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All Journal EkoBis ( Ekonomi & Bisnis ) Jurnal Ilmu Manajemen (JIM) Jurnal Keuangan dan Perbankan The Winners Media Trend: Berkala Kajian Ekonomi dan Studi Pembangunan JBTI : Jurnal Bisnis : Teori dan Implementasi JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) Jurnal DISPROTEK Owner : Riset dan Jurnal Akuntansi MABIS: Manajemen dan Bisnis Prosiding Seminar Nasional Multidisiplin Ilmu International Journal of Business, Humanities, Education and Social Sciences (IJBHES) Telaah Bisnis Jurnal Ilmu Manajemen & Ekonomika Journal of Applied Economics in Developing Countries
Tri Gunarsih
Universitas Teknologi Yogyakarta
Agriculture, Biological Sciences & Forestry Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Social Sciences Other

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Journal : The Winners

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Pecking Order Theory and Trade-Off Theory of Capital Structure: Evidence from Indonesian Stock Exchange Culata, Priska Ralna Eunike; Gunarsih, Tri
Journal the Winners: Economics, Business, Management, and Information System Journal Vol 13, No 1 (2012): The Winners Vol. 13 No. 1 2012
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/tw.v13i1.666

Abstract

Numerous empirical studies in the finance field have tested many theories for firms’ capital structure. The pecking order theory and the trade-off theory of capital structure is among the most influential theories of firms’ capital structure. The trade-off theory predicts optimal capital structure, while the pecking order theory does not predict an optimal capital structure. According to pecking order theory,  the order of financial sources used is the source of internal funds from profits, short-term securities, debt, preferred stock and common stock last. The main objective of this study is to econometrically test whether the listed companies in Indonesian Stock Exchange follow the pecking order theory or the trade-off theory. Samples in this study are public companies listed during 2009-2010. The research questions are tested by running regression models.  The empirical result of this study shows that the pecking order theory is not supported, while the trade-off theory is supported. This suggests that the capital structure of listed companies in Indonesian Stock Exchange is financed based on optimal capital structure, not by the order financial resources.
Pecking Order Theory and Trade-Off Theory of Capital Structure: Evidence from Indonesian Stock Exchange Priska Ralna Eunike Culata; Tri Gunarsih
The Winners Vol. 13 No. 1 (2012): The Winners Vol. 13 No. 1 2012
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/tw.v13i1.666

Abstract

Numerous empirical studies in the finance field have tested many theories for firms’ capital structure. The pecking order theory and the trade-off theory of capital structure is among the most influential theories of firms’ capital structure. The trade-off theory predicts optimal capital structure, while the pecking order theory does not predict an optimal capital structure. According to pecking order theory,  the order of financial sources used is the source of internal funds from profits, short-term securities, debt, preferred stock and common stock last. The main objective of this study is to econometrically test whether the listed companies in Indonesian Stock Exchange follow the pecking order theory or the trade-off theory. Samples in this study are public companies listed during 2009-2010. The research questions are tested by running regression models.  The empirical result of this study shows that the pecking order theory is not supported, while the trade-off theory is supported. This suggests that the capital structure of listed companies in Indonesian Stock Exchange is financed based on optimal capital structure, not by the order financial resources.
Co-Authors Anggun Septina Lukitasari Astri Wening Perwitasari Bambang Hartadi Eka Maya Sari Etty Puji Lestari Eva Nurul Ramdiani Fran Sayekti Gunawan, Jhoni Jhoni Gunawan Lilis Endang Wijayanti Mirna Indah Nurlita Oki Ragil Wardana Prasasti, Ponco Adityia Priska Ralna Eunike Culata Priska Ralna Eunike Culata, Priska Ralna Eunike Putri Endah Astuti Ristianawati Dwi Utami, Ristianawati Dwi Saefudin Saefudin Sari, Eka Maya Septi Diana Sari, Septi Diana Setiyono Setiyono Setiyono Setiyono Tamas Novak Tamas Novak Tanti Febi Setiawan Triana Aryanti Try Wahyuny Wahyu Widiastuti Wulan Handayani