Pengaruh Credit Rating terhadapStruktur modal (Study Empiris Perusahaan Non Keuangan pada Bursa Efek Indonesia Periode 2004-2008)
| Main Authors: | , Rini Nurjayanti, , Prof. Dr. Abdul Halim MBA, Akt |
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| Format: | Thesis NonPeerReviewed |
| Terbitan: |
[Yogyakarta] : Universitas Gadjah Mada
, 2011
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| Subjects: | |
| Online Access: |
https://repository.ugm.ac.id/89900/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=51133 |
Daftar Isi:
- This research tests to what extent credit rating directly affect capital structure decisions. Specifically, this research aim to analyze the influence between credit rating when firm close to a credit rating upgrade or downgrade and when firm�s credit rating upgrade or downgrade to capital structure next period by control leverage, profitability and size. In this research, capital structures are measured with NetDI (Net Capital Issuance) and credit rating as a dummy variable. Hypothesis were tested using the estimation method of the ordinary least squared (OLS) whereby NetDI was the dependent variable while credit rating was the independent variable. The credit rating used is Pefindo�s general obligation to non financial companies. The sample period for the test is 2004 to 2008. The result of this test that Firms near credit rating upgrade or downgrade is not effect significantly to capital structure before and after controlling leverage, profitability and size. Credit rating downgrade have a negative significant effect on the capital structure by issue less net debt relative to net equity over a subsequent period compared to other firms. Whereas rating upgrade do not effect on subsequent capital structure activity.