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All Journal Jurnal Manajemen Terapan dan Keuangan Jurnal Ilmiah Akuntansi dan Humanika Ekonomi Bisnis Jurnal Ilmu Manajemen (JIM) MIX : Jurnal Ilmiah Manajemen Edukasi: Jurnal Pendidikan dan Pengajaran Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Jurnal Ekonomi dan Bisnis SENTRALISASI Jurnal Kepariwisataan Indonesia: Jurnal Penelitian dan Pengembangan Kepariwisataan Indonesia Jurnal Abdimas Berdaya : Jurnal Pembelajaran, Pemberdayaan dan Pengabdian Masyarakat Jurnal Simki Economic Indonesian Journal of Social Science Research Ekonomia Jurnal Manajemen dan Pemasaran Jasa Journal of Business Studies and Management Review Jurnal Manajemen Teknologi dan Sistem Informasi Jurnal Ilmiah Manajemen dan Kewirausahaan Jurnal Pengabdian Masyarakat dan Riset Pendidikan Ekonomia International Journal of Business and Quality Research International Journal of Economics, Business and Innovation Research Jurnal Pengabdian Masyarakat Unama NuCSJo : Nusantara Community Service Journal Ekraf: Jurnal Ekonomi Kreatif dan Inovatif Indonesia
Muhammad Haris Saputra
Fakultas Ekonomi Dan Bisnis, Universitas Jambi
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Journal : SENTRALISASI

 1 
Global Perspectives on Financial Policy Optimization: Addressing Overinvestment and its Impact on Corporate Profitability (Study on Indonesia Stock Exchange) Saputra, Muhammad Haris; R, Mardiana; Fahdillah, Yosi; Yuliana, Yuliana
SENTRALISASI Vol. 13 No. 2 (2024): Sentralisasi
Publisher : Universitas Muhammadiyah Sorong

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33506/sl.v13i2.3203

Abstract

The primary objective of this research is to investigate the impact of overinvestment on corporate performance. It also seeks to analyze the effectiveness of debt policy, dividend policy, and the combined use of debt and dividend policy in alleviating the adverse effects of overinvestment on corporate performance. The study utilizes data from a sample of 53 non-financial companies that carried debt and consistently distributed dividends from 2010 to 2022. Overinvestment is assessed through two methods: the residual value derived from the new investment equation and the Hodrick-Prescott (HP) filter. The data is then transformed into panel data, and various models such as fixed effect, random effect, and common effect are applied to identify the most suitable model. The findings indicate a negative correlation between overinvestment and corporate performance. Debt policy emerges as a mitigating factor, addressing agency conflicts and reducing the adverse impact of overinvestment on company performance. Similarly, dividend policy proves effective in mitigating the negative effects of overinvestment by constraining excess cash. The combination of debt and dividend policies is identified as a comprehensive strategy to mitigate overinvestment, as it aids in curbing excessive free cash flow. However, it is noted that this combination also lowers financing funds to their minimum level, potentially leading to a shortage of funds for future profitable projects. Consequently, careful calculations are emphasized to ensure companies strike a balance, avoiding neglect of profitable investments in the future.    
Co-Authors Aegisia Sukmawati Ahmad Nur Budi Utama Ajidirman , Andang Fazri Asep Machpudin Carissa Margaretha Cua, sandi Delya, Alsa Dwi Anggara, Agus Dwi Kurniawan Eddy Suratno Eddy Suratno Effiyaldi Elliyana, Dessy Erwita Dewi Fadillah, Yosi Fahdillah, Yosi Favian, Lucas Febby Nanda Utami Ferdinand, Felix Firmasari, Puja Fitri Chairunnisa Fitriati, Fitriaty Fitriaty Fitriaty, Fitriaty Geneva, Jessica Priscilla Guspianto Guspianto Hartiwi, Yessi Helena Chandra Wati Honey Virginia Icha Saswyta Manurung Irfan Hassandi Ivan Cristhian Ivori Gracia Simanjuntak Jimmy Fernando Kadar, Melani Kanaya Puspa Kirana Lie Kanaya Puspita Lie Kurnia Permana Laras Sabrina, Hanan Larissa, Luna Laila Lie, Kanaya Puspa Kirana Marcel Rivaldo Marcellino Christian Mardiana R Maryati Ningsih Maryati Ningsih Masgo Melisa Meri Yarni Mery Mira Gustiana Pangestu Moh Ihsan Musnaini Musnaini Musnaini Musnaini musnaini musnaini Narvanco, Youngken Nia Rahayu Nia Rahayu Nicholas Raymond Sentosa Permana, Kurnia Puja Firmasari R, Mardiana Rahman, Aldi Aulia Rama Dhonal Rista Aldilla Syafri ROBY SETIAWAN Rofi'i, Imam Salsa, Salsandra Jihan Saputra, Aldo Shofia Amin Shofia Amin Sigit Indrajaya Sry Rosita Tan, Fiusdry Tio, Michael Tona Aurora Lubis Tona Aurora Lubis Usmayanti, Vivi Vania Fellicia Novella Vidyan Lim Vivi Usmayanti Wahya Iffa Lubis Widiatmoko, Agus Wiskandar , Yamir , Septi Novi Yap, Marybiet Yonatan, Terence Adi Yosi Fadillah yosi fahdillah Yossinomita Yulia Dwi Kartika Yuliana Yuliana Yuliusman Zhee Reylia Vauzan