Image of Pengaruh Financial Development terhadap Efisiensi Tingkat Investasi Perusahaan di Negara ASEAN-5 (Indonesia, Malaysia, Singapura, Filipina, Thailand) pada Periode 2015-2019

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Pengaruh Financial Development terhadap Efisiensi Tingkat Investasi Perusahaan di Negara ASEAN-5 (Indonesia, Malaysia, Singapura, Filipina, Thailand) pada Periode 2015-2019

This study aims to analyze the effect of financial development of ASEAN-5 countries (Indonesia, Malaysia, Singapore, the Philippines, Thailand) on corporate investment efficiency. Investment efficiencies can be measured against the reduction of inefficiencies that can be categorized into two categories, underinvestment and overinvestment. Using four models to estimate the effect of financial development on corporate investment levels and its efficiencies, this study utilizes 1381 non-financial firms in ASEAN-5 countries during the period of 2015-2019 as sample. The result shows that an increase in financial development cause an increase in corporate investment levels, but not necessarily its efficiency. This may happen because investors tend to set a higher cost of fund in accessing the financing they provide to protect them from the risks they are facing. This may make the financing to be less accessible for firms with financing constraint problem. On the other hand, financial development that are not by an efficient supervising function towards firm?s investment activities may lead to an increase in overinvestment rate.Ada Tabel

Ketersediaan

Call NumberLocationAvailable
12895PSB lt.2 - Karya Akhir1
Penerbit Depok Program Studi Manajemen Fakultas Ekonomi dan Bisnis Universitas Indonesia.,
Edisi -
Subjek Investment
ASEAN
Financial development
5
Underinvestment
Overinvestment
ISBN/ISSN -
Klasifikasi -
Deskripsi Fisik xv, 120 p. ; diagr. ; 30 cm
Info Detail Spesifik -
Other Version/Related Tidak tersedia versi lain
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