How to cite this paper
Sianturi, J., Wahyudi, S., Pangestuti, I & Utomo, M. (2020). Managerial opportunistic behavior and firm value: Empirical study of manufacturing companies in Indonesia.Management Science Letters , 10(11), 2553-2560.
Refrences
Crutchley, C. E., & Hansen, R. S. (1989). A test of the agency theory of managerial ownership, corporate leverage, and corporate dividends. Financial Management, 36-46.
DeAngelo, H., & DeAngelo, L. (2000). Controlling stockholders and the disciplinary role of corporate payout policy: A study of the Times Mirror Company. Journal of financial economics, 56(2), 153-207.
Dechow, P. M., Richardson, S. A., & Sloan, R. G. (2008). The persistence and pricing of the cash component of earnings. Journal of accounting research, 46(3), 537-566.
Denis, D. J., Denis, D. K., & Sarin, A. (1994). The information content of dividend changes: Cash flow signaling, overinvestment, and dividend clienteles. Journal of Financial and Quantitative Analysis, 29(4), 567-587.
Easterbrook, F. H. (1984). Two agency-cost explanations of dividends. The American economic review, 74(4), 650-659.
Fairchild, R. (2010). Dividend policy, signalling and free cash flow: an integrated approach. Managerial Finance.
Fairfield, P. M., Whisenant, J. S., & Yohn, T. L. (2003). Accrued earnings and growth: Implications for future profitability and market mispricing. The accounting review, 78(1), 353-371.
Ghazali, A. W., Shafie, N. A., & Sanusi, Z. M. (2015). Earnings management: An analysis of opportunistic behaviour, monitoring mechanism and financial distress. Procedia Economics and Finance, 28, 190-201.
Gul, F. A., & Tsui, J. S. (2001). Free cash flow, debt monitoring, and audit pricing: Further evidence on the role of director equity ownership. Auditing: A Journal of Practice & Theory, 20(2), 71-84.
Hair, J. F., Ringle, C. M., & Sarstedt, M. (2013). Partial least squares structural equation modeling: Rigorous applications, better results and higher acceptance. Long range planning, 46(1-2), 1-12.
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. (1989). Eclipse of the public corporation.
Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. the Journal of Finance, 48(3), 831-880.
Jensen, M. C. (2005). Agency costs of overvalued equity. Financial management, 34(1), 5-19.
Jensen, M. C., & Meckling, W. H. (1979). Theory of the firm: Managerial behavior, agency costs, and ownership structure. In Economics social institutions (pp. 163-231). Springer, Dordrecht.
Kadioglu, E., & Yilmaz, E. A. (2017). Is the free cash flow hypothesis valid in Turkey?. Borsa Istanbul Review, 17(2), 111-116.
Khan, A., Kaleem, A., & Nazir, M. S. (2013). Dividend policy and the agency cost of free cash flow: Evidence from non-financial sector of Pakistan. Актуальні проблеми економіки, (4), 513-522.
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (2000). Agency problems and dividend policies around the world. The journal of finance, 55(1), 1-33.
Latan, H., & Ghozali, I. (2017). Partial Least Squares: Konsep, Metode dan Aplikasi menggunakan Program WarpPLS 5.0 (Third Edit). Semarang: Badan Penerbit Universitas Diponegoro.
Lloyd, W. P., Jahera, J. S., & Page, D. E. (1985). Agency costs and dividend payout ratios. Quarterly Journal of Business and Economics, 19-29.
Moh'd, M. A., Perry, L. G., & Rimbey, J. N. (1995). An investigation of the dynamic relationship between agency theory and dividend policy. Financial Review, 30(2), 367-385.
Rhodes–Kropf, M., Robinson, D. T., & Viswanathan, S. (2005). Valuation waves and merger activity: The empirical evidence. Journal of Financial Economics, 77(3), 561-603.
Ross, S. A. (1973). The economic theory of agency: The principal's problem. The American economic review, 63(2), 134-139.
Rozeff, M. S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of financial Research, 5(3), 249-259.
Titman, S., Wei, K. J., & Xie, F. (2004). Capital investments and stock returns. Journal of financial and Quantitative Analysis, 39(4), 677-700.
Watts, R. L., & Zimmerman, J. L. (1990). Positive accounting theory: a ten year perspective. Accounting review, 131-156.
DeAngelo, H., & DeAngelo, L. (2000). Controlling stockholders and the disciplinary role of corporate payout policy: A study of the Times Mirror Company. Journal of financial economics, 56(2), 153-207.
Dechow, P. M., Richardson, S. A., & Sloan, R. G. (2008). The persistence and pricing of the cash component of earnings. Journal of accounting research, 46(3), 537-566.
Denis, D. J., Denis, D. K., & Sarin, A. (1994). The information content of dividend changes: Cash flow signaling, overinvestment, and dividend clienteles. Journal of Financial and Quantitative Analysis, 29(4), 567-587.
Easterbrook, F. H. (1984). Two agency-cost explanations of dividends. The American economic review, 74(4), 650-659.
Fairchild, R. (2010). Dividend policy, signalling and free cash flow: an integrated approach. Managerial Finance.
Fairfield, P. M., Whisenant, J. S., & Yohn, T. L. (2003). Accrued earnings and growth: Implications for future profitability and market mispricing. The accounting review, 78(1), 353-371.
Ghazali, A. W., Shafie, N. A., & Sanusi, Z. M. (2015). Earnings management: An analysis of opportunistic behaviour, monitoring mechanism and financial distress. Procedia Economics and Finance, 28, 190-201.
Gul, F. A., & Tsui, J. S. (2001). Free cash flow, debt monitoring, and audit pricing: Further evidence on the role of director equity ownership. Auditing: A Journal of Practice & Theory, 20(2), 71-84.
Hair, J. F., Ringle, C. M., & Sarstedt, M. (2013). Partial least squares structural equation modeling: Rigorous applications, better results and higher acceptance. Long range planning, 46(1-2), 1-12.
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. (1989). Eclipse of the public corporation.
Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. the Journal of Finance, 48(3), 831-880.
Jensen, M. C. (2005). Agency costs of overvalued equity. Financial management, 34(1), 5-19.
Jensen, M. C., & Meckling, W. H. (1979). Theory of the firm: Managerial behavior, agency costs, and ownership structure. In Economics social institutions (pp. 163-231). Springer, Dordrecht.
Kadioglu, E., & Yilmaz, E. A. (2017). Is the free cash flow hypothesis valid in Turkey?. Borsa Istanbul Review, 17(2), 111-116.
Khan, A., Kaleem, A., & Nazir, M. S. (2013). Dividend policy and the agency cost of free cash flow: Evidence from non-financial sector of Pakistan. Актуальні проблеми економіки, (4), 513-522.
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (2000). Agency problems and dividend policies around the world. The journal of finance, 55(1), 1-33.
Latan, H., & Ghozali, I. (2017). Partial Least Squares: Konsep, Metode dan Aplikasi menggunakan Program WarpPLS 5.0 (Third Edit). Semarang: Badan Penerbit Universitas Diponegoro.
Lloyd, W. P., Jahera, J. S., & Page, D. E. (1985). Agency costs and dividend payout ratios. Quarterly Journal of Business and Economics, 19-29.
Moh'd, M. A., Perry, L. G., & Rimbey, J. N. (1995). An investigation of the dynamic relationship between agency theory and dividend policy. Financial Review, 30(2), 367-385.
Rhodes–Kropf, M., Robinson, D. T., & Viswanathan, S. (2005). Valuation waves and merger activity: The empirical evidence. Journal of Financial Economics, 77(3), 561-603.
Ross, S. A. (1973). The economic theory of agency: The principal's problem. The American economic review, 63(2), 134-139.
Rozeff, M. S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of financial Research, 5(3), 249-259.
Titman, S., Wei, K. J., & Xie, F. (2004). Capital investments and stock returns. Journal of financial and Quantitative Analysis, 39(4), 677-700.
Watts, R. L., & Zimmerman, J. L. (1990). Positive accounting theory: a ten year perspective. Accounting review, 131-156.