Tingkat Utang, Jatuh Tempo Utang, dan Uncertainty Perusahaan Indonesia

Angeli Aurelia, Rita Juliana


Uncertainty seems to be one of the most important factors for economic agents in making economic decision. This study aims to investigates the effect of uncertainty on leverage and debt maturity of Indonesian companies. The sample of this study includes 479 non-financial sector companies listed in the Indonesia Stock Exchange (IDX) with period from year 2007 to 2019. The results show that uncertainty has a negative effect on corporate leverage in Indonesia, and uncertainty has a positive effect on debt maturity of small sized companies in Indonesia. Overall, the result suggest that uncertainty is one of the determinants of the leverage and debt maturity structure of companies in Indonesia.

Ketidakpastian menjadi salah satu faktor yang penting bagi agen di ekonomi dalam mengambil keputusan ekonomi. Penelitian ini bertujuan untuk meneliti pengaruh ketidakpastian terhadap tingkat utang dan struktur jatuh tempo utang perusahaan Indonesia. Sample yang digunakan pada penelitian ini adalah 479 perusahaan sektor non-keuangan yang terdaftar di Bursa Efek Indonesia (BEI) selama periode waktu 2007 sampai dengan 2019. Hasil penelitian menunjukkan bahwa ketidakpastian berpengaruh negatif terhadap tingkat utang perusahaan di Indonesia, dan ketidakpastian berpengaruh positif terhadap struktur jatuh tempo utang perusahaan berukuran kecil di Indonesia. Maka dapat disimpulkan bahwa ketidakpastian merupakan salah satu penentu tingkat utang dan struktur jatuh tempo utang pada perusahaan di Indonesia.




Debt maturity; Uncertainty; Leverage

Full Text:



Ahir, H., Bloom, N., & Furceri, D. (2018). The World Uncertainty Index. SSRN Electronic Journal.https://doi.org/10.2139/ssrn.3275033

Bachmann, R., & Bayer, C. (2014). Investment dispersion and the business cycle. American Economic Review, 104(4), 1392–1416. https://doi.org/10.1257/aer.104.4.1392

Baker, S. R., & Bloom, N. (2013). Does Uncertainty Reduce Growth? Using Disasters as Natural Experiments. NBER Working Papers, 1–31. http://www.nber.org/papers/w19475

Baker, S. R., Davis, S. J., & Bloom, N. (2016). MEASURING ECONOMIC POLICY UNCERTAINTY. QUARTERLY JOURNAL OF ECONOMICS, 131(4), 1593–1636. https://doi.org/10.1093/qje/qjw024.Advance

Bloom, N. (2014). Fluctuations in uncertainty. Journal of Economic Perspectives, 28(2), 153–176. https://doi.org/10.1257/jep.28.2.153

Çolak, G., Durnev, A., & Qian, Y. (2017). Political uncertainty and IPO activity: Evidence from U.S. gubernatorial elections. In Journal of Financial and Quantitative Analysis (Vol. 52, Issue 6). https://doi.org/10.1017/S0022109017000862

Custódio, C., Ferreira, M. A., & Laureano, L. (2013). Why are US firms using more short-term debt? Journal of Financial Economics, 108(1), 182–212. https://doi.org/10.1016/j.jfineco.2012.10.009

Datta, S., Doan, T., & Iskandar-Datta, M. (2019). Policy uncertainty and the maturity structure of corporate debt. Journal of Financial Stability, 44, 100694. https://doi.org/10.1016/j.jfs.2019.100694

Diamond, D. W. (1991). Debt Maturity Structure and Liquidity Risk. The Quarterly Journal of Economics, 106(3), 709–737. https://doi.org/10.2307/2937924

Francis, B. B., Hasan, I., & Zhu, Y. (2014). Political uncertainty and bank loan contracting. Journal of Empirical Finance, 29, 281–286. https://doi.org/10.1016/j.jempfin.2014.08.004

Gulen, H., & Ion, M. (2016). Policy uncertainty and corporate investment. Review of Financial Studies, 29(3), 523–564. https://doi.org/10.1093/rfs/hhv050

Gungoraydinoglu, A., Çolak, G., & Öztekin, Ö. (2017). Political environment, financial intermediation costs, and financing patterns. Journal of Corporate Finance, 44, 167–192. https://doi.org/10.1016/j.jcorpfin.2017.03.007

Julio, B., & Yook, Y. (2012). Political uncertainty and corporate investment cycles. Journal of Finance, 67(1), 45–83. https://doi.org/10.1111/j.1540-6261.2011.01707.x

Knight, F. (1921). Risk, Uncertainty and Profit, 1921. In University of Illinois at Urbana-Champaign’s Academy for Entrepreneurial Leadership Historical Research Reference in Entrepreneurship. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1496192##

Myers, S. C. (1977). DETERMINANTS OF CORPORATE BORROWING. Journal of Financial Economics, 5 no.2, 147–175. https://doi.org/https://doi.org/10.1016/0304-405X(77)90015-0

Nguyen, N. H., & Phan, H. V. (2017). Policy Uncertainty and Mergers and Acquisitions. In Journal of Financial and Quantitative Analysis (Vol. 52, Issue 2). https://doi.org/10.1017/S0022109017000175

Pan, W. F., Wang, X., & Yang, S. (2019). Debt maturity, leverage, and political uncertainty. North American Journal of Economics and Finance, 50(April), 100981. https://doi.org/10.1016/j.najef.2019.04.024

Pástor, Ľ., & Veronesi, P. (2013). Political uncertainty and risk premia. Journal of Financial Economics, 110(3), 520–545. https://doi.org/10.1016/j.jfineco.2013.08.007

Rajan, R. G., & Zingales, L. (1995). What Do We Know about Capital Structure? Some Evidence from International Data. The Journal of Finance, 50(5), 1421–1460. https://doi.org/10.1111/j.1540-6261.1995.tb05184.x

Stein, L. C. D., & Stone, E. (2010). The Effect of Uncertainty on Investment, Hiring, and R&D: Causal Evidence from Equity Options. Ssrn. https://doi.org/10.2139/ssrn.1649108

Stulz, R. (2004). Does Financial Structure Matter for Economic Growth? A Corporate Finance Perspective. Financial Structure and Economic Growth, 143–188. http://mitpress.mit.edu/catalog/item/default.asp?ttype=2&tid=10366%5Cnciteseerx.ist.psu.edu/viewdoc/summary?doi=

Waisman, M; Zhu, Y; Ye, P. (2015). The Effect of Political Uncertainty on the Cost of Corporate Debt. Journal of Financial Economics, 23–27. https://doi.org/https://doi.org/10.1016/j.frl.2020.101676

DOI: https://doi.org/10.17509/jrak.v9i3.31709


  • There are currently no refbacks.

Creative Commons License

Jurnal Riset Akuntansi dan Keuangan  is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

View My Stats