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Journal : JURNAL BISNIS STRATEGI

ANALISIS STRUKTUR MODAL PADA PERUSAHAAN-PERUSAHAAN NON FINANSIAL YANG GO PUBLIC DI PASAR MODAL INDONESIA Mutamimah, Mutamimah
JURNAL BISNIS STRATEGI Vol 11, No 8 (2003): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (960.023 KB) | DOI: 10.14710/jbs.11.8.71-82

Abstract

The suitable capital structure is very important for firms to increase their performance. Capital structure theory until now still debatable. The main objective of this study is to investigate empirically the determinants of capital structure with Trade-off Theory, Pecking Order Theory, and Agency Theory Approach.Sample in this study are 50 non-financial firms that active and liquid at Indonesian Capital Market over 2 (two) years, from 1999 to 2000. Thus, I have 100 observations. Non financial firms are choose to prevent bias result,because commonly financial firms have unique financial ratio, for example high leverage ratio. To test the hypotheses in this study, I used Multiple Regression Models. ·The result of this study as follows: a). Simultaneously and partially all proxy of Trade-off Theory isn't significant statistically. Thus, Trade-off Theory can't explain the capital structure at Indonesian Capital Market b). Simultaneously proxy of Pecking Order Theory can explain capital structure at Indonesian Capital Market. c). Simultaneously proxy of Agency Theory can explain capital structure at Indonesian Capital Market. d). Firms that go public at Indonesian Capital Market tend to follow Pecking Order Theory and Agency Theory than Trade-off Theory in their financing decision. Part of result in this study is consistent with study of Sartono (2001), Taggart (1977), Marsh (1982), and Wiwattanakantang (1999).
Reaksi Harga Saham di BEJ terhadap Pengumuman Pergantian Kepemimpinan Suharto Nurhayatie, Tatiek; Mutamimah, Mutamimah; Slyamtinah, Slyamtinah
JURNAL BISNIS STRATEGI Vol 4, No 1 (1999): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (848.137 KB) | DOI: 10.14710/jbs.4.1.25-39

Abstract

This research is meant to examine whether the investor earn abnormal return  with change Suharto leadership announcement or wether security prices reflect the information about change Suharto leadership announcement. In other worda, we can ask whether Jakarta Stock Excange is efficient in the category of semi strong form.  The samples in the research are 30 securities,  which chosen by using certain criteria.  The evaluation periode took place in  1998.For the research purpose, abnormal return test can be done. Abnormal return can be found by single index model.  The analysis result show that investor sill earn abnormal return with change  Suharto leadershlp announcement or security price  don't reflect the lnformaion abaout change Suharto leadership announcement.  This ls marked by average abnormal reurn which ls defferent from null (α =5%), change Suharto leadership announcement case. It means that Jakarta Sock Exchange isn't efficient in Semi strong form.