Title: Ownership, Stock Exchange Conditions, Capital Structure, and External Financing Decisions
Author: Fesi Dita Anugra
Item Type : Thesis (Thesis)
Affiliations: Master of Management Science Study Program, Faculty of Economics and Business, Universitas Airlangga , Surabaya, Indonesia
Publisher: Universitas Airlangga
Abstract
Agency conflicts will always arise in company management, and improving the composition of the ownership structure is a way to reduce these conflicts. As a company operates, management decisions will always be made, including determining capital structure and external financing decisions. These decisions are made by management depending on their attitude and the conditions that influence them, such as the interests of management as shareholders and the oversight of shareholders who do not directly manage the company. Another factor that influences this is stock market conditions, especially for companies listed on the stock exchange. Risks and opportunities related to stock market conditions will influence management decisions. This study uses two main theories: agency theory and market timing theory. The population used in this study were mining companies listed on the Indonesia Stock Exchange from 2016 to 2018, with a total of 117 companies, resulting in a sample of 57 companies. Data analysis used moderated regression analysis and moderated logistic analysis. Based on the statistical test results, it was concluded that ownership structure had no effect on capital structure and external financing decisions, with stock market conditions as a moderating variable.
Keywords: Managerial Ownership, Institutional Ownership, Stock Exchange Conditions, External Financing Decisions, and Capital Structure