Struktur modal perusahaan sub sektor perkebunan di bursa efek indonesia

Funding in the company has an important role in company’s financial to leverage business. Not only is the role of the capital structure in the plantation subsector important for the company but also for the growth of the Indonesian economy. The optimal capital structure can improve the performance of the plantation companies in Indonesia. The research objectives of this study to analyze the internal and external factors that affect capital structure, analyze the pecking order theory, analyze the speed of adjustment of the capital structure, analyze the optimal capital structure, and analyze the influence of capital structure to the company's stock price on oil palm plantation companies which are listed on the Indonesia Stock Exchange (IDX). The sample was selected from all companies in the plantation sub-sector listed on the IDX in the year 2009 to 2013. This study used panel data regression analysis. The results showed that the plantation companies in Indonesia Stock Exchange operate various leverage policy. There are some companies which have low leverage such as Lonsum, Astra Agro Lestari, and Sampoerna Agro, while some others have high leverage such as Bakrie Sumatera Plantations, Tunas Baru Lampung, and Gozco Plantation. The analysis results of internal factors that affect to the leverage plantation companies in Indonesia are companies asset structure, the size of the company, profitability, sales growth, and market to book value. Further analysis showed that external factors affecting the company's leverage policy are inflation, composite stock price index, interest rates, and exchange rates. The plantation companies in Indonesia Stock Exchange followed the pecking order theory in its capital structure. Then, the next review of the speed of adjustment of the capital structure was influenced by internal factors primarily previous DER and profitability. Macroeconomic factors also significantly influence the speed of adjustment of the oil palm plantation’s capital structure. The speed of adjustment is 44.64%. The study shows that the oil palm plantation companies do not use optimal leverage except AALI, SMAR, and TBLA. The leverage using debt to equity as the proxy affected significantly negative on stock prices in the oil palm plantation companies listed on the Stock Exchange during 2009-2013 periods, so that the management company needs to maintain optimal leverage. The results of the study have some managerial implications for stakeholders, especially regulators, issuers, and investors. For the investors in the plantation sector, they have to evaluate the debt ratio and the value of plantation’s stock; they also need to consider internal factors of the company in their investment either in short-term or long-term period as well as the macroeconomic factors. The implications for regulators are that they need to pay attention to indicators of debt to equity ratio in the event of unnatural stock price movements, lower the interest rates, and also have to pay attention to the macroeconomic factors and their effect on the oil palm plantation industry in order to remain competitive. Managerial implications for issuers is necessarily to optimize the debt to equity ratio to increase stock value of the company, need to adjust the level of leverage at its optimum level by taking attention to the internal factors as well as the need to see the macroeconomic factors in their leverage action. This study was confined to the plantation sector companies listed on the Indonesia Stock Exchange during 2009-2013 periods and the independent variables were still limited. It is advised to do further research using other variables that may also affect the capital structure policy. This would be interesting to look at the capital structure of the plantations in Indonesia within a period of long time (15 – 25 years) to see the effects on macroeconomic on the speed of adjustment of the plantation company's capital structure. It is also necessary to compare with the plantation company in Malaysia