This research aims to test the sensitivity level of liquidity and invesment opportunity to invesment decision between non-financially constrained and financially constrained firms. Sample in this research is the firm of non finance which enlist in Indonesia Stock Exchange from period 2003 to 2007, obtained sample 136 firms with 680 observations. Result of research refer that liquidity and invesment opportunity have an influence on positive to invesment decision. Liquidity is more sensitive to invesment decision for financially constrained firms. Invesment opportunity is more sensitive to invesment decision for non financially constrainedJEL Classification: E22, G32, O16.Key words: Investment decision, liquidity, financially constraint.
This study aims to examine the good corporate governance which is proxied with managerial ownership, the proportion of independent board of commissioners, the size of the board of directors and institutional ownership of corporate performance through capital structure. The sample is a non-financial corporation listed on the Indonesia Stock Exchange in 2018 and obtained the number of samples as many as 120. The analysis tool uses a path analysis. The results show that managerial ownership, the proportion of board of commissioners, and the size of the board of directors have a significant positive effect on the company performance. Meanwhile, an institutional ownership has a significant negative effect on the company performance. The result also finds that capital structure can mediate the effect of managerial ownership, the proportion of independent board of commissioners and the size of the board of directors on the company performance company. However, it cannot mediate the influence of institutional ownership on the company performance.
This study tests the implications of agency theory, signal theory and information asymmetry on the relationship between institutional ownership and a firm’s value supported by the new concept of Productive Sustainable Investment based on Financial Constraints. Sample of this study is sharia companies in the Indonesia Stock Exchange on the period of 2011 to 2016 with a population of 412 firms; purposive sampling was used and obtained a sample of 131 companies with 786 observations. Data analysis used a path analysis utilizing the Warp PLS analysis tool. The result of this study shows that institutional ownership has a significant negative effect on the firm’s value, which means there is a non-linear relationship between institutional ownership and the firm’s value. The findings do not support the agency theory. However, productive sustainable investment based on financial constraints is able to mediate the influence of institutional ownership on firm value. It means that this finding supports the signal theory. Thus, productive sustainable investment based on financial constraints significantly has a positive influence on the firm’s value. In other words, this finding supports the theory of information asymmetry.
The purpose of this research is to examine the leverage from firm. The firms use leverage to expand their source of fund by using external fund such as debt. By usingdebt, financial performance of the firm will develop. Beside the leverage, the use of size and inflation are also considered to be the factors that influence the financial performance while the firms are using leverage. As an independent variable, size is reflected by the assets and the leverage or debt by using the debt ratio to the total of assets. Then,the financial performance is reflected by using the return on the measured assets. Inflation as a control variable is included in this research to know the effect towards the financial performance. In this research, firms are divided into two sectors, there are manufacture and service sector. By using the manufacture and service sectors in order to know each effect of leverage toward the financial performance, this research focuses to the unique characteristic of these two sectors. Knowing which sector is influenced more by the leverage than the others, will guide the urgency of this research. This research used the pooled data regression method, 468 data entries of 156 listed firms in Indonesian Stock Exchange. This research was conducted from 2015 until 2017. The result shows that leverage significantly has a negative effect towardthe financial performance and the size positively influences financial performance. Manufacture sector is influenced more in leverage towardsthe financial performance, and the service sector is influenced more on size towardsthe financial performance.
Tujuan dari penelitian ini adalah untuk menguji peran teknologi informasi dalam memediasi pengaruh gender terhadap kinerja UMKM Kopi pada pra pandemi dan selama pandemi Covid-19. Obyek penelitian ini adalah UMKM Kopi di Kabupaten Rembang yang berjumlah 35. Kopi di Kabupaten Rembang memiliki kekhasan sendiri yang disebut dengan Kopi Lelet. Metode pengumpulan data dengan metode survei menggunakan kuesioner. Analisis data yang digunakan adalah path analysis. Hasil penelitian menunjukkan bahwa gender, dalam hal ini adalah wirausaha perempuan sebelum terjadi pandemi Covid-19 berpengaruh positif signifikan terhadap kinerja UMKM Kopi, namun pada saat terjadi pandemi Covid-19 gender tidak berpengaruh signifikan dalam meningkatkan kinerja UMKM Kopi. Penelitian ini juga menemukan bahwa teknologi informasi berpengaruh positif signifikan terhadap kinerja UMKM serta mampu memediasi pengaruh gender terhadap kinerja UMKM Kopi. Artinya, teknologi informasi yang digunakan oleh UMKM Kopi memiliki peran yang sangat penting dalam meningatkan kinerja usaha kopi, baik sebelum terjadi pandemi maupun selama terjadi pandemi Covid-19.
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