DETERMINASI STRUKTUR MODAL BERDASARKAN PERSPEKTIF PECKING ORDER THEORY DAN TRADE-OFF THEORY DI INDONESIA
(Studi Komparatif pada Perusahaan PMA dan Perusahaan PMDN)
ABSTRACT
This study aimed to analyze and evaluate the differences in the structure of multinational companies (PMA) to domestic company (PMDN) in Indonesia based on the perspective of the trade-off theory and the pecking order theory.
Companies that become the object of research is the 25 foreign companies and 30 domestic investment companies sector non-financial/banking and non whole sale and retail trade, which is listed on the Indonesia Stock Exchange observation period 2008-2013. The findings of this study indicate that the presence of the tax has not generated significant benefits for the use of debt (leverage up). PMA debt ratio is lower than the debt ratio of domestic investment. In improving its capital structure, PMA priorities of internal funding sources (the validity of the pecking order), while domestic investment priorities for external funding (the validity of the trade-off).
The findings of this study strategic moderate causal relationship with the investment capital structure, when a company has a large market share, then the effect of additional debt will further enhance the creation of projects large investment. Instead effect a large increase in investment will increasingly require an additional cost of doing business, and sources of funds can be derived from the use of debt.
Jurnal halaman 58 – 65
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