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Title: Keputusan Pendanaan dan Keputusan Investasi Berbasis Peluang Investasi dan Kendala Keuangan : Pembuktian Empiris Dalam Kondisi Normal dan Kondisi Krisis
Authors: Kaaro, Hermeindito
Keywords: financial policies;financial constraint;investment opportunity
Issue Date: Mar-2003
Publisher: Fakultas Ekonomi UKSW Salatiga
Abstract: Recent studies in corporate finance have been intended to control the effects of both investment opportunity and financial constraint on financing and investment decisions association. This study provides another method in order to control these effects by combining two methods. Factor analysis is used to get objective multivariate composite index of investment opportunity and discriminant analysis is used to get objective multivariate classification index of financial constraint. Combining the two indexes and divide into high and low indexes will produce four areas of sample. The effect of financing decision on investment decision, then, is analyzed based on each sample area. This study examines pecking order theory and agency theory (equity agency problem) that provide contrary argument in predicting the association between the two. Research findings in normal period of analysis support the pecking order theory. However, some findings in crisis period do not fully support both pecking order theory and agency theory (equity agency problem). This study suggests that some findings in the crisis period of analysis are closer to debt agency problem rather than equity agency problem. Some implications for further research are also provided in this paper.
Description: Jurnal Ekonomi dan Bisnis. Vol. IX, no. 1, Maret 2003, p.15 - 34
ISSN: 0854-9087
Appears in Collections:Jurnal Ekonomi dan Bisnis 2003, Vol. IX, no. 1, Maret

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