Abdeljawad, I., Mat-Nor, F., Ibrahim, I., & Abdul-Rahim, R. (2013). Dynamic capital structure trade-off theory: Evidence from Malaysia. International Review of Business Research Papers, 9(6), 102–110.
Abor, J. (2007). Debt policy and performance of SMEs: Evidence from Ghanaian and South African firms. Journal of Risk Finance, 8(4), 364–379.
Amirya, M., & Atmini, S. (2008). Determinan tingkat hutang serta hubungan tingkat hutang terhadap nilai perusahaan: Perspektif pecking order theory. Jurnal Akuntansi Dan Keuangan Indonesia, 5(2), 227–244.
Baker, M., & Wurgler, J. (2002). Market timing and capital structure. Journal of Finance, 57(1), 1–32.
Barokah, D. Y., & Yulianto, A. (2016). Pengaruh profitabilitas, pertumbuhan perusahaan, dan koneksi politik pada keputusan pendanaan perusahaan. Management Analysis Journal, 1–15.
Baskin, J. (1989). Tests of capital structure order hypothesis pecking. Financial Management, 18(1), 26–35.
Byoun, S. (2008). How and when do firms adjust their capital structures toward targets? Journal of Finance, 63(6), 3069–3096.
Cahyaningdyah, D. (2019). Targeting behavior among indonesian firms: two-step partial adjustment model analysis. Jurnal Dinamika Manajemen, 10(1), 92–101.
Cempakasari, E. P., Firdaus, M., & Hardiyanto, A. T. (2019). Dynamics of firm’s capital structure along the life cycle of indonesian manufacturing firms. Indonesian Journal of Business and Entrepreneurship, 5(1), 21–31.
Dang, V. A., Kim, M., & Shin, Y. (2012). Asymmetric capital structure adjustments: New evidence from dynamic panel threshold models. Journal of Empirical Finance, 19(4), 465–482.
Darminto., A. H. M. (2008). Pengujian teori trade-of dan pecking order dengan satu model dinamis pada perusahaan publik di indonesia. International Research Journal of Business Studies, 1(1).
Drobetz, W., & Wanzenried, G. (2006). What determines the speed of adjustment to the target capital structure? Applied Financial Economics, 16(13), 941–958.
Elsas, Ralf, Florysiak, D. (2011). Heterogeneity in the Speed of Adjustment toward Target. 181–211.
Elsas, R., & Florysiak, D. (2008). Empirical capital structure research : New ideas , recent evidence , and methodological issues. Structure, 6(July), 39–71.
Ferdiansya, M., & Isnurhadi, I. (2013). Faktor-faktor yang mempengaruhi struktur modal pada perusahaan pertambangan yang terdaftar di bursa efek indonesia. Jurnal Manajemen dan Bisnis Sriwijaya, 11(2), 133–148.
Fischer, E. O., Heinkel, R., & Zechner, J. (1989). Dynamic capital structure choice: Theory and tests. The Journal of Finance, 44(1), 19–40.
Flannery, M. J., & Rangan, K. P. (2006). Partial adjustment toward target capital structures. Journal of Financial Economics, 79(3), 469–506.
Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: Which factors are reliably important? Financial Management, 38(1), 1–37.
Haas, R.T.A, D., & Peeters, H. M. . (2004). Firms’Dynamic Adjustment to Target Capital Structures in Transition Economies.
Haron, R., Ibrahim, K., Nor, F. M., & Ibrahim, I. (2013). Dynamic adjustment towards target capital structure: Thailand evidence. Jurnal Pengurusan, 39(2013), 73–82.
Haron, R., Ibrahim, K., Nor, F. M., & Ibrahim, I. (2013). Factors affecting speed of adjustment to target leverage: Malaysia evidence. Global Business Review, 14(2), 243–262.
Heshmati, A. (2001). The dynamics of capital structure: Evidence from Swedish micro and small firms. In Research in Banking and Finance (Vol. 2).
Indriani, A., & Widyarti Endang Tri. (2013). Penentu-penentu struktur modal perusahaan yang sahamnya masuk jakarta islamic index. Jurnal Dinamika Manajemen, 4(1), 59–68.
Maftukhah, I. (2013). Kepemilikan manajerial, kepemilikan institusional, dan kinerja keuangan sebagai penentu struktur modal perusahaan. Jurnal Dinamika Manajemen, 4(1), 1–1.
Mahakud, J., & Mukherjee, S. (2011). Determinants of adjustment speed to target capital structure: evidence from Indian manufacturing firms. International Conference on Economics and …, 4, 67–71.
Martono, S., Yulianto, A., Witiastuti, R. S., & Wijaya, A. P. (2020). The role of institutional ownership and industry characteristics on the propensity to pay dividend: An insight from company open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 6(3).
Mukherjee, S., & Mahakud, J. (2012). Historical market-to-book ratio and corporate capital structure: Evidence from India. Global Business Review, 13(2), 339–350.
Mukherjee, T., & Wang, W. (2013). Capital structure deviation and speed of adjustment. Financial Review, 48(4), 597–615.
Myers, stewart C, Majluf, N. S. (1984). Thiol-activated sodium borohydride reduction of carboxylate ester. Tetrahedron Letters, 16(38), 3295–3296.
Myers, S. C. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3), 574–592.
Naveed, M., Suresh, R., Ahmad, M., & Mirzaei, M. (2015). Journal of Chinese Economic and Foreign Trade Studies Article information :
Nosita, F. (2012). Struktur modal optimal dan kecepatan penyesuaian: Studi empiris di bursa efek indonesia. 80, 305–324.
Ozkan, A. (2001). Determinants of capital structure and adjustment to long run target: Evidence from UK company panel data. Journal of Business Finance and Accounting, 28(1–2), 175–198.
Patricia, M. (20116). Kecepatan Penyesuaian Leverage (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia).
Pudak Sari, N. (2014). Faktor – faktor yang memengaruhi struktur modal pada perusahaan non keuangan yang terdaftar di bursa efek indonesia tahun 2008-2012. E-Jurnal Akuntansi, 7(1), 33–47.
RAJAN, R. G., & ZINGALES, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421–1460.
Ramjee, A., & Gwatidzo, T. (2012). Dynamics in capital structure determinants in South Africa. Meditari Accountancy Research, 20(1), 52–67.
Ridloah, S. (2010). Faktor Penentu Struktur Modal: Studi Empirik Pada Perusahaan Multifinansial. JDM (Jurnal Dinamika Manajemen), 1(2), 144–153.
Riyantina, & Ardiansari, A. (2017). The determinants of capital structure on consumer goods company period 2011-2014. Management Analysis Journal, 6(1), 23–35.
Saadah, S., & Prijadi, R. (2012). Capital structure’s dynamic response to exogenous variables: A case of listed manufacturing firms in Indonesia. International Journal of Financial Research, 3(2).
Sayeed, M. A. (2011). International review of business research papers the determinants of capital structure for selected Bangladeshi listed companies sayeed. 7(2), 21–36.
Sibuea, E. Y., & Yulianto, A. (2018). Speed of adjustment capital structure: Study on non-financial. Management Analysis Journal, 7(4).
Smith, D. J., Chen, J., & Anderson, H. D. (2010). Partial adjustment towards target capital structure: Evidence from New Zealand. SSRN Electronic Journal, 1–45.
Stiglitz, J. E. (1989). Financial markets and development. Oxford Review of Economic Policy, 5(4), 55–68.
Wahidah, S. A., & Ardiansari, A. (2019). The effect of board of commissioners and independent commissioners on agency cost through capital structure. Management Analysis Journal, 8(1), 13–24.
Warmana, G. O., & Widnyana, I. W. (2013). Determinan dan kecepatan penyesuaian struktur modal perusahaan pada sektor pertanian di bursa efek indonesia. Jurnal Pertanian Berbasis Keseimbangan Ekosistem, 6(12), 10–17.
Yuliana, V. (2013). Analisis pengaruh variabel keuangan dan non keuangan terhadap initial return dan return setelah IPO. Management Analysis Journal, 2(2), 1–14.
Yulianto, A., Suseno, D., & Widiyanto, W. (2016). Testing pecking order theory and trade off theory models in public companies in Indonesia. International Journal of Economic Perspectives, 10(4), 21–28.
Yulianto, A., Witiastuti, R. S., & Ardiansari, A. (2018). Trade-off or pecking order theory in Indonesia. Eouropean Journal of Business and Management, 10(30).
Abor, J. (2007). Debt policy and performance of SMEs: Evidence from Ghanaian and South African firms. Journal of Risk Finance, 8(4), 364–379.
Amirya, M., & Atmini, S. (2008). Determinan tingkat hutang serta hubungan tingkat hutang terhadap nilai perusahaan: Perspektif pecking order theory. Jurnal Akuntansi Dan Keuangan Indonesia, 5(2), 227–244.
Baker, M., & Wurgler, J. (2002). Market timing and capital structure. Journal of Finance, 57(1), 1–32.
Barokah, D. Y., & Yulianto, A. (2016). Pengaruh profitabilitas, pertumbuhan perusahaan, dan koneksi politik pada keputusan pendanaan perusahaan. Management Analysis Journal, 1–15.
Baskin, J. (1989). Tests of capital structure order hypothesis pecking. Financial Management, 18(1), 26–35.
Byoun, S. (2008). How and when do firms adjust their capital structures toward targets? Journal of Finance, 63(6), 3069–3096.
Cahyaningdyah, D. (2019). Targeting behavior among indonesian firms: two-step partial adjustment model analysis. Jurnal Dinamika Manajemen, 10(1), 92–101.
Cempakasari, E. P., Firdaus, M., & Hardiyanto, A. T. (2019). Dynamics of firm’s capital structure along the life cycle of indonesian manufacturing firms. Indonesian Journal of Business and Entrepreneurship, 5(1), 21–31.
Dang, V. A., Kim, M., & Shin, Y. (2012). Asymmetric capital structure adjustments: New evidence from dynamic panel threshold models. Journal of Empirical Finance, 19(4), 465–482.
Darminto., A. H. M. (2008). Pengujian teori trade-of dan pecking order dengan satu model dinamis pada perusahaan publik di indonesia. International Research Journal of Business Studies, 1(1).
Drobetz, W., & Wanzenried, G. (2006). What determines the speed of adjustment to the target capital structure? Applied Financial Economics, 16(13), 941–958.
Elsas, Ralf, Florysiak, D. (2011). Heterogeneity in the Speed of Adjustment toward Target. 181–211.
Elsas, R., & Florysiak, D. (2008). Empirical capital structure research : New ideas , recent evidence , and methodological issues. Structure, 6(July), 39–71.
Ferdiansya, M., & Isnurhadi, I. (2013). Faktor-faktor yang mempengaruhi struktur modal pada perusahaan pertambangan yang terdaftar di bursa efek indonesia. Jurnal Manajemen dan Bisnis Sriwijaya, 11(2), 133–148.
Fischer, E. O., Heinkel, R., & Zechner, J. (1989). Dynamic capital structure choice: Theory and tests. The Journal of Finance, 44(1), 19–40.
Flannery, M. J., & Rangan, K. P. (2006). Partial adjustment toward target capital structures. Journal of Financial Economics, 79(3), 469–506.
Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: Which factors are reliably important? Financial Management, 38(1), 1–37.
Haas, R.T.A, D., & Peeters, H. M. . (2004). Firms’Dynamic Adjustment to Target Capital Structures in Transition Economies.
Haron, R., Ibrahim, K., Nor, F. M., & Ibrahim, I. (2013). Dynamic adjustment towards target capital structure: Thailand evidence. Jurnal Pengurusan, 39(2013), 73–82.
Haron, R., Ibrahim, K., Nor, F. M., & Ibrahim, I. (2013). Factors affecting speed of adjustment to target leverage: Malaysia evidence. Global Business Review, 14(2), 243–262.
Heshmati, A. (2001). The dynamics of capital structure: Evidence from Swedish micro and small firms. In Research in Banking and Finance (Vol. 2).
Indriani, A., & Widyarti Endang Tri. (2013). Penentu-penentu struktur modal perusahaan yang sahamnya masuk jakarta islamic index. Jurnal Dinamika Manajemen, 4(1), 59–68.
Maftukhah, I. (2013). Kepemilikan manajerial, kepemilikan institusional, dan kinerja keuangan sebagai penentu struktur modal perusahaan. Jurnal Dinamika Manajemen, 4(1), 1–1.
Mahakud, J., & Mukherjee, S. (2011). Determinants of adjustment speed to target capital structure: evidence from Indian manufacturing firms. International Conference on Economics and …, 4, 67–71.
Martono, S., Yulianto, A., Witiastuti, R. S., & Wijaya, A. P. (2020). The role of institutional ownership and industry characteristics on the propensity to pay dividend: An insight from company open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 6(3).
Mukherjee, S., & Mahakud, J. (2012). Historical market-to-book ratio and corporate capital structure: Evidence from India. Global Business Review, 13(2), 339–350.
Mukherjee, T., & Wang, W. (2013). Capital structure deviation and speed of adjustment. Financial Review, 48(4), 597–615.
Myers, stewart C, Majluf, N. S. (1984). Thiol-activated sodium borohydride reduction of carboxylate ester. Tetrahedron Letters, 16(38), 3295–3296.
Myers, S. C. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3), 574–592.
Naveed, M., Suresh, R., Ahmad, M., & Mirzaei, M. (2015). Journal of Chinese Economic and Foreign Trade Studies Article information :
Nosita, F. (2012). Struktur modal optimal dan kecepatan penyesuaian: Studi empiris di bursa efek indonesia. 80, 305–324.
Ozkan, A. (2001). Determinants of capital structure and adjustment to long run target: Evidence from UK company panel data. Journal of Business Finance and Accounting, 28(1–2), 175–198.
Patricia, M. (20116). Kecepatan Penyesuaian Leverage (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia).
Pudak Sari, N. (2014). Faktor – faktor yang memengaruhi struktur modal pada perusahaan non keuangan yang terdaftar di bursa efek indonesia tahun 2008-2012. E-Jurnal Akuntansi, 7(1), 33–47.
RAJAN, R. G., & ZINGALES, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421–1460.
Ramjee, A., & Gwatidzo, T. (2012). Dynamics in capital structure determinants in South Africa. Meditari Accountancy Research, 20(1), 52–67.
Ridloah, S. (2010). Faktor Penentu Struktur Modal: Studi Empirik Pada Perusahaan Multifinansial. JDM (Jurnal Dinamika Manajemen), 1(2), 144–153.
Riyantina, & Ardiansari, A. (2017). The determinants of capital structure on consumer goods company period 2011-2014. Management Analysis Journal, 6(1), 23–35.
Saadah, S., & Prijadi, R. (2012). Capital structure’s dynamic response to exogenous variables: A case of listed manufacturing firms in Indonesia. International Journal of Financial Research, 3(2).
Sayeed, M. A. (2011). International review of business research papers the determinants of capital structure for selected Bangladeshi listed companies sayeed. 7(2), 21–36.
Sibuea, E. Y., & Yulianto, A. (2018). Speed of adjustment capital structure: Study on non-financial. Management Analysis Journal, 7(4).
Smith, D. J., Chen, J., & Anderson, H. D. (2010). Partial adjustment towards target capital structure: Evidence from New Zealand. SSRN Electronic Journal, 1–45.
Stiglitz, J. E. (1989). Financial markets and development. Oxford Review of Economic Policy, 5(4), 55–68.
Wahidah, S. A., & Ardiansari, A. (2019). The effect of board of commissioners and independent commissioners on agency cost through capital structure. Management Analysis Journal, 8(1), 13–24.
Warmana, G. O., & Widnyana, I. W. (2013). Determinan dan kecepatan penyesuaian struktur modal perusahaan pada sektor pertanian di bursa efek indonesia. Jurnal Pertanian Berbasis Keseimbangan Ekosistem, 6(12), 10–17.
Yuliana, V. (2013). Analisis pengaruh variabel keuangan dan non keuangan terhadap initial return dan return setelah IPO. Management Analysis Journal, 2(2), 1–14.
Yulianto, A., Suseno, D., & Widiyanto, W. (2016). Testing pecking order theory and trade off theory models in public companies in Indonesia. International Journal of Economic Perspectives, 10(4), 21–28.
Yulianto, A., Witiastuti, R. S., & Ardiansari, A. (2018). Trade-off or pecking order theory in Indonesia. Eouropean Journal of Business and Management, 10(30).
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Affiliations
Bibit Robiatun
Universitas Negeri Semarang
Rini Setyo Witiastuti
Affiliation not stated
How to Cite
1.
Robiatun B, Witiastuti R. The Heterogeneity of Speed of Adjustment Capital Structure Across Industrial Sectors. MAJ [Internet]. 22Apr.2021 [cited 19Nov.2024];10(1):103-14. Available from: http://journal.unnes.ac.id/sju/maj/article/view/45317
The Heterogeneity of Speed of Adjustment Capital Structure Across Industrial Sectors
Vol 10 No 1 (2021): Management Analysis Journal
Submitted: Feb 25, 2021
Published: Apr 22, 2021
Abstract
This study aims to analyze heterogeneity of speed of adjustment on basic industry, consumer goods, and misceleeneous companies. The population in this study uses basic industry, consumer goods, and miscellenoeus companies listed on the Indonesia Stock Exchange in 2009-2018 period. The method of determining the sample using a pusposive sampling technique based on criteries determined by researchers. We employ two-step partial adjustment model and use measure of book leverage and firm characteristic; profitability, size, tangibility, and growth which has an influence leverage target to estimate speed of adjustment. For three industries, there is evidence of heterogeneity of speef adjustment. The result showed that speed of adjustment 24% of basic industry, 37.1% of consumer goods, and 27.3% of miscellaneous industry.