This study aims to test the pecking order theory and trade-off theory of capital structure in the analysis of the Indonesia Stock Exchange. Pecking order theory is represented by the variable profitability and growth, while the variables volatility of earnings, tangibility of assets and the size represents a trade-off theory. The company's goal is prosperity of shareholder value. To achieve these objectives the company needs funds from internal sources and external sources. Internal sources in the form of retained earnings, while the external sources of debt and shareholders' approval in the pecking order theory. This study uses the data of financial ratios of the firms during the period 2000-2010. To analyze the data, this study uses a multiple regression with the dependent variable is the debt ratio, while profitability, growth, volatility of earnings, tangibility of assets and size as independent variables. The results show that asset structure and company size has a positive and significant impact on c apital structure, while profitability has a negative effect on debt ratios. But company's growth rate has not relationship with the debt ratio or capital structure. Simultaneously, the all independent variables affect capital structure significantly.Keywords: pecking order, trade-off, capital structure, debt rasio Abstrak Penelitian ini bertujuan untuk menguji teori pecking order dan teori trade-off dalam analisis struktur modal di Bursa Efek Indonesia. Teori pecking order diwakili oleh variabel profitability dan growth, sementara variabel-variabel volatility of earnings, tangibility of assets dan size mewakili teori trade-off. Tujuan perusahaan adalah memakmurkan nilai pemegang saham. Untuk mencapai tujuan tersebut perusahaan membutuhkan dana yang diperoleh dari sumber internal dan sumber eksternal. Sumber internal berupa laba ditahan, sedangkan sumber eksternal berupa hutang dan saham sebagaimana dijelaskan dalam teori pecking order. Data yang digunakan dalam penelitian ini berupa rasio-rasio keuangan dari perusahaan sampel selama periode tahun 2000-2010. Metode analisis yang digunakan adalah regresi berganda dengan variabel terikat adalah debt ratio; sedangkan profitability, growth, volatility of earnings, tangibility of assets dan size bertindak sebagai variabel bebas. Hasil analisis menunjukkan bahwa struktur asset dan ukuran perusahaan memiliki pengaruh positif dan signifikan terhadap rasio hutang perusahaan. Sementara variabel proftabilitas memiliki efek negatif terhadap rasio hutang. Sedangkan tingkat pertumbuhan perusahaan tidak ditemukan memiliki hubungan yang signifikan dengan rasio hutang. Secara simultan, variabel-variabel bebas dapat mempengaruhi rasio hutang secara signifikan.Kata Kunci: pecking order, trade-off, struktur modal, rasio keuangan PENDAHULUAN Teori pecking order ( pecking order theory) dalam analisis struktur modal dikembangkan oleh Myers dan Majluf (1984). Berdasarkan teori ini, sumber utama modal perusahaan yang pertama kali harus berasal dari hasil usaha perusahaan yang ...

The purpose of this study is to investigate the influence of Corporate Social Responsibility (CSR) to the value of the firm. Second, find out if Corporate Governance moderates the relationship between Corporate Social Responsibility with the firm value. The sample is selected by purposive sampling method, ie sampling technique using a certain considerations that are relevant to the selected sample research purposes. The number of samples obtained are 22 companies listed on the Indonesia Stock Exchange. Data analysis was performed by descriptive analysis and multiple regression analysis. The results show that the Corporate Social Responsibility is significantly positive effect on firm value. This means the better the implementation of CSR by companies the firm's value will increase. Second, good corporate governance as a moderating variable can significantly affect the relationship between CSR and firm value.

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This study was to investigate the contagion effect of seasonality in stock markets in the ASEAN region. The study employed the month-end closing prices of each country's based stock market indexes over the period of January 1990 to December 2007. Using Granger causality test, the study found evidence of causal linkages in the markets with Singapore as the leader in majority of the cases. The study also investigated for causal linkages due specifically to seasonality effect. The results deviated from those of the general market performance with respect to the leader-follower linkages but its lended strong support to the view that seasonality effect in some stock markets are contagious.

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