Pengaruh Equity Market Timing Terhadap Struktur Modal Dengan Variabel Moderasi Financial Distress

Hassan, Dhimas Fuad (2018) Pengaruh Equity Market Timing Terhadap Struktur Modal Dengan Variabel Moderasi Financial Distress. Sarjana thesis, Universitas Brawijaya.


Penelitian ini bertujuan untuk mengidentifikasi praktik equity market timing dalam penentuan struktur modal perusahaan yang terdaftar di BEI. Penelitian ini mencoba melakukan analisis lebih mendalam terkait dengan praktik equity market timing dengan cara menggunakan variabel moderasi financial distress dan mengidentifikasi efisiensi pasar selama periode observasi. Penelitian ini menggunakan analisis regresi data panel dan moderating regressions analysis (MRA) untuk mengetahui pengaruh equity market timing terhadap struktur modal. Hasil penelitian menunjukan bahwa praktik equity market timing tidak dilakukan oleh perusahaan jika hanya mempertimbangkan mispricing. Praktik equity market timing dilakukan oleh perusahaan jika kondisi keuangan mendekati titik financial distress. Temuan ini memberikan implikasi bahwa perusahaan memiliki kecenderungan untuk menggunakan dana investor untuk melunasi hutang bukan investasi. Hal ini sangat penting diketahui oleh investor untuk lebih berhati hati dalam menilai saham perusahaan. Saham dengan nilai baik belum mencerminkan kesehatan keuangan perusahaan karena adanya pengaruh moderasi financial distress. The objective of this study is to identify the use of Equity Market Timing by company managers in making an ideal composition pf capital structure after the crisis of 2008. This study tries to make a deeper analysis on Equity Market Timing by using a moderating variable and identifying market efficiency so an empirical evidence that represents the real condition is obtained. Therefore, financial data were analyzed using panel data regression to examine the relationship between Equity Market Timing and Capital Structure. The moderating effect of this relationship was analyzed using Moderating Regression Analysis (MRA). The Result of this study finds the empirical evidence that Indonesia Stock Exchange (IDX) is appropriate with the requirement if effcient market in weak form. This finding becomes the main reason for mispricing does not happen and indicates that manager use the equity not for investment but for overcoming financial distress. This empirical evidence is very important for investor in considering the financial health firms to avoid low return from their portofolio. A high market value of equity is not a positive signal for investors due to the moderating effect of financial distress.

English Abstract


Item Type: Thesis (Sarjana)
Identification Number: SKR/FE/2018/608/051810989
Uncontrolled Keywords: equity market timing, capital structure, financial distress, efficient market hypothesis,
Subjects: 600 Technology (Applied sciences) > 658 General management > 658.8 Managemet of marketing
Divisions: Fakultas Ekonomi dan Bisnis > Akuntansi
Depositing User: Nur Cholis
Date Deposited: 11 Oct 2019 03:16
Last Modified: 20 Oct 2021 08:01
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