文章基本信息

标题：Market Competition and Agency Problem a Study in Indonesian Manufacturing Companies
本地全文：下载
作者：Ahmad Cahyo Nugroho ; Jol Stoffers
期刊名称：Jurnal Dinamika Manajemen
印刷版ISSN：2086-0668
电子版ISSN：2337-5434
出版年度：2021
卷号：12
期号：1
页码：56-64
语种：English
出版社：Universitas Negeri Semarang
摘要：This research examines the relationship between firm investment and market competition, market position and market position as market leader. This study analyzes agency problems in manufacturing companiesâ€™ investment decisions by considering market competition, since market competition is considered as one of essential factor that affect the firm investment. Further, high competition signals companyâ€™s increased investment, that leads to business efficiency. Investment decisions are important for companies to survive, and more competitive companies are likely to conduct more risky activities, especially regarding capital expenditures for investments. This study uses the dynamic panel data method, which includes annual financial report of 100 listed manufacturing companies on IDX from 2007 to 2016. The companies were selected after sorting using several criteria, such as completeness of financial report and being registered on IDX during the period. Results suggest that leverage improves management control functions, and competition increases a companyâ€™s investments to maintain its position in the market. Competition is not strengthened or weakened by sales growth and there are indications of herding behavior following market leaders.
关键词：Agency Theory; Market Competition; Investment Decision; Manufacturing; Indonesia.