PEMILIHAN SEKURITAS DAN ARAH KEBIJAKAN STRUKTUR MODAL: PECKING ORDER ATAUKAH STATIC-TRADEOFF?
ABSTRACT: This study addresses
the specific issue of how firms actually select between financing instruments,
debt and equity. Specifically, the examining of
whether in securities offering choice, firms are consistent with pecking
order theory or static- tradeoff theory.
The analyses shows three main findings. First, it demonstrates that companies
are heavely influenced by maket condition and the past history of security price inchoosing between equity
and debt. Second, it provides empirical evidence that company appears to be consistent
with the pecking order theory. Finally, the evidence in regard to tradeoff theory is less clear. In this case, the
result are interesting, since the higher of business risk and volatility level, firms are more likely using
the higher debt. It is not consistent with static-tradeoff theory.
Keywords: Security Offering,
Pecking Order, and Static-Tradeoff
Penulis: Perminas Pangeran
Kode Jurnal: jpmanajemendd100143
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