Kurniawan, Noer Indra (2019) Pengaruh Market Timing Terhadap Struktur Modal Pada Perusaahan IPO Di BEI Periode 2008-2009. Other thesis, Institut Teknologi Sepuluh Nopember.
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Abstract
Penelitian ini bertujuan untuk menguji apakah prinsip equity market timing pada struktur modal digunakan oleh perusahaan yang melakukan IPO tahun 2008-2009 dan menguji prinsip equity market timing memiliki efek jangka panjang (persisten) pada struktur modal perusahaan yang melakukan IPO tahun 2008-2009. Equity market timing adalah prinsip struktur modal yang mengacu pada praktik menerbitkan saham pada level harga yang tinggi (overvalued) dan membeli kembali saham perusahaan pada level harga yang rendah (undervalued). Dalam penelitian ini menggunakan penerbitan saham, dua book leverage, dan dua market leverage sebagai variabel dependen untuk mengukur struktur modal. Sedangkan, rasio market-to-book dan market-to-book-external-weighted-average sebagai variabel independen untuk mengukur praktik market timing. Rasio profitabilitas, tangibilitas, ukuran perusahaan, risiko, dummy, dan dua likuiditas sebagai variabel kontrol. Sampel dalam penelitian ini adalah perusahaan IPO sektor non keuangan pada periode 2008-2009 hingga periode IPO+8. Analisis yang digunakan adalah regresi data panel, karena jenis data yang digunakan cross section dan time series. Hasil penelitian menunjukkan bahwa market timing berpengaruh positif dan signifikan terhadap struktur modal. Sedangkan market timing dilakukan secara terus-menerus atau persisten memiliki hubungan negatif signifikan terhadap book leverage. Efek market timing benar-benar menghilang setelah 2 tahun IPO. Sehingga perusahaan IPO periode 2008-2009 melakukan market timing melakukan market timing secara terus-menerus sebagai pilihan pendanaannya.
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This study aims to examine whether the principle of equity market timing in the capital structure is used by companies conducting IPOs in 2008-2009 and testing the principle of equity market timing has a long-term (persistent) effect on the capital structure of companies that conducted IPOs in 2008-2009. Equity market timing is the principle of capital structure that refers to the practice of issuing shares at a high price level (overvalued) and buying back shares of the company at a low price level (undervalued). In this study using stock issuance, two book leverage, and two market leverage as the dependent variable to measure the capital structure. Meanwhile, the ratio of market-to-book and market-to-bookexternal-weighted-average as an independent variable to measure the practice of market timing. The ratio of profitability, tangibility, firm size, risk, ummy, and two liquidity as control variables. The sample in this study is the non-financial sector IPO companies in the period 2008-2009 until the IPO + 8 period. The analysis used is panel data regression, because of the type of data used in crosssection and time series. The results of the study show that market timing has a positive and ignificant effect on capital structure. While market timing carried out continuously or persistently has a significant negative relationship to book leverage. The effect of market timing completely disappeared after 2 years of IPO. So that IPO companies in the 2008-2009 period conducted market timing to carry out market timing continuously as their funding choice.
| Item Type: | Thesis (Other) |
|---|---|
| Additional Information: | RSMB 332.041 5 Kur p-1 |
| Uncontrolled Keywords: | Market Timing, IPO, Struktur Modal, Persisten |
| Subjects: | H Social Sciences > HG Finance H Social Sciences > HG Finance > HG4910 Investments |
| Divisions: | Faculty of Business and Management Technology > Business Management > 61205-(S1) Undergraduate Thesis |
| Depositing User: | Kurniawan Noer Indra |
| Date Deposited: | 08 Apr 2025 07:27 |
| Last Modified: | 08 Apr 2025 07:27 |
| URI: | http://repository.its.ac.id/id/eprint/68125 |
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