HERDING BEHAVIOR DALAM KEPUTUSAN STRUKTUR MODAL STUDI KASUS PADA SEKTOR PERTAMBANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2011-2015

Fitrinanda, Heshi Geshia (2017) HERDING BEHAVIOR DALAM KEPUTUSAN STRUKTUR MODAL STUDI KASUS PADA SEKTOR PERTAMBANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2011-2015. S1 thesis, Universitas Negeri Jakarta.

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Abstract

Heshi Geshia Fitrinanda, 2017; Herding Behavior In Decision Of Capital Structure Case Study In Mining Sector Listed In Indonesia Stock Exchange Period 2011-2015, Jakarta: Finance Concentration, Undergraduate Degree of Management. Faculty of Economics, State University of Jakarta. Advisory; Prof. Dr. Hamidah, M.si & Destria Kurnianti, S.E, M.sc. The main purpose of this research is to find the existence of herding behavior based on reputation and information on the decision of capital structure of minincompany that listed in Indonesia Stock Exchange. This research may help explain how mining companies listed on the Indonesia Stock Exchange choose their debt and equity levels. For managers of mining companies, herding behavior is a efficient and inexpensive way to assist them in determining optimal or good capital structure for their companies. This study uses a quantitative approach that emphasizes the testing of a hypothesis by using secondary data sources namely annual financial statements. This research uses linear regression method. The sample in this research is mining sector companies listed in Indonesia Stock Exchange period 2011-2015. There are 23 mining companies that are sampled in this study. By grouping as many as 1 company as a Leader company and 22 are grouped as Follower company. The results of this study indicate that the decision of the capital structure of the current period is influenced by the decision of the capital structure of the previous period so that it can be seen that there is informational herding. While on herding reputation only found as many as 7 companies follower who is decimated to imitate the company leader. Therefore, it can be concluded that there is a herding on the capital structure of the company follower against the capital structure of the company leader as many as 7 companies follower and did not occur in the capital structure of the company follower of capital structure of the company leader as much as 15 companies follower. Keywords: Capital Structure, Debt to Equity Ratio, Herding Behavior, Herding Raputation, Informational Herding

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