Detail Debt Maturity Choice and Financial Fragility in Indonesia (This Paper Was Presented in XL Euro Working Group of Financial Modelling, May 10-12th, 2007, Erasmus University of Rotterdam) Bibliografi Author: Prasetyantoko, A. Ico Tri ; Chevalier, Alain Topik: debt maturity; corporate governance; financial crisis Bahasa: (EN )     Penerbit: [s.n]     Tempat Terbit: Rotterdam    Tahun Terbit: 2007     Jenis: Papers/Makalah - pada seminar internasional Fulltext: Paper 12 - EURO XL.pdf (147.59KB; 5 download) Abstract The main objective of this paper is to examine the financing behaviour of listed companies in Indonesia, in order to understand the micro fundamental evidence of financial fragility based upon firm-level data. It is widely known that firm financing policies have exacerbated macro economic vulnerability and then financial crisis in Asian countries, including Indonesia. The rapid growth and high investment of firm-level sector in Asian region was financed by high-risk leverages, mostly in short-term foreign debts, that corroborate macro economic vulnerability. This paper finds that during the crisis, leverage augmented and profitability dropped. The findings demonstrate that listed firms in Indonesia were trying to match their debt-maturity with their asset maturity. Furthermore, big firms and profitable firms prefer to use equity rather than debt as well as firm with majority foreign ownership. By employing panel data analysis for 244 firms during the period of 1994 – 2004, we also find that the behavior of financing choice changed after-crisis. However, it seems that small listed firms tend to be more prone to external shocks than big firms. But it needs further research to confirm. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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