PENGARUH KETIDAKPASTIAN EKONOMI TERHADAP HUTANG PERUSAHAAN DI INDONESIA [THE EFFECT OF ECONOMIC UNCERTAINTY ON COMPANY DEBT IN INDONESIA]

Willy Djulianto, Vina Nugroho

Abstract


Economic uncertainty in one country is one of the factors that influence the decision making of debt financing in companies. A high level economic uncertainty can reduce the company's debt level. However, it can also increase the company's debt level. This study aims to examine the effect of economic uncertainty on the level of corporate debt in Indonesia. In this study using 250 companies listed on the Indonesia Stock Exchange starting from the period 2012Q1-2020Q4. The results of the study indicate that economic uncertainty has a negative effect on the market leverage and book leverage of the company. In addition, companies in Indonesia tend to choose to reduce their debt funding when economic uncertainty occurs. 

Abstrak dalam Bahasa Indonesia. Ketidakpastian ekonomi dalam suatu negara menjadi salah satu faktor yang berpengaruh  dalam pengambilan keputusan pendanaan utang pada perusahaan. Tingkat ketidakpastian ekonomi yang tinggi bisa menurunkan tingkat utang perusahaan. Namun, bisa juga meningkatkan tingkat utang perusahaan.  Penelitian ini bertujuan untuk meneliti pengaruh ketidak pastina ekonomi terhadap tingkat hutang perusahaan di Indonesia. Di dalam penelitian ini menggunakan 250 perusahaan yang terdaftar di Bursa Efek Indonesia mulai dari periode 2012Q1-2020Q4. Hasil penelitian menunjukkan bahwa ketidak pastian ekonomi economi berpengaruh negatif terhadap market leverage dan book leverage perusahaan. selain itu perusahaan di Indonesia cenderung memilih untuk mengurangi pendanaan utang mereka pada saat ketidakpastian terjadi.



Keywords


Ketidakpastian ekonomi; pengaruh pasar; pengaruh buku; Economic uncertainty; market influence; book influence



DOI: http://dx.doi.org/10.19166/derema.v17i2.5888

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