Pengaruh Diversifikasi Hutang Terhadap Nilai Perusahaan di Indonesia [The Effect of Debt Diversification on the Value of Companies in Indonesia]
Abstract
The use of debt diversification is a common thing to do in firms. Prior studies found that diversification could affect the agency cost that affected value of firms as well. This study tries to examine the association between debt diversification to firms’ values. Firms’ values are calculated using Tobin’s Q. The yearly data are used for firms that have debt components in their capital structures listed in Indonesia Stock Exchange from 2005 to 2019. The results show that (1) debt diversification does not affect value of firms, (2) marginal change on debt diversification does not affect marginal change of firms’ values, (3) debt diversification does not affect financial constraints of firms, and (4) debt diversification has greater impact when firms have high potential agency cost.
BAHASA INDONESIA ABSTRACT
Penggunaan diversifikasi hutang amat umum dilakukan oleh perusahaan. Penelitian sebelumnya menemukan bahwa diversifikasi hutang berpengaruh kepada agency cost yang pada akhirnya memengaruhi nilai perusahaan. Penelitian ini mencoba untuk melihat bagaimana pengaruh diversifikasi hutang terhadap nilai perusahaan. Nilai perusahaan dihitung berdasarkan Tobin’s Q. Data dikumpulkan secara tahunan untuk perusahaan non-keuangan yang memiliki komponen hutang di dalam struktur modalnya yang terdaftar di Bursa Efek Indonesia (BEI) periode 2005 hingga 2019. Hasil dari penelitian menunjukkan (1) diversifikasi hutang tidak mempengaruhi nilai perusahaan, (2) perubahan marjinal pada diversifikasi hutang tidak mempengaruhi perubahan marjinal pada nilai perusahaan, (3) diversifikasi hutang tidak memiliki pengaruh terhadap financial constraints yang dimiliki oleh perusahaan, dan (4) pengaruh diversifikasi hutang lebih besar pada saat perusahaan memiliki potensi agency cost yang tinggi.
Keywords
DOI: http://dx.doi.org/10.19166/jfp.v1i1.4745
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