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All Journal Gadjah Mada International Journal of Business International Research Journal of Business Studies
Cynthia A. Utama
Research Fellow, Faculty of Economics and Business, University of Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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The Influence of Multinationality on Determinants of Change in Debt Level: Empirical Evidence from Indonesia Utama, Cynthia A.; Rahmawati, Santi
Gadjah Mada International Journal of Business Vol 12, No 1 (2010): January - April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (307.035 KB)

Abstract

This study aims to investigate whether: (1) the change in debt level is affected by agency problems, the probability of bankruptcy, firm size, and profitability; (2) the change in debt level is affected by multinationality (i.e., multinational corporations (MNCs) or domestic corporations (DCs)) and whether multinationality affects the relationship of agency problems, probability of bankruptcy, size, and profitability to the change in debt level. This study finds that in general, the change in debt level is negatively affected by the probability of bankruptcy and size. Furthermore, the changes in debt level for Indonesian MNCs are negatively affected by the probability of bankruptcy, firm size, and profitability. The negative effects of size and profitability on the change in debt level support the view of the Pecking Order Theory. However, for domestic companies, none of the determinants has a significant effect on the change in debt level. We also find that: (1) only size has a negative influence on the change in debt level when we include all interactive terms in the model; (2) if we include one interactive variable at a time, the probability of bankruptcy, firm size, and profitability have negative influences on the change in debt level; in addition, a positive impact of agency problems on the change in debt level is more pronounced for MNCs compared to DCs. Overall, we conclude that multinationality affects the relationship between agency problems and the change in debt level.Keywords: capital structure; Indonesia leverage; multinational corporations
The Causality between Corporate Governance Practice and Bank Performance: Empirical Evidence from Indonesia Utama, Cynthia A.; Musa, Haidir
Gadjah Mada International Journal of Business Vol 13, No 3 (2011): September-December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

The aim of this study is to examine the existence of causality between corporate governance practice and performance of commercial banks in Indonesia. We also investigate the influence of age, capital adequacy, and type of commercial banks on bank performance and examine the influence of the bank size, foreign ownership, and listing status on corporate governance practice. The result shows that corporate governance practice, bank size and capital adequacy ratio have positive influences on bank performance in Indonesia. However, bank performance does not influence corporate governance practice. This study also finds that regional banks have better performance than private banks. The results of the study support the Central Bank’s efforts to enhance CG practices in the banking sector, to strenghten banks’ capital base and its policy to encourage banks to merge to become larger.     
Board of Commissioners in Corporate Governance, Firm Performance, and Ownership Structure Utama, Cynthia A.; Utama, Sidharta
International Research Journal of Business Studies Vol. 12 No. 2 (2019): August-November 2019
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.12.2.111-136

Abstract

The purpose of this study is to investigate: firstly, the two-way causality between firms performance and the size of BOC; secondly, the non-linear effect of board size on the firms’ performance; thirdly, the direct and moderating effects of the ownership structure on the influence of firm performance on board size. Using the ROA as a measure of firm performance, we find that there is a simultaneous relationship between firm performance and the size of BOC: the size of the board has an inverted U-shaped effect on firm performance while firms performance has a negative influence on board size. We find that the size of the board of commissioners increases firm performance up to a certain level, but a very large board reduces firm performance. We find marginal evidence that ownership structure has a moderating effect on the impact of firm performance on board size. We document that the negative effect of performance on board size dissipates as ownership right increases. The negative effect of performance on board size marginally strengthens. Thus, our study contributes to the literature by finding that the negative influence of firm performance and board primarily occurs on firms that are subject to high incentive expropriation by controlling shareholders.
Co-Authors Haidir Musa Santi Rahmawati Sidharta Utama