Profitabilitas Dan Nilai Pasar Sebagai Dasar Pengambilan Keputusan Pendanaan Pada Perusahaan Retail di Indonesia (Pengujian Kasus Pendanaan Ganda)

Authors

  • Teguh Parmono Hadi Pogram Studi Manajemen, dan Pogram Studi Teknik Informatika Universitas Stikubank Semarang, Indonesia, Indonesia
  • Endang Lestariningsih Pogram Studi Manajemen, dan Pogram Studi Teknik Informatika Universitas Stikubank Semarang, Indonesia, Indonesia
  • Toto Suharmanto Pogram Studi Manajemen, dan Pogram Studi Teknik Informatika Universitas Stikubank Semarang, Indonesia

Keywords:

Struktur modal, Leverage, Equity, ROA, Timing, Pendanaan Ganda

Abstract

Kami menguji apakah kinerja pasar dan operasi mempengaruhi perilaku pendanaan perusahaan karena mereka terkait dengan target leverage. Fokus kami pada perusahaan yang menerbitkan baik utang maupun ekuitas meningkatkan kemampuan kami untuk menarik kesimpulan. Metode penelitian ini menggunakan regresi linier berganda dengan menggunakan apikasi smart pls. Konsisten dengan Market Timing Theory, Ada pengaruh negatif antara Nilai Pasar (PBV) dengan Equity (D.MS). Ini disebabkan ketika nilai pasar tinggi, perusahaan tidak bisa mengoptimalkan struktur modalnya, karena investor justru melakukan aksi jual. Pengaruh negatif ini didukung oleh adanya pengaruh positif antara Nilai Pasar (PBV) dengan Pendanaan Ganda (D.TH + D. MS). Sehingga dalam kondisi nilai pasar yang tinggi justru perusahaan memutuskan untuk melakukan pendanaan ganda. Hal ini sesuai dengan model trade-off dinamis yang dikemukakan oleh Fischer dkk. (1989) dan Leland (1994). Emiten ganda mengimbangi penyimpangan dari target yang dihasilkan dari akumulasi laba dan rugi. Hasil kami juga menyiratkan bahwa konsisten dengan market timing, return saham yang tinggi meningkatkan kemungkinan penerbitan ekuitas tetapi tidak berpengaruh pada target leverage.

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Published

2021-12-27

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