Evalusi Empiris Pecking Order Theory dalam Keputusan Pendanaan Perusaahaan Sektor Komponen Otomotif Indonesia BEI Pasca-Pandemi dan Transisi Kendaraan Listrik (2021-2025)
DOI:
https://doi.org/10.59837/jan.v4i2.1020Keywords:
Kendaraan Listrik, Likuiditas, Pecking Order Theory, Pertumbuhan Perusahaan, Profitabilitas, Struktur Modal, Transisi Industri HijauAbstract
Following the COVID-19 pandemic, Indonesia's automotive component sector encounters dual strategic hurdles: accelerating post-crisis operational recovery while simultaneously transitioning toward electric vehicle (EV) technology, which demands extensive capital outlay. This empirical investigation evaluates the applicability of the Pecking Order Theory in predicting financing decisions among publicly traded two-wheeler and four-wheeler component manufacturers on the Indonesia Stock Exchange across the 2021–2025 timeframe. Employing a criterion-based selection process (purposive sampling), a sample of 8 qualifying entities yielding 40 panel observations was analyzed through panel data regression executed in EViews 13. The empirical findings reveal that liquidity does not exert a statistically meaningful influence on debt choices, suggesting that short-term liquid reserves do not directly reflect internal financing capability as conceptualized in pecking order principles. Conversely, firm growth demonstrates a robust positive association with leverage, highlighting that expanding corporations rely on external capital to fund capital expenditure and technological EV transformation. Furthermore, earnings generation capacity (profitability) negatively and significantly correlates with debt levels, confirming that highly profitable firms prioritize retained earnings over external liabilities. Jointly, liquidity, expansion prospects, and profitability collectively govern capital structure configurations. Overall, these insights validate that the Pecking Order Theory effectively accounts for financing behaviors within the automotive supply industry amid post-pandemic realignment and sustainable mobility shifts.
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