文章基本信息

标题：Asymmetric Information and Capital Structure: Empirical Evidence from Indonesia Stock Exchange
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作者：Mustaruddin Mustaruddin ; Aristya Dinata ; Wendy Wendy 等
期刊名称：International Journal of Economics and Financial Issues
电子版ISSN：2146-4138
出版年度：2017
卷号：7
期号：6
页码：8-15
语种：English
出版社：EconJournals
摘要：This study is aimed to scrutinize the impact of asymmetric information on capital structure in Indonesia by taken the sample from firms listed in IDX with total of 225 observations. The capital structure is measured by Leverage (LEV) and the asymmetric information is measured by Amihud Illiquidity ratio (ILLQ) and firm size measured by book value of total assets (SIZE). In addition, two controlling variable of Altman Z-Score (ALT) and gross domestic product (GDP) are added. The data is analyzed by using multiple regressions with random effect panel data estimation. The results find that the impact of asymmetric information on capital structure is consistent before and after including controlling variables. The evidence is not robust to the inclusion of illiquidity ratio, whereas firm size is important in explaining on capital structure before and after including controlling variables.
关键词：Capital Structure; Asymmetric Information; Amihud Illiquidity; Firm Size; Altman Z-Score; Gross Domestic Product