Pengaruh Corporate Governance Terhadap Inefisiensi Investasi Dengan Free Cash Flow Sebagai Pemoderasi
Abstract
Keywords
Full Text:
PDFReferences
Adame, K., Koski, J., & McVay, S. (2019). Why Are Investors Paying More Attention to Free Cash Flows? Retrieved from https://www.hbs.edu/faculty/conferences/2019-imo/Documents/McVay paper.pdf
Andreou, P. C., Louca, C., & Panayides, P. M. (2014). Corporate governance, financial management decisions and firm performance: Evidence from the maritime industry. Transportation Research Part E: Logistics and Transportation Review. https://doi.org/10.1016/j.tre.2014.01.005
Andres, C. (2011). Family ownership, financing constraints and investment decisions. Applied Financial Economics. https://doi.org/10.1080/09603107.2011.589805
Ataünal, L., & Aybars, A. (2017). Is Excess Free Cash Flow Over-Invested? Evidence from Borsa İstanbul. M U Iktisadi ve Idari Bilimler Dergisi. https://doi.org/10.14780/muiibd.329721
Azhar, A. B., Abbas, N., Waheed, A., & Maliq, Q. A. (2019). The impact of ownership structure and corporate governance on investment efficiency: an empirical study from Pakistan Stock Exchange (PSX). Pakistan Administrative Review, 3(2), 84–98.
Ball, R., & Shivakumar, L. (2005). Earning quality in UK private firms: comparative loss recognition timeliness. Journal of Accounting and Economics, 39(1), 83–128.
Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics. https://doi.org/10.1016/j.jacceco.2009.09.001
Bizjak, J., Brickley, J. A., & Coles, J. (1993). Stock-Based Incentive Compensation and Investment Behavior. Journal of Accounting and Economics, 16, 349–372.
Botoc, C., & Enache, C. (2013). Underinvestment Problem: Romanian Evidence. Annales Universitatis Apulensis: Series Oeconomica, 15(2), 552–560.
Bruce, D. N. (2009). Corporate governance and multi-dimensional performance (Universitat Autonoma de Barcelona). Retrieved from https://www.tdx.cat/bitstream/handle/10803/3975/dnb1de1.pdf
Buallay, A., Hamdan, A., & Zureigat, Q. (2017). Corporate Governance and Firm Performance: Evidence from Saudi Arabia. Australasian Accounting, Business and Finance Journal, 11(1), 78–98. https://doi.org/10.14453/aabfj.v11i1.6
Cai, J. (2013). Does Corporate Governance Reduce the Overinvestment of Free Cash Flow? Empirical Evidence from China. Journal of Finance and Investment Analysis, 2(3), 97–126.
Chen, I.-J., & Chen, S.-S. (2017). Corporate Governance and the Investment Efficiency of Diversified Corporate Asset Buyers. Journal of Applied Corporate Finance, 29(1), 99–114. https://doi.org/10.1111/jacf.12224
Chen, I.-J., & Lin, S.-H. (2012). Will Managerial Optimism Affect the Investment Efficiency of a Firm? Procedia Economics and Finance. https://doi.org/10.1016/s2212-5671(12)00066-4
Chen, I.-J., & Lin, S.-H. (2013). Managerial Optimism, Investment Efficiency, and Firm Valuation. Multinational Finance Journal. https://doi.org/10.17578/17-3/4-6
Chen, R., El Ghoul, S., Guedhami, O., & Wang, H. (2017). Do state and foreign ownership affect investment efficiency? Evidence from privatizations. Journal of Corporate Finance. https://doi.org/10.1016/j.jcorpfin.2014.09.001
Chen, S. S., & Chen, I. J. (2012). Corporate governance and capital allocations of diversified firms. Journal of Banking and Finance. https://doi.org/10.1016/j.jbankfin.2011.07.013
Cheng, P., Man, P., & Yi, C. H. (2013). The impact of product market competition on earnings quality. Accounting and Finance. https://doi.org/10.1111/j.1467-629X.2011.00457.x
Cherkasova, V., & Rasadi, D. (2017). Earnings Quality and Investment Efficiency: Evidence from Eastern Europe. Review of Economic Perspectives. https://doi.org/10.1515/revecp-2017-0023
Clay, D. G. (2002). Institutional Ownership and Firm Value. Retrieved from https://www.papers.ssrn.com/sol3/papers.cfm?abstract_%0Aid=485922.2002
Dechow, P. M., & Ge, W. (2006). The persistence of earnings and cash flows and the role of special items: Implications for the accrual anomaly. Review of Accounting Studies, 11(2–3), 253–296.
Denis, D. K., & McConnell, J. J. (2003). International Corporate Governance. Journal of Financial and Quantitative Analysis, 38(01), 1–36.
Doidge, C., Andrew Karolyi, G., & Stulz, R. M. (2007). Why do countries matter so much for corporate governance? Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2006.09.002
Farooq, S., Gilbert, A., & Tourani-Rad, A. (2016). Impact of Corporate Governance on Overinvestment and Underinvestment: An Examination of ASX Listed Companies*. Semanticscholar.Org. Retrieved from https://pdfs.semanticscholar.org/cbed/1aadcbaf5d3e73d1d1a42db4cb068e566f51.pdf
Gill, A., Sharma, S. P., Mand, H. S., & Mathur, N. (2012). The relationship between corporate governance and the investment decision of small business firms in India. Journal of Finance and Investment Analysis.
Goldman, E., & Wang, W. (2017). Weak Governance by Informed Large Shareholders. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2768328
Governancetoday. (2020). What is the optimum Board size? Retrieved from www.governancetoday.com website: https://www.governancetoday.com/GT/Articles/What_is_the_optimum_Board_size.aspx?WebsiteKey=0cf4306a-f91b-45d7-9ced-a97b5d6f6966
Grosman, A. (2015). Corporate Governance as a Mechanism to Mitigate Financing Constraints on Investment. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2638434
Guariglia, A., & Yang, J. (2018). Adjustment behavior of corporate cash holdings: the China experience. The European Journal of Finance, 24(16), 1428–1452. https://doi.org/10.1080/1351847X.2015.1071716
Guest, P. M. (2009). The impact of board size on firm performance: Evidence from the UK. European Journal of Finance. https://doi.org/10.1080/13518470802466121
He, R. (2016). Board Effectiveness and Firm Investment Efficiency. Macquarie University.
Hope, O. K. (2013). Large shareholders and accounting research. China Journal of Accounting Research. https://doi.org/10.1016/j.cjar.2012.12.002
Horváth, R., & Spirollari, P. (2012). Do the board of directors’ characteristics influence firm’s performance? the U.S. evidence. Prague Economic Papers. https://doi.org/10.18267/j.pep.435
Janang, J. T., Tinggi, M., & Kun, A. (2018). Technical inefficiency effects of corporate governance on government linked companies in Malaysia. International Journal of Business and Society.
Ji, A. E. (2016). The Impact of Board Size on Firm-Level Capital Investment Efficiency. International Journal of Economics and Finance. https://doi.org/10.5539/ijef.v8n10p110
Jiang, X. (2016). Over-Investment of Free Cash Flow during CEO’s Tenure. Technology and Investment. https://doi.org/10.4236/ti.2016.73007
Kamran, M. R., Zhao, Z., & Ambreen, S. (2017). Free cash flow impact on firm’s profitability: An empirical indication of firms listed in KSE, Pakistan. European Online Journal of Natural and Social Sciences, 6(1), 146–157.
Kim, K., & Kwon, O. (2015). The investment efficiency of private and public firms: Evidence from Korea. Journal of Applied Business Research. https://doi.org/10.19030/jabr.v31i4.9325
La Rocca, M., La Rocca, T., & Cariola, A. (2007). Overinvestment and underinvestment problems: Determining factors, consequences and solutions. Corporate Ownership and Control. https://doi.org/10.22495/cocv5i1p7
Lei, Q., & Chen, H. (2019). Corporate Governance Boundary, Debt Constraint, and Investment Efficiency. Emerging Markets Finance and Trade. https://doi.org/10.1080/1540496X.2018.1526078
Lin, T.-T., & Lee, Y.-C. (2007). Organizational Characteristics, Board Size and Corporate Performance. International Conference of Accounting and Information Technology. Ohio.
Lublin, J. S. (2014). Smaller Boards Get Bigger Returns. Retrieved March 1, 2020, from Wallstreet Journal website: https://www.wsj.com/articles/smaller-boards-get-bigger-returns-1409078628
Moez, E. G., & Amina, Z. (2018). Overinvestment of Free Cash Flow and Manager’s Overconfidence. International Business Research. https://doi.org/10.5539/ibr.v11n3p48
Muñoz-Bullon, F., Sanchez-Bueno, M. J., & Suárez-González, I. (2018). Diversification decisions among family firms: The role of family involvement and generational stage. BRQ Business Research Quarterly. https://doi.org/10.1016/j.brq.2017.11.001
Nam, S.-W., & Nam, I. C. (2004). Corporate governance in Asia. Retrieved from https://www.adb.org/sites/default/files/publication/159384/adbi-corp-gov-asia.pdf
Nor, N. H. M., Nawawi, A., & Salin, A. S. A. P. (2017). The influence of board independence, board size and managerial ownership on firm investment efficiency. Pertanika Journal of Social Sciences and Humanities.
Nugroho, A. C., Firdaus, M., Andati, T., & Irawan, T. (2018). Investment decision in the agency theory framework. MIX: Jurnal Ilmiah Manajemen. https://doi.org/10.22441/mix.2018.v8i1.002
OJK. The Indonesia Corporate Governance Manual. , (2014).
OJK. Indonesia Corporate Governance Manual, Second Edition. , (2018).
Omokhomion, I. (2018). Corporate governance and investment decision making in Real Estate Investment Trusts (REITs). RICS COBRA. https://doi.org/10.13140/RG.2.2.27988.71040
Pambagio, A. (2016). Dilema BUMN membangun infrastruktur. Retrieved from DetikNews.com website: https://news.detik.com/kolom/d-4580827/dilema-bumn-membangun-infrastruktur
Perdana, D. (2019). Investigasi Empiris Interaksi Free Cash Flow, Earning Management dan Inefisiensi Investasi. Jurnal Reviu Akuntansi Dan Keuangan, 9(3), 343–359. https://doi.org/https://doi.org/10.22219/jrak.v9i3.66
Price, N. J. (2018). Why Your Board Size Matters: How a Smaller Board Can Be More Effective. Retrieved from Diligent Insights website: https://insights.diligent.com/board-composition/why-your-board-size-matters-how-a-smaller-board-can-be-more-effective
Rashed, A. S., Abd El-Rahman, E. M., Ismail, E. F. M., & Samea, D. M. A. El. (2018). Ownership Structure and Investment Efficiency: Evidence From Egypt. International Journal of Accounting and Financial Reporting. https://doi.org/10.5296/ijafr.v8i4.13630
Salami, K. (2011). Analysis of the Relationship between Share Ownership Structure, Corporate Governance Structure, and Corporate Investment Efficiency, using GSE Market Data (2005-9). Journal of Accounting and Finance.
Santoso, Y. I. (2019). BKPM temukan investasi di Pertamina mandek sebesar Rp300 triliun, ini penyebabnya. Kontan. Co.Id. Retrieved from https://nasional.kontan.co.id/news/bkpm-temukan-investasi-di-pertamina-mandek-sebesar-rp-300-triliun-ini-penyebabnya?page=all
Shakir, R. (2008). Board Size, Board Composition and Property Firm Performance. Pacific Rim Property Research Journal. https://doi.org/10.1080/14445921.2008.11104248
Suartawan, I. G. N. P. A., & Yasa, G. W. (2017). Pengaruh Investment Opportunity Set dan Free Cash Flow Pada Kebijakan Dividen dan Nilai Perusahaan. Jurnal Ilmiah Akuntansi Dan Bisnis. https://doi.org/10.24843/jiab.2016.v11.i02.p01
Sudarma, M., & Putra, I. (2014). Pengaruh good corporate governance pada biaya keagenan. E-Jurnal Akuntansi, 9(3), 591–607.
Svedin, D., & Stage, J. (2016). Impacts of foreign direct investment on efficiency in Swedish manufacturing. SpringerPlus. https://doi.org/10.1186/s40064-016-2238-x
Syriopoulos, T., Tsatsaronis, M., & Roumpis, E. (2007). Financial decisions, ownership and governance on corporate value. European Finance Association. Retrieved from http://ssrn.com/abstract=968280
Tangjitprom, N. (2015). Over-investment and Free Cash Flow: Evidence from Thailand. Phuket: International Conference on Business, Economics and Management (ICBEM’15) April 9-10, 2015 Phuket (Thailand).
Veklenko, K. (2016). The Impact of Board Composition on the Firm’s Performance in Continental Europe. University of Twente.
Wardhana, L. I., & Tandelilin, E. (2011). Institutional ownership and agency conflict controlling mechanism. Journal of Indonesian Economy and Business, 26(3), 389–406.
Wei, Z., Wu, S., Li, C., & Chen, W. (2011). Family control, institutional environment and cash dividend policy: Evidence from China. China Journal of Accounting Research. https://doi.org/10.1016/j.cjar.2011.04.001
World-Bank. (2010). Indonesia - Report on the Observance of Standards and Codes (ROSC) : corporate governance country assessment (Enlish). Retrieved from http://documents.worldbank.org/curated/en/514561468039867553/Indonesia-Report-on-the-Observance-of-Standards-and-Codes-ROSC-corporate-governance-country-assessment
Yeo, H. J. (2018). Role of free cash flows in making investment and dividend decisions: The case of the shipping industry. Asian Journal of Shipping and Logistics. https://doi.org/10.1016/j.ajsl.2018.06.007
Zhu, S. (Xi). (2019). The relationship between investment and free cash flow: Evidence from New Zealand firms. Auckland University of Technology.
DOI: https://doi.org/10.35591/wahana.v24i1.280
Wahana: Jurnal Ekonomi, Manajemen dan Akuntansi
ISSN : 2685-1415 (Online) | 1410-8224 (Print)
Published by Pusat Penelitian dan Pengabdian Masyarakat Politeknik YKPN Yogyakarta.
Jl. Gagak Rimang No. 2-4 Balapan, Yogyakarta 55222
Phone (0274) 560159, 562317, 513413, 563516 Fax. (0274) 561591
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.