Penelitian ini bertujuan untuk mengidentifikasi praktik equity market timing
dalam penentuan struktur modal perusahaan yang terdaftar di BEI. Penelitian ini
mencoba melakukan analisis lebih mendalam terkait dengan praktik equity market
timing dengan cara menggunakan variabel moderasi financial distress dan
mengidentifikasi efisiensi pasar selama periode observasi. Penelitian ini
menggunakan analisis regresi data panel dan moderating regressions analysis
(MRA) untuk mengetahui pengaruh equity market timing terhadap struktur modal.
Hasil penelitian menunjukan bahwa praktik equity market timing tidak dilakukan
oleh perusahaan jika hanya mempertimbangkan mispricing. Praktik equity market
timing dilakukan oleh perusahaan jika kondisi keuangan mendekati titik financial
distress. Temuan ini memberikan implikasi bahwa perusahaan memiliki
kecenderungan untuk menggunakan dana investor untuk melunasi hutang bukan
investasi. Hal ini sangat penting diketahui oleh investor untuk lebih berhati hati
dalam menilai saham perusahaan. Saham dengan nilai baik belum mencerminkan
kesehatan keuangan perusahaan karena adanya pengaruh moderasi financial
distress.
The objective of this study is to identify the use of Equity Market Timing by
company managers in making an ideal composition pf capital structure after the
crisis of 2008. This study tries to make a deeper analysis on Equity Market
Timing by using a moderating variable and identifying market efficiency so an
empirical evidence that represents the real condition is obtained. Therefore,
financial data were analyzed using panel data regression to examine the
relationship between Equity Market Timing and Capital Structure. The
moderating effect of this relationship was analyzed using Moderating Regression
Analysis (MRA). The Result of this study finds the empirical evidence that
Indonesia Stock Exchange (IDX) is appropriate with the requirement if effcient
market in weak form. This finding becomes the main reason for mispricing does
not happen and indicates that manager use the equity not for investment but for
overcoming financial distress. This empirical evidence is very important for
investor in considering the financial health firms to avoid low return from their
portofolio. A high market value of equity is not a positive signal for investors due
to the moderating effect of financial distress
