Creditor Control Rights, Corporate Governance, and Firm Value

Nini, Greg; Sufi, Amir; Smith, David C.

doi:10.2139/ssrn.1344302

Cited by 211 publications

(431 citation statements)

References 21 publications

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“…Putra dan Herawati (2013) menyatakan bahwa secara simultan profitabilitas, struktur modal, ukuran perusahaan, dan likuiditas berpengaruh terhadap nilai perusahaan. Rasio keuangan seperti ROA, leverage, maupun current ratio selalu digunakan sebagai variabel kontrol penelitian terdahulu karena kemampuan rasio tersebut dalam memprediksi nilai perusahaan (Ammann et al, 2011;Jo dan Harjoto, 2011;Nini et al, 2012). Oleh sebab itu, peran kinerja keuangan dalam penciptaan nilai perusahaan tidak bisa dinihilkan.…”

Section: Pendahuluanunclassified

Pengaruh Aktivitas Pemasaran, Kinerja Keuangan, Dan Aset Tidak Berwujud Terhadap Nilai Perusahaan

Kombih

Suhardianto

2018

EKUITAS

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Consumer goods industry focuses on consumers' daily needs, which make the competition between companies in ABSTRAKIndustri barang konsumen berfokus pada kebutuhan sehari-hari konsumen, yang menyebabkan tingkat kompetisi antar perusahaan dalam industri ini menjadi lebih tinggi. Oleh sebab itu, perusahaan harus meningkatkan modal merek melalui kegiatan pemasaran secara efektif. Penelitian ini bertujuan untuk menganalisis pengaruh aktivitas pemasaran terhadap nilai perusahaan sebagai tambahan dari ukuran akuntansi fundamental. Penelitian ini berhipotesis bahwa aktivitas pemasaran, profitabilitas, likuiditas, solvabilitas, dan aset tidak berwujud menentukan nilai perusahaan yang diukur dengan Tobins' q. Sampel yang digunakan adalah perusahaan barang konsumen diperoleh dari bursa efek Indonesia selama periode 2012-2014. Penelitian ini menggunakan analisis regresi dan analisis data panel untuk mengevaluasi beberapa model. Hasil penelitian menunjukkan bahwa aktivitas pemasaran, profitabilitas, dan solvabilitas akan meningkatkan nilai perusahaan. Di sisi lain, likuiditas berpengaruh negatif terhadap nilai perusahaan, namun demikian, aset tidak berwujud tidak berkontribusi dalam membentuk nilai perusahaan dalam beberapa model yang diuji. Hasil penelitian mengimplikasikan bahwa aktivitas pemasaran memiliki manfaat ekonomi dalam menciptakan nilai perusahaan kendati selalu dibebankan pada saat terjadi.Kata kunci: aktivitas pemasaran, aset tidak berwujud, fundamental akuntansi, nilai perusahaan, industri kompetitif PENDAHULUANTidak bisa dipungkiri lagi perkembangan dunia usaha di Indonesia yang semakin kompetitif menuntut setiap perusahaan untuk dapat mengolah dan melaksanakan manajemen perusahaan menjadi lebih profesional. Bertambahnya pesaing di setiap saat, baik pesaing yang berorientasi lokal maupun pesaing yang berorientasi internasional mengharuskan setiap perusahaan menampilkan yang terbaik, baik dalam segi kinerja perusahaan juga harus ditunjang dengan strategi yang matang dalam segala segi. Berbagai macam strategi

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Section: Pendahuluanunclassified

Pengaruh Aktivitas Pemasaran, Kinerja Keuangan, Dan Aset Tidak Berwujud Terhadap Nilai Perusahaan

Kombih

Suhardianto

2018

EKUITAS

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“…They provide evidence that lenders' threat of accelerating debt payments affects firms' investment decisions, resulting in a net reduction in investment following the technical violation. Nini, Sufi, and Smith (2009) examine changes in firms' corporate governance after covenant violations. They find that covenant violations are often followed by an increase in CEO turnover, the hiring of turnaround specialists, and a reduction in shareholder payouts.…”

mentioning

confidence: 99%

The Role of Information and Financial Reporting in Corporate Governance and Debt Contracting

Armstrong¹,

2010

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Abstract:We review recent literature on the role of financial reporting transparency in reducing governance-related agency conflicts among managers, directors, and shareholders, as well as in reducing agency conflicts between shareholders and creditors, and offer researchers some suggested avenues for future research. Key themes include the endogenous nature of debt contracts and governance mechanisms with respect to information asymmetry between contracting parties, the heterogeneous nature of the informational demands of contracting parties, and the heterogeneous nature of the resulting governance and debt contracts. We also emphasize the role of a commitment to financial reporting transparency in facilitating informal multi-period contracts among managers, directors, shareholders, and creditors.Keywords: financial accounting; corporate governance; board structure; contracting; executive compensation; debt contracts; informal contracts We thank the following for helpful comments and suggestions:

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“…Here the core driver is that companies with no-debt have systematically lower governance than all other companies (Aldamen and Duncan, 2012). Nini et al (2012) provided evidence that creditors play an active role in the governance of corporations. They showed that violations of financial covenants are followed immediately by a decline in acquisitions and capital expenditures, a sharp reduction in leverage and shareholder payouts, and an increase in CEO turnover.…”

Section: Debtmentioning

confidence: 99%

Study on theories and mechanisms of corporate governance

Mishra

Kapil

2017

IJAAPE

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This paper aims to review the theories of corporate governance for understanding the theoretical basis of corporate governance mechanisms. Major theoretical studies on corporate governance, including studies done in emerging economies, are included in the review. The paper looks at corporate governance theories from value creation point of view. It is observed that the two perspectives of corporate governance, i.e., shareholder and stakeholder perspectives, are not in contrast to each other but are pointing towards the same goal, i.e., value creation. However, one points towards value creation for shareholders and the other points towards creation of societal value. While reviewing theoretical underpinnings and assumptions for corporate governance perspectives, due consideration has been given to the development of corporate governance mechanism based on various existing theories. A theoretical framework for understanding the relationship between corporate governance mechanism and corporate performance has been proposed. Emerging challenges for corporate governance theories have also been indicated. This being a review paper, one of the major limitations is an unintentional omission of some literature because of non-availability or non-reachability. Literature that would have been present in languages other than English could also not been included in the review.

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Creditor Control Rights, Corporate Governance, and Firm Value

Cited by 211 publications

References 21 publications

Pengaruh Aktivitas Pemasaran, Kinerja Keuangan, Dan Aset Tidak Berwujud Terhadap Nilai Perusahaan

Pengaruh Aktivitas Pemasaran, Kinerja Keuangan, Dan Aset Tidak Berwujud Terhadap Nilai Perusahaan

The Role of Information and Financial Reporting in Corporate Governance and Debt Contracting

Study on theories and mechanisms of corporate governance

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