Nilai perusahaan ditetapkan melalui kinerja manajemen dan kinerja keuangan perusahaan. Kinerja keuangan dapat diukur dengan beberapa pendekatan rasio keuangan, baik likuiditas, profitabilitas, solvabilitas, aktivitas maupun rasio pasar. Kebijakan dan keputusan para investor dalam menginvestasikan modelnya ke dalam perusahaan lebih dipengaruhi oleh rasio profitabilitas yang dimiliki oleh suatu perusahaan dibandingkan dengan rasio lainnya. Hal ini dikarenakan investor menganggap bahwa rasio profitabilitas dapat memberikan gambaran tentang tingkat pengembalian atau keuntungan yang akan diterima oleh investor dari investasinya (Yadnyana, 2011).Dalam dua dekade terakhir, pemilihan CEO (Chief Executive Officer) dalam suatu perusahaan merupakan salah satu faktor utama yang diperdebatkan oleh pemegang saham. Seiring dengan perkembangan era globalisasi, peran dari CEO menjadi semakin penting dan memiliki pengaruh yang besar dalam performa suatu perusahaan. Hal ini dikarenakan CEO menentukan strategi yang digunakan oleh suatu perusahaan (Crumley, 2008). Bagaimana CEO bisa memberikan pengaruh yang besar terhadap performa perusahaan ditentukan oleh karakteristik dari CEO sendiri, dimana karakteristik dari CEO menjelaskan bagaimana perbedaan performa suatu perusahaan dengan perusahaan yang lainnya (Bertrand & Schoar, 2003).
This paper studies the relationship between stock liquidity, corporate governance, and leverage in Indonesia. A sample of 165 Indonesian listed firms in the year 2006-2016 is used. The study results confirm that an increase in stock liquidity and corporate governance decreases the use of leverage. This show that corporate governance and stock liquidity able to decrease the agency cost and the usage of debt. The interaction between stock liquidity and corporate governance shows that corporate governance significantly affects leverage only when the firm is liquid. However, there are different results among different proxies of corporate governance quality. Abstrak Penelitian ini melakukan studi hubungan antara likuiditas saham, tata kelola dan tingkat hutang di Indonesia. Penelitian ini menggunakan sampel 165 perusahaan Indonesia yang sudah terdaftar di bursa. Hasil penelitian ini mengkonfirmasi peningkatan likuiditas saham dan tata kelola perusahaan mengurangi penggunaan hutang. Hal ini menunjukkan tata kelola perusahaan dan likuiditas saham dapat mengurangi biaya keagenan dan penggunaan hutang. Interaksi antara likuiditas saham dan tata kelola perusahaan menunjukkan tata kelola perusahaan secara signifikan mempengaruhi tingkat hutang hanya pada perusahaan yang likuid. Akan tetapi, terdapat perbedaan hasil dari proksiproksi dari kualitas tata kelola perusahaan yang digunakan.
This paper investigates whether the firm's life cycle stages carry out free cash flow efficiently or not before their investment performance. We utilize cash flow patterns to classify firms into five several life cycles stages. Our data consists of non-financial firms listed in Indonesia Stock Exchange from 2008-2018. We find evidence that Indonesian firms in the introduction, growth, and shakeout stage are underinvesting. This paper also shows that firms in decline stage are overinvested. The characteristic of the mature firm includes that firms with high cash flow will tend to overinvest. However, contrasting with mature firms' common characteristics, our results show that Indonesian firms in maturity stage tend to underinvest. The results also imply that the government should acknowledge the existence of Indonesian firms' investment inefficiency problem. Overall, this paper contributes to the literature by providing empirical evidence on Indonesia's investment inefficiency phenomena. It is suggested that further research may select a different method in calculating growth opportunities and may also study private firms since it tends to have higher financial constraints.
This study aims to show the effect of uncertainty on firms’ corporate investment and cash holding in five ASEAN countries, namely Malaysia, Indonesia, Singapore, Thailand, and Vietnam. The study was conducted using data from non-financial public listed firms in these five ASEAN countries during the 2006 to 2020 period. The uncertainty volatility is measured using the standard deviation of the economic policy uncertainty index. The results of this study find that uncertainty volatility increases corporate investment and decreases corporate cash holding. This result indicates that high uncertainty economic condition cause firms to invest to reduce information asymmetry by giving signals to external investors through investment, and as result, it reduces the corporate cash holdings. Moreover, we also find that uncertainty volatility is more economically significant than Economic Policy Uncertainty it self. It is possible that uncertainty volatility can better capture the real uncertain condition in the economy.
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