PENGUJIAN PECKING ORDER HYPHOTESIS PADA PERUSAHAAN PERDAGANGAN DAN JASA YANG LISTED DI BEI

Abstract

Pecking Order Hyphotesis is financing structure in financial management which followed hierarchy starting from internal financing, debt, then equity as the last source. This research aim to examine financing behavior of trade and service companies which listed in Indonesia Effect Exchange (BEI) in period of research 2005-2006. This research is conducted at 18 companies using simple linier regression. The result of this model is ∆ D = 40,791 – 0,068 (deficit (I)). This model shows that there is negative relation and significance between deficit (deficit (I)) and long term debt change ( ∆ D it it ). Besides that, the result of T test indicate that defisit variable does not has significance influence to long term debt change. That is can be shown by the result of T calculation that is -0, 322, and T table is 1, 697. Based on this research result, we may know that the financing behavior for investment at trade and service companies listed at BEI in period 2005-2006 do not follow Pecking Order Hyphotesis