The Impact Of Equity Historical Market Price On Capital Structure

miswanto, miswanto (2021) The Impact Of Equity Historical Market Price On Capital Structure. International symposia in Economic theory and Econometrics, 28. pp. 281-290. ISSN IssN: 1571-0386

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Abstract

The purpose of this study is to investigate whether equity market timing has a persistent impact on the firm’s capital structure or not. In achieving this purpose, there are two hypotheses developed in this study. The first hypothesis is that historical price-book-value (PBV) negatively affect leverage; while the second hypothesis is that historical PBV ratio negatively affects the change of cumulative on leverage. The sample of this study is cross sectional data obtained from the Indonesia Stock Exchange for 2001–2011 research period. The author disentangles the sample into subsamples based on IPO+k, in which k is the number of years after the initial public offering (IPO). The results show that most of the regression coefficients in the historical PBV do not have negative impact on the capital structure and only a small part of the regression coefficient of the historical PBV has a statistically negative impact on the capital structure. Therefore, the findings of this research conclude that equity market timing doesn’t have persistent impact on capital structure of the firms in Indonesia.

Item Type:	Article
Uncontrolled Keywords:	Capital structure; market timing; historical market price; persistent impact; Indonesia; Ipo
Subjects:	MANAJEMEN > Sumber Daya Manusia
Divisions:	Dosen STIE YKPN > Artikel > Jurnal
Depositing User:	Unnamed user with email webmaster@stieykpn.ac.id
Date Deposited:	31 Mar 2023 08:30
Last Modified:	03 Apr 2023 04:00
URI:	http://repositorybaru.stieykpn.ac.id/id/eprint/842

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