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An Additional Evidence: Pecking Order Theory in Indonesia

Management Analysis Journal · Vol. 11 No. 4 (2022) · hlm. 308–313

DOI
10.15294/maj.v11i4.63562
ISSN
2502-1451, 2252-6552
Terbit
2022-12-20
Penerbit
Universitas Negeri Semarang
Bahasa
eng

Abstrak

The paper aims to determine the leverage deviation and the impact of firm size on the leverage deviation. We have collected 504 pooled data from the Indonesia Stock Exchange (IDX) from 2009 to 2020. The model estimates have been analyzed by OLS regression, where regress, the deviation of leverage, and firm size is the explanatory variable. Our spurious prevention model controls growth and tangible assets. Our finding is that the company's overleverage is greater than the under leverage of 504 units of observation. OL type companies, characterized by asset volatility with firm size and lower debt ratio, tend to follow the POT hierarchy. They prefer debt issuance over equity; the actual leverage is lower than the target leverage. In contrast, companies characterized by UL with higher volatility in assets in place with firm size and higher debt ratio than OL tend to follow the PDT hierarchy. As a result, they issue equity over debt, and then large companies issue equity in the presence of information asymmetry. It is possible that the modal structure is dynamic and will require testing of time series or data panels. We leave that explicit analysis for future research.

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  • State University of Semarang
  • Universitas Media Nusantara Citra
  • Universitas Muara Bungo
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Suwito Eko PramonoAfiliasi tidak diketahui5
Tri Joko RaharjoAfiliasi tidak diketahui5
Tri Joko RaharjoAfiliasi tidak diketahui4
Widiyanto WidiyantoAfiliasi tidak diketahui4
Noor HudallahAfiliasi tidak diketahui3
Sucihatiningsih Dian Wisika PrajantiState University of Semarang2
Nina OktarinaAfiliasi tidak diketahui2
Agus WahyudinAfiliasi tidak diketahui2
Sugiyo SugiyoAfiliasi tidak diketahui2
Titi PrihatinAfiliasi tidak diketahui2
Muhammad KhafidAfiliasi tidak diketahui2
Kardoyo KardoyoAfiliasi tidak diketahui2
I Gusti Ayu Agung Aristi PutriUniversitas Media Nusantara Citra1
Ananda Fiky Dibanu KhaerUniversitas Media Nusantara Citra1
Tri Joko RaharjoState University of Semarang1
Harianingsih HarianingsihState University of Semarang1
Didik WiyonoState University of Semarang1
Muhammad Zaini MiftahState University of Semarang1
Angga Pandu WijayaState University of Semarang1
Margareta RahayuningsihAfiliasi tidak diketahui1
S MartonoAfiliasi tidak diketahui1
Soesanto SoesantoAfiliasi tidak diketahui1
Agnees Dyah RachmawatieAfiliasi tidak diketahui1
Siti Fiki IkmahAfiliasi tidak diketahui1
Gatot Hadi PrasetyoAfiliasi tidak diketahui1
Yeri SutopoAfiliasi tidak diketahui1
Edi YuliantoAfiliasi tidak diketahui1
Fitri NurjannahAfiliasi tidak diketahui1
Aprilia SusantiUniversitas Muara Bungo1
WasinoAfiliasi tidak diketahui1
Suwito Eko ParmonoAfiliasi tidak diketahui1
Fathur RokhmanState University of Semarang1
WidiyantoAfiliasi tidak diketahui1
Abdul MuklisAfiliasi tidak diketahui1
Nurlaily MauludiyahAfiliasi tidak diketahui1
Murwatiningsih MurwatiningsihAfiliasi tidak diketahui1
Yan Septio Bintoro AndaniAfiliasi tidak diketahui1
Siti HandayaniAfiliasi tidak diketahui1

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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">An Additional Evidence: Pecking Order Theory in Indonesia</dc:title>
	<dc:creator>Pratiwi, Yosi Setya</dc:creator>
	<dc:creator>Yulianto, Arief</dc:creator>
	<dc:description xml:lang="en-US">The paper aims to determine the leverage deviation and the impact of firm size on the leverage deviation. We have collected 504 pooled data from the Indonesia Stock Exchange (IDX) from 2009 to 2020. The model estimates have been analyzed by OLS regression, where regress, the deviation of leverage, and firm size is the explanatory variable. Our spurious prevention model controls growth and tangible assets. Our finding is that the company's overleverage is greater than the under leverage of 504 units of observation. OL type companies, characterized by asset volatility with firm size and lower debt ratio, tend to follow the POT hierarchy. They prefer debt issuance over equity; the actual leverage is lower than the target leverage. In contrast, companies characterized by UL with higher volatility in assets in place with firm size and higher debt ratio than OL tend to follow the PDT hierarchy. As a result, they issue equity over debt, and then large companies issue equity in the presence of information asymmetry. It is possible that the modal structure is dynamic and will require testing of time series or data panels. We leave that explicit analysis for future research.</dc:description>
	<dc:publisher xml:lang="en-US">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2022-12-20</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/63562</dc:identifier>
	<dc:identifier>10.15294/maj.v11i4.63562</dc:identifier>
	<dc:source xml:lang="en-US">Management Analysis Journal; Vol 11 No 4 (2022): Management Analysis Journal; 308-313</dc:source>
	<dc:source>2502-1451</dc:source>
	<dc:source>2252-6552</dc:source>
	<dc:source>10.15294/maj.v11i4</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/sju/maj/article/view/63562/23204</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2022 Management Analysis Journal</dc:rights>
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