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Determinants of Funding Decision: Empirical Evidence from Companies Listed in Indonesia Stock Exchange

Management Analysis Journal · Vol. 10 No. 2 (2021) · hlm. 146–157

DOI
10.15294/maj.v10i2.45521
ISSN
2502-1451, 2252-6552
Terbit
2021-07-18
Penerbit
Universitas Negeri Semarang
Bahasa
eng

Abstrak

The funding decision is an important decision for the company because this is the main decision in financial management that will directly influence the company’s financial position. The phenomenon from 2014-2018 describes that companies listed on the Indonesia Stock Exchange have increased levels of debt and debt to equity ratio so the proportion of debt still dominates in the company’s capital structure. This study intends to test empirically the impact of the investment opportunity set (IOS), managerial ownership, institutional ownership, and profitability on corporate funding decisions. The population of this research is all companies listed on the Indonesia Stock Exchange for the period 2014-2018. Samples that match the criteria based on the purposive sampling technique are 83 companies with a period of 5 years in order to obtain a result of 415 units of observations. Data were collected using the documentation method/secondary data. Data were analyzed using the panel data regression method and processed using Eviews version 9 software. The results of the research evidence that the investment opportunity set (IOS) has a significant positive effect on funding decisions, while institutional ownership and profitability have a significant negative effect on funding decisions. However, managerial ownership has no significant effect on funding decisions. For further researchers, it is suggested to develop a similar theme by adding variables that influence funding decisions, changing managerial ownership proxies, and adding IOS proxies to get better research results.

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  • State University of Semarang
  • Universitas Gadjah Mada
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Siti MursidahAfiliasi tidak diketahui6
Cahya WulandariState University of Semarang3
Ricky Dermawan FauziAfiliasi tidak diketahui3
Lidiadni SeptantriAfiliasi tidak diketahui3
Muhamad Sayuti HassanAfiliasi tidak diketahui2
Ngabiyanto NgabiyantoAfiliasi tidak diketahui1
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S MartonoAfiliasi tidak diketahui1
Suminar SuminarAfiliasi tidak diketahui1
Tsabit Azinar AhmadAfiliasi tidak diketahui1
Andre Setyo NugrohoAfiliasi tidak diketahui1
Ketut SudarmaAfiliasi tidak diketahui1
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Rini Setyo WitiastutiAfiliasi tidak diketahui1
Yumna Wardatul NafiahAfiliasi tidak diketahui1
Muhammad Sayuti HassanAfiliasi tidak diketahui1
Mamduh Mahmadah HanafiUniversitas Gadjah Mada1
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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/sju/index.php/maj/oai, pertama di-harvest 6 Nov 2026, terakhir terlihat 6 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en-US">Determinants of Funding Decision: Empirical Evidence from Companies Listed in Indonesia Stock Exchange</dc:title>
	<dc:creator>Risnaeni, Eva Yuni</dc:creator>
	<dc:creator>Khoiruddin, Moh</dc:creator>
	<dc:description xml:lang="en-US">The funding decision is an important decision for the company because this is the main decision in financial management that will directly influence the company’s financial position. The phenomenon from 2014-2018 describes that companies listed on the Indonesia Stock Exchange have increased levels of debt and debt to equity ratio so the proportion of debt still dominates in the company’s capital structure. This study intends to test empirically the impact of the investment opportunity set (IOS), managerial ownership, institutional ownership, and profitability on corporate funding decisions. The population of this research is all companies listed on the Indonesia Stock Exchange for the period 2014-2018. Samples that match the criteria based on the purposive sampling technique are 83 companies with a period of 5 years in order to obtain a result of 415 units of observations. Data were collected using the documentation method/secondary data. Data were analyzed using the panel data regression method and processed using Eviews version 9 software. The results of the research evidence that the investment opportunity set (IOS) has a significant positive effect on funding decisions, while institutional ownership and profitability have a significant negative effect on funding decisions. However, managerial ownership has no significant effect on funding decisions. For further researchers, it is suggested to develop a similar theme by adding variables that influence funding decisions, changing managerial ownership proxies, and adding IOS proxies to get better research results.</dc:description>
	<dc:publisher xml:lang="en-US">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2021-07-18</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/sju/maj/article/view/45521</dc:identifier>
	<dc:identifier>10.15294/maj.v10i2.45521</dc:identifier>
	<dc:source xml:lang="en-US">Management Analysis Journal; Vol 10 No 2 (2021): Management Analysis Journal; 146-157</dc:source>
	<dc:source>2502-1451</dc:source>
	<dc:source>2252-6552</dc:source>
	<dc:source>10.15294/maj.v10i2</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/sju/maj/article/view/45521/19450</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2021 Management Analysis Journal</dc:rights>
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