Electronic Theses and Dissertation

ABSTRAK

Penelitian ini bertujuan untuk menguji dan menganalisis pengaruh equity
market timing terhadap struktur modal pada perusahaan manufaktur yang terdaftar
di Bursa Efek Indonesia (BEI) periode 2017-2022 serta persistensi pengaruh
equity market timing tersebut. Periode penelitian yang digunakan yaitu saat
melakukan penawaran perdana hingga 4 tahun setelah melakukan penawaran
perdana. Jumlah perusahaan manufaktur yang melakukan penawaran perdana
pada penelitian ini adalah 84 perusahaan dengan total sampel yang didapatkan
sejumlah 12 perusahaan selama 5 tahun. Berdasarkan metode purposive sampling,
total sampel penelitian menjadi 60 sampel. Model pada penelitian ini adalah
analisis regresi linear data panel dengan menggunakan bantuan software eviews
12. Struktur modal pada penelitian ini diproksikan dengan market leverage.
Penelitian ini juga menggunakan 4 Variabel Kontrol yaitu : Defisit keuangan,
Profitabilitas, Aset tangibilitas dan Ukuran perusahaan. Hasil Penelitian ini
menunjukkan equity market timing memiliki pengaruh negatif yang signifikan
terhadap struktur modal perusahaan manufaktur. Hal tersebut menunjukkan bahwa
terdapat indikasi praktik penerbitan ekuitas saham pada saat harga (nilai) pasar
ekuitas tinggi dan membeli kembali ekuitas pada saat harga (nilai) pasar ekuitas
rendah. Penelitian ini juga menunjukkan bahwa persistensi pengaruh equity
market timing yang diukur dengan external finance weighted average market to
book ratio (EFWAMB) terhadap struktur modal perusahaan terlihat hingga 4
tahun setelah melakukan penawaran perdana.
Kata Kunci : Equity Market Timing, Struktur Modal, Penawaran Umum
Perdana, Defisit Keuangan, Profitabilitas, Aset Tangibilitas,
dan Ukuran Perusahaan.

ABSTRACT The purpose of this study is to find out the effect of equity market timing on the capital structure of manufacturing companies listed at Indonesia Stock Exchange (BEI) for the 2017-2022 period as well as the persistence of this study the equity market timing effect. The research period used was from of the initial public offering to 3 years after the initial public offering. The numbers of manufacturing companies in this study was 84 companies with total samples were 12 companies for 5 years. Based on the purposive sampling method, the total research sample became 60 samples. The model in this study is linear regression analysis of panel data using eviews 12. Capital structure in this research is proxied by market leverage. This research also uses 4 control variables, Financial Deficit, Profitability, Asset Tangibility and Company Size. The results of this study show that equity market timing have a negative and significant effect on the capital structure of manufacturing companies. This shows that there are indications of the practice of issuing equity shares when the market price (value) of equity is high and buying back equity when the market price (value) of equity is low. This research also shows that the persistence of the influence of equity market timing as measured by the external finance weighted average market to book ratio (EFWAMB) on the company's capital structure is only visible up to 1 year after the initial offering. Keyword : Equity Market Timing, Capital Structure, Initial Public Offering, Financial Deficit, Profitability, Tangibility Asset and Firm Size.