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Abstrak :
Tesis ini meneliti hubungan antara tingkat perkembangan pasar saham suatu negara, dan juga liberalisasi ekonomi negara terhadap keputusan perusahaan dalam menetapkan struktur modalnya. Penelitian ini dilakukan dengan terlebih dahulu menetapkan sampel, yaitu perusahaan-perusahaan yang berada di bursa negara-negara ASEAN seperti Indonesia, Malaysia, Singapura, Thailand, dan Vietnam pada tahun 1999 sampai 2013, kemudian data-data yang dibutuhkan dicari dan dipilah sesuai sampel yang telah ditetapkan. Hubungan antara ketiga variabel tersebut, kemudian dicari dengan menggunakan fixed effect regression. Hasil penelitian ini menunjukkan adanya pengaruh signifikan dari liberalisasi ekonomi, dan juga perkembangan pasar ekuitas terhadap struktur modal perusahaan. ......The thesis analyzes the relationship between the equity meter development of a country, and also it?s degree of economic freedom to the company?s capital structure decision. The research is done by setting the samples for the research first, which is companies in the stock markets of ASEAN countries such as Indonesia, Malaysia, Singapura, Thailand, and Vietnam from 1999 to 2013, then the datas are extracted and filtered accordingly based on the sampling. The research uses fixed effect regression to analyze the relationship between the three variables. The research found, that there is significant relationship between equity market development, economic freedom and firm?s capital structure choice.

Abstrak :
Abstract Economic and political systems might have a great share in determining the speed of the economic growth in an economy. Majority of the researchs in the past relied on physical input accumulation in determining economic growth, without taking into account the contribution of institutional characteristics. This research is aimed to test the hypothesis that economic freedom and political system affect the economic growth. Using panel data method (pooled least square approach) in eight ASEAN countries during the period of 1997-2007 and based on a framework of Solow economic growth model, it is showed that the more free and efficient economy leads to faster economic growth, and political democracy can otherwise hinder economic growth. Economy can grow higher if public policies are directed to the creation of: a stable monetary conditions, a more efficient in intermediation of financial markets, appropriate public budget policy, straightforward and efficient regulations, corruption eradication, as well as lower taxes. Nevertheless the index of investment freedom and property rights are far away from the behaviors of existing theories and hypothesis, so further research is needed.