FAKTOR PENENTU STRUKTUR PERMODALAN PERUSAHAAN BUMN PUBLIK DI BURSA EFEK INDONESIA PADA PASAR NEGARA BERKEMBANG PERIODE 2008-2016
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Keywords:
Capital Structure, Liquidity, Profitability, Firm Size, Tangibility, Risk
Abstract
This study examines the key determinants of Capital Structure in public-owned companies (BUMN) that listed on Indonesia Stock Exchange (BEI). Focuses on the ratio of short term debt and long term debt as the dependent variable. Growth, Liquidity, Profitability, Size, Tangibility, and Risk as an independent variable for the period of 2008-2016. This research use regression method in the form of panel data. The amount of data used in the observation are 144. Contains 16 public-owned companies except financial and banking sector industries during the period of 2018-2016. The result from this research shows that Growth and Risk has a significantly positive influence to the Capital Structure of BUMN. Liquidity, Profitability, and Size variables has a significantly negative influence to the Capital Structure of BUMN. Besides, Tangibility giving unsignificantly negative influence to the Capital Structure of BUMN.
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References
Ardalan, Kavous, 2017, "Capital Structure Theory: Reconsidered",
Research in International Business and Finance, 39(2): 696-710.
Balakrishnan, Srinivasan, and Fox, Isaac, 1993 “Asset Specificity, Firm Heterogeneity and Capital Structure”, Strategic Management Journal, 14(1): 3-16.
Bhaduri, Saumitra N., 2010, "Determinants of Capital Structure Choice: A Study of The Indian Corporate Sector", Applied Financial Economics, 12(9): 655-665.
Blischke, Wallace R., and Murthy, Prabhakar, 2004, "Warranty Cost Analysis", Marcell Decker Inc., New York.
Booth, Laurence, Aivazian, Varouj, and Maksimovic, Vojislav 2001, "Capital Structures in Developing Countries", The Journal of Finance, 56(1): 87-130.
Brealey, Myers M., 2008, Dasar-dasar Manajemen Keuangan Perusahaan, Edisi 5, Jakarta: Erlangga.
Brigham, Eugene F., dan Houston, Joel F., 2001, Manajemen Keuangan, terjemahan, Edisi 8, Jakarta: Erlangga.
Brounen, Dirk, de Jong, Abe, and Kees, Koedijk, 2006, "Capital Structure Policies in Europe: Survey Evidence", Journal Bank. Finance, 30 (5): 1409–1442.
Chen, Jean J., 2004, "Determinants of Capital Structure of Chinese-listed Companies", Journal of Business Research, 57(1): 1341-1351.
Christiawan, Yulius J., dan Tarigan, Josua, 2007, "Kepemilikan Manajerial: Kebijakan Hutang, Kinerja dan Nilai Perusahaan", Jurnal Akuntansi dan Keuangan, 1(1): 1-8.
Crnigoj, Matjaz, and Mramor, Dusan, 2009, "Determinants of Capital Structure in Emerging European Economies: Evidence from Slovenian Firms", Emerging Markets Finance Trade, 45(1): 72–89.
Emerging Economy Report, 2009.
http://cks.in/portfolio-item/emerging-economy-report/
Fama, Eugene F., and French, Kenneth R., 2012, "Capital Structure Choices", Critical Finance Review, 1(1): 59-101.
Faris, Muhammad, Abu M., 2011, "The Determinants of Capital Structure of Palestine-listed Companies, J. Risk Finance, 12(3): 226–241.
Ferry, Michael G., and Jones, Wesley H., 1979, "Determinants of Financial Structure: A New Methodological Approach", Journal of Finance, 34(3): 631-644.
Florackis, Ozkan, 2004, "Agency Cost and Corporate Governance Mechanisms: Evidence for UK firms", Journal International of Managerial Finance, 4(1): 37-59.
Frank, Murray Z., and Goyal, Vidhan K., 2009, "Capital Structure Decisions: Which Factors are Reliably Important?", Munich Personal RePEc Archive, 38(1): 1-37.
Gitman, Lawrence J., 2006, Principles of Managerial Finance 11th edition,
Boston: Pearson Education, Inc.
Gujarati, Damodar N., dan Porter, Dawn, 2012, Dasa-dasar Ekonometrika, Buku 2, Jakarta: Salemba Empat.
Hamada, Tomoko, 1998, “The Anthropology of Business Organization”,
Anthropology of Work Review, 18(2):1-6.
Harris, Milton, and Raviv, Artur, 1991, "The Theory of Capital Structure",
The Journal of Finance, 46(1): 297-355.
Harry, Su, 2016, IPO saham BUMN, http://bisnis.liputan6.com/read/2437049/ipo-bumn-bantu-gairahkan- pasar-modal-ri, Edisi Februari
Hubbart, R. Glenn, 2009, Asymmetric Information, Corporate Finance, and Investment, Chicago: University of Chicago Press.
Husnan, Suad, 2004, Teori Portofolio dan Analisis Sekuritas, Yogyakarta: UPP AMP YKPN.
Holmes, Kim, 2011 Index of Economic Freedom
http://www.heritage.org/Index/pdf/2011/Index2011_Full.pdf
IDX, 2017, Data Perusahaan BUMN
http://www.idx.co.id/id-id/beranda/unduhdata/ringkasan.aspx
Imanta, Dea, 2011, "Faktor-Faktor yang Mempengaruhi Kepemilikan Manajerial", Jurnal Bisnis dan Akuntansi, 13(1): 67-80.
Trading Economics, 2017, Indonesia GDP. https://tradingeconomics.com/indonesia/gdp
Ismiyanti, Fitri, dan Hanafi, Mamduh M. 2004, "Struktur Kepemilikan, Risiko dan Kebijakan Keuangan: Analisis Persamaan Simultan", Jurnal Ekonomi dan Bisnis Indonesia, 19(2): 176-196.
Jain, Chandra Subhash, 2006, "Emerging Economies and The Transformation of International Business", Edward Elgar Publishing, 3(1): 384.
Jensen, Michael C., 1986, "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers", The American Economic Review, 76(2): 323-329.
Kartadinata, Abas, 2008, Teori Akuntansi, Edisi 2, Jakarta: PT. Gelora Aksara Pratama
Kasmir, 2008, Bank dan Lembaga Keuangan Lainnya, Edisi Revisi 2008, Jakarta: PT. Rajagrafindo Persada.
Kesuma, Ali, 2009, "Analisis Faktor yang Mempengaruhi Struktur Modal Serta Pengaruhnya Terhadap Harga Saham Perusahaan Real Estate yang Go Public di Bursa Efek Indonesia", Jurnal Manajemen dan Kewirausahaan, 11(1): 38-45.
Kvint, Vladimir, 2009, The Global Emerging Market: Strategic Management and Economics, Oxford: Taylor and Francis.
Mahadwartha, Anom P., dan Jogiyanto, Hartono, M., 2002, "Uji Teori Keagenan dalam Hubungan Interdependensi antara Kebijakan Hutang dengan Kebijakan Dividen", Prosiding Simposium Nasional Akuntansi V: 635-647.
Mohammad, Mahmoud A., Perry, Larry G., and Rimbey, James N., 1998, "The Impact of Ownership Structure on Corporate Debt Policy: a Time-Series Cross-Sectional Analysis", Financial Review, 33(3): 85-98.
Meckling, Wiliam H., and Jensen, Michael C., 1976, "Theory of the Firm: Manajerial Behavior, Agency Costs, and Ownership Structure", Journal of Financial Economics, 3(1): 305-360.
Megginson, William L., 2008, Corporate Finance, Singapore: Cengage Learning
Melani, Agustina, 2016, IPO BUMN Bantu Gairahkan Pasar Modal RI, http://bisnis.liputan6.com/read/2437049/ipo-bumn-bantu-gairahkan- pasar-modal-ri, edisi 16 Februari.
Modigliani, Franco, and Miller, Merton H., 1963. "The Cost of Capital, Corporation Finance and The Theory of Investment", Am. Econ. Rev, 48 (3): 261–297.
Morgan Stanley Capital International, 2014, MSCI Market Classification Framework, www.msci.com/documents/1296102/1330218/, edisi Juni.
Munawir, S., 2001, Analisa Laporan Keuangan, Yogyakarta: Liberty. Myers, Stewart C., 2001, “Capital Structure”, Journal of Economic
Perspectives, 15(2): 81-102
Nuringsih, Kartika, 2004, "Kepemilikan Manajerial dan Konflik Keagenan: Analisis Simultan antara Kepemilikan Manajerial, Risiko, Kebijakan Hutang dan Kebijakan Dividen", Jurnal Manajemen, 8(2): 124-142.
Nurlaili, 2016, 4 Peran BUMN dalam Perekonomian Indonesia, http://dosenekonomi.com/ilmu-ekonomi/publik/peran-bumn
Prabansari, Yuke, dan Kusuma, Hadri, 2005, "Faktor-Faktor yang Mempengaruhi Struktur Modal Perusahaan Manufaktur Go Public di Bursa Efek Jakarta", Kajian Bisnis dan Manajemen Edisi Khusus on Finance, 1-15.
Putri, Imanda F., dan Nasir, Muhammad, 2006, "Analisis Persamaan Simultan Kepemilikan Manajerial, Kepemilikan Institusional, Risiko, Kebijakan Hutang dan Kebijakan Dividen dalam Perspektif Teori Keagenan", Simposium Nasional IX: 1-25.
Rajan, Raghuram G., and Zingales, Luigi, 1995, "What do we know About Capital Structure? Some Evidence from International Data", Journal Of Finance, 50(5): 1421-1460.
Riyanto, Bambang, 2005, Dasar-Dasar Pembelanjaan Perusahaan, Yogyakarta: BPFE.
Republik Indonesia, 2003, Undang-Undang No. 19 Tahun 2003 tentang Badan Usaha Milik Negara, Jakarta: Sekretariat Negara.
Reuters, 2017, Emerging Market Debt to GDP
http://www.business-standard.com/article/reuters/emerging-market- debt-to-gdp-declines-for-first-time-since-2011-jpmorgan- 117101001415_1.html
Saham Ok, 2016, Daftar Perusahaan BUMN Publik di BEI
https://www.sahamok.com/emiten/bumn-publik-bei/
Sbeti, Wafaa M., and Imad, Moosa, 2012, "Firm-spesific Factors as Determinants of Capital Structure in the Absence of Taxes", Applied Financial Economics, 22(3): 209-213.
Scott, James H., 1977, "Bankruptcy, Secured Debt and Optimal Structure", Journal of Finance, 33(1): 1-20.
Singarimbun, Masri, dan Effendi, Sofian, 2011, Metode Penelitian Survei, Jakarta: LP3ES.
Sugiama, A Gima, 2013, Manajemen Aset Pariwisata: Pelayanan Berkualitas Agar Wisatawan Puas dan Loyal, Bandung: Guardaya Intimarta.
Titman, Sheridan, and Wessels, Roberto, 1998, "The Determinants of Capital Structure Choice", The Journal of Finance, 43(1): 1-19.
Vidyantie, Deasy N., and Handayani, Ratih, 2006, "The Analysis of the Effect of Debt Policy, Dividend Policy, Institutional Investor,
Business Risk, Firm Size, and Earning Volatility to Managerial Ownership Based on Agency Theory Perspective", Jurnal Bisnis dan Akuntansi, 8(2): 19-33.
Vo, Xuan Vinh, 2016, "Determinants of Capital Structure in Emerging Markets: Evidence From Vietnam", Research in International Business and Finance, 40(1): 105-113.
Wahidahwati, 2002, "Pengaruh Kepemilikan Manajerial dan Kepemilikan Institusional pada Kebijakan Hutang Perusahaan: Sebuah Perspektif Theory Agency", Jurnal Riset Akuntansi Indonesia, 5(1): 1-16.
Wedari, Linda K., 2007, “Analisis Faktor-Faktor yang Mempengaruhi Kecenderungan Penerimaan Opini Audit Going Concern”, JAAI, 11(2): 141-158
Weston, J. Fred, dan Copeland, Thomas E., 2001, Manajemen Keuangan, Jakarta: Binarupa Aksara.
World Bank, 2012, Atlas Method, diunduh dari http://ina.bnu.edu.cn/docs/20140606095459236642.pdf, edisi 17 Desember.
World Bank, 2017, GDP growth of Indonesia Annual (%) http://databank.worldbank.org/data/reports.aspx?source=2&country= ID
Research in International Business and Finance, 39(2): 696-710.
Balakrishnan, Srinivasan, and Fox, Isaac, 1993 “Asset Specificity, Firm Heterogeneity and Capital Structure”, Strategic Management Journal, 14(1): 3-16.
Bhaduri, Saumitra N., 2010, "Determinants of Capital Structure Choice: A Study of The Indian Corporate Sector", Applied Financial Economics, 12(9): 655-665.
Blischke, Wallace R., and Murthy, Prabhakar, 2004, "Warranty Cost Analysis", Marcell Decker Inc., New York.
Booth, Laurence, Aivazian, Varouj, and Maksimovic, Vojislav 2001, "Capital Structures in Developing Countries", The Journal of Finance, 56(1): 87-130.
Brealey, Myers M., 2008, Dasar-dasar Manajemen Keuangan Perusahaan, Edisi 5, Jakarta: Erlangga.
Brigham, Eugene F., dan Houston, Joel F., 2001, Manajemen Keuangan, terjemahan, Edisi 8, Jakarta: Erlangga.
Brounen, Dirk, de Jong, Abe, and Kees, Koedijk, 2006, "Capital Structure Policies in Europe: Survey Evidence", Journal Bank. Finance, 30 (5): 1409–1442.
Chen, Jean J., 2004, "Determinants of Capital Structure of Chinese-listed Companies", Journal of Business Research, 57(1): 1341-1351.
Christiawan, Yulius J., dan Tarigan, Josua, 2007, "Kepemilikan Manajerial: Kebijakan Hutang, Kinerja dan Nilai Perusahaan", Jurnal Akuntansi dan Keuangan, 1(1): 1-8.
Crnigoj, Matjaz, and Mramor, Dusan, 2009, "Determinants of Capital Structure in Emerging European Economies: Evidence from Slovenian Firms", Emerging Markets Finance Trade, 45(1): 72–89.
Emerging Economy Report, 2009.
http://cks.in/portfolio-item/emerging-economy-report/
Fama, Eugene F., and French, Kenneth R., 2012, "Capital Structure Choices", Critical Finance Review, 1(1): 59-101.
Faris, Muhammad, Abu M., 2011, "The Determinants of Capital Structure of Palestine-listed Companies, J. Risk Finance, 12(3): 226–241.
Ferry, Michael G., and Jones, Wesley H., 1979, "Determinants of Financial Structure: A New Methodological Approach", Journal of Finance, 34(3): 631-644.
Florackis, Ozkan, 2004, "Agency Cost and Corporate Governance Mechanisms: Evidence for UK firms", Journal International of Managerial Finance, 4(1): 37-59.
Frank, Murray Z., and Goyal, Vidhan K., 2009, "Capital Structure Decisions: Which Factors are Reliably Important?", Munich Personal RePEc Archive, 38(1): 1-37.
Gitman, Lawrence J., 2006, Principles of Managerial Finance 11th edition,
Boston: Pearson Education, Inc.
Gujarati, Damodar N., dan Porter, Dawn, 2012, Dasa-dasar Ekonometrika, Buku 2, Jakarta: Salemba Empat.
Hamada, Tomoko, 1998, “The Anthropology of Business Organization”,
Anthropology of Work Review, 18(2):1-6.
Harris, Milton, and Raviv, Artur, 1991, "The Theory of Capital Structure",
The Journal of Finance, 46(1): 297-355.
Harry, Su, 2016, IPO saham BUMN, http://bisnis.liputan6.com/read/2437049/ipo-bumn-bantu-gairahkan- pasar-modal-ri, Edisi Februari
Hubbart, R. Glenn, 2009, Asymmetric Information, Corporate Finance, and Investment, Chicago: University of Chicago Press.
Husnan, Suad, 2004, Teori Portofolio dan Analisis Sekuritas, Yogyakarta: UPP AMP YKPN.
Holmes, Kim, 2011 Index of Economic Freedom
http://www.heritage.org/Index/pdf/2011/Index2011_Full.pdf
IDX, 2017, Data Perusahaan BUMN
http://www.idx.co.id/id-id/beranda/unduhdata/ringkasan.aspx
Imanta, Dea, 2011, "Faktor-Faktor yang Mempengaruhi Kepemilikan Manajerial", Jurnal Bisnis dan Akuntansi, 13(1): 67-80.
Trading Economics, 2017, Indonesia GDP. https://tradingeconomics.com/indonesia/gdp
Ismiyanti, Fitri, dan Hanafi, Mamduh M. 2004, "Struktur Kepemilikan, Risiko dan Kebijakan Keuangan: Analisis Persamaan Simultan", Jurnal Ekonomi dan Bisnis Indonesia, 19(2): 176-196.
Jain, Chandra Subhash, 2006, "Emerging Economies and The Transformation of International Business", Edward Elgar Publishing, 3(1): 384.
Jensen, Michael C., 1986, "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers", The American Economic Review, 76(2): 323-329.
Kartadinata, Abas, 2008, Teori Akuntansi, Edisi 2, Jakarta: PT. Gelora Aksara Pratama
Kasmir, 2008, Bank dan Lembaga Keuangan Lainnya, Edisi Revisi 2008, Jakarta: PT. Rajagrafindo Persada.
Kesuma, Ali, 2009, "Analisis Faktor yang Mempengaruhi Struktur Modal Serta Pengaruhnya Terhadap Harga Saham Perusahaan Real Estate yang Go Public di Bursa Efek Indonesia", Jurnal Manajemen dan Kewirausahaan, 11(1): 38-45.
Kvint, Vladimir, 2009, The Global Emerging Market: Strategic Management and Economics, Oxford: Taylor and Francis.
Mahadwartha, Anom P., dan Jogiyanto, Hartono, M., 2002, "Uji Teori Keagenan dalam Hubungan Interdependensi antara Kebijakan Hutang dengan Kebijakan Dividen", Prosiding Simposium Nasional Akuntansi V: 635-647.
Mohammad, Mahmoud A., Perry, Larry G., and Rimbey, James N., 1998, "The Impact of Ownership Structure on Corporate Debt Policy: a Time-Series Cross-Sectional Analysis", Financial Review, 33(3): 85-98.
Meckling, Wiliam H., and Jensen, Michael C., 1976, "Theory of the Firm: Manajerial Behavior, Agency Costs, and Ownership Structure", Journal of Financial Economics, 3(1): 305-360.
Megginson, William L., 2008, Corporate Finance, Singapore: Cengage Learning
Melani, Agustina, 2016, IPO BUMN Bantu Gairahkan Pasar Modal RI, http://bisnis.liputan6.com/read/2437049/ipo-bumn-bantu-gairahkan- pasar-modal-ri, edisi 16 Februari.
Modigliani, Franco, and Miller, Merton H., 1963. "The Cost of Capital, Corporation Finance and The Theory of Investment", Am. Econ. Rev, 48 (3): 261–297.
Morgan Stanley Capital International, 2014, MSCI Market Classification Framework, www.msci.com/documents/1296102/1330218/, edisi Juni.
Munawir, S., 2001, Analisa Laporan Keuangan, Yogyakarta: Liberty. Myers, Stewart C., 2001, “Capital Structure”, Journal of Economic
Perspectives, 15(2): 81-102
Nuringsih, Kartika, 2004, "Kepemilikan Manajerial dan Konflik Keagenan: Analisis Simultan antara Kepemilikan Manajerial, Risiko, Kebijakan Hutang dan Kebijakan Dividen", Jurnal Manajemen, 8(2): 124-142.
Nurlaili, 2016, 4 Peran BUMN dalam Perekonomian Indonesia, http://dosenekonomi.com/ilmu-ekonomi/publik/peran-bumn
Prabansari, Yuke, dan Kusuma, Hadri, 2005, "Faktor-Faktor yang Mempengaruhi Struktur Modal Perusahaan Manufaktur Go Public di Bursa Efek Jakarta", Kajian Bisnis dan Manajemen Edisi Khusus on Finance, 1-15.
Putri, Imanda F., dan Nasir, Muhammad, 2006, "Analisis Persamaan Simultan Kepemilikan Manajerial, Kepemilikan Institusional, Risiko, Kebijakan Hutang dan Kebijakan Dividen dalam Perspektif Teori Keagenan", Simposium Nasional IX: 1-25.
Rajan, Raghuram G., and Zingales, Luigi, 1995, "What do we know About Capital Structure? Some Evidence from International Data", Journal Of Finance, 50(5): 1421-1460.
Riyanto, Bambang, 2005, Dasar-Dasar Pembelanjaan Perusahaan, Yogyakarta: BPFE.
Republik Indonesia, 2003, Undang-Undang No. 19 Tahun 2003 tentang Badan Usaha Milik Negara, Jakarta: Sekretariat Negara.
Reuters, 2017, Emerging Market Debt to GDP
http://www.business-standard.com/article/reuters/emerging-market- debt-to-gdp-declines-for-first-time-since-2011-jpmorgan- 117101001415_1.html
Saham Ok, 2016, Daftar Perusahaan BUMN Publik di BEI
https://www.sahamok.com/emiten/bumn-publik-bei/
Sbeti, Wafaa M., and Imad, Moosa, 2012, "Firm-spesific Factors as Determinants of Capital Structure in the Absence of Taxes", Applied Financial Economics, 22(3): 209-213.
Scott, James H., 1977, "Bankruptcy, Secured Debt and Optimal Structure", Journal of Finance, 33(1): 1-20.
Singarimbun, Masri, dan Effendi, Sofian, 2011, Metode Penelitian Survei, Jakarta: LP3ES.
Sugiama, A Gima, 2013, Manajemen Aset Pariwisata: Pelayanan Berkualitas Agar Wisatawan Puas dan Loyal, Bandung: Guardaya Intimarta.
Titman, Sheridan, and Wessels, Roberto, 1998, "The Determinants of Capital Structure Choice", The Journal of Finance, 43(1): 1-19.
Vidyantie, Deasy N., and Handayani, Ratih, 2006, "The Analysis of the Effect of Debt Policy, Dividend Policy, Institutional Investor,
Business Risk, Firm Size, and Earning Volatility to Managerial Ownership Based on Agency Theory Perspective", Jurnal Bisnis dan Akuntansi, 8(2): 19-33.
Vo, Xuan Vinh, 2016, "Determinants of Capital Structure in Emerging Markets: Evidence From Vietnam", Research in International Business and Finance, 40(1): 105-113.
Wahidahwati, 2002, "Pengaruh Kepemilikan Manajerial dan Kepemilikan Institusional pada Kebijakan Hutang Perusahaan: Sebuah Perspektif Theory Agency", Jurnal Riset Akuntansi Indonesia, 5(1): 1-16.
Wedari, Linda K., 2007, “Analisis Faktor-Faktor yang Mempengaruhi Kecenderungan Penerimaan Opini Audit Going Concern”, JAAI, 11(2): 141-158
Weston, J. Fred, dan Copeland, Thomas E., 2001, Manajemen Keuangan, Jakarta: Binarupa Aksara.
World Bank, 2012, Atlas Method, diunduh dari http://ina.bnu.edu.cn/docs/20140606095459236642.pdf, edisi 17 Desember.
World Bank, 2017, GDP growth of Indonesia Annual (%) http://databank.worldbank.org/data/reports.aspx?source=2&country= ID
Published
2018-03-01
Section
Bidang Ilmu Ekonomi (SP)
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