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The objective of this study was to test empirically whether capital structure decision of Indonesian firms followed a hierarchy of sources of finance called Pecking Order. Samples in this study were 29 firms listed in Jakarta Islamic Index (JII) from
Economics, Econometrics & Finance

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PENGUJIAN PECKING ORDER THEORY PADA EMITEN SYARIAH DI BURSA EFEK JAKARTA Sutapa Sutapa; Hendri Setyawan; Heri Laksito
Jurnal Keuangan dan Perbankan Vol 12, No 1 (2008): January 2008
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (156.56 KB) | DOI: 10.26905/jkdp.v12i1.868

Abstract

The objective of this study was to test empirically whether capital structure decisionof Indonesian firms followed a hierarchy of sources of finance called Pecking Order. Samplesin this study were 29 firms listed in Jakarta Islamic Index (JII) from 2001 to 2004. Variabelsused as proxy of Pecking Order Theory (POT) were profitability, investment opportunity andfirm size. The results of this study were as follows: a). simultaneously, all proxies for POT couldexplain capital structure at Indonesian Capital Market, b). more profitable firms were lesslevered, c). bigger firms were more levered, d). result for investment opportunity did notsupport hypothesis. Firms listed at JII tended to follow POT in their financing decision. Part ofresults of this study was consistent with study of Wiwattanakantang (1999), Fama and French(2002), Benito (2003) and Mutamimah (2003).
Co-Authors Hendri Setyawan Sutapa Sutapa