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