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PENGUJIAN TRADE-OFF THEORY: APAKAH PERUSAHAAN DI INDONESIA MELAKUKAN OPTIMALISASI HUTANG? Fuady, Misbach
MEDIA Vol 22, No 1 (2014): MEDIA Ekonomi & Teknologi Informasi
Publisher : MEDIA

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Abstract

This study examined therole of trade-off theory(TOT) in determining the capital structure of public companies in Indonesia. Tests using data on the financial statements of public companies in Indonesia, using the model of partial adjustment targets in the period 2002 to 2011. Research carried out shows that the adjustment of the actual debt towards a target debt at a rate of 42.61% per year. It shows that public companies in Indonesia shows the optimizing behavior of debt by adjusting the actual debt towards optimal debt targets in accordance with the concept of dynamic capital structure based on the trade-off theory.
PENGUJIAN TRADE-OFF THEORY: APAKAH PERUSAHAAN DI INDONESIA MELAKUKAN OPTIMALISASI HUTANG? Fuady, Misbach
PRESTASI Vol 12, No 2 (2013): PRESTASI
Publisher : PRESTASI

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Abstract

ABSTRACT This study examined the role of trade-off theory (TOT) in determining the capital structure of public companies in Indonesia. Tests using data on the financial statements of public companies in Indonesia, using the model of partial adjustment targets in the period 2002 to 2011. Research carried out shows that the adjustment of the actual debt towards a target debt at a rate of 42.61% per year. It shows that public companies in Indonesia shows the optimizing behavior of debt by adjusting the actual debt towards optimal debt targets in accordance with the concept of dynamic capital structure based on the trade-off theory.  Keyword: trade-off theory, pecking order theory, optimal capital structure
Does Neoclassical Theory Exist in SMEs? Evidence from Central Java-Indonesia Wahyudi, Sugeng; Rita, Maria Rio; Fuady, Misbach
Economics Development Analysis Journal Vol 10 No 3 (2021): Economics Development Analysis Journal
Publisher : Economics Development Department, Universitas Negeri Semarang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v10i3.45068

Abstract

Financial and non-financial aspects can influence company performance, not excluding small-medium enterprises (SMEs). This research examines the non-financial aspect, since studies in this area are still limited. This research strives to demonstrate the existence of the neoclassical theory in the relationship framework between the business aspect (real sector) and SME performance. This study, which was conducted on batik SMEs in Central Java Province-Indonesia, consisted of 265 samples. The data was obtained from surveys through distributing questionnaires and conducting interviews with batik SME entrepreneurs. The data analysis used a structural equation model (SEM). These study results documented that business prospects have direct and indirect effects on SME performance. The indirect influences are produced through entrepreneurial-oriented financial mediation. This finding reveals that the neoclassical theory will be more effective to improve company performance through entrepreneurial-oriented finance. The importance of the role of this mediating variable is shown from the total effect of the coefficient that is higher than the indirect effect or the direct effect of the coefficient.
Does Neoclassical Theory Exist in SMEs? Evidence from Central Java-Indonesia Wahyudi, Sugeng; Rita, Maria Rio; Fuady, Misbach
Economics Development Analysis Journal Vol 10 No 3 (2021): Economics Development Analysis Journal
Publisher : Economics Development Department, Universitas Negeri Semarang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v10i3.45068

Abstract

Financial and non-financial aspects can influence company performance, not excluding small-medium enterprises (SMEs). This research examines the non-financial aspect, since studies in this area are still limited. This research strives to demonstrate the existence of the neoclassical theory in the relationship framework between the business aspect (real sector) and SME performance. This study, which was conducted on batik SMEs in Central Java Province-Indonesia, consisted of 265 samples. The data was obtained from surveys through distributing questionnaires and conducting interviews with batik SME entrepreneurs. The data analysis used a structural equation model (SEM). These study results documented that business prospects have direct and indirect effects on SME performance. The indirect influences are produced through entrepreneurial-oriented financial mediation. This finding reveals that the neoclassical theory will be more effective to improve company performance through entrepreneurial-oriented finance. The importance of the role of this mediating variable is shown from the total effect of the coefficient that is higher than the indirect effect or the direct effect of the coefficient.