Impact of Market Timing on the Capital Structure of Russian Companies

Zavertiaeva, Marina; Nechaeva, Iuliia

doi:10.1016/j.jeconbus.2017.04.001

Cited by 17 publications

(21 citation statements)

References 33 publications

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“…Hasil penelitian (Baker & Wurgler, 2002) (Baker & Wurgler, 2002), (Mahajan & Tartaroglu, 2008), (Huang & Ritter, 2005), dan (Chicti & Bougatef, 2010) mendukung equity market timing theory. Sedangkan, penelitian yang dilakukan oleh (Zavertiaeva & Nechaeva, 2017), (Mendes et al, 2005) dan (Allini et al, 2017) tidak mendukung equity market timing theory. Penelitian mengenai equity market timing menunjukan hasil yang tidak konsisten dan masih kurangnya penelitian mengenai equity market timing yang dilakukan di Indonesia, sehingga diperlukannya penelitian lebih lanjut mengenai equity market theory.…”

Section: Pendahuluanunclassified

Analisis Equity Market Timing dan Struktur Modal

Anugrahani¹,

Setiawan²

2020

JSB

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Abstract This study aims to examine the effect of equity market timing in determining the company's capital structure decisions. The sample used was Indonesian manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2013-2018 period. This study uses independent variables namely market to book ratio and External finance weighted average market to book ratio (EFWAMTB), the dependent variable used is market leverage, and the control variables used are profitability, tangibility, and size. This study uses panel data regression. The results of this study indicate that the MTB ratio and EFWAMTB have a significant negative effect on market leverage. So it can be said that Indonesian manufacturing companies apply the equity market timing theory in determining capital structure decisions. The profitability and firm size control variables give significant negative and the tangibility variable shows significant positive results on the company's market leverage. Keywords: equity market timing, market to book ratio, market to book ratio dan External finance weighted average market to book ratio (EFWAMTB), ROA, tangibility, size and market leverage. Abstrak Penelitian ini bertujuan untuk menguji pengaruh equity market timing dalam menentukan keputusan struktur modal perusahaan.Sampel yang digunakan adalah perusahaan manufaktur Indonesia yang terdaftar di Bursa Efek Indonesia (BEI) periode 2013-2018. Strudi ini menggunakan variabel independen yaitu market to book ratio dan external finance weighted average market to book ratio (EFWAMTB), variabel dependen yang digunakan yaitu market leverage dan variabel kontrol yang digunakan adalah profitabilitas, tangibilitas dan size. Studi ini menggunakan regresi data panel.Hasil penelitian ini menunjukan bahwa MTB dan EFWAMTB berpengaruh negatif signifikan terhadap market leverage.Sehingga dapat dikatakan perusahaan manufaktur Indonesia menerapkan teori equity market timing dalam menentukan keputusan struktur modalnya. Variabel kontrol profitabilitas dan firm size memberikan hasil negatif signifikan dan untuk variabel tangibilitas menunjukan hasil positif signifikan terhadap market leverage prusahaan. Kata Kunci: equity market timing, market to book ratio, market to book ratio dan External finance weighted average market to book ratio (EFWAMTB), ROA, tangibility, size and market leverage

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Section: Pendahuluanunclassified

Analisis Equity Market Timing dan Struktur Modal

Anugrahani¹,

Setiawan²

2020

JSB

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“…Susunan modal merupakan keputusan pendanaan korporasi yang dimanfaatkan sebagai sumber biaya dari aktivitas investasi korporasi yang sedang atau akan dijalankan oleh korporasi. Komposisi pembiayaan berkaitan dengan keputusan atas pembiayaan menggunakan utang dan modal Zavertiaeva & Nechaeva, 2017) dan dalam menentukan komposisi pembiayaan ini korporasi perlu mempertimbangkan tingkat optimalisasi susunan modal. Susunan modal yang optimal terbentuk saat besarnya risiko yang melekat dan manfaat yang diperoleh mampu meningkatkan harga saham korporasi (Fernandez, Lara, Ugalde, & Sisodia, 2018;Meinen & Raff, 2018;Richards, Hamilton, & Yonezawa, 2018).…”

Section: Sm= α+β1lik+β2sa+β3profunclassified

Manfaat Laba Untuk Menambah Utang Dan Mengurangi Pajak

Hidayah

Rahmawati

2019

jamal

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Manfaat Laba untuk Menambah Utang dan Mengurangi Pajak. Penelitian ini bertujuan menemukan dampak serentak dan parsial pada likuiditas, struktur aset serta laba korporasi atas struktur modal. Regresi linear berganda digunakan sebagai metode terhadap 25 korporasi ritel sejak tahun 2011-2017. Hasil temuan mengindikasikan korporasi ritel cenderung memaksimalkan pemanfaatan pembiayaan internal dari pada laba ditahan. Laba ditahan digunakan untuk membiayai aktivitas operasional serta ekspansi bisnisnya sehingga tingkat utang mengalami penurunan. Namun laba korporasi tidak dimanfaatkan manajemen untuk menarik kreditur baru sehingga pembayaran pajak menjadi lebih tinggi. Oleh sebab itu, manajemen harus memanfaatkan laba untuk menambah utang korporasi sebagai pengurang biaya pajak.

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“…De Jong et al (2008) squabbled that when the bond market of the country is developed, then it contains the highest part of the borrowing, and if the stock market is highly developed, then the borrowing ratio will be low among the organizations. Companies also design their debt structure after considering the market conditions (Zavertiaeva and Nechaeva 2017). If market conditions are favourable, the interest rate is low; then they issue bonds; otherwise, opt for the share or hybrid securities option, which is also persistent to market timing theory.…”

Section: Introductionmentioning

confidence: 99%

Debt Market Trends and Predictors of Specialization: An Analysis of Pakistani Corporate Sector

Khan

Qadeer

Mata

et al. 2021

JRFM

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Recently, debt structure research has started focusing on the strategic perspective of financing choices, particularly to understand the reasons for debt specialization (DS). This paper examines trends of specialization over time and industry by using a comprehensive dataset on types of debt employed by the public limited companies during 2009–2018. The objective of the current study is to analyze the effect of debt market conditions by identifying significant predictors of DS. Time-series and cross-sectional results confirm the existence of DS, which is further validated by the findings of the cluster analysis. The empirical results indicate that overall, 61% of the companies solely rely on a single type of debt, mostly on short-term obligations accompanied by long-term secured and other debts. Moreover, small, mature, rated, group-affiliated, and low-leverage companies incline more towards this strategy. Credit rating, debt maturity, financial and interest coverage ratios serve as the primary determinants of the debt market that are significantly associated with the measures of DS. The results contribute to the capital structure literature by specifying that financing choice has an important implication in deciding the debt structure composition of the organizations.

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Impact of Market Timing on the Capital Structure of Russian Companies

Cited by 17 publications

References 33 publications

Analisis Equity Market Timing dan Struktur Modal

Analisis Equity Market Timing dan Struktur Modal

Manfaat Laba Untuk Menambah Utang Dan Mengurangi Pajak

Debt Market Trends and Predictors of Specialization: An Analysis of Pakistani Corporate Sector

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