Title: The Influence of Company Characteristics and Macro Variables on Capital Structure Decisions in Manufacturing Companies Listed on the Indonesia Stock Exchange and Malaysia Stock Exchange in 2009-2013
Author: Rizqi Izdihar Helmi
Item Type: Thesis (Thesis)
Affiliations: Master of Management Science Study Program, Faculty of Economics and Business, Universitas Airlangga , Surabaya, Indonesia
Publisher: Universitas Airlangga
Abstract
Capital structure decisions in a company include decisions that are influenced by microeconomic and macroeconomic variables. The microeconomic variables that influence are company size, profitability, asset tangibility and company growth, while the macroeconomic variables are growth of Gross Domestic Product (GDP), inflation rate and interest rates. This type of research is quantitative research using secondary data from Indonesia Market Capital Data (ICMD) and the Malaysian stock exchange. Research in Indonesia covers 3 sectors, namely basic industry and chemicals, various industries and consumer goods. Research in Malaysia only covers two sectors, namely the consumer goods and industrial goods sectors. The number of observations in Indonesia includes 530 observations and observations in Malaysia include 106 observations. The results of research in Indonesia show that the microeconomic variables profitability, growth and asset responsibility have a positive influence, while the microeconomic variable, namely company size, has a negative influence on company capital structure decisions. All macroeconomic variables have a negative influence on inflation rates, interest rates and GDP growth. The results of research in Malaysia show that the microeconomic variables profitability, growth and asset responsibility have a positive influence, while the microeconomic variable, namely company size, has a negative influence on the company's capital structure decisions. All macroeconomic variables have a negative influence on inflation rates, interest rates and GDP growth.
Keywords: capital structure, microeconomic variables, macroeconomic variables
Sources: http://repository.unair.ac.id/64901/
