Analisis pengaruh antara leverage, market-to-book, deviden, size, change-in stock price dan fixed- assets ratio dengan penggunaan utang bank bagi perusahaan (Studi pada perusahaan manufaktur yang terdaftar di BEI tahun 2001-2008)
Hana Candra Prastuti - F0206064 - Fak. Ekonomi dan Bisnis
This research is a replication of the research Antonios Antoniou, Yilmaz Güney, Krishna Paudyal (2008). This study aims to examine the factors determine the choice of bank debt (private loans) is to analyze the effect of leverage, market to book, dividend, size, change-in stock price and the fixed asset ratio to the use of bank debt for companies manufacturing listed on the Indonesia Stock Exchange. The sample used is a manufacturing company that has a bank debt and has issued financial statements during the observation period is 2001-2008. Method of sample selection was purposive sampling, the final sample obtained from 54 manufacturing companies.
The hypothesis proposed is: (1) H1: leverage has a negative effect with the use of bank debt. (2) H2: Market-to-Book has a negative effect with the use of bank debt. (3) H3: Dividend has a negative effect with the use of bank debt. (4) H4: Firm size has a negative effect with the use of bank debt. (5) H5: Change in stock price has a negative effect with the use of bank debt. (6) H6: Fixed - asset ratio has a positive effect with the use of bank debt statistic
Test tool used in this study using a normal curve for the normal distribution, the value of tolerance and VIF for multicollinearity test, Durbin-Watson for autocorrelation test, Gejser for heterocesdaticity test, and multiple linear regression for hypothesis test with a significance level of 5%.
Results from this study show that firms with higher debt ratios, especially near the bankrupt would prefer to use bank debt. Expenditure deemed dividend as a positive signal to facilitate negotiations back because of the confidence of the bankers. Companies with total sales of smaller chose to use the Bank Debt. The increase in stock prices is considered as a positive signal for easier to obtain bank debt. High Ratio Fixed-Assets can be used as collateral to obtain bank debt.