PENGARUH FAKTOR-FAKTOR SPESIFIK NEGARA PADA INDIKATOR MAKROEKONOMI TERHADAP KEPUTUSAN STRUKTUR MODAL PERUSAHAAN SEKTOR INDUSTRI PENGOLAHAN DI INDONESIA PERIODE 2015-2019 [THE EFFECT OF COUNTRY SPECIFIC FACTORS ON MACROECONOMIC INDICATORS ON CAPITAL STRUCTURE DECISIONS OF THE PROCESSING INDUSTRY SECTOR COMPANIES IN INDONESIA 2015-2019 PERIOD]

Cherry Astadewi, Muthia Pramesti

Abstract


This research was conducted to investigate the influence of country-specific factors on macroeconomic indicators on capital structure decision of process manufacturing industry’s companies in Indonesia. This study used a sample of 45 public companies from process manufacturing industry in Indonesia within the period of 2015-2019. Using the balanced panel data regression, with the estimation technique of random effect model, the result of this study shows the country-specific factors which consist of prime lending rate, GDP growth, inflation rate, exchange rate, and corporate tax rate do not have any direct influence on the capital structure decision of firms, while the selected firm-specific variables such as profitability, tangibility and growth rate are significant determinants of capital structure decision from process manufacturing industry’s companies in Indonesia.

Bahasa Indonesia Abstrak: Penelitian ini bertujuan untuk mengetahui pengaruh faktor-faktor spesifik negara pada indikator makroekonomi terhadap keputusan struktur modal perusahaan sektor industri pengolahan di Indonesia. Penelitian ini menggunakan sampel sebanyak 45 perusahaan sektor industri pengolahan yang terdaftar di Bursa Efek Indonesia pada periode 2015-2019. Dengan menggunakan metode regresi balanced data panel dan teknik estimasi random effect model, hasil penelitian menunjukkan bahwa faktor-faktor spesifik negara pada indikator makroekonomi yang terdiri dari prime lending rate, pertumbuhan PDB, tingkat inflasi, exchange rate, dan corporate tax rate tidak memiliki pengaruh langsung terhadap keputusan struktur modal perusahaan, sedangkan variabel spesifik perusahaan yang dipilih yaitu profitabilitas, tangibility dan growth rate merupakan determinan yang signifikan dalam proses pengambilan keputusan struktur modal perusahaan sektor industri pengolahan di Indonesia.


Keywords


Country-specific factors; macroeconomics; process manufacturing industry; Indonesia listed firms; panel data; capital structure



DOI: http://dx.doi.org/10.19166/derema.v17i1.4569

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