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Abstract
Abstract
This research discusses about debt capacity of the firms and the test of pecking order theory of non-financial firms listed at Indonesia Stock Exchange from 2006-2010. Classification of firms by its debt capacity is needed to examine the relationship between financing deficit towards long-term debt issue according to the pecking order model. The result shows that classifying firms by its debt capacity made a significant improvement of pecking order model to distinguish financing decision of the firms. Firms with high level of debt capacity prefer to issue debt than firms with low level of debt capacity when facing financing deficit.
Keywords: Debt capacity, financing deficit, pecking order theory, bond rating
Abstrak
Penelitian ini membahas tentang kapasitas hutang perusahaan dan menguji teori pecking order dari perusahaan-perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia tahun 2006-2010. Klasifikasi perusahaan dengan kapasitas hutang diperlukan untuk menguji hubungan antara defisit pembiayaan terhadap masalah hutang jangka panjang sesuai dengan model pecking order. Hasil penelitian menunjukkan bahwa pengklasifikasian perusahaan dengan kapasitas hutang membuat perbaikan yang signifikan terhadap model pecking order untuk membedakan keputusan pembiayaan perusahaan. Perusahaan-perusahaan dengan tingkat kapasitas hutang yang tinggi lebih memilih untuk mengeluarkan (menerbitkan) hutang dari pada perusahaan dengan tingkat kapasitas hutang yang rendah ketika perusahaan tersebut menghadapi defisit dalam pembiayaannya.
Kata kunci: kapasitas hutang, defisit pembiayaan, teori pecking order
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