Kartika Hendra Titisari
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The roles of cost of capital, corporate governance, and corporate social responsibility in improving firm value: evidence from Indonesia
Kartika Hendra Titisari , M. Moeljadi , Kusuma Ratnawati , Nur Khusniyah Indrawati doi: http://dx.doi.org/10.21511/imfi.16(4).2019.03Investment Management and Financial Innovations Volume 16, 2019 Issue #4 pp. 28-36
Views: 1806 Downloads: 292 TO CITE АНОТАЦІЯCorporate governance (CG) and corporate social responsibility (CSR) are important subjects for corporate sustainability that affect firm value (FV). At the same time research results in several countries provide diverse empirical evidence. This study analyzes the impact of corporate governance (CG) and corporate social responsibility (CSR) on firm value (FV) through the cost of capital (CoC) in public companies of Indonesia. The research sample includes 27 companies that publish sustainability reports and corporate governance reports, with an observation period from 2010 till 2016. This study presents the analysis of three firm value proxies (Tobin’s q (TQ), Price Earnings Ratio (PER), and Price to Book Value (PBV)). Results of hypotheses testing using Partial Least Squares (PLS) show that CG and CSR have both direct and indirect effects on FV. These findings are consistent for all three firm value assessments. According to direct testing, CG has a negative effect on FV, while CSR has a positive effect. The CoC acts as a mediating variable in this relationship. The CG and CSR have a negative effect on CoC, while CoC has a negative effect on FV. The findings show that CG and CSR can improve the company performance and corporate image internally and externally, thereby increasing the investors` confidence, and companies have the opportunity to obtain inexpensive funding sources that can reduce CoC. A decrease in CoC can increase profitability and have an impact on FV increasing.
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A business transformation model to enhance the sustainability of small-sized family businesses
Anita Wijayanti , Massila Kamalrudin , Safiah Sidek , Kartika Hendra Titisari doi: http://dx.doi.org/10.21511/ppm.19(1).2021.16Problems and Perspectives in Management Volume 19, 2021 Issue #1 pp. 185-197
Views: 1102 Downloads: 581 TO CITE АНОТАЦІЯBusiness transformation is essential to making the small-sized family business more sustainable. Technological and environmental changes have radically transformed the way of doing business. Business transformation into digital business is the key to success in these conditions. On the other hand, some of the previous studies of business transformation in several countries and industries show different empirical evidence. This study analyzes the transformation process in a small-sized family business. This is a case study of 15 small-sized family businesses with four different types of industry, with an interview and observation period of 12 months in 2019–2020. This study has formulated a business transformation model for a small-sized family business and presented the results of the transformation process carried out. The research results indicate that a business transformation model consists of several attributes and sub-attributes. Business transformation results indicate different processes and times between companies. In general, the transformation process can be grouped into the exploration, learning, and synchronizing stages. The industry with the fastest transformation process is the hospitality industry, while the manufacturing process for the industry takes a bit longer. The results of this study indicate that business transformation has improved the sustainability of a small-sized family business that is characterized by its ability to adapt to changing technology and environmental conditions.
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