Analysis of Capital Structure in Corporate Telecommunications Operators in Indonesia

Palti Maruli Tua Sitorus; Adler H Manurung; Tubagus NA Maulana; DS Priyarsono
The purpose of the paper are (1) to study the difference capital structure based on the average of Debt Equity Ratio, Ownership Structure and Distruptive Technological Change; (2) to find out if the company has a target capital structure; (3) to know the influence of profitability, the age of firm, asset structure, growth and business risk of the capital structure on a telecommunications company in Indonesia. In processing data, we are using analysis of variance, partial adjusment model and panel data regression techniques. The result of the research shows that there is no difference between capital structure of the company, based on ownership structure and the technology used. Telecommunications companies in Indonesia have a target capital structure with the speed adjustment of 74.89% within 3 months. A significant factor affecting capital structure is profitability. Capital structure on telecommunication operators companies in Indonesia did not have differences, but it has a target of capital structure and determining structure recently affected by level profitability.
ANOVA; Data Panel; Capital Structure; Partial Adjusment Model; Telecommunication
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