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首页> 外文OA文献 >The Effects of Environment Risk, Capital Structure, and Corporate Strategy on Assets Productivity, Financial Performance and Corporate Value: a Study on Go Public Companies Registered at Jakarta Stock Exchange
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The Effects of Environment Risk, Capital Structure, and Corporate Strategy on Assets Productivity, Financial Performance and Corporate Value: a Study on Go Public Companies Registered at Jakarta Stock Exchange

机译：环境风险，资本结构和公司战略对资产生产率，财务绩效和公司价值的影响：在雅加达证券交易所注册的Go上市公司的研究

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摘要

This study was aimed at: (1) examining the effects of environment risk consisted oi financial risk, business risk and market risk on corporate strategy, capital structure, asset productivity, financial performance and corporate value. (2) examining the effects of corporate strategy consisted of liquidity, sales growth, assets growth and growth potential on capital structure, assets productivity, financial performance and corporate value. (3) examining capital on assets productivity, financial performance and corporate value. The research was an explanatory study. This study was an explanatory research. All companies registered in Jakarta Stock Exchange in 2000-2004 periods were used as samples. They were divided into main board category consisted of 71 emitters, development board 62 emitters, and total board 134 emitters. Structural Equation Model was used as analysis method. SPSS 11.5 and AMOS 5.0 were used for processing data and allowing hypothetical tests to be performed. The results indicated that: (1) investors expect main board companies to adopt free cash flow whereas development board companies were expected to be more conservative by adopting pecking order theory. Most Indonesian companies were expected to adopt the latter. And, in fact, most of main, development, and total board companies in Indonesia tend to adopt pecking order theory. (2) In general, the increase of company\u27s value was influenced by the increase of corporate strategy and capital deduction, but the increase would be much more higher if accompanied by raising assets productivity. For development board companies in particular, the increase of company\u27s value should be accompanied by company\u27s financial performance. (3) Creditors do not consider company\u27s financial risk in giving loans, this implies the increase of stacked credit. (4) Investors do not trust company\u27s financial performance report. (5) Strategic management may provide help in explaining capital structure phenomena with significant influence of corporate strategy on both capital structure and company\u27s value. Key Words: Corporate Strategy, Environment Risk, Capital Structure, Assets Productivity, Financial Performance, Company\u27s Value, financial risk, business risk market risk, sales growth, assets growth, growth potential, liquidity, debt to equity ratio, debt to assets ratio, equity to Assets ratio, return to assets ratio, basic earning ratio, pecking order Theory, free cash flow theory.
机译：这项研究的目的是：（1）研究环境风险的影响，包括财务风险，业务风险和市场风险对公司战略，资本结构，资产生产率，财务绩效和公司价值的影响。 （2）考察公司战略的影响，包括流动性，销售增长，资产增长和增长潜力对资本结构，资产生产率，财务绩效和公司价值的影响。 （3）检查资本的资产生产率，财务绩效和公司价值。该研究是一项解释性研究。这项研究是一项解释性研究。以2000年至2004年在雅加达证券交易所注册的所有公司为样本。它们分为主板类，包括71个发射器，开发板62个发射器和总共134个发射器。使用结构方程模型作为分析方法。 SPSS 11.5和AMOS 5.0用于处理数据并允许进行假设测试。结果表明：（1）投资者期望主板公司采用自由现金流，而采用啄食顺序理论则期望开发板公司更为保守。预计大多数印尼公司将采用后者。而且，实际上，印度尼西亚的大多数主要，发展中和整体董事会公司倾向于采用啄食顺序理论。 （2）总的来说，公司价值的增长受到公司战略和资本减免的增加的影响，但是如果伴随着资产生产率的提高，增长的幅度会更大。特别是对于开发板公司，公司价值的增长应伴随着公司财务业绩的增长。 （3）债权人在发放贷款时没有考虑公司的财务风险，这意味着积累的信贷增加了。 （4）投资者不信任公司的财务业绩报告。 （5）战略管理可以帮助解释对公司战略既对资本结构又对公司价值产生重大影响的资本结构现象。关键词：公司战略，环境风险，资本结构，资产生产率，财务绩效，公司价值，财务风险，商业风险市场风险，销售增长，资产增长，增长潜力，流动性，债务对权益比率，债务对资产比率，权益对资产比率，资产收益率比率，基本收益比率，啄食顺序理论，自由现金流理论。

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  • 作者

    Chandra, Teddy;

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  • 年度 2010
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  • 原文格式 PDF
  • 正文语种 EN
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