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TEST OF SPEED OF ADJUSTMENT TOWARDS THE CAPITAL STRUCTURE IN INDONESIA TELECOMMUNICATION INDUSTRY

Jurnal Keuangan dan Perbankan: Volume 19, Nomor 2, Mei 2015
Journal from JIPTUNMERPP / 2017-11-16 11:18:42
Oleh : Riko Hendrawan ; Dwipanca Adi Nugraha, Diploma 3 of Banking and Finance Merdeka University Malang
Dibuat : 2015-05-01, dengan 0 file

Keyword : capital structure, pecking order theory, speed of adjustment
Url : http://drive.google.com/file/d/1WYdGSo_vyHENTRHm_6DFsntAHt8HSJXl/view?usp=sharing

The purpose of this research was to test whether or not the pecking order theory occurred in telecommunication industry in Indonesia and also in its speed of adjustment. Using the purposive sampling method and taking 7 years period of data collection from 2006 up to 2012, the data were gathered from the companiesÂ’ financial statement. The data were analyzed using the random effect model of Hausman test with interest bearing debt as its dependent variable and deficit as its independent variable. Finding from this research showed that pecking order theory was not applied in the telecommunication industry in Indonesia and it was quite different from the finding of Huang & Ritter (2009) that publicly traded firms in US adjusted to their target leverage at a moderate speed with a period of 3.9 years. It also discovered that the fastest growth of the speed of adjustment was shown by XL Axiata with -493.96% per year, and then Bakrie Telecom with -65.62%. Indosat and Telkom Indonesia showed a different behavior with a slower speed of adjustment Indosat with 13.22%, and Telkom Indonesia with 274.14% slower.

Deskripsi Alternatif :

The purpose of this research was to test whether or not the pecking order theory occurred in telecommunication industry in Indonesia and also in its speed of adjustment. Using the purposive sampling method and taking 7 years period of data collection from 2006 up to 2012, the data were gathered from the companiesÂ’ financial statement. The data were analyzed using the random effect model of Hausman test with interest bearing debt as its dependent variable and deficit as its independent variable. Finding from this research showed that pecking order theory was not applied in the telecommunication industry in Indonesia and it was quite different from the finding of Huang & Ritter (2009) that publicly traded firms in US adjusted to their target leverage at a moderate speed with a period of 3.9 years. It also discovered that the fastest growth of the speed of adjustment was shown by XL Axiata with -493.96% per year, and then Bakrie Telecom with -65.62%. Indosat and Telkom Indonesia showed a different behavior with a slower speed of adjustment Indosat with 13.22%, and Telkom Indonesia with 274.14% slower.

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PropertiNilai Properti
ID PublisherJIPTUNMERPP
OrganisasiDiploma 3 of Banking and Finance Merdeka University Malang
Nama KontakDra. Wiwik Supriyanti, SS
AlamatJl. Terusan Halimun 11 B
KotaMalang
DaerahJawa Timur
NegaraIndonesia
Telepon0341-563504
Fax0341-563504
E-mail Administratorperpus@unmer.ac.id
E-mail CKOwsupriyanti@yahoo.com

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  • Editor: Wiwik Supriyanti, Dra. SS.