THE EFFECT OF STOCK RETURN, FIRM’S VALUE AND FIRM’S AGE ON LEVERAGE OF IDX30 FOR THE PERIOD OF 2020 – 2024
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Abstract
The objective of this study is to determine the effect of stock return, firm’s age, and firm’s value on leverage on the firms listed in the IDX30. The samples were taken by purposive sampling from IDX30, there were 15 samples. The study conducted found that there was no significant effect of stock return on leverage. There was a negative and significant effect of firm’s age on leverage. And there was a positive and significant relationship of firm’s value on leverage. This study also found that pecking order theory applies to the relationship between firm’s age on leverage. Signaling theory applies to the relationship of firm’s value on leverage but does not apply to the relationship between the stock return on leverage.
Tujuan dari penelitian ini adalah untuk mengetahui pengaruh return saham, umur perusahaan, dan nilai perusahaan terhadap leverage pada perusahaan-perusahaan yang terdaftar dalam IDX30. Sampel diambil menggunakan metode purposive sampling dari IDX30, dengan jumlah sampel sebanyak 15 perusahaan. Hasil penelitian menunjukkan bahwa return saham tidak berpengaruh signifikan terhadap leverage. Umur perusahaan berpengaruh negatif dan signifikan terhadap leverage. Sedangkan nilai perusahaan memiliki hubungan positif dan signifikan terhadap leverage. Penelitian ini juga menemukan bahwa teori pecking order berlaku pada hubungan antara umur perusahaan dan leverage. Teori signaling berlaku pada hubungan antara nilai perusahaan dan leverage, namun tidak berlaku pada hubungan antara return saham dan leverage.
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