Pemilikan Asset Yang Unik Sebagai Sumber Sustainable Competitive Advantages Dan Efeknya Terhadap Struktur Kapital Perusahaan: Uji Empirik Perusahaan Publik di Bursa Efek Indonesia

Abstract

Sustainable competitive advantage arises from ownership of assets that have a uniqueness to create a distinctive competence that is hard to duplicate by competitors. This uniqueness is more difficult to imitate if these assets are not transparent for competitors or, even, for owners of this unique asset, because of the unique production process or ambiguity that arise from mixed process with other internal factors such as corporate culture or the quality of human resources. But on the other hand unique asset ownership brings a serious impact for the funding aspect. This company have a problem to explain the true value of the unique assets to external sources of fund. Banks, for example, difficult to assess accurately value the specific and opaque assets so the bank charges higher cost of debt. We can conjecture that the implication of specific asset ownersip is capital structure will be dominated by equity. This paper empirically test the conjecture in the context of non-financial companies in Indonesia. From the point of view research in finance, this conjecture relatively new. Existing capital structure theories have not consider company strategy and asset charactersitic as a factor that may affect the company's capital structure