FIVE ESSAYS ON CAPITAL STRUCTURE:
EMPIRICAL EVIDENCE FROM THE INDONESIA STOCK EXCHANGE
SASHA DHITA
GRADUATE SCHOOL
BOGOR AGRICULTURAL UNIVERSITY BOGOR
2018
STATEMENT RELATING TO THE DISSERTATION, SOURCES OF INFORMATION AND
COPYRIGHT TRANSFER*
I hereby declare that this dissertation titled Five Essays on Capital Structure:
Empirical Evidence from the Indonesia Stock Exchange is my work under the supervision of the advisors and has not been submitted in any form to any university. The sources of information derived or quoted from published and/or unpublished works from other authors has been mentioned in the text and included in the List of References at the end of this dissertation.
I hereby transfer the copyright of this dissertation to Institut Pertanian Bogor.
Bogor, March 2018 Sasha Dhita NIM P066120213.8DM
*Transfer of copyright of research study cooperation with external IPB – parties should be based on cooperation agreements.
© Copyright by IPB, 2018 All Rights Reserved
No part of this study may be used or reproduced in any manner whatsoever (printed, photographed, microfin, etc) without written permission from Bogor Agricultural University.
Dissertation
submitted in partial fulfillment of the requirements for Doctorate Degree
in
Management and Business Study Program
FIVE ESSAYS ON CAPITAL STRUCTURE:
EMPIRICAL EVIDENCE FROM THE INDONESIA STOCK EXCHANGE
GRADUATE SCHOOL
BOGOR AGRICULTURAL UNIVERSITY BOGOR
2018
SASHA DHITA
External Examiner for Closed Examination:
1. Prof Dr Ir Hermanto Siregar, MEc
2. Bramantyo Djohanputro, PhD, MBA, CRMP, QIA
External Promotion Committee Members for Doctoral Promotion:
1. Prof Dr Ir Hermanto Siregar, MEc
2. Bramantyo Djohanputro, PhD, MBA, CRMP, QIA
Title of Dissertation : Five Essays on Capital Structure: Empirical Evidence from the Indonesia Stock Exchange
Name : Sasha Dhita
NIM : P066120213.8DM
Approved by Supervisory Committee
Prof Dr Ir Noer Azam Achsani, MS Chairman
Prof Ir Roy Sembel, MBA, PhD Member
Ir Sugeng Purwanto, MBA, PhD, FRM Member
Acknowledged by Head of Graduate Program
Management and Business
Prof Dr Ir M. Syamsul Maarif, MEng
Dean of Graduate School
Prof Dr Ir Anas Miftah Fauzi, MEng Date of Closed Examination: 1 March 2018
Date of Doctoral Promotion: 13 March 2018
Date of Accomplishment :
ACKNOWLEDGEMENTS
Alhamdulillah, praise Allah SWT, with His blessing this dissertation can be completed. This dissertation is titled Five Essays on Capital Structure:
Empirical Evidence from the Indonesia Stock Exchange.
On this occasion, I would like to express my gratitude to the advisors, family, colleagues, and friends without whom I would not be able to complete this dissertation. First of all, I would like to acknowledge the advisors: Prof Dr Ir Noer Azam Achsani, MS (Chairman), Prof Ir Roy Sembel, MBA, PhD (Member), and Ir Sugeng Purwanto, MBA, PhD, FRM (Member), for your unfailing encouragement and support.
I also would like to acknowledge:
1. Prof Dr Ir Hermanto Siregar, MEc and Bramantyo Djohanputro, PhD, MBA, CRMP, QIA as the external examiner for Closed Examination and Doctoral Promotion.
2. Prof Dr Ir Anas Miftah Fauzi, MEng as the Dean of the Graduate School, Prof Dr Ir M. Syamsul Maarif, MEng as the Head of Graduate Program Management and Business.
3. Prof Ir Yusman Syaukat, MEc, Dr Ir Erfiyani, MSi, Dr Ir Hartoyo MSc as the examiner for the oral qualification exam.
4. Dr Ir Idqan Fahmi, MEc, dan Dr Ir Eka Intan Kumala Putri, MSi as the examiner for the closed examination.
5. Principal, Vice Principal, Lecturer and Staffs of SB IPB for the support from the beginning of the doctoral studies until the Doctoral Promotion.
6. Board of Commisioner, Board of Director, Head of Investment Banking and Investment Banking team of PT Trimegah Sekuritas Indonesia Tbk for the prayer, support, encouragement, and enlightenment during the completion of this doctoral studies.
7. DMB8 and friends whom named I cannot mentioned one by one, for the cheer-up, motivation and continuous support.
Finally, to the most important people in my life, I would like to express my gratitude to my father Denny HW, mother Soekiemijati Soedjasa, brother Gion Darwis, and my family for their constant support and encouragement in my study, and the preparation and completion of this dissertation.
Hopefully this dissertation can be beneficial to the readers.
Bogor, March 2018 Sasha Dhita
