Nurisnaini, Robica Wildan (2020) Pengaruh Likuiditas Saham, Suksesi CEO, dan Managerial Overconfidence terhadap Keputusan Struktur Modal Perusahaan Keluarga. Other thesis, Institut Teknologi Sepuluh Nopember.
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Abstract
Penelitian ini bertujuan untuk mengetahui pengaruh likuiditas saham, suksesi CEO, dan managerial overconfidence terhadap keputusan struktur modal. Book leverage dan market leverage digunakan sebagai alat ukur bagi keputusan struktur modal. Likuiditas saham diukur dengan menggunakan rasio turnover perdagangan saham, suksesi CEO diukur dengan menggunakan variabel dummy untuk suksesor internal, dan managerial overconfidence diukur dengan menggunakan beberapa proksi, seperti jenis kelamin CEO, pengalaman CEO, tingkat pendidikan CEO, kinerja CEO sebelumnya, dan usia CEO. Variabel ukuran perusahaan, profitabilitas, tangibilitas, dan peluang pertumbuhan berperan sebagai variabel kontrol. 113 perusahaan keluarga yang terdaftar pada Bursa Efek Indonesia pada tahun 2009-2018 digunakan sebagai sampel penelitian dengan kriteria tertentu. Metode analisis yang digunakan dalam penelitian adalah regresi data panel model efek tetap dengan estimator Panel Corrected Standard Error (PCSE). Hasil penelitian menunjukkan bahwa likuiditas saham tidak berpengaruh signifikan terhadap keputusan struktur modal, serta suksesi CEO berpengaruh negatif dan signifikan terhadap keputusan struktur modal. Managerial overconfidence yang diukur dengan karakteristik jenis kelamin CEO memiliki pengaruh positif dan signifikan terhadap keputusan struktur modal, kinerja CEO berpengaruh negatif dan signifikan terhadap keputusan struktur modal, serta pengalaman CEO, tingkat pendidikan CEO dan usia CEO tidak berpengaruh signifikan terhadap keputusan struktur modal perusahaan keluarga. Sehingga, dengan mempertimbangkan hasil tersebut, perusahaan keluarga dapat meningkatkan pendanaan utang dan pendanaan internal untuk menghindari adanya pelemahan kontrol pada perusahaan.
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This study aims to determine the effect of stock liquidity, CEO succession, and managerial overconfidence on capital structure decisions. Book leverage and market leverage are used as a measurement tool for capital structure decisions. Stock liquidity is measured using stock trading turnover ratios, CEO succession is measured using dummy variables for internal successors, and managerial overconfidence is measured by using several proxies, such as CEO gender, CEO experience, CEO education level, CEO performance, and CEO age. Firm size, profitability, tangibility, and growth opportunities are used as control variable. 113 listed family firms on the Indonesia Stock Exchange in 2009-2018 were used as research samples with certain criteria. The analytical method used in this study is panel regression of fixed effect model data with the Panel Corrected Standard Error (PCSE) estimator. The results showed that stock liquidity had no significant effect on capital structure decisions, and CEO succession had a negative and significant effect on capital structure decisions. Managerial overconfidence measured by the characteristics of the CEO's gender has a positive and significant influence on capital structure decisions, CEO performance has a negative and significant effect on capital structure decisions, and the CEO's experience, CEO’s education level and CEO age do not significantly influence the capital structure decisions of the family firm. So, by considering these results, the family firms can increase debt funding and internal funding to avoid weakening control on the firm.
| Item Type: | Thesis (Other) |
|---|---|
| Additional Information: | RSMB 658.403 Nur p-1 |
| Uncontrolled Keywords: | keputusan struktur modal, likuiditas saham, managerial overconfidence, suksesi CEO |
| Subjects: | H Social Sciences > HG Finance H Social Sciences > HG Finance > HG4910 Investments H Social Sciences > HJ Public Finance |
| Divisions: | Faculty of Creative Design and Digital Business (CREABIZ) > Business Management > 61205-(S1) Undergraduate Thesis |
| Depositing User: | Robica Wildan Nurisnaini |
| Date Deposited: | 19 Mar 2025 04:23 |
| Last Modified: | 19 Mar 2025 04:23 |
| URI: | http://repository.its.ac.id/id/eprint/73362 |
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