文章基本信息

标题：Testing Trade-Off Theory of Capital Structure: Empirical Evidence from Indonesian Listed Companies
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作者：Arief Tri HARDIYANTO ; Noer Azam ACHSANI ; Roy SEMBEL 等
期刊名称：Economics and Finance Review
电子版ISSN：2047-0401
出版年度：2014
卷号：3
期号：7
页码：13-20
出版社：Global Research Society
摘要：The purpose of this research is to test the Trade-Off Theory of capital structure in public listed Indonesiancompanies by using Partial Adjustment Model. The model is applied to a specific balance panel data from 228companies by using different regression techniques; Pooled Least Square (PLS), Fixed Effect Model (FEM),and Generalized Method of Moments (GMM). Findings of the research are Indonesian companies adjust theircapital structures towards an unobservable target at the speed of 43.79% a year. It means that Indonesiancompanies need around 2 years and 3 months to adjust their existing capital structure toward a target. Thisfinding supports the advantages of Trade-Off Theory over the Pecking Order Theory. This paper also highlightsthe long term parameter of dynamic model of capital structure and the determinants of capital structure
关键词：Dynamic Capital Structure; Target Capital Structure; Partial Adjustment Model; Trade-Off Theory;Indonesia