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All Journal Jurnal Bisnis dan Manajemen
Eggy Muhammad Prayoga
Institut Teknologi Bandung
Economics, Econometrics & Finance

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Journal : Jurnal Bisnis dan Manajemen

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DETERMINANTS OF CAPITAL STRUCTURE’S ADJUSTMENT SPEED: EMPIRICAL ANALYSIS OF REAL ESTATE, PROPERTY, AND CONSTRUCTION FIRMS Subiakto Soekarno; Eggy Muhammad Prayoga; Indra Yudha Mambea
Jurnal Bisnis Manajemen Vol 22, No 1 (2021): March 2021
Publisher : Fakultas Ekonomi dan Bisnis Universitas Padjadjaran

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24198/jbm.v22i1.545

Abstract

This study explored the determinants of capital structure, optimal capital structure, and adjustment speed in real-estate, property, and construction firms in Indonesia. It conducted a quantitative analysis of the annual report of 25 listed firms by employing a generalized method of moment approach with panel data to estimate the result. Results showed that the determinants of capital structure, such as profitability, tangibility, size, and liquidity, have a negative impact on leverage. By contrast, a non-debt tax shield has a positive impact. Based on the regression result, firms have an optimal capital structure target with a yearly adjustment speed of 80%. Furthermore, calculation of optimal target structure shows that firms require approximately three years to meet the discrepancy between their current capital structure and the targeted capital structure.
Co-Authors Indra Yudha Mambea Subiakto Soekarno