asia and South America. Springer, 37(1), 1–32. https://doi.org/10.1007/s12197-010-9158-3
Arellano, M., Studies, S. B.-T. review of economic, & 1991, U. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Academic.Oup.Com.
Atrill, P. (2014). Financial Management For Decision Makers.
Baker, M., & Wurgler, J. (2002). Market Timing and Capital Structure. The Journal of Finance.
Baxter, N. D. (1967). Leverage, Risk of Ruin and the Cost of Capital. The Journal of Finance, 22(3), 395–403. https://doi.org/10.1111/j.1540-6261.1967.tb02975.x
Besley, S., & Brigham, E. F. (2008). Essentials of Managerial Finance, Fourteenth Edition. In Wall Street Journal.
Brigham, E. F., & Houston, J. F. (2018). Fundamentals of financial management (Dasar-dasar Manajemen Keuangan). In Engineering and Process Economics (Vol. 3, Issue 3).
Chakraborty, I. (2010). Capital structure in an emerging stock market: The case of India. Research in International Business and Finance, 24(3), 295–314. https://doi.org/10.1016/J.RIBAF.2010.02.001
Charalambakis, E. C., & Psychoyios, D. (2012). What do we know about capital structure? Revisiting the impact of debt ratios on some firm-specific factors. Applied Financial Economics, 22, 1727–1742. https://doi.org/10.1080/09603107.2012.676733
Dang, V. A., Kim, M., & Shin, Y. (2012). Asymmetric capital structure adjustments: New evidence from dynamic panel threshold models. Journal of Empirical Finance, 19(4), 465–482. https://doi.org/10.1016/J.JEMPFIN.2012.04.004
Danis, A., Rettl, D. A., & Whited, T. M. (2014). Refinancing, profitability, and capital structure. Journal of Financial Economics, 114(3), 424–443. https://doi.org/10.1016/J.JFINECO.2014.07.010
De Miguel, A., & Pindado, J. (2001). Determinants of capital structure: New evidence from Spanish panel data. Journal of Corporate Finance, 7(1), 77–99. https://doi.org/10.1016/S0929-1199(00)00020-1
Decker, A., & Ali, L. (2011). 1.The Determinants of Leverage of the Listed-Textile Companies in India The Determinants of Leverage of the Listed-Textile Companies in India. European Journal of Business and Management Www.Iiste.Org ISSN, 3(12). www.iiste.org
Fama, E. F., & French, K. R. (2002). Testing Trade-off and Pecking Order Predictions About Dividends and Debt. The Review of Financial Studies Spring, 15(1), 1–33.
Fischer, E. O., Heinkel, R., & Zechner, J. (1989). Dynamic Capital Structure Choice: Theory and Tests. The Journal of Finance, 44(1), 19. https://doi.org/10.2307/2328273
Flannery, M. J., & Rangan, K. P. (2006). Partial Adjustment Toward Target Capital Structures. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.467941
Ford, J. S. D. (2020). An Empirical Investigation of Dynamic Trade-off theory: Evidence from Sri Lankan Non Financial Firms. Peradeniya Management Review, 02(Ii), 61–74.
Fourati, H. (2021). Ownership concentration Dynamic trade off theory And debt funding of business start-up. The Journal of Entrepreneurial Finance, 23(1).
Fuady. (2013). Pengujian Teori Trade-Off Dan Pecking Order: Apakah Mutually Exclusive?
Graham, J., Economics, M. L.-A. R. of F., & 2011, undefined. (2011). A review of empirical capital structure research and directions for the future. JSTOR, 3, 309–345. https://doi.org/10.1146/annurev-financial-102710-144821
Hansen, L. P. (1982). Large Sample Properties of Generalized Method of Moments Estimators. Econometrica, 50(4), 1029. https://doi.org/10.2307/1912775
Hapsari, L. (2010). Analisis Faktor-Faktor yang Mempengaruhi Struktur Modal Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2006-2008
Haron, R. (2016). Do Indonesian firms practice target capital structure? A dynamic approach. Journal of Asia Business Studies, 10(3), 318–334. https://doi.org/10.1108/JABS-07-2015-0100
Ho, L., Lu, Y., & Bai, M. (2020). Liquidity and speed of leverage adjustment. Https://Doi.Org/10.1177/0312896220918913, 46(1), 76–109. https://doi.org/10.1177/0312896220918913
Hossain, F., And, A. A.-I. J. of B. R., & 2012, U. (2012). Impact of firm specific factors on capital structure decision: an empirical study of Bangladeshi Companies. Citeseer, 3, 2012.
Islam, S. Z., & Khandaker, S. (2015). Firm leverage decisions: Does industry matter? The North American Journal of Economics and Finance, 31, 94–107. https://doi.org/10.1016/J.NAJEF.2014.10.005
Keown, A. J., Pamplin, R. B., Martin, J. D., Battista, D., & Goldstein, A. (2020). The Logic and Practice of Financial Management Tenth Edition Foundations of Finance.
Khoa, B. T., & Thai, D. T. (2021). Capital Structure and Trade-off theory: Evidence from Vietnam. Journal of Asian Finance, Economics and Business, 8(1), 045–052. https://doi.org/10.13106/jafeb.2021.vol8.no1.045
Kumar, S., Colombage, S., & Rao, P. (2017). Research on capital structure determinants: a review and future directions. International Journal of Managerial Finance, 13(2), 106–132. https://doi.org/10.1108/IJMF-09-2014-0135
Modigliani, F., & Miller, M. H. (1958). American Economic Association. Source: The American Economic Review, 48(3), 261–297.
Myers, S. C. (1984). Finance Theory and Financial Strategy. Interfaces, 14(1), 126–137. https://doi.org/10.1287/INTE.14.1.126
Myers, S. C., & Majiuf, N. S. (1984). CORPORATE FINANCING AND INVESTMENT DECISIONS WHEN FIRMS HAVE INFORMATION THE INVESTORS DO NOT HAVE. National Bereau of Economic Research.
Nunkoo, P. K., & Boateng, A. (2010). The empirical determinants of target capital structure and adjustment to long-run target: Evidence from Canadian firms. Applied Economics Letters, 17(10), 983–990. https://doi.org/10.1080/17446540802599671
Peterson, P., & Fabozzi, F. (2002). Capital budgeting: theory and practice.
Richard A Brealey, Stewart C Myers, and F. A. (2003). Principles of Corporate Finance, Seventh Edition. 1061.
Santika, R. B., & Sudiyatno, B. (2011). Menentukan struktur modal perusahaan manufaktur di bursa efek indonesia. Dinamika Keuangan Dan Perbankan, 3(2), 172–182.
Shyam-Sunder, L., Economics, S. M.-J. of financial, & 1999, U. (1999). Testing static tradeoff against pecking order models of capital structure. Elsevier.
Ting, I. W. K. (2016). Estimating Dynamic Panel Model of Leverage Decision: Evidence from Malaysia. Procedia Economics and Finance, 35, 267–273. https://doi.org/10.1016/S2212-5671(16)00033-2
Versmissen, J., & Zietz, J. (2017). Is there a leverage target for REITs? Quarterly Review of Economics and Finance, 66, 57–69. https://doi.org/10.1016/j.qref.2017.01.001
Wendy, & Salim, K. C. (2019). The speed of adjustment towards optimal capital structure in Indonesia: A test of dynamic trade-off model. Jurnal Ekonomi Malaysia, 53(3). https://doi.org/10.17576/JEM-2019-5303-07
Zhang, A. (2010). The Product Category Effects on Capital Structure: Evidence from the SMEs of British Manufacturing Industry