EFEK PEMODERASIAN INDIKATOR MONETER TERHADAP VALIDITAS DARI TRADE-OFF THEORY DI BURSA EFEK INDONESIA (BEI)
Abstract
Keputusan manajemen berkaitan dengan pilihan alternatif pendanaan yang akan digunakan untuk pengembangan investasi, pelunasan hutang yang segera jatuh tempo ataupun untuk pembayaran dividen, merupakan keputusan keuangan yang sangat stategis karena berdampak terhadap kinerja keuangan perusahaan baik dalam jangka pendek maupun jangka panjang. Pengunaan hutang sebagai alternatif sumber pendanaan atau penerbitan saham baru, keduanya mempunyai konsekwensi yang berbeda bagi perusahaan. Pengunaan hutang akan berdampak langsung terhadap kinerja, likuiditas dan bisa berdampak terhadap kesulitan keuangan yang akhirnya berakibat pada likuidasi usaha. Disisi lain penerbitan saham berdampak terjadinya dilusi terhadap pemegang saham lama dan potensi turunnya harga pasar saham. Trade-off Theory merupakan teori struktur modal yang lazim digunakan manajemen dalam pengambilan keputusan pendanaan perusahaan. Model struktur modal berdasarkan teori tersebut mengunakan variabel internal perusahaan sebagai variabel bebas yang mempengaruhi struktur modal perusahaan dan tidak memasukan variabel ekternal khususnya indikator moneter kedalam model struktur modal perusahaan. Beberapa hasil penelitian berkaitan pengaruh indiktor moneter terhadap struktur modal perusahaan telah dilakukan dibanyak negara dan secara empiris terbukti mempunyai pengaruh terhadap struktur modal perusahaan. Berdasarkan hal tersebut, menarik untuk diteliti fenomena efek Pemoderasian Indikator Moneter Terhadap Validitas dari Trade-off Theory di Bursa Efek Indonesia. Tujuan dari penelitian ini adalah untuk mengetahui efek pemoderasian indikator moneter terhadap validitas dari trade-off theory di Bursa Efek Indonesia. Penelitian ini dirancang sebagai penelitiaan deskriptif dan verifikatif dengan mengunakan data sekunder.Penelitian terhadap emiten industry non-keuangan di Bursa efek Indonesia dengan periode pengamatan 2009 sampai 2013.Pemilihan calon anggota sampel mengunakan probability sampling dan metode pemilihan sampel menggunakan metode acak bertigkat proporsioanl. Pengujian model regresi dengan mengunakan model regersi panel yang mengunakan tiga pendekatan yaitu Pooled least square, Fixed effect dan Random Effect. Berdasarkan analisis terhadap model regersi, diperoleh hasil kesimpulan bahwa dari perbandingan arah koefisien yang diestimasikan menurut teori dengan hasil penelitian, menunjukan model struktur modal Trade-offtheory, tidak valid dalam menjelaskan pengaruh variable independen terhadap struktur modal perusahaan, dari empat variabel yang diestimasi hanya satu variabel yang hasilnya sesuai dengan estimasi.Hasil penelitian berkaitan variabel moderating tingkat bunga dan nilai tukar, hasil penelitian menunjukan bahwa variable tingkat bunga terbukti sebagai variable moderating murni yang memperkuat hubungan variabel pertumbuhan, profitabilitas resiko bisnis dan tax shield dengan struktur modal.
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DOI: https://doi.org/10.52447/jam.v1i1.738
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