Determinants of Debt Maturity Structure: Evidence from Indonesian Companies
Abstract
Abstract
This study examines the effect of earnings management, firm size, asset maturity, and leverage on the debt maturity structure. The debt maturity structure refers to the proportion of long-term debt to total debt. The choice between long-term and short-term debt has its own consequences. Long-term debt bears higher debt costs but the payback period is long enough to make it easier for companies to pay debt installments. Samples were taken from public companies listed on the Indonesia Stock Exchange (IDX) in 2016-2020 that met the sample criteria. The final observations that meet the sample criteria during the research period are 2,229 company years. Hypotheses were tested using multiple linear regression and the results showed that earnings management had a negative effect on the debt maturity structure. These results indicate that the company prefers short-term debt rather than long-term debt. In addition, firm size and asset maturity have a positive effect on the structure of debt maturity and leverage has no effect on the structure of debt maturity.
Abstrak
Penelitian ini menguji pengaruh manajemen laba, ukuran perusahaan, maturitas aset, dan leverage terhadap struktur maturitas utang. Struktur jatuh tempo utang mengacu pada proporsi utang jangka panjang terhadap total utang. Pilihan antara utang jangka panjang dan jangka pendek memiliki konsekuensi tersendiri. Utang jangka panjang menanggung biaya utang yang lebih tinggi namun payback periodnya cukup lama sehingga memudahkan perusahaan dalam membayar cicilan utang. Sampel diambil dari perusahaan publik yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2016-2020 yang memenuhi kriteria sampel. Observasi akhir yang memenuhi kriteria sampel selama periode penelitian adalah 2.229 tahun perusahaan. Pengujian hipotesis menggunakan regresi linier berganda dan hasilnya menunjukkan bahwa manajemen laba berpengaruh negatif terhadap struktur jatuh tempo utang. Hasil ini menunjukkan bahwa perusahaan lebih menyukai utang jangka pendek daripada utang jangka panjang. Selain itu, ukuran perusahaan dan jatuh tempo aset berpengaruh positif terhadap struktur jatuh tempo utang dan leverage tidak berpengaruh terhadap struktur jatuh tempo utang.
Keywords
Full Text:
PDF (English)References
Abadi, S., W. R. Murhadi, dan B. S. Sutejo. 2013. Faktor-Faktor Yang Mempengaruhi Debt Maturity di Sektor Industri Manufaktur Yang Terdaftar di Bursa Efek Indonesia Periode 2008-2012. Calyptra: Jurnal Ilmiah Mahasiswa Universitas Surabaya 2(2):1-10.
Antoniou, A., Y. Guney, and K. Paudyal. 2002. Article in SSRN Electronic Journal at: https://www.researchgate.net/publication/228122903
Barclay, M. J., dan C. W. Smith. 1995. The Maturity Structure of Corporate Debt. The Journal of Finance 50(2):609-631.
Brigham, F. E., dan M. C. Ehrhardt. 2010. Financial Management Theory and Practice. 13th ed. Mason USA: South-Western.
Brockman, P., X. Martin, dan E. Unlu. 2010. Executive Compensation and The Maturity Structure of Corporate Debt. The Journal of Finance 65(3):1123-1161.
De Meyere, M., H. V. Bauwhede, dan P. V. Cauwenberge. 2018. The Impact of Financial Reporting Quality on The Debt Maturity: The Case of Private Firms. Accounting and Business Research 48(7):759-781.
Diamond, D. W., dan Z. He. 2014. A Theory of Debt Maturity: The Long and Short of Debt Overhang. The Journal of Finance 69(2):719-762.
Ghozali, I. 2009. Aplikasi Analisis Multivariate Dengan Program SPSS. Semarang: Badan Penerbit Universitas Diponegoro.
Healy, P. M., dan J. M. Wahlen. 1999. A Review of The Earnings Management Literature and Its Implications for Standard Setting. Accounting Horizons 13(4):365-383.
Jensen, M., dan W. Meckling. 1976. Theory of the Firm: Managerial Behavior, Agency and Ownership Structure. Journal of Financial Economics 3: 305-360.
Jensen, M. 1986. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review 76(2):323-329.
Lemma, T. T., M. A. Shabestari, M. Freedman, A. Lulseged, dan M. Mlilo. 2020. Corporate Carbon Risk, Voluntary Disclosure and Debt Maturity. International Journal of Accounting & Information Management 28(4):667-683.
Myers, S. C. 1977. Determinants of Corporate Borrowing. Journal of Financial Economics 5(2):147-175.
Ozkan, A. 2002. The determinants of corporate debt maturity: evidence from UK firms. Applied Financial Economics 12: 19-24
Rey, A., D. Tuccillo, dan F. Roberto. 2020. Earnings Management and Debt Maturity: Evidence from Italy. Corporate Ownership & Control 17(3):179-186.
Salehi, M., dan M. Sehat. 2019. Debt Maturity Structure, Institutional Ownership and Accounting Conservatism: Evidence from Iranian Listed Companies. Asian Journal of Accounting Research 4(1):35- 51.
Scott, W. R. 2015. Financial Accounting Theory. 7th ed. USA: Prentice Hall.
Seo, K., E. E. K. Kim, dan A. Sharma. 2017. Examining the determinants of long-term debt in the US restaurant industry. Does CEO overconfidence affect debt maturity decisions? International Journal of Contemporary Hospitality Management 29(5):1501-1520.
Stephan, A., O. Talavera, dan A. Tsapin. 2011. Corporate debt maturity choice in emerging financial markets. The Quarterly Review of Economics and Finance 51:141-151.
Stohs, M. H. and D. C. Mauer. 1996. The determinants of corporate debt maturity structure. Journal of Business 69: 279-312.
Subramanyam, K. R., dan J. J. Wild. 2014. Financial statement analysis. 11th ed. New York: McGraw-Hill.
Taleb, G. A., dan F. N. A. Shubiri. 2011. Capital structure decisions and debt maturity structure: empirical evidence from Jordan. The Journal of Commerce 3(4):49-60.
DOI: https://doi.org/10.24167/jab.v20i1.4312
Print ISSN : 1412-775X | online ISSN : 2541-5204 JAB Stats