YASA, Febrina Putri (2018) The Effect of Company’s Characteristic on Capital Structure Based on Pecking Order Theory (Empirical Study on Trade, Services and Investment Companies Listed on Indonesia Stock Exchange). Skripsi thesis, Universitas Jenderal Soedirman.

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Abstract

This research is entitled “The Effect of Company’s Characteristic on Capital Structure based on Pecking Order Theory (Empirical Study on Trade, Services, and Investment Companies Listed on Indonesia Stock Exchange)”. The aim of this research was to analyze the significant effect of profitability, firm size, assets growth, assets structure, institutional ownership, liquidity, non-debt tax, shield as well as operating leverage on capital structure based on pecking order theory. Type of this research is a case study with population of 131 companies of trade, services, and investment sector listed on Indonesia Stock Exchange in 2012-2016. Based on purposive sampling technique, it can be determined the sample size within study of 23 companies. Refers to the result test of outliers data, it is known that 15 companies were dropped as sample that have the significant outliers data, so there are 8 sample companies within study. Furthermore, technique data analysis within study uses multiple regression analysis. Based on the result of data analysis, it can be concluded that firm size has positive and significant effect on capital structure and operating leverage has positive and significant effect on capital structure. However, assets structure has positive and insignificant effect on capital structure. Profitability has negative and significant effect on capital structure, liquidity has negative and significant effect on capital structure, as well as non-debt tax shield has negative and significant effect on capital structure. However, assets growth has negative and insignificant effect on capital structure and institutional ownership has negative and insignificant effect on capital structure. Referring to these conclusions, it can be implied that to achieve the optimal capital structure, management of trade, services and investment companies listed on Indonesia Stock Exchange must pay attention to the factors that determine the optimal combination between debt and equity, such as profitability, firm size, liquidity, non-debt tax shield, and operating leverage policies. The ways to achieve the optimal capital structure can be done by improving the efficiency of their business operations, giving more attention to capital that are sourced from shareholders and third-party funds efficiently, and improving the company’s ability to invest total asset appropriately to create the high level of sales in order to increase the firm’s profitability and liquidity continuously.

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