PENGARUH KONSENTRASI KEPEMILIKAN TERHADAP TINGKAT LEVERAGE DAN PERUBAHAN LEVERAGE PADA PENERBITAN SEKURITAS DAN KONDISI PASAR SAHAM

Abstract

This study aims to examine the influence of ownership concentration on corporate leverage . The study also examines the effect of ownership on the funding decisions based on the issuance of securities to be seen from the magnitude of changes in leverage and analysis on different stock market conditions . In this study the level of leverage using a proxy book leverage and market leverage . While the leverage change using a proxy book change and market change . Data was collected through random sampling method to the companies listed in Indonesia Stock Exchange in the period 2010 to 2012 . A total of 108 companies are used as a sample study with details of 36 companies each year . The method of analysis of this study using multiple regression . The results showed that the concentration of ownership affect the level of leverage at all proxies . While ownership concentration affects leverage change only in the issued equity firms. The concentration of ownership does not affect funding decisions on different stock market conditions