ANALISIS PENGGUNAAN PUBLIC DEBT PADA PERUSAHAAN SEKTOR INDUSTRI MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA

  • Riska Ayu Setiawati UIN SUNAN AMPEL SURABAYA
Keywords: public debt, umur perusahaan, ukuran perusahaan, tangible asset, financial leverage,earning volatility, growth opportunity, public ownership.

Abstract

 

Penelitian ini bertujuan untuk meneliti pengaruh karakteristik perusahaan terhadap proporsi penggunaan private debt dan public debt. Karakteristik perusahaan yang digunakan dalam penelitian ini adalah umur perusahaan, ukuran perusahaan, tangible asset, financial leverage, earning volatility, growth opportunity dan public ownership. Teknik yang digunakan dalam penelitian ini adalah model analisis regresi Tobit karena data yang digunakan adalah data campuran. Sampel yang digunakan sebanyak 112 perusahaan yang berada di sektor industri manufaktur yang terdaftar di Bursa Efek Indonesia (BEI), dengan jangka waktu penelitian 2010 sampai 2014. Hasil penelitian menunjukkan pada perusahaan yang menggunakan private debt, umur perusahaan, earning volatility dan growth opportunity berpengaruh negatif signifikan, sedangkan ukuran perusahaan, tangible asset, financial leverage dan public ownership berpengaruh positif signifikan. Pada perusahaan yang menggunakan public debt, umur perusahaan berpengaruh negatif signifikan, ukuran perusahaan dan public ownership berpengaruh positif signifikan, sedangkan tangible asset dan growth opportunity berpengaruh negatif tidak signifikan, financial leverage dan earning volatility berpengaruh positif tidak signifikan.

Downloads

Download data is not yet available.

References

Arikawa, Y. (2008). The choice between public and private debt by Japanese firms. Journal of International Economic Studies 22:1, 19 – 30
Blackwell D.W., Kidwell D.S. (1998). An investigation of cost differences between public sales and private placements of debt. Journal of Financial Economics, 22: 253-278.
Chemmanur, T.J dan Fulghieri, P.(1994). Investment Bank Reputation, Information Production, And Financial Intermediation. Journal of Finance, 49 (1): 57-79.
Chung, Kee. H, and Charoenwong, Charlie. (1991). “Investment Options, Assets in Place, and the Risk of Stocks”. Financial Management Vol. 20, No. 3 (Autumn, 1991), pp. 21-33. UK & USA. Blackwell Publishers Ltd.
Denis, Davydov (2009). Does The Choice Between Bank Loans And Bonds Affect Firm Performance? Evidence from the Russian Federation. Thesis. Finland : Accounting and Finance. University Of Vaasa.
Denis, D. J. and V. T. Mihov (2002). The choice among bank debt, non bank private debt, and public debt: evidence from new corporate borrowings. Journal of Financial Economics 70:1, 3 – 28.
Diamond, D. (1984). Financial intermediation and delegated monitoring. Review of Financial Studies, 59, pp. 393-414.
Diamond, D. (1991). Monitoring and reputation: the choice between bank loans and directly placed debt. Journal of Political Economy 99, pp. 689-721.
Fama, E.F. (1985). What’s different about banks. Journal of Monetary Economics 15, pp. 29-39.
Ghozali, Imam. (2006). Aplikasi Analisis Multivariate Dengan Program SPSS. Cetakan Keempat. Semarang: Badan Penerbit Universitas Diponegoro.
Hoshi,T., Kashyap, A., and D. Scharfstein (1993) “The choice between public and private debt: an analysis of post deregulation corporate financing in Japan,” NBER Working Paper 4421.
Huda. Nurul dan Mustafa Edwin Nasution. (2008). Investasi pada Pasar Modal Syariah. Jakarta : Kencana.
Johnson, S.A. (1997). An empirical analysis of the determinants of corporate debt ownership structure. Journal of Financial and Quantitative Analysis, 32 (1): 47-69.
Marsh, P. (1982), “The choice between equity and debt: an empirical study”, The Journal of Finance, Vol. 37, pp. 121-44. Megginson,W.L. (1997). Corporate Finance Theory. Addison-Wesley Educational Publishers Inc.
Murhadi, Werner R. 2013. Analisis Laporan Keuangan Proyeksi dan Valuasi Saham. Jakarta: Salemba Empat
Myers, S.C., 1977, “The Determinant of Corporate Borowing,” Journal of Financial Economics 5: 147-176.
Nor, F.M and Puan,C.Y (1999). Determinants Of Corporate Debt Ownership Structure in Malaysia. Thesis. Malaysia : Finance. Universiti Kebangsaan Malaysia.
Rajan, R. (1992). Insiders And Outsiders: The Choice Between Informed And Arm’s-Length Debt. Journal of Finance 47, pp. 1367-1400.
Rajan, R.G. dan Zingales, I. 1995. What do we know about capital structure?
Some evidence from international data, Journal of Finance, Vol. 50:
1421-1460.
Riyanto, Bambang. (1995). Dasar-dasar pembelanjaan perusahaan. Edisi keempat. Yogyakarta: Yayasan Penerbit Gajah Mada.
Sudana, I Made. 2011. Manajemen Keuangan Perusahaan (Teori dan Praktek). Surabaya: Erlangga.
Ulum, Ihyaul, 2009. Intellectual Capital: Konsep dan Kajian Empiris, Graha Ilmu, Yogyakarta
Yu, Hai-Chin (2003). Public Debt, Bank Debt and Non-bank Private Debt and Firm Characteristics Among Taiwanese Listed Companies. FMA 2003 Annual Meeting.
Yu, H.C., Johnson, K.H., and Tzon.D., 2008, “Public debt, bank debt, and non-bank private debt in emerging and developed financial markets.” Bank and Bank Systems, Vol 81 : 607-636.

www.idx.co.id
Published
2020-03-09
How to Cite
SetiawatiR. A. (2020). ANALISIS PENGGUNAAN PUBLIC DEBT PADA PERUSAHAAN SEKTOR INDUSTRI MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA. MANOVA ( Jurnal Manajemen Dan Inovasi ), 2(1), 64 - 76. Retrieved from http://jurnalfebi.uinsby.ac.id/index.php/MANOVA/article/view/239