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Foreign Ownership and Debt Maturity Choice of Listed Companies In Indonesia
Bibliografi
Author:
Chevalier, Alain
;
Prasetyantoko, A. Ico Tri
;
Rokhim, Rofikoh
Topik:
debt-maturity
;
corporate governance
;
foreign ownership
Bahasa:
(EN )
Penerbit:
[s.n]
Tahun Terbit:
2007
Jenis:
Papers/Makalah
Fulltext:
Paper 19 - MFC Greece.pdf
(97.02KB;
6 download
)
Abstract
The main objective of this paper is to examine the relationship between ownership composition and debt maturity choice of listed companies in Indonesia. In this analysis, we focus on debt maturity and maturity matching of the firm, in order to understand the financial fragility originated from the firm-level financing behaviour in Indonesia. We argue that evidence on the firm-level financing behaviour become a pivotal contribution to the understanding of the root of the 1997 financial crisis in Indonesia. In this study, we use financial ratio data provided by Jakarta Stock Exchange (JSX) and Indonesian Capital Market Directory that consists about 244 firms and employ panel data analysis. Our findings are fairly interesting in which firms with majority foreign shareholders tend to have short maturity debt and maturity asset. They were more indebted in short-term debts than local firms. However, it seems that FOE is not necessarily more fragile than local firms. These findings can shed light on the financing behavior of FOE in Indonesia, where Asian crisis hit severely. In general, firms in pre-crisis period are more exposed to the external financing, especially in short-term debt, than in post-crisis.
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