Leverage dan Partisipasi Ekspor: Studi Empiris pada Perusahaan Manufaktur di Indonesia

Authors

Ilham Perintis, Fakultas Ekonomi dan Bisnis, Universitas Indonesia
Maddaremmeng A.Panennungi, Fakultas Ekonomi dan Bisnis, Universitas Indonesia

Abstract

The study aims to investigate the relationship between leverage on firms' opportunities to participate in export markets at the levels of aggregate sectors and subsectors of manufacturing of Indonesia by using Industry Survey data published by Badan Pusat Statistik (BPS) for the period 2007 - 2015. The results of logistic estimation at the sectoral aggregate level indicate that the higher a firm has the financial capacity to meet obligations or that the company is not burdened by debt arising from the use of leverage, the firms are not financially constrained and have greater opportunity for firms to participate in the export market. In addition, at the manufacturing subsector level, opportunities for firms to enter the export market are different due to the heterogeneity on firms' characteristics from respective subsectors.

Keywords: Export Participation, Leverage, Manufacturing subsectors, Indonesia

Bahasa Abstract

Penelitian ini bertujuan untuk menyelidiki hubungan antara leverage pada peluang perusahaan untuk berpartisipasi dalam pasar ekspor di tingkat sektor agregat dan manufaktur subsektor Indonesia dengan menggunakan data Survei Industri yang diterbitkan oleh Badan Pusat Statistik (BPS) untuk periode 2007-2015. Hasil estimasi logistik pada tingkat agregat sektoral menunjukkan bahwa semakin tinggi suatu perusahaan memiliki kemampuan keuangan untuk memenuhi kewajiban atau perusahaan tidak terbebani oleh beban utang yang berasal dari penggunaan leverage, perusahaan tersebut tidak terkendala secara finansial dan semakin besar peluang bagi perusahaan untuk berpartisipasi dalam pasar ekspor. Selain itu, pada tingkat subsektor manufaktur, peluang bagi perusahaan untuk memasuki pasar ekspor berbeda karena heterogenitas karakteristik dari subsektor terkait.

Kata kunci: Partisipasi Ekspor, Leverage, Industri Manufaktur, Indonesia

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Recommended Citation

Perintis, Ilham and A.Panennungi, Maddaremmeng (2019) "Leverage dan Partisipasi Ekspor: Studi Empiris pada Perusahaan Manufaktur di Indonesia," Jurnal Kebijakan Ekonomi: Vol. 15: No. 1, Article 9.
Available at: https://scholarhub.ui.ac.id/jke/vol15/iss1/9