Detail Maturity Mismatch and Firm Investment in Indonesia (This Paper Was Presented in 2th Indonesian Business Management Conference, Jakarta, January 30, 2007) Bibliografi Author: Prasetyantoko, A. Ico Tri Topik: maturity mismatch; firm investment; balance sheet effect; financial crisis Bahasa: (EN )     Penerbit: [s.n]     Tempat Terbit: Tokyo    Tahun Terbit: 2006     Jenis: Papers/Makalah - pada seminar internasional Fulltext: Paper 10 - IBMC.pdf (142.5KB; 8 download) Abstract Following the 1997 financial crisis, Indonesia has been suffering a poor performance in investment. Business cycle theory describes that investment is important variable in the fluctuation of economic growth by which external shock, like currency depreciation, induces directly. Furthermore, depreciation actually can enhance investment performance of the firms,which have revenues in foreign currencies. In this case, depreciation gives “competitive effect”for the firms in concerned countries. However, since most of the firms in Indonesia were highly indebted in short-tem foreign liabilities, depreciation decreases their net worth by giving the “balance sheet effect”. Moreover, the effect has exacerbated investment downturn since structural competitive environment is very weak in supporting business activities. To provide empirically one aspect of the balance sheet effects of the 1997 currency crisis, this paper directly links firmlevel investment and maturity mismatch. The main question is whether firms with higher shortterm debt maturity would have lower investment level in post-financial crisis in Indonesia. We use the standard reduced-form investment model to investigate the relation of the maturity mismatch and investment behavior. In this study we include 270 firms listed in the Jakarta Stock Exchange in the period of 1994 – 2004. Panel data analysis used in this study permits us to analyze firms’ behavior, such as the individual responses to the economic shock. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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