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Journal of Econometrics, 62, 67–89.īerger, A., & Bonaccorsi di Patti, E. Incomplete Panels: A Comparative Study of Alternative Estimators for The Unbalanced One-Way Error Component Regression Model. Working Paper, Haas School of Business, University of California, Berkeley, 5179, 1-44.īaker, Malcolm, Wurgler, & Jeffrey. Optimal Capital Structure of the Firm in the Presence of Costs of Financial Distress. Journal of Management Perspective, 33, 159-175.īabenko, & Ilona. The effects of Capital Structure & Profitability in the Listed Firms in Tehran Stock Exchange. Journal of Risk Finance, 6, 438-447.Īrbiyan, A. The Effect of Capital Structure on Profitability: An Empirical Analysis of Listed Firms in Ghana. Most companies of these sectors have not reached the optimal capital structure yet because the average results from these companies are 0.31.Ībor, J. The results showed that the optimal capital structure of properties, real estate and construction companies which are measured by the ratio between the long-term debt and equity is 0.99. The data set covered 11 years ie (2000-2010). There are 47 samples from all property, real estate, and construction companies. These methods were chosen because the formulation of optimal capital structure is arguably complex.
The method used are the nonlinear regression and Monte Carlo simulation method. In addition, this sample business sector is chosen because there are a numeours firms with an adequate long-term debt which make it possible to examine their capital structure. However, it is not explained how much capital structure needed to achieve the company maximum value. Based on trade-off theory, the optimal capital structure occurs when a company has a minimum capital cost. The motivation of this study is due to the current research results are still not able to answer whether the optimal capital structure exists. The purpose of this study is to determine the optimal capital structure of property, real estate, and construction companies listed in Indonesia Stock Exchange.
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