Marker timing muncul sebagai aspek penting dalam kebijakan pembiayaan perusahaan. Berbagai bukti telah menunjukkan bahwa perusahaan cenderung menerbitkan saham daripada hutang ketika marker value tinggi. Ada beberapa tujuan dalam melakukan penelitian ini. Pertama, untuk melihat pengaruh market timing terhadap struktur modal dan memfokuskan pada rasio marker to book ratio untuk menangkap adanya usaha marker timing. Kedua, untuk melihat apakah pengaruh market to book ratio terhadap perubahan dalam leverage terutama berasal dari penerbitan saham seperti yang dinyatakan oleh teori marker timing. Ketiga, untuk melihat apakah ada perbedaan pemilihan sumber pembiayaan antara periode krisis dan periode sebelum krisis.Hasil peneiitian menunjukkan bahwa market to book ratio mempunyai pengaruh negatif dan signifikan terhadap perubahan dalam leverage. Penelitian ini juga menemukan bahwa market to book ratio berhubungan negatif dan signifikan terhadap penerbitan saham, yang artinya perusahaan cenderung mengurangi penerbitan saham ketika nilai market to book ratio meningkat. Hasil ini kontradiktif dengan teori market timing. Hasil yang diperoleh menunjukkan bahwa market to book ratio berhubungan positif dengan penerbitan hutang maupun dengan laba ditahan. Hubungan antara market to book ratio dengan perubahan dalam leverage terutama disebabkan oleh laba ditahan.Pada periode krisis moneter perusahaan cenderung tidak menahan laba dan lebih memilih melakukan pembiayaan dengan menerbitkan saham daripada menerbitkan hutang.

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Market timing appears to be an important aspect in a firm?s financial policy. Evidences had shown that firms tend to issue more equity than debt when market value is high. The intentions of conducting this study are, first, to see whether market timing has an effect on capital structure and to focus on market to book ratio to capture any effort on market timing. Second, to see whether the impacts of market to book ratio on the changes in leverage comes mainly lrom equity issuance as market timing theory recommends. Third, to see whether there are any changes in choosing financial resources during and before the crisis.The results shows that market to book ratio has significant and negative effect on changes in leverage. This study also finds that market to book ratio has significant and negative effect on equity issue, which means means tend to reduce equity issue when market to book ratio is high (grows). This result contradicts the market timing theory. The results also show that market to book ratio has positive effects on debt issuance and retained earnings The effect of market to book ratio on the change in leverage mainly comes through retained earnings.In the period of financial crisis firms tend to not retain earnings and are more likely to choose financing by issuing equity rather than debt.