Ownership, Stock Conditions, Capital Structure, and External Funding Decisions
Amount: Ownership, Stock Conditions, Capital Structure, and External Funding Decisions
Author: Dita Anugra
Item Type: Thesis
Memberships: Master of Management Science Study Program, Faculty of Economics and Business, Airlangga University, Surabaya, Indonesia
Publisher: Airlangga University
Abstract
Agency conflicts will always arise in the management of the company, increasing the composition of the ownership structure is a way to reduce these conflicts. As the company goes on there will always be management decisions taken, one of which is the determination of capital structure and external funding decisions. These decisions are taken by the management depending on the attitude of the management and the conditions that affect it, such as the interests of the management who are also shareholders and the supervision of shareholders who do not directly manage the company. Another thing that affects is the condition of the stock exchange, especially for companies listed on the stock exchange, the risks and opportunities of a stock exchange condition will affect management decisions in making decisions. This study uses two main theories, namely agency theory and market timing theory. The population used in this study are mining companies listed on the Indonesia Stock Exchange in 2016-2018 with a total of 117 companies and a sample of 57 companies was obtained. Data analysis used moderated regression analysis and moderated logistic analysis. Based on the results of statistical tests, it is concluded that the ownership structure has no effect on capital structure and external funding decisions with stock exchange conditions as a moderating variable.
Keywords : Managerial Ownership, Institutional Ownership, Exchange Conditions, External Funding Decisions, and Capital Structure
