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Journal : Dinamika

PENGUJIAN HIPOTESIS PECKING ORDER THEORY : MELALUI MODERASI PROFITABILITAS Astutik, Dwi; Aditya, Galuh
Dinamika: Jurnal Manajemen Sosial Ekonomi Vol 3 No 2 (2023): DINAMIKA : Jurnal Manajemen Sosial Ekonomi
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi - Studi Ekonomi Modern

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51903/dinamika.v3i2.476

Abstract

Key Problem: Over the past 11 years the invoicing industry has shown a declining contribution to GDP, and moderation testing of profitability is still very limited. Objective: examine and analyze the effect of company size, and asset structure on capital structure based on pecking order theory, either directly or through profitability moderation. Originality: development of the pecking order theory hypothesis with moderation of profitability which throughout the previous research review was still very limited. Method: quantitative design with population in manufacturing industry companies listed on the IDX, as many as 223 companies, based on purposive sampling, obtained 80 companies for a period of 4 years. The analysis technique uses the MRA method. Result: the size of the company is in line with the pecking order theory, which has a negative and significant impact, while the asset structure is positive and significant to the capital structure sourced from debt. Moderation tests show that profitability only moderates the effect of firm size on capital structure. Novelty: the emphasis on the results of testing a high fixed asset structure will increase debt, but the way management views will change when the company's profitability is also high, so it does not reinforce the decision. Future Research Agenda: additional independent variables are needed to strengthen the model, such as ownership structure, board of commissioners, audit committee, and so on. It can be expanded from various points of view of other capital structure theories.
Co-Authors Adi Nur Setiawan Adijati, Adijati Aditya, Galuh Afifah, Elliya Nafilatul Ashari, Erina Prasdila Asmara, Tiara Lestari Atik Catur Budiati Atik Catur Budiati Azizah, Hana Nur Azzahra*, Zarya Eva Bagas Narendra BAGAS NARENDRA PARAHITA Dadan Adi Kurniawan Danang Purwanto Daniel Adi Setya Rahardjo Deny Nitalia Mindrawati Deny Nitalia Mindrawti Devi Devi Devi Devi, Devi Didik Sofian Haryadi Endro Pramono Fadhila, Dina Galuh Aditya Ghufronuddin Ghufronuddin, Ghufronuddin Ghufronudin, Ghufronudin Gufronuddin, Gufronuddin Handini, Aline Sisi Hani Krinawati Heni Dwi Listyaningrum Henny Kumalasari Widodo Irsandhi, Marcel Muhammad Iwan Fathoni Khoidah, Imro Atul Krisnawati, Hani Kurnia Wijayanti Kuswardhani Kuswardhani Larasati, Shofin Lestari, Khilma Ayu Liestyasari, Siany Indria Lintang Venusita Maishanu, Umar Aliyu Makom, Maharani Rona Matinus Apun Heses Mohammad Hidayatul Holili Narendra , Bagas Ninik Dwi Atmini Ninik Dwi Atmini Ninik Nitasari Nur Aswin, Risma NURCHAYATI NURHADI Nurhadi Nurhadi Nurhadi Okta Hadi Nurcahyono Pamungkas, Muhamad Ichsan Tri Pindo Asti Pipiek Septianingrum Prabaswara, Dyatmika Pramudya, Deva Prapto Yudhono Prapto Yudono Pratiwi, Yuyun Purnomo, Y.A Rahhutami, Ratih Ratnasari, Ika Fitriana Dyah Ristanto, Hesti RONI ISMOYOJATI Safari, Teti Saiful Mujab, Saiful Sajjad, Nimra Septian Yudha Kusuma Shuha Osmana Azizah Siany Indria Liestyasari Siany Indria Listyasari Silvia, Sheila Siregar, Riadi Syafutra Siregar, Riyadi Syafutra Siti Masitoh Sriyanto Waluyo Sriyanto Waluyo, Sriyanto Sudarman Sudarman Sudarman Sudarman Sudarman Sudarman Sukirman Sukma, Qorry Aini Zianida Susilo Adi Sutopo, Ahmad Trinugraha, Yosafat Hermawawan Utami, Farhana Atmayani Verdiani, Omy Marissa Wardana, Bagus Adi Widodo, Hery Wilujeng, Ressa Nur Ambar Yosafat Hermawan Trinugraha Yosafat Hermawan Trinugraha, Yosafat Hermawan Yuhastina Yuhastina, Yuhastina Yulianti, Yesi Yunazar, Rizky Zahra Dinul K