IDENTIFIKASI VARIABEL PENENTU STRUKTUR MODAL DAN ADJUSTMENT TO TARGET CAPITAL STRUCTURE: TRADE-OFF THEORY
C. Ambar Pujiharjanto
R. Hendri Gusaptono
Prodi Manajemen Fakultas Ekonomi
Universitas Pembangunan Nasional ‘Veteran’ Yogyakarta
Jl. SWK Lingkar Utara No.104, Condongcatur, Yogyakarta, 55283, Indonesia.
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C. Ambar Pujiharjanto: Telp./Fax.+62 274 486 372
The purpose of this paper was to test the trade-off theory of capital structure. We started with identifying variables that influenced capital structure. Partial Adjustment Model used in this study was to test adjustment to target capital structure. Based on a sample of non-financial Indonesian listed firms from 2008 to 2012, we found liquidity, profitability, tangible asset, growth, and cash flow influenced the use of debt on the firm. The results of the test Speed of Adjustment (SOA) with Partial Adjustment Model showed the inconsistency of the Dynamic Trade-Off Theory.
Keywords: adjustment to target capital structure, trade-off theory of capital structure