Sintia Yulianti, 7311416018 (2020) PERBEDAAN STRUKTUR MODAL PADA PERUSAHAAN INSIDER OWNERSHIP DAN NON INSIDER OWNERSHIP (Studi Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2009-2018). Under Graduates thesis, Universitas Negeri Semarang.

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Abstract

The capital structure is the main key for the company in managing the company’s operational activities because capital structure decisions will affect the benefits and risks of the company in the future. In addition, the determination of capital structure depends on management behavior. The purpose of this study to determine whether there are median differences in the capital structure of insider ownership companies and non insider ownership companies. This type of research is an explanatory research that used quantitative approach. The population of this research is manufacturing companies listed on Indonesia Stock Exchange period 2009-2018. The research sampling technique is simple random sampling. There are 1276 units of analysis. Analysis of research data using descriptive statistics and Mann-Whitney Test with the Microsoft Excel program as an analysis tool. The results showed that there was no difference in average or median of capital structure in insider ownership companies and non insider ownership companies in manufacturing companies listed on Indonesia stock exchange period 2009-2018. In other word, the management using the same high levels of debt as a mechanism of monitoring of management performance. This is because managers tend to take opportunistic actions in managing the company. There are some suggestions, for companies are more effective in involving debt as a insider oversight mecanisms than insider ownership, but an increase in debt can increase the risk of financial distress and bankruptcy. For creditors, creditors are advised to conduct more stringent monitoring and make debt agreement to ensure the security of funds owned by creditors. For investors, it is advisable to avoid companies at high level of debt. For future researchers, it will be better to add the other variables as a monitoring mechanism to the behavior of managers and can affect the capital structure in order to find out which is more effective. In addition, it can also expand the research sample and update the research period as a generalization of this study.

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