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Manajemen financial constraints dan agency costs untuk meminimalkan investment inefficiency pada pasar Indonesia = Managing financial constraints and agency costs to minimize investment inefficiency in Indonesian market

Mamduch; Shalahuddin Haikal, supervisor; Imo Gandakusuma, examiner; Wardatul Adawiyah, examiner ([Publisher not identified] , 2016)

 Abstrak

ABSTRAK
Penelitian ini bertujuan untuk mengetahui bagaimana fenomena investment
inefficiency yang terjadi pada pasar Indonesia terkait masalah financial constraints
dan agency costs yang melanda perusahaan-perusahaan publik di Indonesia.
Menggunakan data panel dari perusahaan terdaftar di Indonesia pada periode
2006-2015, ditemukan bukti kuat adanya investment inefficiency, yang dapat
dijelaskan oleh keberadaan financial constraints dan agency costs pada
perusahaan-perusahaan dalam indek Kompas 100 kategori Februari-Juli 2016.
Secara spesifik, ditemukan bahwa perusahaan dengan arus kas di bawah (atas)
level optimal cenderung untuk under- (over-) invest sebagai konsekuensi dari
financial constraints (agency costs). Lebih jauh, dengan berfokus pada perusahaan
under-investment, ditemukan bahwa sensitivitas abnormal investment ? free cash
flow meningkat menggunakan proksi pengukuran terhadap financial constraints.
Dan dengan berfokus pada perusahaan over-investment, ditemukan bahwa
sensitivitas abnormal investment ? free cash flow meningkat menggunakan proksi
pengukuran terhadap agency costs.
ABSTRACT
This study aims to determine how the investment inefficiency phenomenon that
occurs in the Indonesian market related issues financial constraints and agency
costs faced by public companies in Indonesia. Using panel data of listed
companies in Indonesia in the period 2006-2015, this study found strong evidence
of the investment inefficiency, which can be explained by the existence of
financial constraints and agency costs on companies in the Kompas 100 index
categories from February to July 2016. Specifically, it was found that companies
with cash flow below (above) the optimal level tend to under- (over-) invest as a
consequence of financial constraints (agency costs). Furthermore, by focusing on
under-investment firms, found that abnormal sensitivity of investment - free cash
flow increased by using proxy measures of financial constraints. And by focusing
on the over-investment firms, it was found that the abnormal sensitivity of
investment - free cash flow increased by using proxy measures of agency costs.

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 Metadata

No. Panggil : S64358
Entri utama-Nama orang :
Entri tambahan-Nama orang :
Entri tambahan-Nama badan :
Subjek :
Penerbitan : [Place of publication not identified]: [Publisher not identified], 2016
Program Studi :
Bahasa : ind
Sumber Pengatalogan : LibUI ind rda
Tipe Konten : text
Tipe Media : unmediated ; computer (rdadontent)
Tipe Carrier : volume ; online resource
Deskripsi Fisik : xv, 66 pages : illustration ; 28 cm + appendix
Naskah Ringkas :
Lembaga Pemilik : Universitas Indonesia
Lokasi : Perpustakaan UI, Lantai 3
  • Ketersediaan
  • Ulasan
No. Panggil No. Barkod Ketersediaan
S64358 14-18-795874122 TERSEDIA
Ulasan:
Tidak ada ulasan pada koleksi ini: 20431387
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