Asymmetric Information in New Investment: Evidence in Indonesia
References
- Akerlof, G., 1970. The market for “lemons”: Quality uncertainty and the market mechanism. Quarterly Journal of FinanceJournal of Economics, No.84.
- Ang, J.S., Jung, M., 1993. An alternate test of Myers’ pecking order theory of capital structure: the case of South Korean firms. Pacific-Basin Finance Journal. [online] Avaible at: <https://www.sciencedirect.com/science/article/pii/0927538X9390015A>.
- Baxamusa, M., Mohanty, S., Rao, R.P., 2015. Information Asymmetry about Investment Risk and Financing Choice. Journal of Business Finance and Accounting, Vol. 42(7-8), pp.947-964. https://doi.org/10.1111/jbfa.12128
- Brito, J.A., John, K., 2002. Leverage and Growth Opportunities: Risk-Avoidance Induced by Risky Debt. SSRN Electronic Journal, No.212. https://doi.org/10.2139/ssrn.269580
- Bulan, L.T., Yan, Z., 2012. Firm Maturity and the Pecking Order Theory. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1760505
- Cariola, A., La Rocca, M., La Rocca, T., 2011. Overinvestment and Underinvestment Problems: Determining Factors, Consequences and Solutions. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.835364
- Dang, C.D., Li, F., Yang, C., 2018. Measuring Firm Size in Empirical Corporate Finance. Journal of Banking & Finance, No.86, pp.159-176.
- Das, S., Roy, M., 2007. Inter-Industry Differences in Capital Structure: The Evidence from India. Finance India, Vol.21(2), pp.517.
- Daskalakis, N., Psillaki, M., 2008. Do country or firm factors explain capital structure? Evidence from SMEs in France and Greece. Applied Financial Economics. [online] Avaible at: <https://www.tandfonline.com/doi/abs/10.1080/09603100601018864/>.
- Degryse, H., de Goeij, P., Kappert, P., 2012. The impact of firm and industry characteristics on small firms’ capital structure. Small Business Economics.[online] Avaible at:<https://link.springer.com/content/pdf/10.1007/s11187-010-9281-8.pdf>
- Dickinson, V., 2011. Cash Flow Patterns as a Proxy for Firm Life Cycle. Account. Rev., Vol.86(6).https://doi.org/10.2139/ssrn.1268509
- Fama, E.F., French, K.R., 2012. Capital structure choices. Critical Finance Review. [online] Avaible at:<https://cfr.pub/published/cfr-002.pdf>
- Fama, Eugene F., French, K.R., 2002. Testing Trade-Off and Pecking Order Predictions about Dividends and Debt. The Review of Financial Studies, Vol.15(1), pp.1-33.
- Financial Services Authority No 13, Pub. L. No. POJK Nomor 31 /Pojk.04/2015, 1 (2015).
- Financial Services Authority. 2020. Financial Services Authority. No 43, pp.1–19.
- Fulghieri, P., García, D., Hackbarth, D., 2020. Asymmetric information and the pecking (Dis)order. Review of Finance, Vol.24(5), pp.961-996. https://doi.org/10.1093/rof/rfaa005
- Garg, R.K., 1997. Managing Working Capital in a Manufacturing Organization. Vikalpa, Vol.22(4),69-72.https://doi.org/10.1177/0256090919970409
- González, V.M., González, F., 2011. Firm size and capital structure: Evidence using dynamic panel data. Applied Economics. [online] Avaible at:<https://www.tandfonline.com/doi/abs/10.1080/00036846.2011.595690>
- Gujarati, D., Porter, D. 2014. Basic Econometrics.
- Klein, L.S., O’Brien, T.J., Peters, S.R., 2002. Debt vs. equity and asymmetric information: A review. Financial Review. [online] Avaible at:<https://onlinelibrary.wiley.com/doi/abs/10.1111/1540-6288.00017>
- Lang, L., Ofek, E., Stulz, R.M., 1996. Leverage, Investment, and Firm Growth. Journal of Financial Economics, No.40.
- Martono, S., Yulianto, AP, Wi., 2021. Growth opportunities utilization: debt overhang or asymmetric information?. Foundations of Management, 13, 171-182. https://doi.org/10.2478/fman-2021-0000
- Minovic, J., 2019. Serbian road to the EU: Finance, Insurance and Monetary Policy ASYMMETRIC INFORMATION INFLUENCE ON EFFICIENCY OF CAPITAL MARKET. Conference in Serbian Road to the EU: Finance, Insurance and Monetary Policy. [online] Avaible at:<https://core.ac.uk/ download/pdf/95693299.pdf>
- Müller, E., 2011. Benefits of Control, Capital Structure and Company Growth. SSRN Electronic Journal, No.05. https://doi.org/10.2139/ssrn.776364
- Mustaruddin, Dinata, A., Wendy, Azazi, A. 2017. Asymmetric Information and Capital Structure: Empirical Evidence from Indonesia Stock Exchange. International Journal of Economics and Financial Issues, Vol.7(6), pp.8-15.
- Myers, S., 1977. Determinants of Corporate Borrowing*. Journal of Financial Economics, No.5,pp.147-175.https://doi.org/10.1253/ circj.CJ-16-0846
- Myers, S., 1984. Capital structure puzzle. Journal of Finance, No.39. [online] Avaible at:<https://www.nber.org/papers/w1393>
- Myers, S., Majluf, N., 1984. Corporate Financing and Investment Decisions When Firms Have Information The Investors Do Not Have. In NBER Working Paper (Working Paper No. 1396).https://doi.org/10.1016/S0040-4039(00)91429-1
- Pervan, M., Pervan, I., Ćurak, M., 2019. Determinants of firm profitability in the Croatian manufacturing industry: evidence from dynamic panel analysis. Economic Research-Ekonomska Istrazivanja, Vol.32(1), pp.968-981.https://doi.org/10.1080/1331677X.2019. 1583587
- Rocca, M. La, Rocca, T. La, Cariola, A., 2011. Capital structure decisions during a firm’s life cycle. Small Business Economics. [online] Avaibleat:<https://link.springer.com/content/pdf/10.1007/s11187-009-9229-z.pdf>
- Ross, S., 1977. Determination of Financial Structure: the Incentive-Signalling Approach. Bell J Econ, Vol. 8(1), pp.23-40. https://doi.org/10.2307/3003485
- Saleh, M., 2018. Impacts of Tangible and Intangible Asset Investment on Value of Manufacturing Companies Listed on the Indonesia Stock Exchange. Archives of Business Research,Vol.6(10),402-414.https:// doi.org/10.14738/abr.610.5374
- Shyam-Sunder, L., Myers, S., 1999. Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics. [online] Avaible at:<https://www. sciencedirect.com/science/article/pii/S0304405 X98000518>
- Spiegel, Y., 2019. Asymmetric information models of capital structure, Coller School of Management, Tel Aviv University. https://doi. org/10.1016/b978-0-08-006613-4.50005-9
- Warjiyo, P., 2015. Indonesia: Changing Patterns of Financial Intermediation and Their Implications for Central Bank Policy. In BIS Paper (Issue 83).
- Yulianto, A., Witiastuti, R.S., Widiyanto. (2021). Debt versus equity-open innovation to reduce asymmetric information. Journal of Open Innovation: Technology, Market, and Complexity,7 (3).https://doi.org/10.3390/ joitmc7030181
Language: English
Page range: 177 - 186
Published on: Nov 21, 2023
Published by: Warsaw University of Technology
In partnership with: Paradigm Publishing Services
Publication frequency: 1 issue per year
Related subjects:
© 2023 Arief Yulianto, Widiyanto Widiyanto, Rini Witiastuti, published by Warsaw University of Technology
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.