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Abstract
Abstract
This study aimed to test whether there is equity market timing on capital structure manufacturing company in Indonesia, and whether market timing of equity in the long term (persistent) effect on the capital structure of Indonesian manufacturing company. The sample used is the Indonesian manufacturing companies that go public in Indonesia Stock Exchange (BEI) in 2000-2008, and the data used is panel. Results of this study indicate that there is equity market timing on capital structure. Thus, there are indications of the practice of issuing shares at high and repurchasing at a low price. The results also indicate that equity market timing persistent influence on the capital structure.
Keywords: equity market timing, market-to-book ratio, leverage, capital structure, and market value.
Abstrak
Penelitian ini bertujuan untuk menguji apakah ada market timing ekuitas pada struktur modal perusahaan manufaktur di Indonesia, dan apakah market timing ekuitas dalam jangka panjang (persisten) berpengaruh terhadap struktur modal perusahaan manufaktur Indonesia. Sampel yang digunakan adalah perusahaan manufaktur Indonesia yang melakukan IPO di Bursa Efek Indonesia (BEI) tahun 2000–2008, dan data yang digunakan adalah data panel. Hasil penelitian ini menunjukkan bahwa ada market timing ekuitas pada struktur modal. Dengan demikian, ada indikasi praktik menerbitkan ekuitas saham pada saat harga (nilai) pasar ekuitas tinggi dan stock repurchase (membeli kembali saham) pada harga rendah. Hasil penelitian ini juga menunjukkan bahwa market timing ekuitas berpengaruh secara persisten terhadap struktur modal.
Kata kunci: market timing ekuitas, market-to-book ratio, leverage, struktur modal, dan nilai pasar.
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