Pengaruh Karakteristik Perusahaan dan Kepemilikan terhadap Utang Perusahaan Real Estat yang Terdaftar di Bursa Efek Indonesia Periode 2008 - 2013
DOI:
https://doi.org/10.35384/jkp.v12i2.25Keywords:
Corporate characteristic, ownership characteristic, real estat, capital structure, optimal debt, ownership managerialAbstract
This research was aimed to elaborate the influences of corporate and ownership characteristics (as independent variabels) to its debt decision (as dependent variabel). Corporate characteristic was measured by its tangible assets, growth opportunity and RoI as profitability, whilst ownership characteristic was measured by its managerial ownership. Debt decision was measured by debt ratio between interest bearing notes to total assets. 32 listed real estat companies in Indonesia Stock Exchange were as its research’ sampling, especially which categorized in sub-sector property and real estat. Eviews 8 was used as statistical tools to exercise the secondary data. Results of the research were tangible assets has significant (positive) impact while profitability has (negative) impact to debt decision. It was consistent with the hypothesis of the research which stated (real estat) corporate characteristic has a dominant proportion of tangible assets in term of real estat inventory, developed area, investment property and fixed assets. All of these kind of tangible assets have a capability in delivering significant profit. The research also proved that variabel of growth has (negative) not significant impact. Managerial ownership as ownership characteristic, has (significant) impact to debt decision.
References
Alwi, S.,2009,†Dividend and Debt Policy as Corporate Governance Mechanism: Indonesia Evidence,†Jurnal Pengurusan,29:111-127.
Berk, Jonathan;DeMarzo, Petr dan Harford, Jarrad,2009: “Fundamentals of Corporate Finance,†Pearson;
Brealey, and Myers, 2011,†Principle of Corporate Finance’, McGraw-Hill Inc.
Brigham, Eugene E; Ehrhardt, Michele C; “Financial Management- theory and Practiceâ€; 11th edition; 2005; Thomson, South Western.
Cammarano, N.JR.1995, “Real Esatate Accounting and Reportingâ€, New York, John Willey& Sons.
Clessenn S. and S. Djankov, 1999,†Ownership Concentration and corporate Performance in the Czech Republic,†Journal of Comparative Economics;27:498-513.
Clessenn S., S. Djanko, J.P.H Fan, and L.H.P. Lang,2002,†Disentangeling the Incentive and Entrachment Effect of Large Shareholdings,†Journal of Finance;57:2741-2771.
Driffield, N. L, V. Mahambare, and S. Pal, 2007,†How Does Ownwership Structure Affect Capital Structure and Firm value? Recent Evidence from East Asia,†The European Bank for Reconstruction and Development;15(3):535-573.
Darminto dan Adler Haymans. 2008. Pengujian Teori Trade Off Dan Pecking Order Dengan Satu Model Dinamis Pada Perusahaan Publik Di Indonesia. Jurnal Manajemen Bisnis. Vol.1, No.1, Hal 35-52.
Emery, Douglas. Finerty, John R, Et al; “Corporate Financial Managementâ€, 2007, 3th edition, Pearson International Edition.
Neave, Edwin H., Wiginton, John C;1981,†Financial Management: Theory and Strategies, 1981, London, Prentice Hall International.
Gujarati, D.N. and D.C. Porter, 2011, Basic Econometrics, New York: Mc Graw-Hill, Irwin.
Fama E.F., 1980, “ Agency Problem and Theory of the Firms,†Journal of Political Economyâ€, 88(2):288-307
Friend,I and L.H.P.Lang, 1988,â€An Empirical Test of the Impact of Self Interest on Corporate Capital Structure,†Journal of Finance;43 (2):271-281
Fosberg, R.H.,2004,â€Agency Problem and debt Financing: Leadership Structure Effect,†Corporate Governance;4 (1):31-38
Haris, M and A. Raviv,1998,†The Theory of Capital Structureâ€, Journal of Finance;46(1):297-334.
Harvey,CR,KV.et.al, 2004,†The Effects of Capital Structure When Expected Agency Costs are Extreme,†Journal of Finanacial Economics;74:3-30.
Jensen, M.C,1986†Agency Cost of Free Cash Flow, Corporate Finance and Takeoversâ€, American Economic Review;76(2):323-329.
Jensen, M.C,1993†The Modern Industrial Revolution, Exit and Failure of Internal Control Systems, “Journal of Finance;48:831-880.
Jensen, M. And W. Meckling, 1976,â€Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure,â€Journal of Financial Economics,â€3 (4): 305-360.
Joni dan Lina, 2010. Faktor-Faktor Yang Mempengaruhi Struktur Modal. Jurnal Bisnis dan Akuntansi, Vol.12, No.2, Agustus 2010: 81-96
Keown, Arthur J. Et.al; Financial Management; Prentice Hall; 10th edition, 2005.
La Rocca, M; 2007,â€The influence of dream, The influence of Corporate Governance on the Relation Between Capital Structure and Valuation,†Corporate Governance, 7 (3): 312-325
Lukviarman, N.,2004,†Ownership Structure and Firm Performance: The Case of Indonesiaâ€, Disertasi, Curtin University of Technology, Perth.
Manangsang , Rizal Edwin; 2012: “Analisis Pengaruh Karakteristik Kepemilikan dan Karakteristik Perusahaan Terhadap Utang Perusahaan “- Ringkasan Disertasi, Universitas Indonesia, Ringkasan Disertas; Tidak dipublikasikan.
Masulis,R.W., 1988,â€Corporate Investment and Dividend Decesion Under Differenial Personal Taxtation,â€Journal of Financial and Quantitative Analysis; 23 9):369-385.
McConaughy,D.L., C.H. Mattews, and AS. Fialco, 2001, “Founding Family Controlled Fims; Performance, Risk and Value: “Journal of Small Business Management; 39 (1):31-49.
Meginson, W.L.,1995, Corporate Finance Theory, Reading, Massachusetts: Addinson-Wesley.
Miller, M.H., 1977, â€Debt and taxesâ€, journal of Finance;32(2)1-275.
Modigliani F. and Miller, M.H;1963,†Corporate Income Taxes and Cost of Capitalâ€, american economic Review; 53:433-443.
Myers, S; 1984;†The Capital Structure Puzleâ€, Journal of Finance, 39;575-592.
Myers, S and N. Majluf,1984;†Corporate Financing and Investment decesion when Firms have Information that Investor do not have,†Journal of Finacial Economics; 13:187-2321.
Ogbulu, Onyemachi Maxwell and Francis Kehinde Emeni. 2012. Determinants of Corporate Capital Structure in Nigeria. International Journal of Economics and Management Services, 1(10), pp: 81-96.
Ozkan, A. 2001. Determinants of capital structure and adjustment to long run target: evidence from UK company panel data. Journal of Business Finance & Accounting, 28(1â€2), pp: 175-198.
Ross, Westerfield, Jafe; “Corporate Financeâ€; Mc Graw Hill; 10th edition; 2012.
Stulz, R.M, 1988,†Managerial Control of Voting Rights: Finnancing Policies and Markets Control,†Journal of Finacial Economics;20:25-54.
Titman, Sheridan; Keown, Arthur j; Marthin, Jhon D; “Financial Management – Principles and Aplicationâ€; Pearson; 11th edition; 2011.
Widarjono, Agus (2007),†Ekonometrika Teori dan Aplikasiâ€, Yogyakarta; FE UII
Wiwattanakantang, Y;1999,†An empirical Study on the Determinants of the Capital Structure of Thai Firms,†Pasific-Basin Finance journal;7:371-403.
Downloads
Published
How to Cite
Issue
Section
Abstract Views: 323
| 
File Downloads: 502
