Authors:
I Gede Adiputra
1
and
Atang Hermawan
2
Affiliations:
1
Universitas Tarumanagara, Indonesia
;
2
Pasundan University, Indonesia
Keyword(s):
Capital Structure, Investment Opportunity, Manufacture.
Abstract:
The purpose of this research is to obtain the result that determines the capital structure that consists of: firm size, financial risks, profitability, and debt policy on investments opportunity in fiveASEAN countries: Indonesia, Malaysia, Singapore, Thailand, and Philippines. The subject of this research is the manufacturing companies that are listed on the stock exchange market between the year of 2011 to the year of 2016. Data analysis method that is used in this research is Simultaneous Regression and panel. The result of this research proved that firm size had a positive and significant influence on Investment Opportunity in Indonesia, Malaysia and Singapore but not significant in Thailand and Philippines. The financial risk had no influence on Investment Opportunity in five ASEAN countries. Profitablity had a positive and significance influence on Investment Opportunity in Singapore, Phillipines, and Thailand. The debt policy had negative and significance influence in Indonesia
, Thailand, and Phillipines. The currency rate plays a significant role for Investment Opportunity in Indonesia, Malaysia, and Singapore. Altogether, the capital structure had significant influence on Investment Opportunity. In Singapore, it gave no significance but instead had significant influence in the other four ASEAN countries.
(More)