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Identifier to cite or link to this item: https://hdl.handle.net/10086/18231

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Title
Institutional Change and Corporate Financing in Indonesia: Estimating the Effects of Social and Political Factors on Capital Structure
Creator
Creator Name
Okuda, Hidenobu Okuda, Hidenobu
奥田, 英信 奥田, 英信
オクダ, ヒデノブ オクダ, ヒデノブ
Affiliation
Affiliation Name
Hitotsubashi University
Creator Name
Take, Yasushi Take, Yasushi
竹, 康至 竹, 康至
タケ, ヤスシ タケ, ヤスシ
Affiliation
Affiliation Name
Hitotsubashi University
Editor
Contributor Name
社会科学の高度統計・実証分析拠点構築 = Research Unit for Statistical and Empirical Analysis in Social Sciences
Key Word
Corporate Finance
Capital Structure
Ethnic network
Indonesia
JEL
G32
G34
G38
Abstract
This study investigates the factors determining the capital structure of Indonesian listed companies before and after the implementation of economic reform policies subsequent to the 1997-1998 Asian financial crisis. The estimation analysis of the panel data for the period 1994-1997 and 2000-2006 reveals several factors that determined substantive change in the financing activities of these listed companies. The capital structure of Indonesian companies had not been explained sufficiently by the standardized theory of corporate financing, which had not considered the effects of the specific social and political elements as well as business conglomerates, before the Asian financial crisis. However, the capital structure of Indonesian companies became fitted more to the corporate financing theory, after the influence of social and political factors of corporate attributes weakened substantially following the post-crisis reform policies. This significant change is considered to result from institutional change caused by the financial and corporate reforms in the post-financial crisis era.
Description
40168
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2009-12
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
Global COE Hi-Stat Discussion Paper Series ; No. 108
Number of Pages
26
Sponsorship
グローバルCOEプログラム = Global COE Program
Appears in Collections
Global COE Hi-Stat Discussion Paper Series
URL
https://hdl.handle.net/10086/18231