Repository Universitas Pakuan

Detail Karya Ilmiah Dosen

Arief Tri Hardiyanto, Noer Azam Achsani, Roy Sembel, Nur Ahmad Maulana

Judul : Ownership and Determinants Capital Structure of Public Listed Companies in Indonesia: A Panel Data Analysis

Abstrak :
Capital structure is a mix of debts and equities used by a company to
finance its investment. Debt offers benefit of tax shield from interest
expenses that can be deducted in calculating company income
tax. Unfortunately, company can not use debts in unlimited amount
because it will lead to risk of bankcrupt. Therefore, company needs to
establish a target (unobserved) capital structure which will optimize
the value of the firm. The purpose of this study is to investigate the
determinant of capital structure and ownership in public listed
companies in Indonesia Stock Exchange using Time-Series Cross-
Section Regression (TSCSREG) and supported with a balanced panel
data. Data used are financial statements of 228 public listed companies
from group of eight industry sectors. Research finding confirms that tax
shield and fixed financial burden are significantly influence the capital
structure and state ownership also significantly influence the capital
structure of the state owned enterprises.

Tahun : 2013 Media Publikasi : Jurnal Internasional

Kategori : Jurnal No/Vol/Tahun : 1 / 6 / 2013

ISSN/ISBN : 2089-6271

PTN/S : Universitas Pakuan Program Studi : AKUNTANSI

Bibliography :
Al-Qaisi K. (2010). The capital structure choice of listed firms on two stock markets and one country. Business Review. 16(2).
Al-Najjar B. & Taylor P. (2008). The relationship between capital structure and ownership structure. Management Finance.
34(12): 919-933.
Ariff M. & Hassan T. (2008). How capital structure adjusts dynamically during financial crises. Corporate Finance Review.
13(3):11-24.
Belkaoui A.R. (2013). Accounting Theory. 5th ed. London (UK): Thomson Learning 2004.
Bhaird C.M. & Lucey B. (2010). Determinants of capital structure in Irish SMEs. Small Business Economy. 35:357–375.
Bhole L M & Mahakud J.( 2004). Trends and Determinants of Corporate Capital Structure in India: A Panel Data Analysis.
Finance India 18, 1: 37-55.
Bodie Z, Kane A, Marcus AJ. 2008. Investment. 7th ed. Boston (US). Mc Graw Hill.
Central Bureau of Statistic. (2012, February 15). Pertumbuhan Ekonomi Indonesia. Berita Resmi Statistik. No. 13/02/Th. XV,
February 6, 2012. Retrieved from http://www.bps.go.id/brs file/pdb_06feb12.pdf.
Brierley P, Bunn P. 2005. The determination of UK corporate capital gearing. Bank of England Quarterly Bulletin, 45(3).
Brigham E.F. & Daves P.R. (2004). Intermediate Financial Management. 8th ed. Mason: Thomson.

Flannery M.J. & Rangan K.P. (2006). Partial adjustment toward target capital structures. Journal of Financial Economics. 79:469
-506.
Garcia-Teruel P J & Martinez-Solano E P. (2010). Ownership structure and debt maturity: new evidence from Spain. Review
Quantitative Financial Accounting. 35:473–491
Ganguli S.K. (2013). Capital structure - does ownership structure matter? Theory and Indian evidence. Studies in Economics
and Finance. 30(1):56-72.
Gurunlu M. & Gursoy G. (2010). The influence of foreign ownership on capital structure on non-financial firms: evidence from
Istambul Stock Exchange. IUP Journal of Corporate Governance. 19(4).
Huang B.Y., Lin C.M., & Huang C.M. (2011). The influences of ownership structure: evidence from china. The Journal of
Development Areas. 45(1):209-227.
Hull R.M. (2007). A capital structure model. Investment Management and Financial Innovations. 4(2):8-26.
Ilman M, Zakaria A, & Nindito M. (2011). The influences of micro and macro variabels toward financial distress condition
on manufacture companies listed in Indonesia Stock Exchange. Proceeding. The 3rd International Conference on
Humanities and Social Science. Prince of Songkla University.
Jamalabadi H.R.R, Zereshki A.D. & Shoroki M.R. (2013). Investigating the relationship of the effect of government ownership
and main shareholders on finance structure of companies. Interdisciplinary Journal of Contemporary Research in
Business. 5(1):94-104.
Kesuma, A. (2009). Analisis faktor yang mempengaruhi struktur modal serta pengaruhnya terhadap harga saham perusahaan
real estat yang go publik di Bursa Efek Indonesia. Jurnal Manajemen Kewirausahaan. 11(1):38-45.
Khalid, S. (2011). Financial reforms and dynamics of capital structure choice: a case of publically listed firms of Pakistan.
Journal of Management Research. 3(1).
Kieso, D.E., Weygandt, J.J., & Warfield, T.D. (2013). Intermediate Accounting. 15th ed. New York (US): John Wiley and Sons Inc.
Koslowsky, D. (2009). The relation between capital striucture and expected return. [disertasi]. Manitoba (CA): The University
of Manitoba.
Kouki, M. & Said, H.B. ( 2012). Capital structure determinants: new evidence from French panel data. International Journal of
Business and Management. 7(1):214-229.
Lakshmi, K. (2009). Ownership Structure and Capital Structure: Evidence from Indian Firms. SSRN Working Paper Series.
Laux, J. (2011). Topics in finance Part V – capital structure. American Journal of Business Education, 4, 79-88.
Li, K., Yue, H., & Zhao, L. (2011). Ownership, institutions, and capital structure: evidence from China. Journal of Comparison
Economy. 37:471-490.
Manurung, A.H. (2011). Metode Penelitian: Keuangan, Investasi, dan Akuntansi Empiris. Jakarta (ID). PT Adler Manurung
Press.
Margaretha, F. & Ramadhan, A.R.( 2010). Faktor-faktor yang mempengaruhi struktur modal pada manufaktur di Bursa Efek
Indonesia. Jurnal Bisnis Akuntansi. 12(2):119-130.
Meca, E.G. & Ballesta, J.P.S.( 2011). Firm value and ownership structure in the Spanish capital market. Corporate Governance.
11(1): 41-53.
Muzir, E. (2011). Triangle relationship among firm size, capital structure choice and financial performance. Journal of
Management Research. 11(2):87-98
Organisation Economic Cooperation and Development. (2012). Looking to 2060: Long-term global growth prospects.
Economic Policy Papers. (3).
Okuda, H. & Nhung, L.T.P. (2012). Capital Structure and Investment Behavior of Listed Companies in Vietnam: An Estimation
of the Influence of Government Ownership. Internationl Journal of Business and Information. 7(2): 137-164.
Pandey, I.M. (2004). Capital structure, profitability and market structure: evidence from Malaysia. The Asia Pacific Journal of
Economics & Business. 8(2):78-94.
Pranowo, K. (2010). Corporate financial distress perusahaan public (non financial companies) di Indonesia [disertasi]. Bogor
(ID): IPB.
Phung, D.N. & Le,T.P.V. (2013). Foreign ownership, capital structure and firm performance: empirical evidence from
Vietnamese listed firms. IUP Journal of Corporate Governance . 12(2):40-58.
Price Waterhouse Copper Economics. (2013, January). World in 2050- The BRICs and beyond: prospects, challenges
and opportunities. Retrieved from https://www.pwc.com/en_GX/gx/world-2050/assets/pwc-world-in-2050-reportjanuary-
2013.pdf.
Ruan, W., Tian, G., & Ma, S. (2011). Managerial ownership, capital structure, and firm value: evidence from China’s civilian-run
Firms. Australia Accounting Business Financial Journal. 5(3): 6.
Ruslim, H. (2009). Pengujian struktur modal (Teori Pecking Order): analisis empiris terhadap saham di LQ-34. Jurnal Bisnis
Akuntansi. 11(3): 209-221.

Saadah, S. & Prijadi, R. (2012). Capital structure’s dynamic responses to exogenous variabels: a case of listed manufacturing
firms in Indonesia. International Journal of Financial Research. 3(2).
Santika, R.B. & Sudiyatno, B. (2011). Menentukan struktur modal perusahaan manufaktur di Bursa Efek Indonesia. Dinamika
Keuangan dan Perbankan. 3(2):172-183.
Su, L.D. (2010). Ownership structure, corporate diversification and capital structure. Evidence from China’s publicly listed
firms. Management Decision. 48(2): 314-339.
Wardiman, A. (2012). Analisis struktur modal perusahaan kelapa sawit [disertasi], Bogor (ID): Intitut Pertanian Bogor.
Zaroni (2009). Pengaruh kepemilikan pemerintah, kepemilikan asing, dan pergantian CEO terhadap kinerja keuangan Badan
Usaha Milik Negara setelah diprivatisasi. Retrieved from http://juzz71.wordpress.com/2009/10/13/ .
Zuoping, X. (2011). Ownership-control rights divergence, government intervention and choice of capital structure, Empirical
evidence from listed companies in China. Nankai Business Review International. 2(3):303-324.

URL : http://www.irjbs.com/index.php/jurnalirjbs/article/view/92

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Detail Karya Ilmiah Dosen

Arief Tri Hardiyanto, Noer Azam Achsani, Roy Sembel, Nur Ahmad Maulana

Judul	:	Ownership and Determinants Capital Structure of Public Listed Companies in Indonesia: A Panel Data Analysis
Abstrak	:	Capital structure is a mix of debts and equities used by a company to finance its investment. Debt offers benefit of tax shield from interest expenses that can be deducted in calculating company income tax. Unfortunately, company can not use debts in unlimited amount because it will lead to risk of bankcrupt. Therefore, company needs to establish a target (unobserved) capital structure which will optimize the value of the firm. The purpose of this study is to investigate the determinant of capital structure and ownership in public listed companies in Indonesia Stock Exchange using Time-Series Cross- Section Regression (TSCSREG) and supported with a balanced panel data. Data used are financial statements of 228 public listed companies from group of eight industry sectors. Research finding confirms that tax shield and fixed financial burden are significantly influence the capital structure and state ownership also significantly influence the capital structure of the state owned enterprises.
Tahun	:	2013	Media Publikasi	:	Jurnal Internasional
Kategori	:	Jurnal	No/Vol/Tahun	:	1 / 6 / 2013
ISSN/ISBN	:	2089-6271
PTN/S	:	Universitas Pakuan	Program Studi	:	AKUNTANSI
Bibliography	:	Al-Qaisi K. (2010). The capital structure choice of listed firms on two stock markets and one country. Business Review. 16(2). Al-Najjar B. & Taylor P. (2008). The relationship between capital structure and ownership structure. Management Finance. 34(12): 919-933. Ariff M. & Hassan T. (2008). How capital structure adjusts dynamically during financial crises. Corporate Finance Review. 13(3):11-24. Belkaoui A.R. (2013). Accounting Theory. 5th ed. London (UK): Thomson Learning 2004. Bhaird C.M. & Lucey B. (2010). Determinants of capital structure in Irish SMEs. Small Business Economy. 35:357–375. Bhole L M & Mahakud J.( 2004). Trends and Determinants of Corporate Capital Structure in India: A Panel Data Analysis. Finance India 18, 1: 37-55. Bodie Z, Kane A, Marcus AJ. 2008. Investment. 7th ed. Boston (US). Mc Graw Hill. Central Bureau of Statistic. (2012, February 15). Pertumbuhan Ekonomi Indonesia. Berita Resmi Statistik. No. 13/02/Th. XV, February 6, 2012. Retrieved from http://www.bps.go.id/brs file/pdb_06feb12.pdf. Brierley P, Bunn P. 2005. The determination of UK corporate capital gearing. Bank of England Quarterly Bulletin, 45(3). Brigham E.F. & Daves P.R. (2004). Intermediate Financial Management. 8th ed. Mason: Thomson. Flannery M.J. & Rangan K.P. (2006). Partial adjustment toward target capital structures. Journal of Financial Economics. 79:469 -506. Garcia-Teruel P J & Martinez-Solano E P. (2010). Ownership structure and debt maturity: new evidence from Spain. Review Quantitative Financial Accounting. 35:473–491 Ganguli S.K. (2013). Capital structure - does ownership structure matter? Theory and Indian evidence. Studies in Economics and Finance. 30(1):56-72. Gurunlu M. & Gursoy G. (2010). The influence of foreign ownership on capital structure on non-financial firms: evidence from Istambul Stock Exchange. IUP Journal of Corporate Governance. 19(4). Huang B.Y., Lin C.M., & Huang C.M. (2011). The influences of ownership structure: evidence from china. The Journal of Development Areas. 45(1):209-227. Hull R.M. (2007). A capital structure model. Investment Management and Financial Innovations. 4(2):8-26. Ilman M, Zakaria A, & Nindito M. (2011). The influences of micro and macro variabels toward financial distress condition on manufacture companies listed in Indonesia Stock Exchange. Proceeding. The 3rd International Conference on Humanities and Social Science. Prince of Songkla University. Jamalabadi H.R.R, Zereshki A.D. & Shoroki M.R. (2013). Investigating the relationship of the effect of government ownership and main shareholders on finance structure of companies. Interdisciplinary Journal of Contemporary Research in Business. 5(1):94-104. Kesuma, A. (2009). Analisis faktor yang mempengaruhi struktur modal serta pengaruhnya terhadap harga saham perusahaan real estat yang go publik di Bursa Efek Indonesia. Jurnal Manajemen Kewirausahaan. 11(1):38-45. Khalid, S. (2011). Financial reforms and dynamics of capital structure choice: a case of publically listed firms of Pakistan. Journal of Management Research. 3(1). Kieso, D.E., Weygandt, J.J., & Warfield, T.D. (2013). Intermediate Accounting. 15th ed. New York (US): John Wiley and Sons Inc. Koslowsky, D. (2009). The relation between capital striucture and expected return. [disertasi]. Manitoba (CA): The University of Manitoba. Kouki, M. & Said, H.B. ( 2012). Capital structure determinants: new evidence from French panel data. International Journal of Business and Management. 7(1):214-229. Lakshmi, K. (2009). Ownership Structure and Capital Structure: Evidence from Indian Firms. SSRN Working Paper Series. Laux, J. (2011). Topics in finance Part V – capital structure. American Journal of Business Education, 4, 79-88. Li, K., Yue, H., & Zhao, L. (2011). Ownership, institutions, and capital structure: evidence from China. Journal of Comparison Economy. 37:471-490. Manurung, A.H. (2011). Metode Penelitian: Keuangan, Investasi, dan Akuntansi Empiris. Jakarta (ID). PT Adler Manurung Press. Margaretha, F. & Ramadhan, A.R.( 2010). Faktor-faktor yang mempengaruhi struktur modal pada manufaktur di Bursa Efek Indonesia. Jurnal Bisnis Akuntansi. 12(2):119-130. Meca, E.G. & Ballesta, J.P.S.( 2011). Firm value and ownership structure in the Spanish capital market. Corporate Governance. 11(1): 41-53. Muzir, E. (2011). Triangle relationship among firm size, capital structure choice and financial performance. Journal of Management Research. 11(2):87-98 Organisation Economic Cooperation and Development. (2012). Looking to 2060: Long-term global growth prospects. Economic Policy Papers. (3). Okuda, H. & Nhung, L.T.P. (2012). Capital Structure and Investment Behavior of Listed Companies in Vietnam: An Estimation of the Influence of Government Ownership. Internationl Journal of Business and Information. 7(2): 137-164. Pandey, I.M. (2004). Capital structure, profitability and market structure: evidence from Malaysia. The Asia Pacific Journal of Economics & Business. 8(2):78-94. Pranowo, K. (2010). Corporate financial distress perusahaan public (non financial companies) di Indonesia [disertasi]. Bogor (ID): IPB. Phung, D.N. & Le,T.P.V. (2013). Foreign ownership, capital structure and firm performance: empirical evidence from Vietnamese listed firms. IUP Journal of Corporate Governance . 12(2):40-58. Price Waterhouse Copper Economics. (2013, January). World in 2050- The BRICs and beyond: prospects, challenges and opportunities. Retrieved from https://www.pwc.com/en_GX/gx/world-2050/assets/pwc-world-in-2050-reportjanuary- 2013.pdf. Ruan, W., Tian, G., & Ma, S. (2011). Managerial ownership, capital structure, and firm value: evidence from China’s civilian-run Firms. Australia Accounting Business Financial Journal. 5(3): 6. Ruslim, H. (2009). Pengujian struktur modal (Teori Pecking Order): analisis empiris terhadap saham di LQ-34. Jurnal Bisnis Akuntansi. 11(3): 209-221. Saadah, S. & Prijadi, R. (2012). Capital structure’s dynamic responses to exogenous variabels: a case of listed manufacturing firms in Indonesia. International Journal of Financial Research. 3(2). Santika, R.B. & Sudiyatno, B. (2011). Menentukan struktur modal perusahaan manufaktur di Bursa Efek Indonesia. Dinamika Keuangan dan Perbankan. 3(2):172-183. Su, L.D. (2010). Ownership structure, corporate diversification and capital structure. Evidence from China’s publicly listed firms. Management Decision. 48(2): 314-339. Wardiman, A. (2012). Analisis struktur modal perusahaan kelapa sawit [disertasi], Bogor (ID): Intitut Pertanian Bogor. Zaroni (2009). Pengaruh kepemilikan pemerintah, kepemilikan asing, dan pergantian CEO terhadap kinerja keuangan Badan Usaha Milik Negara setelah diprivatisasi. Retrieved from http://juzz71.wordpress.com/2009/10/13/ . Zuoping, X. (2011). Ownership-control rights divergence, government intervention and choice of capital structure, Empirical evidence from listed companies in China. Nankai Business Review International. 2(3):303-324.
URL	:	http://www.irjbs.com/index.php/jurnalirjbs/article/view/92