Sudjono, Sudjono (2005) ANALISIS KE IJAKAN SUMBER PENDANAAN PENDEKATAN: PECKING ORDER HIPOTESIS (Studi Empiris pada Perusahaan Go Public Non Keuangan di BEJ). Masters thesis, Program Pascasarjana Universitas Diponegoro.
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Abstract
Dewasa ini banyak kasus perusahaan yang menyelewengkan sumber dana dari masyarakat. Penelitian ini bertujuan untuk mengalisis kebijakan sumber pendanaan dengan pendekatan pecking order sehubungan dengan kebijakan capital expenditure. Prinsip pecking order merekomendasikan, bahwa pendanaan untuk capital expenditure seharusnya memprioritaskan sumber dana dari laba ditahan. Oleh karenanya dikaitkan dengan earning power. Populasi penelitian ini adalah semua perusahaan-perusahan non keuangan go public yang listing di BEJ pada periode 2000-2003. Sampel terpilih 81 perusahaan dari 235 perusahaan yang memenuhi persyaratan untuk dianalisis. Penentuan sample menggunakan metode purposive random sampling, dengan ketentuan minimal dalam sate periode telah melakukan capital expenditure dan sebagian sahamnya dimiliki oleh manajer. Basil penelitian menunjukkan bahwa earning power berpengaruh terhadap penentuan sumber pendanaan. Akan tetapi sebagian besar perusahaan tidak menerapkan kebijakan pecking order. Pelaksanaan capital expenditure pada saat earning power rendah menyebabkan dividen rendah, bahkan sebagian perusahaan tidak mampu melanjutkan operasi karena perolehan labanya tidak cukup untuk menutup biaya modalnya. Kebijakan tersebut tidak dipengaruhi oleh proporsi kcpemilikan saham oleh manajerial karena rendahnya proporsi kepcmilikan mcreka dan selama periode penelitian tidak menunjukkan penambahan yang signifikan. These days lot of company case deviating fund source from society. This research aim to know the policy of financing source with the approach of pecking order, referring to policy of capital expenditure. Principal of pecking order recommend, that financing for the capital of expenditure of priority of fund source ought to front retained earning. Is for the reason related by earning power. This research population is all companies of is go public non finance which listing in BEJ at periods 2000-2003. Chosen sample 81 companies from 235 companies fullfilling condition to be analyzed. Determination sample usses the method of purposive random sampling, with the minimum rule in one period have condcted the capital expenditure and some of its share is owned by manager. Result of research indicate that the earning power have an effect on to determination of financing source, however most company do not apply the policy of pecking order. Execution of capital expenditure at the time of low earning power cause the low dividend, even some of company unable to continue the operation because its profit acquirement is insufficient to close the its capital expense. The policy is not influenced by proprtion ownership of share by managerial because lowering proportion of ownership of them and during research period do not show the addition which significant.
Item Type: | Thesis (Masters) |
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Subjects: | H Social Sciences > HF Commerce > HF5601 Accounting |
Divisions: | School of Postgraduate (mixed) > Master Program in Accounting |
ID Code: | 10235 |
Deposited By: | Mr UPT Perpus 2 |
Deposited On: | 06 May 2010 14:09 |
Last Modified: | 06 May 2010 14:09 |
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