文章基本信息

标题：Institutional Ownership, Productivity Sustainable Investment Based on Financial Constrains and Firm Value: Implications of Agency Theory, Signaling Theory, and Asymmetry Information on Sharia Companies in Indonesia
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作者：Riskin Hidayat ; Sugeng Wahyudi ; Harjum Muharam 等
期刊名称：International Journal of Financial Research
印刷版ISSN：1923-4023
电子版ISSN：1923-4031
出版年度：2019
卷号：11
期号：1
页码：71-81
DOI：10.5430/ijfr.v11n1p71
出版社：Sciedu Press
摘要：This study tests the implications of agency theory, signal theory and information asymmetry on the relationship between institutional ownership and a firm’s value supported by the new concept of Productive Sustainable Investment based on Financial Constraints. Sample of this study is sharia companies in the Indonesia Stock Exchange on the period of 2011 to 2016 with a population of 412 firms; purposive sampling was used and obtained a sample of 131 companies with 786 observations. Data analysis used a path analysis utilizing the Warp PLS analysis tool. The result of this study shows that institutional ownership has a significant negative effect on the firm’s value, which means there is a non-linear relationship between institutional ownership and the firm’s value. The findings do not support the agency theory. However, productive sustainable investment based on financial constraints is able to mediate the influence of institutional ownership on firm value. It means that this finding supports the signal theory. Thus, productive sustainable investment based on financial constraints significantly has a positive influence on the firm’s value. In other words, this finding supports the theory of information asymmetry.
关键词：institutional ownership; productivity sustainable investment based on financial constraints; firm value; agency theory; signaling theory; asymmetry information