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All Journal JDM (Jurnal Dinamika Manajemen)
Anisti, Novia Putri
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Decision Sciences, Operations Research & Management

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Dynamic Capital Structure and Its Speed of Adjustment: A Case of Listed Manufacturing Firms in Indonesia Anisti, Novia Putri; Chalid, Dony Abdul
JDM (Jurnal Dinamika Manajemen) Vol 12, No 1 (2021): March 2021 (DOAJ Indexed)
Publisher : Department of Management, Faculty of Economics, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v12i1.27753

Abstract

This study aims to examine the dynamic aspects in the capital structure decisions of manufacturing firms in Indonesia, offering a continuation to the existing literature on Indonesia by using a dynamic model, including the existence of optimal capital structure, the determining factors, the speed of adjustments, and the aiding theories to explain the findings. The findings show that Indonesian manufacturing firms do practice optimal capital structure and are altered by firm-specific and time-varying factors. Despite relatively recent data and more specific sample firms (one industry only), the results of this study still need to be further developed. The sample chosen focused on listed firms, hence the results may not be generalized to all Indonesian manufacturing firms. This research is expected to have profound implications for future studies of capital structure and might one day be able to help firms, investors, and authorities in making effective decisions, as well as analysts in observing the correlation between the capital structure theories and the financing practice of manufacturing firms in Indonesia.
Dynamic Capital Structure and Its Speed of Adjustment: a Case of Listed Manufacturing Firms in Indonesia Anisti, Novia Putri; Chalid, Dony Abdul
JDM (Jurnal Dinamika Manajemen) Vol 12, No 1 (2021): March 2021 (DOAJ Indexed)
Publisher : Department of Management, Faculty of Economics, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v12i1.27753

Abstract

This study examines the determining factors and the speed of adjustment of manufacturing firms’ capital structure in Indonesia. This research uses data of 118 listed manufacturing companies from 2014 to 2018 and offers a continuation of Indonesia’s existing literature by applying a dynamic model.  The results reveal that Indonesian manufacturing firms practice optimal capital structure and are altered by firm-specific and time-varying factors. Firms’ decisions regarding capital structure are determined by firm-specific factors: non-debt tax shields, tangibility, and stock price performance. The results also indicate the speed of adjustment does exist, although the speed of adjustment finds lower than in previous research. The slowdown of the manufacturing industry growth from 2014 to 2018 turns out to be in line with the slow pace of leverage adjustment.  
Co-Authors Dony Abdul Chalid