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All Journal iBuss Management Jurnal Informatika dan Sistem Informasi
Santoso, Felicia
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Computer Science & IT Decision Sciences, Operations Research & Management

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Assessing the Determinants of Capital Structure Before and During Indonesia's Infrastructure Plans: Examining Indonesia's IDX-Listed Firms Between 2010-2014 and 2015-2019 Setyawan, Dede; Santoso, Felicia
iBuss Management Vol 9, No 2 (2021): iBuss Management
Publisher : iBuss Management

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Abstract

Indonesia is putting an ambitious infrastructure plan into motion, but the plan is widely reported to contribute towards the rising level of debt-to-equity ratio by Indonesia’s state-owned enterprises (SOEs). In order to clarify the factors that influence SOEs’ increasing leverage, this study compares the determinants of capital structure of Indonesia’s IDX-listed firms before (2010-2014) and during (2015-2019) Indonesia’s infrastructure plan, dividing the samples into two time periods accordingly. Observations from 12 SOEs and 210 non-SOEs listed in IDX between 2010-2019 are analyzed using paired t-test as well as multiple linear regression, which examines determinants of capital structure in the form of state ownership, profitability, firm size, tangibility, growth, liquidity, debt tax shield, and firm risk. As a result, the existence of statistically significant increase in SOE leverage from 2010-2014 to 2015-2019 is proven. Profitability, firm size, tangibility, liquidity, and firm risk are found to be consistently significant determinants during both periods. Growth is also a consistently significant determinant if extreme outliers are excluded, while debt tax shield is not found to be significant. State ownership is significant between 2010-2014 but not between 2015-2019, implying that SOEs do not have significantly higher leverage than non-SOEs during Indonesia’s infrastructure plans.Keywords:State Ownership, Leverage, Growth, Firm Risk, Profitability, Firm Size, Tangibility, Liquidity, Infrastructure Plan, Debt-to-Equity, Expansionary Fiscal Policy.
Implementasi Panel Data Analysis untuk Seleksi Fitur Capital Structure Sebelum dan Saat Pelaksanaan Pembangunan Infrastruktur pada Perusahaan Indonesia yang Terdaftar di BEI Soetanto, Tessa Vanina; Proboyo, Adelina; Setyawan, Dede; Santoso, Felicia
Jurnal Informatika dan Sistem Informasi Vol. 8 No. 1 (2022): Jurnal Informatika dan Sistem Informasi
Publisher : Universitas Ciputra Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37715/juisi.v8i1.2622

Abstract

Rencana pembangunan infrastruktur dipercaya menjadi penyebab meningkatnya rasio utang BUMN terhadap modal. Penelitian ini bertujuan untuk membuktikan apakah ada perbedaan leverage BUMN yang signifikan sebelum (2010-2014) dan saat pelaksanaan (2015-2019) rencana pembangunan infrastruktur Presiden Jokowi. Populasi penelitian adalah perusahaan non-finansial yang terdaftar di BEI pada periode 2010-2019. Data dianalisa dengan paired t-test dan panel data regression untuk mengetahui pengaruh state ownership, firm size, profitability, growth, tangibility, liquidity, firm risk, and debt tax shield pada capital structure. Hasil penelitian menunjukkan bahwa ada perbedaan signifikan antara tingkat leverage BUMN periode 2010-2014 dan 2015-2019. Leverage dan profitability merupakan faktor penentu yang signifikan di dua periode, sementara state ownership tidak signifikan di dua periode tersebut. Growth dan debt tax shield merupakah faktor yang signifikan di periode 2010-2014, tapi tidak di periode 2015-2019. Di sisi lain, tangibility tidak memiliki pengaruh signifikan di periode 2010-2014, tapi memiliki pengaruh signifikan di periode 2015-2019.
Co-Authors Adelina Proboyo, Adelina Dede Setyawan Tessa Vanina Soetanto