Board Diversity, IPO Underpricing, and Firm Value: Evidence from Korea

Park, Kyung Hee; Byun, Jinho

doi:10.17549/gbfr.2022.27.1.65

Cited by 8 publications

(12 citation statements)

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“…Some scholars found that female board members significantly and positively influence firm performance. The board's decision-making is enriched through the successful implementation of feminization [41,42]. By elevating the overall diversity of cognition, knowledge, and expertise, this approach is effective.…”

Section: Female Board Members On Board Of Directors and Board Of Comm...mentioning

confidence: 99%

Corporate governance and Indonesian state-owned companies’ performance: Agency and institutional perspectives

Jahja,

Mohammed,

Lokman

2024

2576-8484

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The purpose of this study is to investigate the relationship between corporate governance practices and Indonesia’s SOEs' performance. State-owned enterprises (SOEs) are often criticized for underperformance and political manipulation, raising doubts about the efficiency of implemented corporate governance mechanisms. Additionally, this research examines the moderating role of board diversity on the relationship between good corporate governance (GCG) and performance. This study adopted a quantitative method to analyze secondary data from SOE’s financial statements from 2012 to 2019. The key independent variable is the GCG score, while return on assets is the dependent variable. The regression model incorporates managerial diversion variables and control variables. Surprisingly, the results found that corporate governance practices adversely affect the performance of Indonesian SOEs, particularly when board members have political affiliations. Institutional theory explains the negative relationship between the implementation of GCG and the performance of state-owned companies from coercive and mimetic perspectives. The phenomenon often happens in a developing country when a new system is adopted without fully understanding its mission. Additionally, the significant role of the Board of Commissioners' political connection as a moderating variable supports the conjecture of the managerial diversion perspective. This research contributes empirical insights for SOE stakeholders about corporate governance implementation and the performance of Indonesia's SOEs from the perspective of an emerging economy. The paper contributes novel views to agency and institutional theory for developing countries.

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Section: Female Board Members On Board Of Directors and Board Of Comm...mentioning

confidence: 99%

Corporate governance and Indonesian state-owned companies’ performance: Agency and institutional perspectives

Jahja,

Mohammed,

Lokman

2024

2576-8484

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“…Evaluasi terhadap nilai perusahaan dipandang sebagai faktor krusial dalam pengambilan keputusan berinvestasi karena menjadi dasar penilaian kinerja suatu perusahaan (Kurniawati et al, 2023). Tinggi atau rendahnya nilai perusahaan menunjukan kinerja manajemen dalam mengelola perusahaan dan efektifitas dalam setiap keputusan strategis, operasional, dan pendanaan perusahaan (Kombih & Suhardianto, 2018;Park & Byun, 2022;Sholatika, 2022). Persepsi investor tentang potensi efektivitas perusahaan, yang tercermin dalam harga sahamnya di pasar, akan terbentuk berdasarkan hasil penilaian nilai perusahaan (Mora et al, 2023;Purnama et al, 2021; E. M. Utami et al, 2020).…”

Section: Pendahuluanunclassified

“…Nilai perusahaan mencerminkan sejauh mana manajemen menjalankan tanggung jawabnya yang telah dipercayakan oleh para pemegang saham dalam mengelola operasional perusahaan (Park & Byun, 2022). Tujuan utama dalam meningkatkan nilai perusahaan harus menjadi pijakan bagi manajemen perusahaan dalam mengambil keputusan.…”

Section: Nilai Perusahaanunclassified

Analisis Dampak Keputusan Keuangan Terhadap Nilai Perusahaan Di Sektor Properti

Utami,

Yuliani,

Fatihat

2023

JIMEA

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Evaluasi terhadap nilai perusahaan menjadi faktor penting dalam pengambilan keputusan berinvestasi karena mencerminkan kinerja manajemen, efektivitas keputusan strategis, operasional, dan pendanaan, serta memengaruhi persepsi investor terhadap potensi efektivitas perusahaan dan harga saham di pasar modal. Pandangan investor terhadap harga saham yang tinggi mencerminkan kelangsungan pengembalian investasi dan stabilitas perusahaan, mendorong peningkatan kualitas manajerial, serta mempengaruhi minat dan keputusan investor untuk melakukan investasi yang lebih besar dalam perusahaan. Penelitian ini bertujuan mengevaluasi nilai perusahaan di sub sektor properti dan real estate di Indonesia dengan menggunakan Tobin Q dengan memperhatikan faktor-faktor yang mempengaruhinya diantaranya ialah keputusan pendanaan, keputusan investasi dan kebijakan deviden. Analisis data yang digunakan dalam penelitian ini meliputi uji asumsi klasik, analisis koefisien determinasi, analisis regresi data panel, uji F serta uji t. Pengamatan dilakukan pada sub sektor properti dan real estate. Penelitian ini menggunakan metode purposive sampling dimana sampel yang diambil sesuai dengan namanya, yaitu dengan maksud dan tujuan tertentu. Berdasarkan hasil laporan keuangan perusahaan periode tahun 2017 sampai dengan 2021, sebanyak 73 perusahaan terdaftar sebagai populasi penelitian. Berdasarkan hasil pada penelitian dapat dilihat bahwa Keputusan Pendanaan berpengaruh terhadap nilai perusahaan (Tobin’s Q), keputusan investasi (ROA) tidak memiliki pengaruh terhadap Nilai Perusahaan, dan kebijakan dividen (DPR) tidak memiliki pengaruh terhadap Nilai Perusahaan.

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“…Hasil uji regresi berganda bertujuan untuk menguji ada atau tidaknya pengaruh Bsize, outside, AGE_SD, dan WOMAN Berdasarkan tabel 6, hasil analisis menunjukkan bahwa tidak terdapat pengaruh antara variabel Board Size terhadap variabel Underpricing IPO dengan nilai probabilitas sebesar 0,9178 dan nilai koefisien sebesar -0,022266. Berdasarkan hasil penelitian (Park & Byun, 2022)…”

Section: Analisis Regresi Linear Bergandaunclassified

“…Age Director Berpengaruh Tehadap Firm Value Pada hasil penelitian tabel 7 menunjukkan bahwa tidak terdapat pengaruh antara variabel age director terhadap variabel firm value dengan nilai probabilitas sebesar 0.5058 dan nilai koefisien sebesar 0.018746. Hasil penelitian ini didukung oleh penelitian terdahulu (Park & Byun, 2022) menyatakan bahwa kemampuan dan kinerja dewan direksi tidak dapat diukur hanya dengan umur, melainkan dengan pengalaman.…”

Section: H14unclassified

Board Diversity Terhadap Underpricing IPO dan Firm Value pada Perusahaan terdaftar di Bursa Efek Indonesia (BEI)

Tjaputra,

Lestari,

Margaretha

2023

JOMB

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This research aims to determine the effect of Board Diversity on IPO Underpricing and Firm Value in companies listed on the Indonesia Stock Exchange (BEI). This research method uses hypothesis testing method. Hypothesis testing in this research examines the influence of the variables Bsize, outside, AGE_SD, and woman on the underpricing and firm value variables. secondary data is data obtained indirectly. The data sources in this research were obtained from the BEI website (https://www.idx.co.id), investing.com website (https://www.investing.com). There are control variables, namely CAPEX, Age, leverage, ROA, size and new shares. The data used in this research is panel data, namely a combination of cross sectional and time series data on companies that conducted an IPO in 2017 on the IDX with observations for 5 years (2017 - 2021). In conclusion, that Board Size has no effect on IPO Underpricing and Board Size has a significant effect on Firm Value. Keywords : Board Diversity, Firm Value, IPO, Underpricing

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Board Diversity, IPO Underpricing, and Firm Value: Evidence from Korea

Cited by 8 publications

References 0 publications

Corporate governance and Indonesian state-owned companies’ performance: Agency and institutional perspectives

Corporate governance and Indonesian state-owned companies’ performance: Agency and institutional perspectives

Analisis Dampak Keputusan Keuangan Terhadap Nilai Perusahaan Di Sektor Properti

Board Diversity Terhadap Underpricing IPO dan Firm Value pada Perusahaan terdaftar di Bursa Efek Indonesia (BEI)

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