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"Penelitian ini bertujuan untuk mengetahui dampak dari risiko makroekonomi dan risiko idiosinkratik atau biasa disebut spesifik perusahaan, terhadap leverage perusahaan publik manufaktur dan jasa (non-keuangan) di Indonesia. Leverage yang dimaksud dipenelitian ini adalah utang jangka pendek terhadap total aset (disebut sebagai leverage nilai buku atau book value). Data yang digunakan adalah data sekunder dari laporan keuangan perusahaan publik manufaktur dan jasa (non-keuangan) yang diperoleh dari situs capitaliq.com. Situs ini merupakan situs intelligence platform yang menyediakan data perusahaan yang terdaftar di Bursa Efek Indonesia (BEI). Jumlah sampel adalah sebanyak 99 perusahaan yang terpilih dari 575 perusahaan. Penelitian ini akan menggunakan pendekatan variabel instrumental (IV) dan menggunakan estimator System-GMM(SYS-GMM). Hasil estimasi menunjukan bahwa Risiko Spesifik Perusahaan (Idiosinkratik) memberikan dampak yang berbeda terhadap Leverage dibandingkan dengan Risiko Makroekonomi, dimana Risiko Spesifik perusahaan berpengaruh positif dan signifikan terhadap Leverage.

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This study aims to determine the impact of macroeconomic risk and idiosyncratic risk or so-called company-specific, on the leverage of public manufacturing and service companies (non-financial) in Indonesia. The leverage referred to in this study is short-term debt to total assets (referred to as book value leverage). The data used is secondary data from the financial statements of public companies manufacturing and services (non-financial) obtained from the site capitaliq.com. This site is an intelligence platform site that provides data on companies listed on the Indonesia Stock Exchange (IDX). The number of samples is as many as 99 companies selected from 575 companies. This study will use an instrumental variable (IV) approach and use the System-GMM (SYS-GMM) estimator. The estimation results show that Company Specific Risk (Idiosyncratic) has a different impact on Leverage compared to Macroeconomic Risk, where Company Specific Risk has a positive and significant impact on Leverage."

"Fokus penelitian ini adalah untuk meneliti hubungan dari corporate financing terhadap keputusan investasi ketika perusahaan menghadapi masalah underinvestment. Penelitian ini merupakan jenis penelitian kausal dan bersifat replikasi terhadap penelitian sebelumnya. Penelitian ini menggunakan pendekatan two-stage dan data panel perusahaan Indonesia tahun 2005-2012, untuk menganalisis hubungan growth opportunities terhadap leverage dan debt maturity juga pengaruh pendanaan ini terhadap firm investment. Dipilih 34 perusahaan sebagai sampel dan peneliti menemukan bahwa perusahaan dengan high-growth mengatasi masalah underinvestment dengan mengurangi leverage bukan dengan memperpendek debt maturity. Terdapat hubungan positif antara leverage dan debt maturity sesuai dengan prediksi hipotesis risiko likuiditas. Growth memiliki hubungan negatif terhadap firm investment, dimana perusahaan dengan risiko debt-overhang yang tinggi, cenderung akan mengurangi investasi dan akan meningkatkan masalah underinvestment. Perusahaan dengan kondisi ini akan memilih untuk mengurangi leverage.

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The focus of this study is to examine the relation of corporate financing to investment decision empirically in the presence of underinvestment incentives. This study is a causal research and a replication from prior researches. This research using two-stage approach and a panel of Indonesian firms between 2005-2012 to investigate the relation of growth opportunities on leverage and debt maturity as well as the relation of these financing on firm investment. 34 firms were selected as a sample and author find that high-growth firms control underinvestment incentives by reducing leverage but not by shortening debt maturity. There is a positive relation between leverage and debt maturity as predicted by the liquidity risk hypothesis. Growth has a negative relation on firm investment levels, which is firms with high debt-overhang risk, tend to make less investment and raises underinvestment problem. Firm with this situation chose to lower their leverage."

"Tujuan dari penelitian ini adalah untuk menguji hubungan antara struktur kepemilikan keluarga dan leverage dan juga kekuatan kehadiran komisaris independen dan direktur independen dalam mempengaruhi hubungan struktur kepemilikan keluarga terhadap leverage. Penelitian ini menggunakan teknik purposive sampling yang menghasilkan 22 perusahaan publik manufaktur Indonesia yang beroperasi pada periode 2010-2018 sebagai sampel. Data panel dikumpulkan dari Thomson Reuters dan data kepemilikan keluarga dikumpulkan secara manual dari laporan tahunan perusahaan. Penelitian ini menggunakan analisis regresi berganda dengan empat model.Hasilnya menyatakan bahwa struktur kepemilikan keluarga berpengaruh negatif dan signifikan terhadap leverage. Interaksi dari direktur independen terbukti memperkuat hubungan strukur kepemilikan keluarga terhadap leverage namun komisaris independen tidak terbukti dapat memperkuat hubungan struktur kepemilikan keluarga terhadap leverage. Hasil penelitian ini dapat membantu perusahaan untuk membuat keputusan pembiayaan dan mengurangi masalah keagenan.

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The purpose of this research is to examine the relation between family ownership structure and leverage and also the indirect impact of independent commissioner and independent director on the relationship of the family ownership structure and leverage. This research applied a purposive sampling technique that resulted 22 Indonesian manufacturing public firms operated in the period 2010-2018 as the sample. The panel data was collected from Thomson Reuters and family ownership data is manually collected from the company annual report. This research using multiple regression analysis with four models.

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The result provides that family ownership structure is negatively significant to leverage. Independent director is proved strengthen the negative relationship of family ownership and leverage yet the independent commissionaire is insignificantly related to the relationship between family ownership and leverage. The result of this research could help the company to make a financing decision and mitigate the agency problem."

"Penelitian ini bertujuan untuk menguji apakah terdapat hubungan antara leverage dan kinerja perusahaan dengan variabel moderasi ukuran perusahaan pada perusahaan non finansial di Indonesia. Penelitian ini mengacu pada penelitian (Vithessonthi & Tongurai, 2014) dan (Tze San & Boon Heng, 2011). Leverage pada penelitian ini diproksikan dengan Debt to Asset Ratio (DAR). Sedangkan kinerja perusahaan pada penelitian ini diukur dengan Return On Asset (ROA) dan Return On Invested Capital (ROIC). Pengujian hipotesis dilakukan dengan menggunakan model regresi berganda dengan sampel sebanyak 411 perusahaan di Indonesia dari 2005 hingga tahun 2013. Dari hasil penelitian ini ditemukan bahwa hubungan antara Leverage dan Kinerja Perusahaan adalah negatif. Dimana hubungan antara keduanya adalah non-linear. Selain itu, ukuran perusahaan akan memperlemah hubungan antara leverage dan kinerja perusahaan. Kemudian, diperoleh juga hubungan antara perubahan leverage terhadap perubahan kinerja perusahaan adalah negatif.

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The purpose of this research is to examine whether there are the differences between leverage and firm performance which is moderated by firm size of the non financial firm in Indonesia. This research refers to research of (Vithessonthi & Tongurai, 2014) dan (Tze San & Boon Heng, 2011). The leverage of the company here is measured by Debt to Asset Ratio (DAR). And the firm performance in this research is measured by Return On Asset (ROA) dan Return On Invested Capital (ROIC). The hypothesis testing is done using the multiple of regression model with 411 firms in Indonesia from 2005 until 2013. Result of this research is found that relationship of leverage and firm performance is negative and non linear. Beside that, the finding of this research is the firm size will weaken the relationship of leverage and firm performance. And then, this research finds that the relationship of the leverage change and the firm performance is negative."

"[Skripsi ini bertujuan untuk menambah pengetahuan mengenai aspek-aspek yangterkait dengan leveraged buyout, baik mengenai peraturan yang berlaku untuktransaksi leveraged buyout di Indonesia, Singapura, Perancis, Australia, danAmerika. Metode penelitian yang digunakan dalam skripsi ini adalah penelitianyang bersifat yuridis-normatif dengan menggunakan data-data sekunder, yaituperaturan perundang-undangan dan buku-buku. Berdasarkan hasil penelitian dapatdisimpulkan mengenai peraturan-peraturan yang berlaku dan aspek-aspek hukumyang terkait transaksi leveraged buyout., The purpose of this mini-thesis is to enrich the general knowledge on the subjectrelating to a few aspects of leveraged buyout, such as the regulations that can beimplemented on levereraged buyout in Indonesia, Singapore, France, Australiaand the USA, and issues relating to the leveraged buyout transaction. The types ofresearch method that has been used for the mini-thesis are normative-juridical andcomparative research by using secondary data, such as legislations and books.Based on the research, it can be said that on the matter of regulations that can beimplemented on levereraged buyout in Indonesia, Singapore, France, Australiaand the USA, is comprehensible.]"

"[ABSTRAKTujuan dari penelitian ini adalah untuk mengeksplorasi faktor-faktor yangmempengaruhi struktur modal di Indonesia dengan mengunakan book leveragedan market leverage sebagai variabel dependen. Dengan menggunakan analisisregresi berganda, penelitian memakai perusahaan manufaktur yang terdaftar diBursa Efek Indonesia selama periode 2010-2014. Sampel akhir terdiri dari 112perusahaan manufaktur. Hipotesis tentang keputusan leverage dirumuskanberdasarkan teori struktur modal, terutama teori trade-off, teori pecking order danteori agency. Regresi dijalankan dengan mempertimbangkan delapan variabelpenjelas yang meliputi ukuran perusahaan, profitabilitas, peluang pertumbuhan,aset tangible, pajak, risiko perusahaan, kondisi pasar saham, dan variabelmakroekonomi. Hasil empiris menyajikan hubungan yang signifikan antara aset,umur perusahaan, profitabilitas, rasio market to book, aset tangible, macroeconomic grow, PDB dan variabel book leverage. Di sisi lain, faktor yangsignifikan pada market leverage adalah umur perusahaan, profitabilitas, rasiomarket to book, pertumbuhan aset, capital expenditure, effective tax rate, macroindustry growth dan PDB.ABSTRACTThe aim of this study is to explore the factors that affect the capital structure inIndonesia by taking book leverage and market leverage as the dependentvariables. Using multiple regression analysis, listed manufacturing companies inIndonesian Stock Exchange was examined for the period of 2010-2014. The finalsample consist of 112 manufacturing companies. Hypotheses about leveragedecisions are formulated based on capital structure theories, mainly trade-offtheory, pecking order theory and agency theory. Regression considers eightexplanatory variables that include firm size, profitability, growth opportunity,tangibility, taxes, firm risk, stock market conditions, and macroeconomicvariables. The empirical result presents the significant relationship between asset,age, profitability, market to book ratio, tangible asset, macro industry growth,GDP and book leverage variables. On the other hand, factors that havesignificant effect on market leverage are age, profitability, market to book ratio,asset growth, capital expenditure, effective tax rate, macro industry growth andGDP., The aim of this study is to explore the factors that affect the capital structure inIndonesia by taking book leverage and market leverage as the dependentvariables. Using multiple regression analysis, listed manufacturing companies inIndonesian Stock Exchange was examined for the period of 2010-2014. The finalsample consist of 112 manufacturing companies. Hypotheses about leveragedecisions are formulated based on capital structure theories, mainly trade-offtheory, pecking order theory and agency theory. Regression considers eightexplanatory variables that include firm size, profitability, growth opportunity,tangibility, taxes, firm risk, stock market conditions, and macroeconomicvariables. The empirical result presents the significant relationship between asset,age, profitability, market to book ratio, tangible asset, macro industry growth,GDP and book leverage variables. On the other hand, factors that havesignificant effect on market leverage are age, profitability, market to book ratio,asset growth, capital expenditure, effective tax rate, macro industry growth andGDP.]"

"Tujuan dari penelitian ini adalah untuk menguji faktor faktor terkait firm characteristics terdiri dari NPM change in leverage sales growth firm value dan deal characteristics terdiri dari keterkaitan industri. Pengakuisisi BUMN pembayaran kas da target privat yang berpengaruh terhadap cumulative abnormal return perusahaan pengakuisisi di sekitar tanggal pengumuman M A serta melihat bagaiman pengaruh faktor faktor tersebut. Penelitian ini menggunakan 77 sampel penelitian berupa peristiwa pengumuman Merger Akuisisi M A yang dilakukan oleh perusahaan publik yang terdaftar di BEI periode 2005 2014. Penelitian ini menggunakan event study dalam mendokumentasikan abnormal return saham perusahaan pengakuisisi di sekitar tanggal pengumuman M A Market adjusted model dan capital assets pricing model CAPM digunakan sebagai model dalam perhitungan expected return. Metode yang digunakan pada penelitian ini adalah analisis regresi OLS cross sectional dengan menggunakan cumulative abnormal return CAR sebagai variabel dependent dan variabel variabel terkait firm characteristics dan deal characteristics sebagai variabel independent. Hasil penelitian ini menyimpulkan bahwa NPM berpengaruh secara signifikan positif terhadap CAR perusahaan pengakuisisi Sedangkan sales growth firm value dan kas dummy berpengaruh secara negatif signifikan terhadap CAR perusahaan penakuisisi.

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This study aims to determine firm characteristics variables consists of NPM change in leverage sales growth firm value and deal characteristics variables consists of industry relatedness SOE acquirers cash payment and private target which affect the acquirer 39's cumulative abnormal return around the M A announcement date and determines the impacts of these factors. This study used 77 samples of research in the form of announcements Mergers Acquisitions M A date that carried out by a public company that listed on the Bursa Efek Indonesia during 2005 to 2014. Event study was conducted for documenting acquirer cumulative abnormal return arround the M A announcement date. Market adjusted model and the capital asset pricing model CAPM is used as a model for the calculation of expected return. The method used in this research is the cross sectional OLS regression that include the cumulative abnormal return CAR as the dependent variable and the variables related to firm characteristics and deal characteristics as independent variables. Results of this study concluded that the NPM has a positive significant effect on acquirer CAR While sales growth firm value and cash dummy has a negative significant effect."