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Analisis hubungan antara pendanaan internal dengan pendanaan eksternal pada perusahaan yang memiliki financial constrained dan financial unconstrained di Indonesia; studi empiris pada perusahaan non keuangan dan non utilitas yang listed di Bursa Efek Indonesia 2007-2011 = Analysis of the relation between internal and external financing on constrained and unconstrained firms in Indonesia empirical; study on non financial and non utilities firms listed on the Indonesia Stock Exchange during 2007-2011

Febyyanita; Galih Pandekar, supervisor; Imo Gandakusuma, examiner; Niken Iwani Surya Putri, examiner ([Publisher not identified] , 2013)
 Abstrak
[ABSTRAK
Penelitian terdahulu menemukan bahwa hubungan negatif antara pendanaan
internal dan pendanaan eksternal hanya terkonsentrasi pada perusahaan yang tidak
memiliki hambatan keuangan (unconstrained firms). Hasil penelitian ini
menunjukan hasil yang berbeda. Penelitian dilakukan dengan metode ordinary
least square (OLS) menggunakan data panel, dan didapatkan hasil bahwa
hubungan negatif berlaku tidak hanya pada perusahaan yang memiliki financial
unconstrained namun juga pada perusahaan yang memiliki financial constrained.
Hubungan negatif tersebut mendukung berlakunya praktik pecking order theory
pada perusahaan non keuangan dan non utilitas di Indonesia. Hubungan negatif
tersebut juga mengindikasikan adanya asymmetric information dan biaya
pendanaan eksternal yang tinggi di Indonesia yang mengakibatkan terjadinya
substitusi antara pendanaan internal dan pendanaan eksternal. Ukuran (total aset)
dan umur (tahun IPO) perusahaan digunakan sebagai constraint criteria untuk
mengidentifikasi hambatan keuangan yang dihadapi perusahaan. Hasil yang
didapat menunjukan bahwa ukuran perusahaan menjadi dasar yang lebih jelas dan
lebih konsisten dibandingkan dengan umur perusahaan dalam mengidentifikasi
hambatan keuangan.

ABSTRACT
Recent studies find that the negative relation between internal and external
financing is concentrated among unconstrained firms. This study shows a
different result. This study use ordinary least square (OLS) method with panel
data and find that a negative relation between internal and external financing is
concentrated not only among unconstrained firms but also among constrained
firms. This negative relation is interpreted as evidence supporting pecking order
theory (POT) on non financial and non utilities firms in Indonesia. This negative
relation also indicates asymmetric information and high external financing cost in
Indonesia. Firm?s size (total asset) and age (year of IPO) are used as constraint
criteria to identify financial constraint faced by firms. The result shows that firm?s
size is stronger and more consistent as constraint criteria compared to firm?s age., Recent studies find that the negative relation between internal and external
financing is concentrated among unconstrained firms. This study shows a
different result. This study use ordinary least square (OLS) method with panel
data and find that a negative relation between internal and external financing is
concentrated not only among unconstrained firms but also among constrained
firms. This negative relation is interpreted as evidence supporting pecking order
theory (POT) on non financial and non utilities firms in Indonesia. This negative
relation also indicates asymmetric information and high external financing cost in
Indonesia. Firm’s size (total asset) and age (year of IPO) are used as constraint
criteria to identify financial constraint faced by firms. The result shows that firm’s
size is stronger and more consistent as constraint criteria compared to firm’s age.]
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 Metadata
No. Panggil : S47084
Nama orang :
Nama orang tambahan :
Nama badan tambahan :
Subjek :
Penerbitan : [Place of publication not identified]: [Publisher not identified], 2013
Program Studi :
Kode Bahasa : ind
Sumber Pengatalogan : LibUI ind rda
Tipe Konten : text
Tipe Media : unmediated ; computer
Tipe Carrier : volume ; online resource
Deskripsi Fisik : xvii, 127 pages : illustration ; 30 cm. + Appendix
Catatan Bibliografi : pages. 90-92
Lembaga Pemilik : Universitas Indonesia
Lokasi : Perpustakaan UI, Lantai 3
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No. Panggil No. Barkod Ketersediaan
S47084 14-19-130022388 TERSEDIA
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