Jangka waktu utang dan volatilitas performa perusahaan di masa depan = Debt maturity and future firm performance volatility

Aldo, Albertus (2020) Jangka waktu utang dan volatilitas performa perusahaan di masa depan = Debt maturity and future firm performance volatility. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

Cara perusahaan mengatur proporsi utangnya (jangka pendek dan jangka panjang) akan memiliki dampak yang berbeda. Perusahaan dengan utang jangka pendek yang lebih banyak, sering diasosiasikan dengan toleransi risiko yang lebih tinggi, begitu juga sebaliknya. Perusahaan kecil cenderung memiliki utang jangka pendek yang lebih banyak dibandingkan perusahaan besar. Perusahaan kecil harus menanggung cost of capital lebih tinggi (mengharapkan return tinggi), tetapi perusahaan besar juga bisa mengalami agency problem (terjadi overinvestment). Hal ini menimbulkan volatiltias performa perusahaan yang beragam. Oleh karena itu, peneliti tertarik untuk meneliti hubungan antara jangka waktu utang dengan volatiltias performa perusahaan dimasa depan, menggunakan perusahaan-perusahaan di Indonesia. Peneliti menemukan bahwa tidak terdapat hubungan antara jangka waktu utang dengan volatilitas performa perusahaan dimasa depan, tetapi ditemukan bukti empiris yang menunjukan bahwa jangka waktu utang memiliki hubungan yang negatif dengan volatilitas nilai perusahaan dimasa depan. Hal ini menunjukan bahwa jangka waktu utang dapat digunakan sebagai indikator volatilitas nilai perusahaan di Indonesia./How a firm manage its debt proportion (short-term and long-term) will have a different impact. Firms with more short-term debt, are often assosiated with higher risk tolerance, and vice versa. Small firms tend to have more short-term debt than large firm. Small firms have to pay higher cost of capital (expecting higher return), but large firms might have agency problems (overinvestment). This causes a variety of firm performance volatility. Researcher is interested to research about the relation between debt maturity and future firm performance volatility, using firms in Indonesia. Researcher found that there is no relation between debt maturity and future firm performance, instead, researcher found that debt maturity has a negative relation with future firm value volatility. This shows that debt maturity can be used as indicator for future firm value in Indonesia.

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