PENGUJIAN PECKING ORDER THEORY: ANALISIS FAKTORFAKTOR YANG MEMPENGARUHI STRUKTUR MODAL INDUSTRI MANUFAKTUR DI BEI PERIODE SETELAH KRISIS MONETER
The purpose of this research is to find out the influence of profitability,
liquidity, asset structure, growth, company size and bussines risk on the
capital structure decision of manufacturing industries in Indonesia for
after moneter crisis period. The data are collected from 122 manufacture
companies that are listed in Indonesian Capital Stock Exchange. The
sample is selected based on purposive sampling method for 2006-2007.
The two years data are pooled and then analyzed by multiple linear
regression, t test. The result of this research shows that profitability and
liquidity are negative effect and significant to leverage ratio which
correspond well to the explanations of pecking order theory. While a
significant positive relation is detected for company size. However, no
meaningfull relation are found out between asset structure, growth,
bussines risk to leverage ratio.
Keywords: pecking order theory, capital structure and leverage ratio
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