STRUKTUR MODAL OPTIMAL PADA NILAI PERUSAHAAN: PANDEMI COVID-19
Abstract
Menggunakan model panel smooth transition regression (PSTR) kami berusaha untuk mengkonfirmasi hubungan non-linear antara tingkat leverage dengan nilai perusahaan. Kami menemukan bahwa ambang (threshold) optimal tingkat leverage perusahaan index LQ45 selama pandemi adalah 70.45 persen terhadap nilai perusahaan. Perusahaan dengan tingkat leverage lebih dari 70.45 persen dikategorikan sebagai perusahaan dengan risiko hutang yang tinggi dan kurang sehat secara finansial. Tingkat utang yang berlebihan dapat menyebabkan situasi utang yang menggantung dan kebangkrutan pada tingkat perusahaan saat pandemi yang pada akhirnya dapat menyebabkan kerentanan dalam sistem keuangan dan dengan demikian menyebabkan bencana keuangan. Selain itu, tingkat leverage selama masa pandemi secara signifikan lebih sensitif terhadap harga saham terhadap nilai buku perusahaan (PBV) dan konsentrasi kepemilikan (Ownership).
Kata kunci: Nilai perusahaan, Optimal leverage, Panel smooth transition regression
Using the smooth transition regression (PSTR) panel model, we try to confirm the non-linear relationship between leverage level and firm value. We found that the optimal threshold for the LQ45 index company leverage during the pandemic was 70.45 percent of the company's value. Companies with a leverage level of more than 70.45 percent are categorized as companies with high debt risk and are not financially sound. Excessive levels of debt can lead to overhanging debt situations and bankruptcy at the corporate level during a pandemic which can eventually lead to vulnerabilities in the financial system and thus lead to a financial disaster. In addition, the level of leverage during the pandemic is significantly more sensitive to stock prices on company book value (PBV) and ownership concentration (Ownership).
Keywords: Firm value, Optimal leverage, Panel smooth transition regression
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DOI: http://dx.doi.org/10.31000/sinamu.v4i1.7897
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