UTAMI PUJI LESTARI, 099913425m
(2002)
KEPUTUSAN PEMILIHAN SUMBER DANA DAN FAKTOR-FAKTOR YANG MEMPENGARUHINYA (Studi pada Perusahaan-perusahaan Manufaktur yang Mempunyai Actual Sales Growth Melebihi Sustainab/e Growth yang Listing di Bursa Efek Jakarta) 4.
Thesis thesis, UNIVERSITAS AIRLANGGA.
Abstract
The objective of this research is to know about the financing decision of manufacture company when the company was in actual sales growth situation exceed the sustainable growth and the factors influenced. The research, therefore, was directed to find the existence of relationship between the financing decision and actual sales growth that exceed the sustainable growth in manufacture companies, that listing in BEJ. In this research there are three alternatives the financing decision that is retained earning, debt and sale of equity. In order to know the effect of actual sales growth, total asset turnover, leverage and asymmetry information factors toward the financing decision between the internal and external fund resource then between debt and equity fund resource, when manufacture companies have actual sales growth exceed the sustainable growth. The population of this research is all of manufacture companies that listing on BEJ in 1993-1996, while its population target or sample is manufacture company that have actual sales growth exceed the sustainable growth was 37 companies. In order to know the existence of relationship between the financing decision with actual sales growth that exceeds the sustainable growth, this research use chi-square analysis with significant level ((x) 5%. The while to know the effect of actual sales growth, total asset turnover, leverage and asymmetry information factors toward the financing decision between the internal and external fund resource then between debt and equity fund resource its used logistic regression analysis with significant level ((X) 5%. The result of this research shown the significant relationship between the financing decision with actual sales growth that exceeds the sustainable growth in manufacture companies that listing in BEJ. The contingency table seen that manufacture company disposed to use the external fund resource like debt to use external fund resource like debt to comply the need of expense when company experience the actual sales growth exceeds the sustainable growth in 1993-1996. In logistic regression analysis I its proved the negative effect of actual sales growth factor to the financing decision between internal and external fund resource. The while in logistic regression analysis II its shown the negative effect of total asset turnover and asymmetry information factor toward the financing decision between debt and equity fund resource in manufacture companies that actual sales growth exceed the sustainable growth.
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