FAKTOR-FAKTOR INSTITUSIONAL YANG BERPENGARUH PADA NILAI PERUSAHAAN DAN KINERJA KEUANGAN PERUSAHAAN-PERUSAHAAN STARTUP DI NEGARA-NEGARA ASEAN
Keywords:
startup, investor protection, capital market development, financial performance, firm value, ASEAN
Abstract
This research is motivated by the phenomenon of many start-up companies developing in ASEAN countries. This research aims to examine what factors can guarantee the success of startup companies, as assessed by financial performance and firm value. This research includes the variables of investor protection and capital market development as factors that influence the financial performance and firm value of startup companies in ASEAN countries. The data used is startup companies in ASEAN, namely Singapore, Indonesia, and Malaysia. The research data is in the form of financial reports of these companies for the last 5 years (2017-2021). The dependent variables in this research are financial performance (measured by return on invested capital and return on equity) and firm value as measured by Tobin's Q. The results of hypothesis testing show that statistically H1a is supported, meaning that investor protection in a country has a positive effect on the financial performance of startup companies. , whether measured by ROIC or ROE. Next, statistically H1b is supported, meaning that investor protection at the country level has a positive effect on the value of startup companies, as measured by Tobin's Q. Hypothesis testing also shows that statistically H2a is not supported, meaning that the development of a country's capital market has no effect on the company's financial performance. startups. Finally, the test shows that statistically H2b is not supported because capital market developments affect firm value in the opposite direction.
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References
Adhikari, A., & Tondkar, R. H. (1992). Environmental Factors Influencing Accounting Disclosure Requirements of Global Stock Exchanges. Journal of International Financial Management & Accounting, 4(2), 75–105. https://doi.org/10.1111/j.1467-646X.1992.tb00024.x
Ball, R., Kothari, S. P., & Robin, A. (2000). The effect of international institutional factors on properties of accounting earnings. Journal of Accounting and Economics, 29(1), 1–51. https://doi.org/10.1016/S0165-4101(00)00012-4
Beekes, W., Brown, P., Zhan, W., & Zhang, Q. (2016). Corporate Governance, Companies’ Disclosure Practices and Market Transparency: A Cross Country Study. Journal of Business Finance and Accounting, 43(3–4), 263–297. https://doi.org/10.1111/jbfa.12174
Bhattacharya, U., Daouk, H., & Walker, M. (2003). The World Price of Earnings Management. The Accounting Review, 78(3), 641–678. https://doi.org/10.2308/accr.2003.78.3.641
Bona-Sánchez, C., Garc\’\ia-Meca, E., & Pérez-Alemán, J. (2018). Earnings informativeness and institutional investors on boards. Revista de Contabilidad, 21(1), 73–81.
Brikman, Y. (2015). Hello, Startup: A Programmer’s Guide to Building Products, Technologies, and Teams. “ O’Reilly Media, Inc.”
Burgstahler, D., Hail, L., & Leuz, C. (2006). The Importance of Reporting Incentives: Earnings Management in European Private and Public Firms. The Accounting Review, 81(5), 983–1016. https://doi.org/10.2139/ssrn.484682
Bushman, R. M., Piotroski, J. D., & Smith, A. J. (2004). What determines corporate transparency? Journal of Accounting Research, 42(2), 207–252.
DeFond, M., Hung, M., & Trezevant, R. (2007). Investor protection and the information content of annual earnings announcements: International evidence. Journal of Accounting and Economics, 43(1), 37–67. https://doi.org/10.1016/j.jacceco.2006.09.001
Fearnley, N., & Gray, S. (2015). National institutional factors and IFRS Implementation in Europe: The case of investment property companies. International Journal of Accounting and Information Management, 23(3), 271–288.
Gul, F. A. (2013). Investor Protection, Firm Informational Problems, Big N Auditors, and Cost of Debt around the World. Auditing: A Journal of Practice & Theory, 32(3), 1–30. https://doi.org/10.2308/ajpt-50462
Houqe, M. N., van Zijl, T., Dunstan, K., & Karim, A. K. M. W. (2012). The Effect of IFRS Adoption and Investor Protection on Earnings Quality Around the World. International Journal of Accounting, 47(3), 333–355. https://doi.org/10.1016/j.intacc.2012.07.003
Kaufmann, D., Kraay, A., & Mastruzzi, M. (2010). The worldwide governance indicators: Methodology and analytical issues. In World Bank Policy Research (Vol. 5430). https://doi.org/10.1017/S1876404511200046
Kouki, A. (2018). Mandatory IFRS adoption, investor protection and earnings management: A data analysis of Germany, France and Belgium listed companies. International Journal of Accounting and Information Management, 26(1), 187–204. https://doi.org/10.1108/IJAIM-07-2017-0091
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1998). Law and Finance. Journal of Political Economy, 106(6), 1113–1155.
La Porta, R., Lopez-De-Silanes, F., & Shleifer, A. (2006). What Works in Securities Laws? The Journal of Finance, LXI(1), 1–32. http://post.economics.
La Porta, R., Lopez-De-Silanes, F., Shleifer, A., & Vishny, R. W. (2000). Agency problems and dividend policies around the world. Journal of Finance. https://doi.org/10.1111/0022-1082.00199
Leuz, C., Nanda, D., & Wysocki, P. D. (2003). Earnings management and investor protection: An international comparison. Journal of Financial Economics, 69, 505–527. https://doi.org/10.4324/9780203940136
Li, S., Wu, H., Zhang, J., & Chand, P. (2018). Accounting reforms and conservatism in earnings: Empirical evidence from listed Chinese companies. Journal of International Accounting, Auditing and Taxation, 30, 32–44. https://doi.org/10.1016/j.intaccaudtax.2017.12.004
Nobes, C. (1998). Towards a general model of the reasons for international differences in financial reporting. Abacus, 34(2), 162–187. https://doi.org/10.1111/1467-6281.00028
Nobes, C. (2008). Accounting classification in the IFRS Era. Australian Accounting Review, 18(3), 191–198. https://doi.org/10.1111/j.1835-2561.2008.0024.x
Perafán Peña, H. F., & Franco, J. B. (2017). Impact of IFRS on the quality of financial information in the United Kingdom and France: Evidence from a new perspective. Intangible Capital, 13(4). https://doi.org/10.3926/ic.939
Persakis, A., & Iatridis, G. E. (2016). Audit quality, investor protection and earnings management during the financial crisis of 2008: An international perspective. Journal of International Financial Markets, Institutions and Money. https://doi.org/10.1016/j.intfin.2015.12.006
Piotroski, J. D. (2000). Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers. Journal of Accounting Research, 38, 1. https://doi.org/10.2307/2672906
Pratt, J., & Behr, G. (1987). Environmental factors, transaction costs, and external reporting: a cross-national comparison. International Journal of Accounting, 22(2), 1–24.
Sekaran, U. (2017). Metode Penelitian Untuk Bisnis (Edisi 6). Jakarta: Salemba Empat.
Subramanyam, K. R. (2014). Financial statement analysis. Không nhà xuất bản.
Sugiyono. (2016). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. In Buku. Bandung: Alfabeta.
Talaia, M., Pisoni, A., & Onetti, A. (2016). Factors influencing the fund raising process for innovative new ventures: an empirical study. Journal of Small Business and Enterprise Development, 23(2), 363–378. https://doi.org/10.1108/JSBED-07-2014-0111
Wong, W. C., Batten, J. A., Ahmad, A. H., Mohamed-Arshad, S. B., Nordin, S., & Adzis, A. A. (2021). Does ESG certification add firm value? Finance Research Letters, 39, 101593. https://doi.org/10.1016/j.frl.2020.101593
Adhikari, A., & Tondkar, R. H. (1992). Environmental Factors Influencing Accounting Disclosure Requirements of Global Stock Exchanges. Journal of International Financial Management & Accounting, 4(2), 75–105. https://doi.org/10.1111/j.1467-646X.1992.tb00024.x
Ball, R., Kothari, S. P., & Robin, A. (2000). The effect of international institutional factors on properties of accounting earnings. Journal of Accounting and Economics, 29(1), 1–51. https://doi.org/10.1016/S0165-4101(00)00012-4
Beekes, W., Brown, P., Zhan, W., & Zhang, Q. (2016). Corporate Governance, Companies’ Disclosure Practices and Market Transparency: A Cross Country Study. Journal of Business Finance and Accounting, 43(3–4), 263–297. https://doi.org/10.1111/jbfa.12174
Bhattacharya, U., Daouk, H., & Walker, M. (2003). The World Price of Earnings Management. The Accounting Review, 78(3), 641–678. https://doi.org/10.2308/accr.2003.78.3.641
Bona-Sánchez, C., Garc\’\ia-Meca, E., & Pérez-Alemán, J. (2018). Earnings informativeness and institutional investors on boards. Revista de Contabilidad, 21(1), 73–81.
Brikman, Y. (2015). Hello, Startup: A Programmer’s Guide to Building Products, Technologies, and Teams. “ O’Reilly Media, Inc.”
Burgstahler, D., Hail, L., & Leuz, C. (2006). The Importance of Reporting Incentives: Earnings Management in European Private and Public Firms. The Accounting Review, 81(5), 983–1016. https://doi.org/10.2139/ssrn.484682
Bushman, R. M., Piotroski, J. D., & Smith, A. J. (2004). What determines corporate transparency? Journal of Accounting Research, 42(2), 207–252.
DeFond, M., Hung, M., & Trezevant, R. (2007). Investor protection and the information content of annual earnings announcements: International evidence. Journal of Accounting and Economics, 43(1), 37–67. https://doi.org/10.1016/j.jacceco.2006.09.001
Fearnley, N., & Gray, S. (2015). National institutional factors and IFRS Implementation in Europe: The case of investment property companies. International Journal of Accounting and Information Management, 23(3), 271–288.
Gul, F. A. (2013). Investor Protection, Firm Informational Problems, Big N Auditors, and Cost of Debt around the World. Auditing: A Journal of Practice & Theory, 32(3), 1–30. https://doi.org/10.2308/ajpt-50462
Houqe, M. N., van Zijl, T., Dunstan, K., & Karim, A. K. M. W. (2012). The Effect of IFRS Adoption and Investor Protection on Earnings Quality Around the World. International Journal of Accounting, 47(3), 333–355. https://doi.org/10.1016/j.intacc.2012.07.003
Kaufmann, D., Kraay, A., & Mastruzzi, M. (2010). The worldwide governance indicators: Methodology and analytical issues. In World Bank Policy Research (Vol. 5430). https://doi.org/10.1017/S1876404511200046
Kouki, A. (2018). Mandatory IFRS adoption, investor protection and earnings management: A data analysis of Germany, France and Belgium listed companies. International Journal of Accounting and Information Management, 26(1), 187–204. https://doi.org/10.1108/IJAIM-07-2017-0091
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1998). Law and Finance. Journal of Political Economy, 106(6), 1113–1155.
La Porta, R., Lopez-De-Silanes, F., & Shleifer, A. (2006). What Works in Securities Laws? The Journal of Finance, LXI(1), 1–32. http://post.economics.
La Porta, R., Lopez-De-Silanes, F., Shleifer, A., & Vishny, R. W. (2000). Agency problems and dividend policies around the world. Journal of Finance. https://doi.org/10.1111/0022-1082.00199
Leuz, C., Nanda, D., & Wysocki, P. D. (2003). Earnings management and investor protection: An international comparison. Journal of Financial Economics, 69, 505–527. https://doi.org/10.4324/9780203940136
Li, S., Wu, H., Zhang, J., & Chand, P. (2018). Accounting reforms and conservatism in earnings: Empirical evidence from listed Chinese companies. Journal of International Accounting, Auditing and Taxation, 30, 32–44. https://doi.org/10.1016/j.intaccaudtax.2017.12.004
Nobes, C. (1998). Towards a general model of the reasons for international differences in financial reporting. Abacus, 34(2), 162–187. https://doi.org/10.1111/1467-6281.00028
Nobes, C. (2008). Accounting classification in the IFRS Era. Australian Accounting Review, 18(3), 191–198. https://doi.org/10.1111/j.1835-2561.2008.0024.x
Perafán Peña, H. F., & Franco, J. B. (2017). Impact of IFRS on the quality of financial information in the United Kingdom and France: Evidence from a new perspective. Intangible Capital, 13(4). https://doi.org/10.3926/ic.939
Persakis, A., & Iatridis, G. E. (2016). Audit quality, investor protection and earnings management during the financial crisis of 2008: An international perspective. Journal of International Financial Markets, Institutions and Money. https://doi.org/10.1016/j.intfin.2015.12.006
Piotroski, J. D. (2000). Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers. Journal of Accounting Research, 38, 1. https://doi.org/10.2307/2672906
Pratt, J., & Behr, G. (1987). Environmental factors, transaction costs, and external reporting: a cross-national comparison. International Journal of Accounting, 22(2), 1–24.
Sekaran, U. (2017). Metode Penelitian Untuk Bisnis (Edisi 6). Jakarta: Salemba Empat.
Subramanyam, K. R. (2014). Financial statement analysis. Không nhà xuất bản.
Sugiyono. (2016). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. In Buku. Bandung: Alfabeta.
Talaia, M., Pisoni, A., & Onetti, A. (2016). Factors influencing the fund raising process for innovative new ventures: an empirical study. Journal of Small Business and Enterprise Development, 23(2), 363–378. https://doi.org/10.1108/JSBED-07-2014-0111
Wong, W. C., Batten, J. A., Ahmad, A. H., Mohamed-Arshad, S. B., Nordin, S., & Adzis, A. A. (2021). Does ESG certification add firm value? Finance Research Letters, 39, 101593. https://doi.org/10.1016/j.frl.2020.101593
Ball, R., Kothari, S. P., & Robin, A. (2000). The effect of international institutional factors on properties of accounting earnings. Journal of Accounting and Economics, 29(1), 1–51. https://doi.org/10.1016/S0165-4101(00)00012-4
Beekes, W., Brown, P., Zhan, W., & Zhang, Q. (2016). Corporate Governance, Companies’ Disclosure Practices and Market Transparency: A Cross Country Study. Journal of Business Finance and Accounting, 43(3–4), 263–297. https://doi.org/10.1111/jbfa.12174
Bhattacharya, U., Daouk, H., & Walker, M. (2003). The World Price of Earnings Management. The Accounting Review, 78(3), 641–678. https://doi.org/10.2308/accr.2003.78.3.641
Bona-Sánchez, C., Garc\’\ia-Meca, E., & Pérez-Alemán, J. (2018). Earnings informativeness and institutional investors on boards. Revista de Contabilidad, 21(1), 73–81.
Brikman, Y. (2015). Hello, Startup: A Programmer’s Guide to Building Products, Technologies, and Teams. “ O’Reilly Media, Inc.”
Burgstahler, D., Hail, L., & Leuz, C. (2006). The Importance of Reporting Incentives: Earnings Management in European Private and Public Firms. The Accounting Review, 81(5), 983–1016. https://doi.org/10.2139/ssrn.484682
Bushman, R. M., Piotroski, J. D., & Smith, A. J. (2004). What determines corporate transparency? Journal of Accounting Research, 42(2), 207–252.
DeFond, M., Hung, M., & Trezevant, R. (2007). Investor protection and the information content of annual earnings announcements: International evidence. Journal of Accounting and Economics, 43(1), 37–67. https://doi.org/10.1016/j.jacceco.2006.09.001
Fearnley, N., & Gray, S. (2015). National institutional factors and IFRS Implementation in Europe: The case of investment property companies. International Journal of Accounting and Information Management, 23(3), 271–288.
Gul, F. A. (2013). Investor Protection, Firm Informational Problems, Big N Auditors, and Cost of Debt around the World. Auditing: A Journal of Practice & Theory, 32(3), 1–30. https://doi.org/10.2308/ajpt-50462
Houqe, M. N., van Zijl, T., Dunstan, K., & Karim, A. K. M. W. (2012). The Effect of IFRS Adoption and Investor Protection on Earnings Quality Around the World. International Journal of Accounting, 47(3), 333–355. https://doi.org/10.1016/j.intacc.2012.07.003
Kaufmann, D., Kraay, A., & Mastruzzi, M. (2010). The worldwide governance indicators: Methodology and analytical issues. In World Bank Policy Research (Vol. 5430). https://doi.org/10.1017/S1876404511200046
Kouki, A. (2018). Mandatory IFRS adoption, investor protection and earnings management: A data analysis of Germany, France and Belgium listed companies. International Journal of Accounting and Information Management, 26(1), 187–204. https://doi.org/10.1108/IJAIM-07-2017-0091
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1998). Law and Finance. Journal of Political Economy, 106(6), 1113–1155.
La Porta, R., Lopez-De-Silanes, F., & Shleifer, A. (2006). What Works in Securities Laws? The Journal of Finance, LXI(1), 1–32. http://post.economics.
La Porta, R., Lopez-De-Silanes, F., Shleifer, A., & Vishny, R. W. (2000). Agency problems and dividend policies around the world. Journal of Finance. https://doi.org/10.1111/0022-1082.00199
Leuz, C., Nanda, D., & Wysocki, P. D. (2003). Earnings management and investor protection: An international comparison. Journal of Financial Economics, 69, 505–527. https://doi.org/10.4324/9780203940136
Li, S., Wu, H., Zhang, J., & Chand, P. (2018). Accounting reforms and conservatism in earnings: Empirical evidence from listed Chinese companies. Journal of International Accounting, Auditing and Taxation, 30, 32–44. https://doi.org/10.1016/j.intaccaudtax.2017.12.004
Nobes, C. (1998). Towards a general model of the reasons for international differences in financial reporting. Abacus, 34(2), 162–187. https://doi.org/10.1111/1467-6281.00028
Nobes, C. (2008). Accounting classification in the IFRS Era. Australian Accounting Review, 18(3), 191–198. https://doi.org/10.1111/j.1835-2561.2008.0024.x
Perafán Peña, H. F., & Franco, J. B. (2017). Impact of IFRS on the quality of financial information in the United Kingdom and France: Evidence from a new perspective. Intangible Capital, 13(4). https://doi.org/10.3926/ic.939
Persakis, A., & Iatridis, G. E. (2016). Audit quality, investor protection and earnings management during the financial crisis of 2008: An international perspective. Journal of International Financial Markets, Institutions and Money. https://doi.org/10.1016/j.intfin.2015.12.006
Piotroski, J. D. (2000). Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers. Journal of Accounting Research, 38, 1. https://doi.org/10.2307/2672906
Pratt, J., & Behr, G. (1987). Environmental factors, transaction costs, and external reporting: a cross-national comparison. International Journal of Accounting, 22(2), 1–24.
Sekaran, U. (2017). Metode Penelitian Untuk Bisnis (Edisi 6). Jakarta: Salemba Empat.
Subramanyam, K. R. (2014). Financial statement analysis. Không nhà xuất bản.
Sugiyono. (2016). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. In Buku. Bandung: Alfabeta.
Talaia, M., Pisoni, A., & Onetti, A. (2016). Factors influencing the fund raising process for innovative new ventures: an empirical study. Journal of Small Business and Enterprise Development, 23(2), 363–378. https://doi.org/10.1108/JSBED-07-2014-0111
Wong, W. C., Batten, J. A., Ahmad, A. H., Mohamed-Arshad, S. B., Nordin, S., & Adzis, A. A. (2021). Does ESG certification add firm value? Finance Research Letters, 39, 101593. https://doi.org/10.1016/j.frl.2020.101593
Adhikari, A., & Tondkar, R. H. (1992). Environmental Factors Influencing Accounting Disclosure Requirements of Global Stock Exchanges. Journal of International Financial Management & Accounting, 4(2), 75–105. https://doi.org/10.1111/j.1467-646X.1992.tb00024.x
Ball, R., Kothari, S. P., & Robin, A. (2000). The effect of international institutional factors on properties of accounting earnings. Journal of Accounting and Economics, 29(1), 1–51. https://doi.org/10.1016/S0165-4101(00)00012-4
Beekes, W., Brown, P., Zhan, W., & Zhang, Q. (2016). Corporate Governance, Companies’ Disclosure Practices and Market Transparency: A Cross Country Study. Journal of Business Finance and Accounting, 43(3–4), 263–297. https://doi.org/10.1111/jbfa.12174
Bhattacharya, U., Daouk, H., & Walker, M. (2003). The World Price of Earnings Management. The Accounting Review, 78(3), 641–678. https://doi.org/10.2308/accr.2003.78.3.641
Bona-Sánchez, C., Garc\’\ia-Meca, E., & Pérez-Alemán, J. (2018). Earnings informativeness and institutional investors on boards. Revista de Contabilidad, 21(1), 73–81.
Brikman, Y. (2015). Hello, Startup: A Programmer’s Guide to Building Products, Technologies, and Teams. “ O’Reilly Media, Inc.”
Burgstahler, D., Hail, L., & Leuz, C. (2006). The Importance of Reporting Incentives: Earnings Management in European Private and Public Firms. The Accounting Review, 81(5), 983–1016. https://doi.org/10.2139/ssrn.484682
Bushman, R. M., Piotroski, J. D., & Smith, A. J. (2004). What determines corporate transparency? Journal of Accounting Research, 42(2), 207–252.
DeFond, M., Hung, M., & Trezevant, R. (2007). Investor protection and the information content of annual earnings announcements: International evidence. Journal of Accounting and Economics, 43(1), 37–67. https://doi.org/10.1016/j.jacceco.2006.09.001
Fearnley, N., & Gray, S. (2015). National institutional factors and IFRS Implementation in Europe: The case of investment property companies. International Journal of Accounting and Information Management, 23(3), 271–288.
Gul, F. A. (2013). Investor Protection, Firm Informational Problems, Big N Auditors, and Cost of Debt around the World. Auditing: A Journal of Practice & Theory, 32(3), 1–30. https://doi.org/10.2308/ajpt-50462
Houqe, M. N., van Zijl, T., Dunstan, K., & Karim, A. K. M. W. (2012). The Effect of IFRS Adoption and Investor Protection on Earnings Quality Around the World. International Journal of Accounting, 47(3), 333–355. https://doi.org/10.1016/j.intacc.2012.07.003
Kaufmann, D., Kraay, A., & Mastruzzi, M. (2010). The worldwide governance indicators: Methodology and analytical issues. In World Bank Policy Research (Vol. 5430). https://doi.org/10.1017/S1876404511200046
Kouki, A. (2018). Mandatory IFRS adoption, investor protection and earnings management: A data analysis of Germany, France and Belgium listed companies. International Journal of Accounting and Information Management, 26(1), 187–204. https://doi.org/10.1108/IJAIM-07-2017-0091
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1998). Law and Finance. Journal of Political Economy, 106(6), 1113–1155.
La Porta, R., Lopez-De-Silanes, F., & Shleifer, A. (2006). What Works in Securities Laws? The Journal of Finance, LXI(1), 1–32. http://post.economics.
La Porta, R., Lopez-De-Silanes, F., Shleifer, A., & Vishny, R. W. (2000). Agency problems and dividend policies around the world. Journal of Finance. https://doi.org/10.1111/0022-1082.00199
Leuz, C., Nanda, D., & Wysocki, P. D. (2003). Earnings management and investor protection: An international comparison. Journal of Financial Economics, 69, 505–527. https://doi.org/10.4324/9780203940136
Li, S., Wu, H., Zhang, J., & Chand, P. (2018). Accounting reforms and conservatism in earnings: Empirical evidence from listed Chinese companies. Journal of International Accounting, Auditing and Taxation, 30, 32–44. https://doi.org/10.1016/j.intaccaudtax.2017.12.004
Nobes, C. (1998). Towards a general model of the reasons for international differences in financial reporting. Abacus, 34(2), 162–187. https://doi.org/10.1111/1467-6281.00028
Nobes, C. (2008). Accounting classification in the IFRS Era. Australian Accounting Review, 18(3), 191–198. https://doi.org/10.1111/j.1835-2561.2008.0024.x
Perafán Peña, H. F., & Franco, J. B. (2017). Impact of IFRS on the quality of financial information in the United Kingdom and France: Evidence from a new perspective. Intangible Capital, 13(4). https://doi.org/10.3926/ic.939
Persakis, A., & Iatridis, G. E. (2016). Audit quality, investor protection and earnings management during the financial crisis of 2008: An international perspective. Journal of International Financial Markets, Institutions and Money. https://doi.org/10.1016/j.intfin.2015.12.006
Piotroski, J. D. (2000). Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers. Journal of Accounting Research, 38, 1. https://doi.org/10.2307/2672906
Pratt, J., & Behr, G. (1987). Environmental factors, transaction costs, and external reporting: a cross-national comparison. International Journal of Accounting, 22(2), 1–24.
Sekaran, U. (2017). Metode Penelitian Untuk Bisnis (Edisi 6). Jakarta: Salemba Empat.
Subramanyam, K. R. (2014). Financial statement analysis. Không nhà xuất bản.
Sugiyono. (2016). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. In Buku. Bandung: Alfabeta.
Talaia, M., Pisoni, A., & Onetti, A. (2016). Factors influencing the fund raising process for innovative new ventures: an empirical study. Journal of Small Business and Enterprise Development, 23(2), 363–378. https://doi.org/10.1108/JSBED-07-2014-0111
Wong, W. C., Batten, J. A., Ahmad, A. H., Mohamed-Arshad, S. B., Nordin, S., & Adzis, A. A. (2021). Does ESG certification add firm value? Finance Research Letters, 39, 101593. https://doi.org/10.1016/j.frl.2020.101593
Published
2023-07-30
How to Cite
Susilowati, R. Y., Alvia, L., & Desriani, N. (2023, July 30). FAKTOR-FAKTOR INSTITUSIONAL YANG BERPENGARUH PADA NILAI PERUSAHAAN DAN KINERJA KEUANGAN PERUSAHAAN-PERUSAHAAN STARTUP DI NEGARA-NEGARA ASEAN. Jurnal Akuntansi Dan Keuangan (JAK), 28(2), 193-205. https://doi.org/https://doi.org/10.23960/jak.v28i2.1950
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