KEPUTUSAN PENDANAAN : PILIHAN KEPUTUSAN HUTANG DAN EKUITAS

Abstract

This paper investigates the role of lag in estimated leverage and lag leverage, as sub-variables of targeted leverage, as they affect the probable course that will be taken by a firm in its financing decision. The financing options that are the subjects in this investigation are: bond issuance and share buyback which increase a firm’s leverage, and issue of stocks and repayment of bonds which decrease a firm’s leverage. Sample data are taken from non-finance companies issuing their stocks and bonds on BEI. The methods used are binomial and multinomial logit regres- sion. This research shows that: in the event that lag in estimated leverage increases, it indicates a higher debt capacity of a firm, the probability of the firm to repurchase their stocks is greater than its probability for not making any financing decision;a high lag in estima- ted leverage does not affect the probability of a firm to issue new bonds; a diminishing lag leverage does not affect the probability of a firm to issue new stocks and repay their bonds; in the event that lag leverage decreases, a firm will respond by issuing new bonds or repurchasing its stocks, however an increasing lag leverage is not always responded by stock issu- ance or repayment of bonds, instead the firm’s leverage will increase.