ANALISIS KORELASI KANONIKAL KOMPONEN AKTIVA DAN PASIVA

https://doi.org/10.22146/jieb.6497

Baldric Siregar(1*)

(1) STIE YKPN Yogyakarta
(*) Corresponding Author

Abstract


The independence of asset and liability composition is obvious in Modigliani and
Miller’s capital structure proposition. While, independence of investing and financing
decisions is a very useful assumption to simplify corporate financial decisions, the actual
balance sheets of corporations do not reveal independence between the two sides of the
balance sheet. The purposes of this paper are to empirically identify relationship between
the structures of left side and right side of balance sheet and to explain the nature of these
relationships by using canonical correlation analysis. Canonical correlation analysis shows
that firms match the maturity structure of their assets and liabilities, short-term (long-term)
assets tend to be financed with short-term (long-term) liabilities, accounts receivable are
used as collateral for short-term loan, and fixed assets are use as collateral for long-term
loan.


Keywords


asset composition, liability composition, hedging, collateral, financing, canonical variate, canonical loading, canonical correlation, canonical root, redundancy index

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DOI: https://doi.org/10.22146/jieb.6497

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