Determinan Thin Capitalization pada Perusahaan Manufaktur di Indonesia

  • Septian Adi Hananto Universitas Sebelas Maret
  • Nurmadi Harsa Sumarta Universitas Sebelas Maret
  • Edy Supriyono Universitas Sebelas Maret
Keywords: thin capitalization, multinationality, tax haven utilization, substantial foreign ownership, foreign directors.

Abstract

This study aims to analyse the determinants of thin capitalization practices on manufacturing companies in Indonesia. This study focuses on the manufacturing sector which ranks the second largest recipient of foreign debt. The population of this study consists of all manufacturing companies which have listed on the Indonesia Stock Exchange from 2016 to 2019. This study uses purposive sampling technique in order to determine sample. From that technique, it is obtained 308 samples. The hypothesis analysis technique in this study uses the Ordinary Least Square (OLS) method. The results show that tax havens utilization and substantial foreign ownership has a positive effect on the practice of thin capitalization. Meanwhile, the presence of foreign directors in the company has negative effect on the practice of thin capitalization. This study cannot prove the effect of multinationality on the practice of thin capitalization.

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Published
2021-09-20