THANK THEE!!
Thursday, June 22nd, 2006Ini versi terbaru, maap yang belum kesebut ato jatahnya kepotong, sumprot itu udah banyak banget…
Torya! Tsue! Tsue! Todome!
KATA PENGANTAR
Puji syukur penulis panjatkan ke hadirat Allah SWT karena hanya berkat rahmat, hidayah dan karunia-Nya penulis berhasil menyelesaikan skripsi dengan judul “Analisis Faktor-faktor yang Mempengaruhi Capital Expenditure dan Debt: Pengujian Terhadap Pecking Order Hypothesis dan Managerial Hypothesis”. Tak lupa Shalawat penulis turut haturkan kepada Nabi Muhammad SAW sebagai pemberi petunjuk dan suri teladan terbaik bagi manusia.
Skripsi ini diajukan untuk memenuhi salah satu syarat dalam menyelesaikan Program Sarjana (S-1) pada Program Sarjana Fakultas Ekonomi Universitas Diponegoro, Semarang.
Dalam proses penyelesaian skripsi, penulis telah banyak diberi bantuan oleh banyak pihak baik berupa bimbingan, dorongan, maupun pengarahan. Oleh karena itu, pada kesempatan ini, penulis ingin menyampaikan terima kasih yang tak terhingga kepada:
1. Bapak Dr. H. M. Chababib, MSi, Akt. selaku Dekan Fakultas Ekonomi Universitas Diponegoro.
2. Bapak Drs. Agus Purwanto, Msi, Akt. selaku Dosen Pembimbing atas ketulusan hati dan kesabarannya dalam membimbing penulis menyelesaikan skripsi.
3. Bapak Drs. Daljono, MSi, Akt. selaku dosen wali beserta Bapak dan Ibu Dosen lainnya atas curahan ilmu pengetahuan selama masa studi.
4. Ayahanda tercinta yang telah mendahuluiku, Ibuku tercinta, serta saudari-saudariku, Anita dan Deisy, terima kasih atas semua dorongan dan support-nya.
5. Thanks for my dear Accounting Comrades (in alphabetical order) : Adisty (Buku Akuntansi Biaya…), Sapto, Sandra, Andi (Carnivores aren’t that wicked), Amin, Anik, Arga, Arina, Atid, Bayu (thanks for maintaining my accent for years), Nisa, Cita, Demson, Dian, Windu, Dini (thanks for introducing me to~ and being the first victim of Ultimate Pentel Caplet), Dodi (major reference for pecking order), Upi, Uwi (thanks for being a pointless IT consultant), Syahrir (We did it! We did it! Yay…!), Pandu, Aji (Terribly sorry for your Via 1 Giga Pro…), Elis, Eti, Geger (Mi Bangka rules!), Guruh, Nope, Hendri (Finally…), Irfan, Ismail, Lilik, Wildhan, Raffy (Nurse outfit looks bad on male, don’t ever think to switch…), Nanik, Iin, Habib, Philip, Nuke (Thanks for your huge supports and whipping me when I was lazy back then, thanks for those nice Inbox floods, eyebrows-shave…^_^, you’ll be a good mom indeed… O~su! Ikuzo!), Retno, Wulan, Ririn (Buku Kotler-mu Rin… ), Merry (Terribly sorry for tugeling your plakat… Maafkan..) Septi, Chepy (Thanks for the ~Frengers~, still listening it after years), Soni, Trias, Nina, Jati (Thanks for bagi-bagi link EPNET, user name, dan passwordnya…), Uut, Yayan, Nashrullah (my hadware consultant, thanks for the RAM! I couldn’t have made it so far…), Fia (Thanks a bunch for the lunch-box, some financial reports and Deztlife CD, but no thanks for the calendar and CD costs denial…D’oh!), Dian Kur (Ngapain lulus ndhisik…Hu, urik…), Yudhistira (Habis ini mau ke mana, Dis?)
6. Flame (Thanks a ton for countless hours of 724 combo Kyokugenryuu Ougi Oraoraora Ryuuko Ranbu supports!!), Dinar (Thanks for providing me with additional data, soft-copy, hard-copy juga (?), and also for helping me out with math equations), Helmi (SA’s Finest CEO ever! Going to wait for SA-land Mall…), Reni (Thanks for all those grammar discussions and larukuanshieru MP3 stuff)
7. Teman-teman di UPK-FE (urut absen), Ade, Ambon, Ariana, Budi, Mirwan, Ratna, Riris, Sumodirjo,Witcak, terima kasih atas tebengan download jurnal, ROMs, J-PVs, plus extra internet-access
8. Hideto, Tetsuya, Ken, and Yukihiro for providing me with right tunes, beats, melody and mood during this whole project. Thanks for Azarea for SC-88 Pro Silent Tutorial… Thanks for Melon, Kuromaru, Horo-Horo, and Riyanni Djangkaru for backyard accompaniment.
9. The Wonderful Benevolence of Dezinfectant, Thank you for staying so bright (^_^…). Procrastination is the enemy of all!!
Penulis menyadari bahwa skripsi ini masih jauh dari sempurna, sehingga saran dan kritik yang membangun sangat diharapkan untuk perbaikan di masa mendatang. Akhir kata, semoga skripsi ini dapat bermanfaat bagi banyak pihak terutama untuk pengembangan ilmu pengetahuan.
Semarang, Mei 2006
ABSTRACT
Over decades, numerous studies have been conducted to develop most fit corporate capital theory since Modiglianni and Miller’s seminal ‘neutral mutation’ propositions. This research lies upon two mainstream capital theories based on agency cost (Jensen and Meckling, 1976) and pecking order hierarchy (Myers 1982), as both have different conjectures considering the role of information asymmetry.
This research was performed primarily to investigate Indonesian corporate behaviour of capital expenditure and debt policies, and includes three core independent variables: internal cash flows, insider ownership, and investment opportunities. Data were collected through period 1999 – 2003, include pooled data from 96 companies purposively filtered from non-finance firms listed on BEJ.
This study extends prior derivative study of Griner’s capital expenditure model (Griner, 1995) employed by Hamidi (2003) and Sartono (2001), whereas it has received less attention from present researchers and literatures. Debt policy tests were performed employing Brailsford’s model, which proposed agency convergence-of-interest and managerial entrenchment hypothesis into a different context (Brailsford et al., 1999).
The empirical results provide support for a positive relationship of capital expenditure with both internal cash flows and investment opportunities, whilst insider ownership was proved has insignificant influence. These results also suggest that debt is straight and positively related with internal cash flows and investment opportunities, yet conversely has a curve-linear relationship with insider ownership. Eventually, no generalised conclusion supports neither managerial nor pecking order hypothesis, but overall, this study corroborates and parallel with most of pecking order rationales.
Keywords: pecking order hypothesis, managerial hypothesis, capital expenditure, capital structure, debt, investment opportunities, internal cash flows, insider ownership.
barangkali ada yang iseng mau baca (Ha?) bisa baca skripsi ini di:
http://www.geocities.com/dezinfectant/skripsi.zip
