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Pengujian Pecking Order Theory terhadap Perusahaan Surplus Non Keuangan di Bursa Efek Indonesia

Joedith Monica, Muthia Pramesti


Abstrak. Pentingnya mengetahui apakah sebuah perusahaan menguntungkan, dapat dilihat dengan mengetahui apakah perusahaan tersebut mengalami surplus atau sebaliknya. Penelitian terhadap perusahaan, dalam kondisi surplus masih jarang, dikarenakan hampir mayoritas penelitian dalam pecking order theory di Indonesia hanya terfokus pada satu atau beberapa sektor saja. Diantara beberapa struktur modal, yang dipilih adalah pecking order theory, dikarenakan teori ini merupakan teori yang dinamis sesuai dengan pasar yang tidak sempurna dibandingkan dengan teori struktur modal lainnya. Tujuan dari penelitian ini adalah untuk mengetahui apakah perusahaan non keuangan yang terdaftar di BEI mengikuti pecking order theory, apakah perusahaan surplus mengikuti pecking order theory dan apakah perusahaan surplus menggunakan surplus yang dmiliki untuk membayar hutang perusahaan. Metode penelitian menggunakan software E-views 9, dimana pemilihan sampel menggunakan metode purposive sampling. Temuan dari penelitian yaitu perusahaan non keuangan di indonesia tidak mengikuti pecking order theory, perusahaan surplus tidak mengikuti pecking order theory untuk membayar utang terlebih dahulu dan perusahaan surplus tidak membayar utang menggunakan surplus yang dimiliki.

Kata Kunci: Struktur modal, pecking order theory, keputusan pendanaan, surplus, utang

Abstract. The importance of knowing that a firm is profitable, can be seen whether the company surplus or the otherwise. The study related to pecking order theory for surplus firm is still rare, since almost the majority of research in pecking order theory in Indonesia is focused only on one or more sectors. Among the several capital structures, the chosen is pecking order theory, because this theory is a dynamic theory in accordance with the market which is not perfect compared with other capital structure theory. The purpose of this study is to find out whether the non-financial companies listed on the BEI follow the pecking order theory, whether the surplus companies follow the pecking order theory and whether the surplus companies use the surplus that has to pay the company's debt. The research method using E-views 9 software, where the sample selection using purposive sampling method. The findings from the research of non-financial companies in Indonesia do not follow pecking order theory, surplus companies do not follow pecking order theory to pay the debt in advance and surplus companies do not pay debts using surplus owned.

Keywords: Capital structure, pecking order theory, financing decision, surplus, debt


Capital structure, pecking order theory, financing decision, surplus, debt

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