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"[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.]"

"Studi ini dilakukan untuk menganilisis pengaruh kepemilikan status syariah terhadap tingkat leverage dan kecepatan penyesuaian leverage perusahaan. Penelitian ini menggunakan sampel 163 perusahaan non-keuangan yang terdaftar pada Bursa Efek Indonesia periode 2015-2019 dan kemudian dikategorisasikan berdasarkan status syariah masing-masing perusahaan. Metode penelitian yang digunakan adalah regresi panel dengan teknik estimasi random effect model dan common effect model. Hasil pengolahan Model satu menunjukkan hubungan negatif yang signifikan antara variabel independen dummy syariah dengan variabel dependen leverage. Hal ini membuktikan bahwa perusahaan syariah memiliki tingkat leverage yang lebih rendah dibandingkan dengan perusahaan non-syariah. Sementara itu, hasil pengolahan Model dua menunjukkan hubungan positif yang signifikan antara variabel independen interaksi lag leverage dan dummy syariah dengan variabel dependen leverage. Dapat dikatakan, perusahaan syariah memiliki kecepatan penyesuaian leverage menuju target optimal yang lebih lambat dibandingkan dengan perusahaan non-syariah. Penelitian ini menunjukkan peran teori trade-off dalam menjelaskan struktur modal perusahaan syariah.

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This study was conducted to analyze the effect of shariah status ownership towards company's leverage level and speed of leverage adjustment. This study uses a sample of 163 non-financial companies listed on Indonesia Stock Exchange for period 2015-2019 and categorized them based on their sharia status. The research method used is panel regression with estimation techniques of random effects model and common effect model. The first model estimation result shows a significant negative relationship between dummy shariah as independent variable with leverage as dependent variable. This proves that Sharia-compliant companies have lower level of leverage compared to non-Sharia companies. Meanwhile, the result of second model estimation shows a significant positive relationship between the independen variable of interaction lag leverage and sharia dummy with the dependent variable leverage. It can be concluded that Sharia-compliant companies have slower speed of leverage adjustment towards optimal target compared to non-Sharia companies. This study shows the role of trade-off theory in explaining the capital structure of sharia companies."

"ABSTRACTSkripsi ini menganalisis pengaruh market timing khusus terhadap struktur modal perusahaan yang tercatat pada Indeks Saham Syariah Indonesia (ISSI) dengan menggunakan factor market timing yaitu EFWAMTB dan EWAMTB, rata-rata perubahan permintaan yield, rasio market to book, profitabilitas, tangibilitas, size dan risk terhadap leverage baik book leverage maupun market leverage. Data variabel-variabel tersebut disusun menjadi data panel dan dilakukan analisis menggunakan metode OLS. Hasil penelitian ini menunjukkan proksi market timing memiliki hubungan negatif terhadap perubahan leverage sementara perubahan permintaan yield berhubungan posistif terhadap perubahan leverage. Hasil penelitian ini konsisten dengan apa yang telah diteliti oleh Baker dan Wurgler pada tahun 2002 yang mengukur proksi market timing dengan struktur modal pada waktu sebelum IPO, saat IPO dan setelah IPO.

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ABSTRACTThis undergraduate thesis analyzes the influence of specific market timing on the companys capital structure recorded in the Indonesian Sharia Stock Index (ISSI) using a market timing factor EFWAMTB and EWAMTB, average yield demand changes, market to book ratio, profitability, tangibility, size and risk to leverage both book leverage and market leverage. The data of these variables are arranged into panel data and analyzed using the OLS method. The results of this study indicate that the market timing proxy has a negative relationship to leverage changes while changes in yield demand are positively related to changes in leverage. The results of this study are consistent with what was examined by Baker and Wurgler in 2002 who measured the proxy of market timing with the capital structure at the time before the IPO, during the IPO and after the IPO."

"Penelitian ini bertujuan untuk menganalisis pengaruh corporate diversification terhadap keputusan struktur modal pada perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia periode 2008-2012. Variabel independen dalam penelitian ini adalah total diversification, related dan unrelated diversification, sedangkan variabel dependennya adalah book leverage ratio, market leverage ratio, dan longterm market leverage ratio. Diversifikasi diukur dengan entropy index. Penelitian ini menggunakan uji analisis data panel dengan jumlah data observasi adalah 675.Penelitian ini membuktikan bahwa: 1) Terdapat pengaruh signifikan antara total diversification terhadap struktur modal yang diproksikan oleh longterm market leverage ratio. 2) Related diversification tidak signifikan berpengaruh terhadap struktur modal perusahaan. 3) Unrelated diversification juga tidak signifikan berpengaruh terhadap struktur modal perusahaan.

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This research aims to analyze the effect of corporate diversification on capital structure decision of non-financial companies listed on the Indonesian Stock Exchange in 2008-2012. Diversification is measured by entropy index. The independent variables are total diversification, related and unrelated diversification, while the dependent variables are book leverage ratio, market leverage and longterm market leverage ratio. This study uses panel data regression to test 675 observations.

This study shows that: 1) Total diversification have significant effect on capital structure which proxied by longterm market leverage ratio, 2) Related diversification doesn?t have significant effect on capital structure. 3) Unrelated diversification also doesn?t have significant effect on capital structure."