DETERMINAN STRUKTUR MODAL PERUSAHAAN DALAM SITUASI OVER LEVERAGE DAN UNDER LEVERAGE YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2009-2018 - Sandra Heliola, (-) (2021)
ABSTRAK Terdapat fenomena pergerakan pertumbuhan berlawan arah antara pertumbuhan kredit dan kapitalisasi pasar perusahaan tercatat tahun 2009 hingga tahun 2018, dan fluktuasi pertumbuhan kapitalisasi pasar lebih tajam. Dan ditinjau dari Debt to Equity Ratio (DER) menunjukkan jumlah perusahaan di Bursa Efek Indonesia periode 2009-2018 dengan tingkat DER > 100% dengan perusahaan dengan DER ≤ 100% setiap tahunnya berubah. Hal ini mendorong penulis untuk melihat bagaimana determinan leverage mempengaruhi keputusan struktur modal perusahaan saat perusahaan cenderung dalam situasi over leverage dan under leverage sebagai novelty penelitian. Teknik pengambilan sampel menggunakan purposive sampling sehingga diperoleh 274 perusahaan sampel penelitian. Pengujian hipotesis menggunakan teknik analisis regeresi data panel dengan dua model yaitu model statis dan model dinamis. Hasil penelitian kami menunjukan dengan menggunakan model statis dan dinamis pada struktur modal menunjukkan hasil yang berbeda. Determinan struktur modal lebih banyak mempengaruhi leverage pada model statis. Sedangkan model dinamis sebagian besar determinan struktur modal tidak berpengaruh signifikan pada leverage secara parsial. Likuiditas dan business risk merupakan determinan leverage paling banyak berpengaruh saat ditinjau baik pada kelompok perusahaan maupun pada model statis dan dinamis. Sedangkan ukuran perusahaan, tax dan NDTS merupakan determinan leverage paling sedikit memberikan pengaruh. Pada kedua kelompok perusahaan dengan over leverage dan under leverage secara simultan Tangibility Asset, Market to Book Ratio, Size, Profitability, Liquidity, Tax, Non-Debt Tax Shield, Risk dan industrial classification berpengaruh pada struktur modal. Hasil penelitian menunjukan perusahaan di Indonesia dalam keputusan struktur modalnya, mendukung Teori Pecking Order. Kata Kunci : Struktur modal, Determinan Leverage, Over leverage, Under leverage, Model Statis, Model Dinamis. ABSTRACT There is a phenomenon of growth movements in the opposite direction between credit growth and market capitalization of companies recorded from 2009 to 2018, and market capitalization growth fluctuations are sharper. And in terms of the Debt to Equity Ratio (DER), it shows that the number of companies on the Indonesia Stock Exchange for the period 2009-2018 with a DER level of> 100% with companies with DER ≤ 100% each year changes. This encourages the author to see how the determinant of leverage influences the decision on the company's capital structure when the company tends to be in over leveraged and under leveraged situations as a novelty research.. The sampling technique used purposive sampling in order to obtain 274 research sample companies. Hypothesis testing uses panel data regression analysis techniques with two models, namely static models and dynamic models. Our research results show that using static and dynamic models on the capital structure shows different results. The determinants of capital structure have more influence on the leverage in the static model. Meanwhile, the dynamic model, most of the determinants of the capital structure, have no significant effect on leverage partially. Liquidity and business risk are the most influential determinants of leverage when viewed both in company groups and in static and dynamic models. Meanwhile, company size,tax and NDTS are the least influential determinants of leverage. In the two groups of companies with over-leverage and under leverage simultaneously Tangibility Asset, Market to Book Ratio, Size, Profitability, Liquidity, Tax, Non-Debt Tax Shield, Risk, and industry classification affects the capital structure. The results showed that the Indonesian company in its capital structure decisions supported The Pecking Order Theory. Keywords: Capital structure, Leverage Determinants, Over leverage, Under leverage, Static Model, Dynamic Model