Title: Ownership, Stock Exchange Conditions, Capital Structure, and External Funding 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, increasing the composition of the ownership structure is a way to reduce these conflicts. As the company progresses, there will always be management decisions taken, one of these decisions is determining the capital structure and external funding decisions. These decisions are taken by management depending on management's attitude and the conditions that influence it, such as the interests of management who are also share owners or supervision from share owners who do not directly manage the company. Another thing that influences is the condition of the stock exchange, especially for companies listed on the stock exchange, the risks and opportunities related to one stock exchange condition will influence management decisions in making decisions. This research uses two main theories, namely agency theory and market timing theory. The population used in this research were 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 uses moderated regression analysis and moderated logistic analysis. Based on the results of statistical tests, it is concluded that 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, Stock Exchange Conditions, External Funding Decisions, and Capital Structure
