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ABSTRAKCredit ratings merupakan salah satu faktor yang dapat mempengaruhi keputusan
struktur modal perusahaan. Beberapa perusahaan dewasa ini menentukan
proporsi tertentu dari struktur modal untuk mencapai suatu tingkat rating.
Penelitian ini ingin membuktikan apakah perusahaan-perusahaan non-keuangan di
Indonesia memiliki tingkah laku struktur modal tertentu setelah terjadinya
perubahan credit ratings. Dengan menggunakan data credit rating yang
diterbitkan oleh Pefindo serta sampel seluruh perusahaan non-keuangan yang
diperingkat oleh Pefindo, penelitian menyimpulkan bahwa perubahan credit rating
belum menjadi faktor yang dipertimbangkan perusahaan dalam keputusan struktur
modal. Penelitian membuktikan bahwa perusahaan-perusahaan non-keuangan di
Indonesia belum menargetkan tingkat minimum credit rating dalam membuat
keputusan struktur modal.
ABSTRACT;Credit ratings is one of the key factors that could affect a firm?s capital structuredecision. Some of the firms nowadays decide on a certain capital structureproportion to achieve their rating target. This research tries to see whether nonfinancialfirms? capital structure decision in Indonesia behave accordingly tochanges in credit ratings. Using credit ratings published by Pefindo and a sampleof all non-financial firms rated by Pefindo, this research concludes that changes incredit ratings are still not considered as one of the factors for capital structuredecision. This research shows that non-financial firms in Indonesia does not use aminimum credit ratings target for capital structure decision making.;Credit ratings is one of the key factors that could affect a firm?s capital structuredecision. Some of the firms nowadays decide on a certain capital structureproportion to achieve their rating target. This research tries to see whether nonfinancialfirms? capital structure decision in Indonesia behave accordingly tochanges in credit ratings. Using credit ratings published by Pefindo and a sampleof all non-financial firms rated by Pefindo, this research concludes that changes incredit ratings are still not considered as one of the factors for capital structuredecision. This research shows that non-financial firms in Indonesia does not use aminimum credit ratings target for capital structure decision making., Credit ratings is one of the key factors that could affect a firm?s capital structuredecision. Some of the firms nowadays decide on a certain capital structureproportion to achieve their rating target. This research tries to see whether nonfinancialfirms? capital structure decision in Indonesia behave accordingly tochanges in credit ratings. Using credit ratings published by Pefindo and a sampleof all non-financial firms rated by Pefindo, this research concludes that changes incredit ratings are still not considered as one of the factors for capital structuredecision. This research shows that non-financial firms in Indonesia does not use aminimum credit ratings target for capital structure decision making.]