Peran Pecking Order, Keseimbangan dan Kebijakan Moneter untuk Keputusan Struktur Modal pada Perusahaan Go Publik BEJ periode 1991 – 2001
DOI:
https://doi.org/10.37721/je.v13i1.64Abstract
The research aimed at studying the effectiveness of pecking order, balanced and government monetary policy on financial decision on leverage conducted by industrial companies in Indonesia. The research population is statistical means of the company’s equity finance and debt finance. Purposive random sampling technique was applied to get the samples; they are, equity finance and debt finance of 92 industrial companies listed in Jakarta Stock Exchange from 1990 to 2001. The nature of the research data is secondary and pooled that consist of time series and cross sectional.Descriptive and inferential statistics are used to analyze the data. Multiple regression analysis is functioned to build the equation model and computed through the assistance of Eview 4.1. Results of statistical analysis explains that Adjusted R Squared (R2) of pecking order, balanced, macro policy including the dummy variable of monetary crisis all in all and leverage is 88.75 and the degree of F statistics is 381.4542. There are twelve variables classified to be significant; nonetheless, the other seven variables are not significant in the regression model. On the significant level of 0.05, the model is signified with F probability of 0.000. One possible reason of monetary crisis is that the rupiah exchange rates were under the strong pressure of depreciation from the foreign currencies. The increase of country risk, volatile social and political condition in the country generated macro and micro economic condition with the boost of company financial risks. The crisis wrecked the economic indicators such as PDB, inflation, rate of bank interests, rupiah exchange rates, budget deficit, public investment, and indexes of trade and payment. Those negative indicators influenced negatively towards the growth of economic and stock exchange. The crisis pushed high leverage in the financial index of industrial companies that made them not performed or liquid; it also created low domestic gross investment that emitants got difficulties to collect funds from stock exchange. A lot of domestic or foreign investors left the Jakarta Stock Exchange.On that circumstance, the government is expected to push and move the economic wheels so as the stability can be achieved. Through economic stability the domestic and foreign investors get possibilities of investing their capital in stock exchange in Indonesia. BAPEPAM as a government intermediary institution must employ the Law of Stock Exchange Number 8 Year 1995 with full consistence and indifference so as both the emitants and investors are not necessarily hacked off.References
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