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All Journal AKUNTABILITAS Jurnal Keuangan dan Perbankan Jurnal Manajemen dan Bisnis Sriwijaya Journal of Economics, Business, & Accountancy Ventura Jurnal Ekonomi dan Bisnis Jurnal Riset Akuntansi dan Keuangan JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) Riset: Jurnal Aplikasi Ekonomi Akuntansi dan Bisnis Jurnal Equity JASF (Journal of Accounting and Strategic Finance) Jurnal Akuntansi Bisnis Jurnal Akuntansi Reviu Akuntansi dan Bisnis Indonesia Emerging Markets : Business and Management Studies Journal Riset: Jurnal Aplikasi Ekonomi Akuntansi dan Bisnis Proceeding National Conference Business, Management, and Accounting (NCBMA) Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Klabat Accounting Review Proceeding of International Conference on Entrepreneurship (IConEnt) E-JURNAL AKUNTANSI Equity Jurnal Manajemen Maranatha
Juliana, Rita
Management Department, Faculty Of Economic & Business, Universitas Pelita Harapan, Tangerang, Indonesia
Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Languange, Linguistic, Communication & Media Social Sciences Other

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Firm Life Cycle and Investment Inefficiency: Empirical Study in Indonesian Stock Exchange Guntoro, Amelia Graciosa; Gracia; Juliana, Rita
JASF: Journal of Accounting and Strategic Finance Vol. 3 No. 2 (2020): JASF (Journal of Accounting and Strategic Finance) - November 2020
Publisher : Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v3i2.86

Abstract

This paper investigates whether the firm's life cycle stages carry out free cash flow efficiently or not before their investment performance. We utilize cash flow patterns to classify firms into five several life cycles stages. Our data consists of non-financial firms listed in Indonesia Stock Exchange from 2008-2018. We find evidence that Indonesian firms in the introduction, growth, and shakeout stage are underinvesting. This paper also shows that firms in decline stage are overinvested. The characteristic of the mature firm includes that firms with high cash flow will tend to overinvest. However, contrasting with mature firms' common characteristics, our results show that Indonesian firms in maturity stage tend to underinvest. The results also imply that the government should acknowledge the existence of Indonesian firms' investment inefficiency problem. Overall, this paper contributes to the literature by providing empirical evidence on Indonesia's investment inefficiency phenomena. It is suggested that further research may select a different method in calculating growth opportunities and may also study private firms since it tends to have higher financial constraints.
Co-Authors Alvin, Leonardo Amelia Graciosa Aurelia, Angeli Budiono, Sidik Christhalia Severesia David, Martha Febrianto Febrianto Felicia Ongkarina Gracia Gracia Gracia Guntoro, Amelia Graciosa Hanna Wijaya Irwan Adi Ekaputra Juselin, Vennicia Kevin Polakitang Kevin Wiyarta Erlim Kurniawan, Andika Lee, Nicholas Leonardo Alvin Liza Handoko, Liza Marcella Roring Martha David Michael Theodric Nadya Komari Pingky Pingky Santoso, Felicia Sung Suk Kim Thayogo Thayogo Thayogo, Thayogo Violin Erina Natalia