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This research argues that there is conflict of interest between managers and shareholders. The conflict also varies based on growth opportunities. This research argues that disciplinary role exist in debt policy with the use of free cash flow hypothesis. This research explores the implications of free cash flow hypothesis concerning the disciplinary role of ownership structure in corporate debt policy. Managerial ownership and internal institutional are other mechanism to reduce agency conflict also has a significant impact on debt policy (control coalition cohesiveness). The relationship between managerial ownership and debt policy is interdependence, as known as balancing of agency theory. This study uses 1264 observation of 154 listed Indonesian firms between the years 1995 until 2003. Three state least square (3SLS) model will be use for statistical and analytical purposes. This study developed several arguments. The relation between debt and free cash flow are positive, but the relation differs between low-growth firms and high-growth firms. Internal institutional shareholders discourage managerial perquisites using debt. The result of this research support the free cash flow hypothesis and balancing of agency theory through ownership and there is disciplinary role of ownership structure in debt policy.

After the shares were introduced to the public by the underpricing company (IPO), the problem lies in the closing price on the first day which tends to be higher than the initial offering price. Various factors can influence the occurrence of underpricing, both external and internal, that occurs in Islamic stocks. This study examines more about the influence of financial and non-financial variables on underpricing shares, especially in Islamic stocks. The population used includes, among others, listed companies on the IDX with a sample of issuers that went public from 2015 to 2019. Data analysis in this study used multiple regression. The results of the study prove that block holders in a company have an effect on the level of underpricing. Debt to Equity Ratio (DER) have an effect on the underpricing variable. Return on Asset (ROA) harms the underpricing variable. There is an effect of the current ratio value on underpricing. Firm size has an effect on underpricing. Company age (firm age) has an effect on the underpricing variable. JEL: D53; E44; G10 <p> </p><p><strong> Article visualizations:</strong></p><p><img src="/-counters-/edu_01/0727/a.php" alt="Hit counter" /></p>

Development of science, innovation, and economic shifts the view of how to run a labor-based business into a knowledge-based business. Intellectual capital (IC), which is based on the competitive advantage of

Analysis of an organization's financial performance reveals whether an organization's financial condition is performing better or worse. This reflects its performance and achievement in that time period. In order to achieve good financial performance, the organization's staffs need to be committed to work according to the organization's plans and its budgetary commitment.Leadership type is crucial in determining the organization's success because it affects and enhances the staff's commitment to participate in creating and implementing the organization's budget. Supervision control is needed to ensure that budgetary commitment is on target and does not deviate from its predetermined commitment. This study to analyzed the role of supervisory role and leadership type on budgetary commitment and financial performance across 15 hospitals in East Java, Indonesia. 10 participants were surveyed from each hospital with questionnaires about supervisory role, leadership type, budgetary commitment, and financial performance. We also obtained secondary data in the form of financial statements from each hospital and later correlated this data with our questionnaire using a path analysis computer software Smart Partial Least Square. The results showed that a hospital's managerial supervision (estimated path coefficient = 0.222, p=0.001) and its leadership type(estimated path coefficient= 0.572, p=0.000) positively influenced the hospital's budgetary commitment.Leadership type (estimated path coefficient = 0.294, p =0.020) and budgeting commitment(estimated path coefficient= 0.243, p=0.030) directly influenced a hospital's financial performance. While managerial supervision has no direct effect on a hospital's financial performance (estimated path coefficient = 0.130, p=0.125), it exerts its effects on financial performance indirectly through its effect on budgetary commitment.