Analisis Faktor-Faktor yang Mempengaruhi Keputusan New Debt Financing Pada Perusahaan yang Terdaftar di Bursa Malaysia Dengan Pendekatan Pecking Order Hypothesis dan Static Order Trade Off Theory

Warnati, Warnati (2012) Analisis Faktor-Faktor yang Mempengaruhi Keputusan New Debt Financing Pada Perusahaan yang Terdaftar di Bursa Malaysia Dengan Pendekatan Pecking Order Hypothesis dan Static Order Trade Off Theory. Undergraduate thesis, Universitas Internasional Batam.

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Abstract

This study aims to analyze factors that affect the decision of new debt financing and to revisit the test of Pecking Order Hypothesis and Static Order Trade Off Theory using Malayan listed firms over period from 2006 to 2010. The statistical methods that used in this research is logistic regression method. Independent variables represented the Pecking Order Hypothesis are internal fund deficiency, payment of cash dividend, repayment of long term debt, changes in working capital, capital expenditure and cash flow from operation. Independent variables that represented Static Order Trade Off Theory is non debt tax shield, structure, growth and size while the dependent variable is new debt financing decision. This research used 243 sample of companies listed with purposive sampling. The results indicated repayment of long term debt, capital expenditure and cash flow from operation have significant effect with new debt financing decisions, while the internal fund deficiency, payment of cash dividend, changes in working capital, non-debt tax shield, structure, growth and size not have a significant effect with new debt financing decision. The effects of the ten independent variables to the dependent variable is 24,2 %. Only the variables represented in Pecking Order Hypothesis that have significant effect with new debt financing decisions. Therefore, Static Order Trade Off Theory can be rejected in Malaysian context. Keywords: Capital Structure, Pecking Order Hypothesis, Static Order Trade Off Theory, Internal Fund Deficiency, Payment of Cash Dividend, Repayment of Long Term Debt, Changes in Working Capital, Capital Expenditure, Cash Flow from Operation, Non-Debt Tax Shield, Structure, Growth, Size and New Debt Financing Decisions

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