Pengaruh Efisiensi Investasi dan Risiko Keuangan terhadap Nilai Perusahaan : Peran dari Ceo Power di Indonesia
The Influence of Investment Efficiency and Financial Risk on Company Value: The Role of Ceo Power in Indonesia
Keywords:
CEO Power, Efisiensi Investasi, Nilai Perusahaan, Risiko Keuangan
Abstract
Penelitian ini bertujuan untuk menganalisis pengaruh efisiensi investasi, risiko keuangan terhadap nilai perusahaan yang dimoderasi peran CEO power. Sampel dalam penelitian ini berjumlah 1990 perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia (BEI) dari tahun 2019-2023 dengan total observasi sebanyak 398 perusahaan. Penelitian ini menggunakan analisis regresi data panel. Hasil Penelitian menunjukkan bahwa efisiensi investasi berpengaruh positif dan signifikan terhadap nilai perusahaan. kemudian, risiko investasi berpengaruh negatif dan signifikan terhadap nilai perusahaan. Hasil penelitian juga menemukan CEO power yang kuat melengkapi hubungan ini dan meningkatkan nilai perusahaan dari efisiensi investasi dan risiko keuangan. Temuan ini berimplikasi bahwa CEO Power memiliki koherensi yang lebih kuat dengan perusahaan, dan oleh karena itu, mereka cenderung meningkatkan aktivitas efisiensi investasi dan mengelola risiko keuangan untuk meningkatkan nilai perusahaan.
References
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Li, Y., He, J., & Xiao, M. (2019). Risk disclosure in annual reports and corporate investment efficiency. International Review of Economics and Finance, 63(1970), 138–151. https://doi.org/10.1016/j.iref.2018.08.021
Liu, X., Gan, J., & Zhong, L. (2023). The Mediating Role of CEO Power Intensity in the Relationship between CEO Source and Innovation Investment of Private Enterprises. Industrial Engineering and Innovation Management, 6(5), 39–51. https://doi.org/10.23977/ieim.2023.060505
Liu, Z., Huang, C., & Yang, B. (2022). Investor attention and the COVID-19 concept stocks in China’s stock market. International Journal of Emerging Markets, 19(8), 2115–2133. https://doi.org/10.1108/IJOEM-04-2022-0630
Naeem, K., & Li, M. C. (2019). Corporate investment efficiency: The role of financial development in firms with financing constraints and agency issues in OECD non-financial firms. International Review of Financial Analysis, 62(2018), 53 68. https://doi.org/10.1016/j.irfa.2019.01.003
Nagar, V., Schoenfeld, J., & Wellman, L. (2019). The effect of economic policy uncertainty on investor information asymmetry and management disclosures. Journal of Accounting and Economics, 67(1), 36–57. https://doi.org/10.1016/j.jacceco.2018.08.011
Nugroho, A. C., & Stoffers, J. (2020). Market Competition and Agency Problem: a Study in Indonesian Manufacturing Companies. Jurnal Dinamika Manajemen, 11(1), 65–77. https://doi.org/10.15294/jdm.v11i1.21684
Olalere, O. E., Islam, M. A., Yusof, W. S., Ariffin, K. H. K., & Kamruzzaman, M. (2021). The moderating role of financial innovation on financial risks, business risk and firm value nexus: Empirical evidence from Nigeria. AIP Conference Proceedings, 2339(May). https://doi.org/10.1063/5.0045082
Onsongo, S. K., Muathe, S. M. A., & Mwangi, L. W. (2020). Financial risk and financial performance: evidence and insights from commercial and services listed companies in nairobi securities exchange, kenya. International Journal of Financial Studies, 8(3), 1–15. https://doi.org/10.3390/ijfs8030051
Parker, L. D. (2020). The COVID-19 office in transition: cost, efficiency and the social responsibility business case. Accounting, Auditing and Accountability Journal, 33(8), 1943–1967. https://doi.org/10.1108/AAAJ-06-2020-4609
Pour, E. K., Uddin, M., Murinde, V., & Amini, S. (2023). CEO power, bank risk-taking and national culture: International evidence. Journal of Financial Stability, 67(May), 101133. https://doi.org/10.1016/j.jfs.2023.101133
Rinaldi, L., Cho, C. H., Lodhia, S. K., Michelon, G., & Tilt, C. A. (2020). Accounting in times of the COVID-19 pandemic: a forum for academic research. Accounting Forum, 44(3), 180–183. https://doi.org/10.1080/01559982.2020.1778873
Roy, K., & Bandopadhyay, K. (2022). Financial risk and firm value: is there any trade off in the Indian context? Rajagiri Management Journal, 16(3), 226–238. https://doi.org/10.1108/ramj-03-2021-0021
Salehi, M., Zimon, G., Arianpoor, A., & Gholezoo, F. E. (2022). The Impact of Investment Efficiency on Firm Value and Moderating Role of Institutional Ownership and Board Independence. Journal of Risk and Financial Management, 15(4). https://doi.org/10.3390/jrfm15040170
Schaedler, L., Graf-Vlachy, L., & König, A. (2022). Strategic leadership in organizational crises: A review and research agenda. Long Range Planning, 55(2). https://doi.org/10.1016/j.lrp.2021.102156
Shabir, M., Jiang, P., Shahab, Y., & Wang, P. (2023). Geopolitical, economic uncertainty and bank risk: Do CEO power and board strength matter? International Review of Financial Analysis, 87(February), 102603. https://doi.org/10.1016/j.irfa.2023.102603
Shahab, Y., Ntim, C. G., Ullah, F., Yugang, C., & Ye, Z. (2020). CEO power and stock price crash risk in China: Do female directors’ critical mass and ownership structure matter? International Review of Financial Analysis, 68(January), 101457. https://doi.org/10.1016/j.irfa.2020.101457
Suhadak, Kurniaty, Handayani, S. R., & Rahayu, S. M. (2019). Stock return and financial performance as moderation variable in influence of good corporate governance towards corporate value. Asian Journal of Accounting Research, 4(1), 18–34. https://doi.org/10.1108/AJAR-07-2018-0021
Ullah, I., Majeed, M. A., & Fang, H. X. (2021). Female CEOs and corporate investment efficiency: Evidence from China. Borsa Istanbul Review, 21(2), 161–174. https://doi.org/10.1016/j.bir.2020.09.010
Altunbaş, Y., Thornton, J., & Uymaz, Y. (2020). The effect of CEO power on bank risk: Do boards and institutional investors matter?✰. Finance Research Letters, 33(June 2019), 101202. https://doi.org/10.1016/j.frl.2019.05.020
Ashfaq, K., & Rui, Z. (2019). Revisiting the relationship between corporate governance and corporate social and environmental disclosure practices in Pakistan. Social Responsibility Journal, 15(1), 90–119. https://doi.org/10.1108/SRJ-01-2017-0001
Bedford, A., Ghannam, S., Grosse, M., & Ma, N. (2023). CEO power and the strategic selection of accounting financial experts to the audit committee. Contemporary Accounting Research, 40(4), 2673–2710. https://doi.org/10.1111/1911-3846.12892
Chen, Y., kumara, E. K., & Sivakumar, V. (2023). Investigation of finance industry on risk awareness model and digital economic growth. Annals of Operations Research, 326(s1), 15. https://doi.org/10.1007/s10479-021 04287-7
Chintrakarn, P., Jiraporn, P., & Treepongkaruna, S. (2021). How do independent directors view corporate social responsibility (CSR) during a stressful time? Evidence from the financial crisis. International Review of Economics and Finance, 71(April 2019), 143–160. https://doi.org/10.1016/j.iref.2020.08.007
Chiu, J., Chen, C. H., Cheng, C. C., & Hung, S. C. (2021). Knowledge capital, CEO power, and firm value: Evidence from the IT industry. North American Journal of Economics and Finance, 55(August 2019), 101012. https://doi.org/10.1016/j.najef.2019.101012
Chu, H.-L., Liu, N.-Y., & Chiu, S.-C. (2023). CEO power and CSR: the moderating role of CEO characteristics. China Accounting and Finance Review, 25(1), 101–121. https://doi.org/10.1108/cafr-03-2022-0027
Dang, H. N., Vu, V. T. T., Ngo, X. T., & Hoang, H. T. V. (2019). Study the Impact of Growth, Firm Size, Capital Structure, and Profitability on Enterprise Value: Evidence of Enterprises in Vietnam. Journal of Corporate Accounting and Finance, 30(1), 144–160. https://doi.org/10.1002/jcaf.22371
Dey, R. K., Hossain, S. Z., & Rezaee, Z. (2018). Financial Risk Disclosure and Financial Attributes among Publicly Traded Manufacturing Companies: Evidence from Bangladesh. Journal of Risk and Financial Management, 11(3), 50. https://doi.org/10.3390/jrfm11030050
Ellili, N. O. D. (2024). Board gender diversity, investment efficiency and sustainable growth: evidence from Gulf Cooperation Council. Corporate Governance (Bingley), June. https://doi.org/10.1108/CG-10-2023-0448
Galvão, A., Marques, C., Franco, M., & Mascarenhas, C. (2019). The role of start-up incubators in cooperation networks from the perspective of resource dependence and interlocking directorates. Management Decision, 57(10), 2816–2836. https://doi.org/10.1108/MD-10-2017-0936
Haider, J., & Fang, H. X. (2018). CEO power, corporate risk taking and role of large shareholders. Journal of Financial Economic Policy, 10(1), 55–72. https://doi.org/10.1108/JFEP-04-2017-0033
Hammami, A., & Hendijani Zadeh, M. (2020). Audit quality, media coverage, environmental, social, and governance disclosure and firm investment efficiency: Evidence from Canada. International Journal of Accounting and Information Management, 28(1), 45–72. https://doi.org/10.1108/IJAIM-03 2019-0041
He, Y., Chen, C., & Hu, Y. (2019). Managerial overconfidence, internal financing, and investment efficiency: Evidence from China. Research in International Business and Finance, 47(September 2018), 501–510. https://doi.org/10.1016/j.ribaf.2018.09.010
Irawati, A. E., & Komariyah, E. F. (2019). The Role of Capital Structure on The Effect of Dividend Policy and Business Risk on Firm Value (Evidence from Indonesian Manufacturing Company). The Indonesian Journal of Accounting Research, 22(02), 207–228. https://doi.org/10.33312/ijar.463
Jensen, M. C., & Meckling, W. H. (1976). Also published in Foundations of Organizational Strategy. Journal of Financial Economics, 4, 305–360. http://ssrn.com/abstract=94043Electroniccopyavailableat:http://ssrn.co /abstract=94043http://hupress.harvard.edu/catalog/JENTHF.html
Landi, G. C., Iandolo, F., Renzi, A., & Rey, A. (2022). Embedding sustainability in risk management: The impact of environmental, social, and governance ratings on corporate financial risk. Corporate Social Responsibility and Environmental Management, 29(4), 1096–1107. https://doi.org/10.1002/csr.2256
Li, Y., He, J., & Xiao, M. (2019). Risk disclosure in annual reports and corporate investment efficiency. International Review of Economics and Finance, 63(1970), 138–151. https://doi.org/10.1016/j.iref.2018.08.021
Liu, X., Gan, J., & Zhong, L. (2023). The Mediating Role of CEO Power Intensity in the Relationship between CEO Source and Innovation Investment of Private Enterprises. Industrial Engineering and Innovation Management, 6(5), 39–51. https://doi.org/10.23977/ieim.2023.060505
Liu, Z., Huang, C., & Yang, B. (2022). Investor attention and the COVID-19 concept stocks in China’s stock market. International Journal of Emerging Markets, 19(8), 2115–2133. https://doi.org/10.1108/IJOEM-04-2022-0630
Naeem, K., & Li, M. C. (2019). Corporate investment efficiency: The role of financial development in firms with financing constraints and agency issues in OECD non-financial firms. International Review of Financial Analysis, 62(2018), 53 68. https://doi.org/10.1016/j.irfa.2019.01.003
Nagar, V., Schoenfeld, J., & Wellman, L. (2019). The effect of economic policy uncertainty on investor information asymmetry and management disclosures. Journal of Accounting and Economics, 67(1), 36–57. https://doi.org/10.1016/j.jacceco.2018.08.011
Nugroho, A. C., & Stoffers, J. (2020). Market Competition and Agency Problem: a Study in Indonesian Manufacturing Companies. Jurnal Dinamika Manajemen, 11(1), 65–77. https://doi.org/10.15294/jdm.v11i1.21684
Olalere, O. E., Islam, M. A., Yusof, W. S., Ariffin, K. H. K., & Kamruzzaman, M. (2021). The moderating role of financial innovation on financial risks, business risk and firm value nexus: Empirical evidence from Nigeria. AIP Conference Proceedings, 2339(May). https://doi.org/10.1063/5.0045082
Onsongo, S. K., Muathe, S. M. A., & Mwangi, L. W. (2020). Financial risk and financial performance: evidence and insights from commercial and services listed companies in nairobi securities exchange, kenya. International Journal of Financial Studies, 8(3), 1–15. https://doi.org/10.3390/ijfs8030051
Parker, L. D. (2020). The COVID-19 office in transition: cost, efficiency and the social responsibility business case. Accounting, Auditing and Accountability Journal, 33(8), 1943–1967. https://doi.org/10.1108/AAAJ-06-2020-4609
Pour, E. K., Uddin, M., Murinde, V., & Amini, S. (2023). CEO power, bank risk-taking and national culture: International evidence. Journal of Financial Stability, 67(May), 101133. https://doi.org/10.1016/j.jfs.2023.101133
Rinaldi, L., Cho, C. H., Lodhia, S. K., Michelon, G., & Tilt, C. A. (2020). Accounting in times of the COVID-19 pandemic: a forum for academic research. Accounting Forum, 44(3), 180–183. https://doi.org/10.1080/01559982.2020.1778873
Roy, K., & Bandopadhyay, K. (2022). Financial risk and firm value: is there any trade off in the Indian context? Rajagiri Management Journal, 16(3), 226–238. https://doi.org/10.1108/ramj-03-2021-0021
Salehi, M., Zimon, G., Arianpoor, A., & Gholezoo, F. E. (2022). The Impact of Investment Efficiency on Firm Value and Moderating Role of Institutional Ownership and Board Independence. Journal of Risk and Financial Management, 15(4). https://doi.org/10.3390/jrfm15040170
Schaedler, L., Graf-Vlachy, L., & König, A. (2022). Strategic leadership in organizational crises: A review and research agenda. Long Range Planning, 55(2). https://doi.org/10.1016/j.lrp.2021.102156
Shabir, M., Jiang, P., Shahab, Y., & Wang, P. (2023). Geopolitical, economic uncertainty and bank risk: Do CEO power and board strength matter? International Review of Financial Analysis, 87(February), 102603. https://doi.org/10.1016/j.irfa.2023.102603
Shahab, Y., Ntim, C. G., Ullah, F., Yugang, C., & Ye, Z. (2020). CEO power and stock price crash risk in China: Do female directors’ critical mass and ownership structure matter? International Review of Financial Analysis, 68(January), 101457. https://doi.org/10.1016/j.irfa.2020.101457
Suhadak, Kurniaty, Handayani, S. R., & Rahayu, S. M. (2019). Stock return and financial performance as moderation variable in influence of good corporate governance towards corporate value. Asian Journal of Accounting Research, 4(1), 18–34. https://doi.org/10.1108/AJAR-07-2018-0021
Ullah, I., Majeed, M. A., & Fang, H. X. (2021). Female CEOs and corporate investment efficiency: Evidence from China. Borsa Istanbul Review, 21(2), 161–174. https://doi.org/10.1016/j.bir.2020.09.010
Published
2024-08-27
Section
Articles
