Hubungan Interdependensi Antara Variat Aktiva Dan Variat Pasiva  

Oleh:

Wulandari ; Nursasmito, Muhammad Irfan ; Hendrian

Jenis: Article from Journal - ilmiah nasional
Dalam koleksi: Jurnal Organisasi dan Manajemen vol. 4 no. 1 (Mar. 2008), page 20-33.
Topik: Asset Composition; Canonical Correlation; Canonical Loading; Collateral; Financing; Hedging; Insolvency; Liability Composition; Redundancy Index
Fulltext: 03-wulandari.pdf (52.59KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ153.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

The independence of the asset and liability composition in Modigliani and Miller (1958) capital structure theory research is implied in much modern financial theory. While, the separation of financing and investing decisions in actual balance sheets of modern corporations do not exhibit independence between the two sides of the balance sheet. The research purposes are to identify relationship between the two sides of the balance sheet and to explain the nature of these relationships using canonical correlation analysis. Samples of the data are the wholesale and retail firms listed In Jakarta Stock Exchange (JSX) for 6 year (2001-2006). Canonical correlation analysis shows that firms match the maturity structure between left and right sides of their balance sheet, non-current assets tend to be financed with non-current liabilities, inventories are used as collateral for current liabilities, non-current assets are used as collateral for non-current liabilities. High risk businesses may try to manage risk by using less leverage on the right side of the balance sheet (high equity) that may enable management to reduce the probability of insolvency.

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