%A NIM. 14830049 ASTRIN WIJAYANTI
%O Abdul Qoyum, S.E.I., M.Sc.Fin.
%T PENGARUH MARKET TIMING TERHADAP STRUKTUR MODAL PERUSAHAAN YANG MELAKUKAN PENAWARAN SAHAM PERDANA (IPO) YANG TERCATAT DI DAFTAR EFEK SYARIAH PERIODE 2011-2016
%X This study aims to examine whether Indonesian firms using the equity market timing philosophy in managing their capital structure. Equity market timing refers to the practice of issuing shares at high prices (overvalued) and repurchasing at low prices (undervalued). To proof this theory, dependent variable of change in leverage is used, as well as the determinants of changes in leverage levels consisting net equity issues, newly retained earnings, and growth in asset. The market-to-book ratio is used as an independent variable that serves as a proxy for market timing. Furthermore, the control variables are also used, which are tangibility, profitability, and firm size. This study used cross sectional data with sample of 36 non-financial companies that conducted IPO in Indonesia in 2011-2016 and the company was listed in Indonesia Sharia Stock Index. The results of the first hypothesis showed that market-to-book ratios has a negative impact on change in leverage, and on the second hypothesis, market-to-book has a positive effect on equity issuance. This result showed that Indonesian firms are using equity market timing when issuing equity.
%K Equity Market Timing, Market-to-Book, Capital Structure, ISSI, Sharia Stock
%D 2018
%I UIN SUNAN KALIJAGA YOGYAKARTA
%L digilib30031