Exploring the effect of debt maturity towards equity return in Indonesia

Darmawan, Liesky (2023) Exploring the effect of debt maturity towards equity return in Indonesia. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

This paper studies the relationship between leverage, maturity structure and equity return of firms listed in IDX (Indonesia Stock Market) from 2004 to 2022. This research has found evidence linking a significant relationship between leverage and maturity towards the equity return of firms in Indonesia. Evidence that a slightly higher premium is requested for maturity in comparison to leverage was also discovered. This research has also found evidence that the premium brought forward by leverage compared to maturity shows a significant exposure to the size effect. Subsequently, this research also puts forward several considerations that could be used by investors when valuing stocks and firms when considering financing options. / Penelitian ini mempelajari hubungan antara hutang (leverage), jangka jatuh tempo hutang, dan imbal hasil yang diterima oleh para pemegang saham dari perusahaan-perusahaan yang terdaftar di IDX (Bursa Efek Indonesia). Melalui penelitian ini, ditemukan bukti bahwa ada hubungan yang bersifat signifikan antara jumlah hutang yang dipegang oleh sebuah perusahaan beserta jatuh tempo hutang tersebut terhadap imbal hasil dari saham perusahaan tersebut. Bukti bahwa ada tuntutan premia yang sedikit lebih tinggi untuk jatuh tempo hutang dibandingkan jumlah hutang juga ditemukan melalui penelitian ini. Penelitian ini juga menemukan bukti bahwa hutang jika dibandingkan dengan jangka waktu hutang menunjukkan exposure yang signifikan terhadap size effect. Terlebih, penelitian ini juga menyampaikan beberapa sugesti dan konsiderasi yang bisa digunakan oleh investor saat menilai saham, dan perusahaan saat memilih metode financing.

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