How to cite this paper
Hikmah, K., Haryono, T., Djuminah, D & Nasrulloh, R. (2019). Investment opportunity set, institutional ownership, family ownership and funding policy.Management Science Letters , 9(13), 2201-2214.
Refrences
Abbott, L. J. (2001). Financing, dividend and compensation policies subsequent to a shift in the in-vestment opportunity set. Managerial Finance, 27(3), 31-47.
Adam, T., & Goyal, V. K. (2008). The investment opportunity set and its proxy variables. Journal of Financial Research, 31(1), 41-63.
Akhtaruddin, M., & Hossian, M. (2008). The influence of investment opportunity set and corporate governance to earnings quality and firm value. Journal of Administration and Governance, 3(2), 25–35.
Alnajjar, F. K., & Riahi-belkaoui, A. (2001). Empirical validation of a general model of growth oppor-tunities. Managerial Finance, 27(3), 72–90.
Anam, B. S., Arfan, M., & Shabri, M. (2016). Pengaruh Profitabilitas dan Set Kesempatan Investasi terhadap Kebijakan Dividen Tunai pada Perusahaan Manufaktur di Indonesia. Jurnal Administrasi Akuntansi: Program Pascasarjana Unsyiah, 5(3).
Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2003). Founding family ownership and the agency cost of debt. Journal of Financial Economics, 68(2), 263–285.
Andres, C. (2011). Family ownership, financing constraints and investment decisions. Applied Finan-cial Economics, 21(22), 1641-1659.
Ardestani, H. S., Rasid, S. Z. A., & Mehri, R. B. M. (2013a). Dividend payout policy, investment op-portunity set and corporate financing in the industrial products sector of Malaysia. Journal of ap-plied finance and banking, 3(1), 123.
Ardestani, H. S., Rasid, S. Z. A., Basiruddin, R., & Mehri, M. (2013b). Dividend Payout Policy, In-vestment Opportunity Set and Corporate Financing in the Industrial Products Sector of Malasyia. Journal of Applied Finance & Banking, 3(1), 123–136.
Baker, G. P. (1993). Growth, corporate policies, and the investment opportunity set. Journal of Ac-counting and Economics, 16(1–3), 161–165.
Barclay, M. J., Clifford W. Smith, J., & Morellec, E. (2006). On the debt capacity of growth options. The Journal of Business, 79(1), 37–60.
Bathala, C. T., Moon, K. P., & Rao, R. P. (1994). Managerial ownership, debt policy, and the impact of institutional holdings: An agency perspective. Financial Management, 23(3), 38–50.
Bozec, Y., & Laurin, C. (2008). Large shareholder entrenchment and performance: Empirical evi-dence from Canada. Journal of Business Finance & Accounting, 35(1–2), 25–49.
Brous, P., & Kini, O. (1994). The valuation effects of equity issues and the level of institutional own-ership: Evidence from analysts’ earnings forecasts. Financial Management, 23(1), 33–46.
Cahan, S. F., & Hossain, M. (1996). The investment opportunity set and disclosure policy choice: Some Malaysian evidence. Asia Pacific Journal of Management, 13(1), 65–85.
Chen, L., & Zhao, X. (2006). On the relation between the market-to-book ratio, growth opportunity, and leverage ratio. Finance Research Letters, 3(4), 253-266.
Chen, S. S., Chung, T. Y., & Chung, L. I. (2001). Investment opportunities, free cash flow and stock valuation effects of corporate investments: The case of Taiwanese investments in China. Review of Quantitative Finance and Accounting, 16(4), 299–310.
Chung, K. H., & Charoenwong, C. (1991). Investment options, assets in place, and the risk of stocks. Financial Management, 20(3), 21–33.
Claessens, S., Djankov, S., & Lang, L. H. P. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1–2), 81–112.
Cruthley, Claire, E., and Robert, S. (1989). A test of the agency theory of managerial ownership, cor-porate leverage, and corporate dividends. Financial Management, 18, 36–46.
Cucculelli, M., & Micucci, G. (2008). Family succession and firm performance: Evidence from Italian family firms. Journal of Corporate Finance, 14(1), 17–31.
Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93(6), 1155–1177.
Nisa, K., Arfan, M., & Saputra, M. (2018). Influence of Investment Opportunity Set, Financial Lever-age, and Voluntary Disclosure on Real Activities Manipulation of Manufacturing Companies Listed on Indonesia Stock Exchange. International Journal of Academic Research in Business and Social Sciences, 8(4), 553-565.
Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. The Review of Financial Studies, 15(1), 1–33.
Fama, E. F., & French, K. R. (2015). Incremental variables and the investment opportunity set. Jour-nal of Financial Economics, 117(3), 470–488.
Gaver, J. J., & Gaver, K. M. (1993). Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Account-ing and economics, 16(1-3), 125-160.
Gaver, J. J., & Gaver, K. M. (1995). Compensation policy and the investment opportunity set. Finan-cial Management, 24(1), 19–32.
Ghozali, I. (2006). Aplikasi analisis multivariate dengan program SPSS. Badan Penerbit Universitas Diponegoro.
Giriati (2016). Free cash flow, dividend policy, investment opportunity set, opportunistic behavior and firm's vValue: (A study about agency theory). Procedia - Social and Behavioral Sciences, 219, 248-254.
Grossman, S. J., & Hart, O. D. (1986). The costs and benefits of ownership: A theory of vertical and lateral integration. Journal of Political Economy, 94(4), 691–719.
Gujarati, D. N. (2012). Basic Econometrics (5th ed.). New York: Tata McGraw-Hill Education.
Gul, F. A., & Kealey, B. T. (1999). Chaebol, investment opportunity set and corporate debt and divi-dend policies of Korean companies. Review of Quantitative Finance and Accounting, 13(4), 401–416.
Hair, J. F., Rolph E. Anderson, R. L. T., & Black, W. C. (1998). Multivariate Data Analysis; With Reading (5th ed.). McMillan Publishing Company.
Hartono, J. (1999). An Agency-Cost Explanation for Dividend Payments. Yogyakarta: Universitas Gadjah Mada.
Hikmah, K. (2004). Hubungan Investment Opportunity Set terhadap kebijakan pendanaan, dividen dan kompensasi(Doctoral dissertation, Universitas Gadjah Mada).
Hikmah, K. (2008). Pengaruh Investment Opportunity Set Terhadap Kebijakan Pendanaan dan Divi-den Dengan Free Cash Flow Sebagai Variabel Kontrol (pp. 517–544). Yogyakarta: FE UPN”Veteran” Yogyakarta.
Ho, S. S. M., Lam, K. C. K., & Sami, H. (2004). The investment opportunity set, director ownership, and corporate policies: Evidence from an emerging market. Journal of Corporate Finance, 10(3), 383–408.
Hossain, M., Cahan, S. F., & Adams, M. B. (2000). The Investment Opportunity Set and the Voluntary Use of Outside Directors: New Zealand Evidence.
Indahningrum, R. P., & Handayani, R. (2009). Pengaruh kepemilikan manajerial, kepemilikan insti-tusional, dividen, pertumbuhan perusahaan, free cash flow dan profitabilitas terhadap kebijakan hu-tang perusahaan. Jurnal Bisnis dan Akuntansi, 11(3), 189-207.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323–329.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Jones, S., & Sharma, R. (2001). The association between the investment opportunity set and corporate financing and dividend decisions: Some Australian evidence. Managerial Finance, 27(3), 48–64.
Junaidi. (2006). Pengaruh Kepemilikan Manajerial dan Kepemilikan Institusional terhadap Kebijakan pendanaan Perusahaan: Sebuah Perspektif Agency Theory dengan Variabel Kontrol Dividend Pay-out Ratio, Ukuran Perusahaan, Aset Structure dan Risiko Bisnis (Studi pada Perusahaan yang Go Publik di Bursa Efek Jakarta). Jurnal Ilmiah Bidang Manajemen dan Akuntansi, 3(2), 214-228
Kallapur, S., & Trombley, M. A. (1999). The association between investment opportunity set proxies and realized growth. Journal of Business Finance and Accounting, 26(3–4), 505–519.
Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of Management Re-view, 14(1), 57-74.
Keasey, K., & McGuinness, P. (1992). An empirical investigation of the role of signalling in the val-uation of unseasoned equity issues. Accounting and Business Research, 22(86), 133-142.
Keasey, K., & Short, H. (1997). Equity retention and initial public offerings: the influence of signal-ling and entrenchment effects. Applied Financial Economics, 7(1), 75-85.
Khanqah, Vahid T., & Ahmadnia, L. (2013). The relationship between investment decisions and fi-nancing decisions: Iran evidence. Basic and Applied Scientific Research, 3(3), 144–150.
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471–517.
Listyani, T. T. (2003). Kepemilikan Manajerial, Kebijakan pendanaan, dan Pengaruhnya terhadap Kepemilikan Saham Institusional (Studi pada Perusahaan Manufaktur di Bursa Efek Jakarta). Jurnal Manajemen, Akuntansi dan Sistem Informasi, 9, 98–114.
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Masdupi, E. (2005). Analisis Dampak Struktur Kepemilikan pada Kebijakan pendanaan dalam Men-gontrol Konflik Keagenan. Jurnal Ekonomi Dan Bisnis Indonesia, 20(1), 57–69.
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Mitton, T. (2002). A cross-firm analysis of the impact of corporate governance on the East Asian fi-nancial crisis. Journal of Financial Economics, 64(2), 215–241.
Murni, S., & Andriana, A. (2012). Pengaruh Insider Ownership, Institutional Investor, Dividend Pay-ments, dan Firm Growth terhadap Kebijakan Hutang Perusahaan (Studi Kasus pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Jakarta). Jurnal Akuntansi dan Bisnis, 7(1).
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Akhtaruddin, M., & Hossian, M. (2008). The influence of investment opportunity set and corporate governance to earnings quality and firm value. Journal of Administration and Governance, 3(2), 25–35.
Alnajjar, F. K., & Riahi-belkaoui, A. (2001). Empirical validation of a general model of growth oppor-tunities. Managerial Finance, 27(3), 72–90.
Anam, B. S., Arfan, M., & Shabri, M. (2016). Pengaruh Profitabilitas dan Set Kesempatan Investasi terhadap Kebijakan Dividen Tunai pada Perusahaan Manufaktur di Indonesia. Jurnal Administrasi Akuntansi: Program Pascasarjana Unsyiah, 5(3).
Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2003). Founding family ownership and the agency cost of debt. Journal of Financial Economics, 68(2), 263–285.
Andres, C. (2011). Family ownership, financing constraints and investment decisions. Applied Finan-cial Economics, 21(22), 1641-1659.
Ardestani, H. S., Rasid, S. Z. A., & Mehri, R. B. M. (2013a). Dividend payout policy, investment op-portunity set and corporate financing in the industrial products sector of Malaysia. Journal of ap-plied finance and banking, 3(1), 123.
Ardestani, H. S., Rasid, S. Z. A., Basiruddin, R., & Mehri, M. (2013b). Dividend Payout Policy, In-vestment Opportunity Set and Corporate Financing in the Industrial Products Sector of Malasyia. Journal of Applied Finance & Banking, 3(1), 123–136.
Baker, G. P. (1993). Growth, corporate policies, and the investment opportunity set. Journal of Ac-counting and Economics, 16(1–3), 161–165.
Barclay, M. J., Clifford W. Smith, J., & Morellec, E. (2006). On the debt capacity of growth options. The Journal of Business, 79(1), 37–60.
Bathala, C. T., Moon, K. P., & Rao, R. P. (1994). Managerial ownership, debt policy, and the impact of institutional holdings: An agency perspective. Financial Management, 23(3), 38–50.
Bozec, Y., & Laurin, C. (2008). Large shareholder entrenchment and performance: Empirical evi-dence from Canada. Journal of Business Finance & Accounting, 35(1–2), 25–49.
Brous, P., & Kini, O. (1994). The valuation effects of equity issues and the level of institutional own-ership: Evidence from analysts’ earnings forecasts. Financial Management, 23(1), 33–46.
Cahan, S. F., & Hossain, M. (1996). The investment opportunity set and disclosure policy choice: Some Malaysian evidence. Asia Pacific Journal of Management, 13(1), 65–85.
Chen, L., & Zhao, X. (2006). On the relation between the market-to-book ratio, growth opportunity, and leverage ratio. Finance Research Letters, 3(4), 253-266.
Chen, S. S., Chung, T. Y., & Chung, L. I. (2001). Investment opportunities, free cash flow and stock valuation effects of corporate investments: The case of Taiwanese investments in China. Review of Quantitative Finance and Accounting, 16(4), 299–310.
Chung, K. H., & Charoenwong, C. (1991). Investment options, assets in place, and the risk of stocks. Financial Management, 20(3), 21–33.
Claessens, S., Djankov, S., & Lang, L. H. P. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1–2), 81–112.
Cruthley, Claire, E., and Robert, S. (1989). A test of the agency theory of managerial ownership, cor-porate leverage, and corporate dividends. Financial Management, 18, 36–46.
Cucculelli, M., & Micucci, G. (2008). Family succession and firm performance: Evidence from Italian family firms. Journal of Corporate Finance, 14(1), 17–31.
Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93(6), 1155–1177.
Nisa, K., Arfan, M., & Saputra, M. (2018). Influence of Investment Opportunity Set, Financial Lever-age, and Voluntary Disclosure on Real Activities Manipulation of Manufacturing Companies Listed on Indonesia Stock Exchange. International Journal of Academic Research in Business and Social Sciences, 8(4), 553-565.
Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. The Review of Financial Studies, 15(1), 1–33.
Fama, E. F., & French, K. R. (2015). Incremental variables and the investment opportunity set. Jour-nal of Financial Economics, 117(3), 470–488.
Gaver, J. J., & Gaver, K. M. (1993). Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Account-ing and economics, 16(1-3), 125-160.
Gaver, J. J., & Gaver, K. M. (1995). Compensation policy and the investment opportunity set. Finan-cial Management, 24(1), 19–32.
Ghozali, I. (2006). Aplikasi analisis multivariate dengan program SPSS. Badan Penerbit Universitas Diponegoro.
Giriati (2016). Free cash flow, dividend policy, investment opportunity set, opportunistic behavior and firm's vValue: (A study about agency theory). Procedia - Social and Behavioral Sciences, 219, 248-254.
Grossman, S. J., & Hart, O. D. (1986). The costs and benefits of ownership: A theory of vertical and lateral integration. Journal of Political Economy, 94(4), 691–719.
Gujarati, D. N. (2012). Basic Econometrics (5th ed.). New York: Tata McGraw-Hill Education.
Gul, F. A., & Kealey, B. T. (1999). Chaebol, investment opportunity set and corporate debt and divi-dend policies of Korean companies. Review of Quantitative Finance and Accounting, 13(4), 401–416.
Hair, J. F., Rolph E. Anderson, R. L. T., & Black, W. C. (1998). Multivariate Data Analysis; With Reading (5th ed.). McMillan Publishing Company.
Hartono, J. (1999). An Agency-Cost Explanation for Dividend Payments. Yogyakarta: Universitas Gadjah Mada.
Hikmah, K. (2004). Hubungan Investment Opportunity Set terhadap kebijakan pendanaan, dividen dan kompensasi(Doctoral dissertation, Universitas Gadjah Mada).
Hikmah, K. (2008). Pengaruh Investment Opportunity Set Terhadap Kebijakan Pendanaan dan Divi-den Dengan Free Cash Flow Sebagai Variabel Kontrol (pp. 517–544). Yogyakarta: FE UPN”Veteran” Yogyakarta.
Ho, S. S. M., Lam, K. C. K., & Sami, H. (2004). The investment opportunity set, director ownership, and corporate policies: Evidence from an emerging market. Journal of Corporate Finance, 10(3), 383–408.
Hossain, M., Cahan, S. F., & Adams, M. B. (2000). The Investment Opportunity Set and the Voluntary Use of Outside Directors: New Zealand Evidence.
Indahningrum, R. P., & Handayani, R. (2009). Pengaruh kepemilikan manajerial, kepemilikan insti-tusional, dividen, pertumbuhan perusahaan, free cash flow dan profitabilitas terhadap kebijakan hu-tang perusahaan. Jurnal Bisnis dan Akuntansi, 11(3), 189-207.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323–329.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Jones, S., & Sharma, R. (2001). The association between the investment opportunity set and corporate financing and dividend decisions: Some Australian evidence. Managerial Finance, 27(3), 48–64.
Junaidi. (2006). Pengaruh Kepemilikan Manajerial dan Kepemilikan Institusional terhadap Kebijakan pendanaan Perusahaan: Sebuah Perspektif Agency Theory dengan Variabel Kontrol Dividend Pay-out Ratio, Ukuran Perusahaan, Aset Structure dan Risiko Bisnis (Studi pada Perusahaan yang Go Publik di Bursa Efek Jakarta). Jurnal Ilmiah Bidang Manajemen dan Akuntansi, 3(2), 214-228
Kallapur, S., & Trombley, M. A. (1999). The association between investment opportunity set proxies and realized growth. Journal of Business Finance and Accounting, 26(3–4), 505–519.
Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of Management Re-view, 14(1), 57-74.
Keasey, K., & McGuinness, P. (1992). An empirical investigation of the role of signalling in the val-uation of unseasoned equity issues. Accounting and Business Research, 22(86), 133-142.
Keasey, K., & Short, H. (1997). Equity retention and initial public offerings: the influence of signal-ling and entrenchment effects. Applied Financial Economics, 7(1), 75-85.
Khanqah, Vahid T., & Ahmadnia, L. (2013). The relationship between investment decisions and fi-nancing decisions: Iran evidence. Basic and Applied Scientific Research, 3(3), 144–150.
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471–517.
Listyani, T. T. (2003). Kepemilikan Manajerial, Kebijakan pendanaan, dan Pengaruhnya terhadap Kepemilikan Saham Institusional (Studi pada Perusahaan Manufaktur di Bursa Efek Jakarta). Jurnal Manajemen, Akuntansi dan Sistem Informasi, 9, 98–114.
López-Iturriaga, F. J., & Crisóstomo, V. L. (2010). Financial decisions, ownership structure and growth opportunities: An analysis of Brazilian firms. Emerging Markets Finance and Trade, 46(3).
Masdupi, E. (2005). Analisis Dampak Struktur Kepemilikan pada Kebijakan pendanaan dalam Men-gontrol Konflik Keagenan. Jurnal Ekonomi Dan Bisnis Indonesia, 20(1), 57–69.
Megginson, W. L. (1997). Corporate finance theory. Reading, Mass.: Addison-Wesley.
Mira, T., Yap, C. M., & Ho, Y. K. (2002). The impact of firm size, concentration and financial lever-age on the effectiveness of R&D investment in generating growth opportunities for firm. Working paper.
Mitton, T. (2002). A cross-firm analysis of the impact of corporate governance on the East Asian fi-nancial crisis. Journal of Financial Economics, 64(2), 215–241.
Murni, S., & Andriana, A. (2012). Pengaruh Insider Ownership, Institutional Investor, Dividend Pay-ments, dan Firm Growth terhadap Kebijakan Hutang Perusahaan (Studi Kasus pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Jakarta). Jurnal Akuntansi dan Bisnis, 7(1).
Murwaningsari, E., & Rachmawati, S. (2017). The influence of capital intensity and investment op-portunity set toward conservatism with managerial ownership as moderating variable. Journal of Advanced Management Science, 5(6), 445–451.
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