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All Journal The Indonesian Journal of Accounting Research
Ahja Haziqo
Universitas Indonesia
Economics, Econometrics & Finance

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Pengaruh Karakteristik Industri, Negara, dan Faktor Makroekonomi terhadap Tingkat Utang Cynthia Afriani Utama; Ahja Haziqo
The Indonesian Journal of Accounting Research Vol 12, No 1 (2009): JRAI January 2009
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.203

Abstract

The study investigates whether the level of financial leverage is affected by industry type (i.e. lodging or software industries), macroeconomic factors (measured by inflation rate and GDP per capita), and country characteristics. Generally, lodging firms are characterized by higher asset tangibility than software firms. Consequently, higher growth opportunities do not prevent  the firms to use more debt because asset tangibility can be used as a collateral of debt. The sample includes listed firms in the lodging and software industries and are from Indonesia, Malaysia, and Singapore. As previous studies, this study finds that growth opportunities negatively affect the level of financial leverage, but this negative effect weakens as the use of fixed assets (i.e., asset tangibility) increases. In addition, lodging firms have more leverage than the software firms. Further, the study finds that higher GDP per capita and lower inflation rate translate to lower use of debt.
Co-Authors Cynthia Afriani Utama, Cynthia Afriani