Deteksi Praktis Aplikasi Pot (Pecking Order Theory)

Abstract

The purpose of this study to obtain empirical evidence about the detection of the capital structure of the research is a qualitative approach. The analysis tools are descriptive to explain deficit financing by following formula made by Fama and French (2005). The study population was the Telecommunications Industry. The research sample was PT. Telecommunications, Tbk. Object of study is the issuer\u27s financial statements in the Indonesia Stock Exchange, PT Telkom Tbk. Observation period between 1993 to 2010. The unit of analysis is a PT. Telekomunikasai, Tbk.The content in an easy and practical periodical and time series.Design results showed growth in net assets during the period between 1993 to 2010 to increase the high trend. Leverage enterprise sxampai period between 1993 to 2008 showed an average Debt to Equity Ratio (DER) is greater than 1 (one), which means that capital structure under normal conditions and good. Meanwhile, the period between 2008 to 2009 showed that companies tend not to exist in a state of long-term debt, as well as the composition of the capital structure so filled with their own capital solvency of the company is very strong. In 2010, indicating a resurgence in the number and proportion of debt that is so small that a dominant proportion of equity in the capital structure. The results of the application detection Pecking Order Theory for PT Telecom, Tbk occurred in 1994, 1995, 1996, 1997, 1998, 2000, 2001, 2002, 2003, and 2008, 2009 and 2010. Meanwhile, in 2004, 2005, 2006 and 2007 there was no application of Pecking Order Theory.The findings showed that application of Pecking Order Theory does not always follow the growth of net assets. The implication, for the effectiveness of information Pecking Order Theory in order to enhance shareholder value, needs to study in depth by connecting to the company\u27s profitability