Cite

Akerlof, G., 1970. The market for “lemons”: Quality uncertainty and the market mechanism. Quarterly Journal of FinanceJournal of Economics, No.84. Akerlof G. , 1970 . The market for “lemons”: Quality uncertainty and the market mechanism . Quarterly Journal of FinanceJournal of Economics , No. 84 . Search in Google Scholar

Ang, J.S., Jung, M., 1993. An alternate test of Myers’ pecking order theory of capital structure: the case of South Korean firms. Pacific-Basin Finance Journal. [online] Avaible at: <https://www.sciencedirect.com/science/article/pii/0927538X9390015A>. Ang J.S. Jung M. , 1993 . An alternate test of Myers’ pecking order theory of capital structure: the case of South Korean firms . Pacific-Basin Finance Journal . [online] Avaible at: <https://www.sciencedirect.com/science/article/pii/0927538X9390015A>. Search in Google Scholar

Baxamusa, M., Mohanty, S., Rao, R.P., 2015. Information Asymmetry about Investment Risk and Financing Choice. Journal of Business Finance and Accounting, Vol. 42(7-8), pp.947-964. https://doi.org/10.1111/jbfa.12128 Baxamusa M. Mohanty S. Rao R.P. , 2015 . Information Asymmetry about Investment Risk and Financing Choice . Journal of Business Finance and Accounting , Vol. 42 ( 7-8 ), pp. 947 - 964 . https://doi.org/ 10.1111/jbfa.12128 Open DOISearch in Google Scholar

Brito, J.A., John, K., 2002. Leverage and Growth Opportunities: Risk-Avoidance Induced by Risky Debt. SSRN Electronic Journal, No.212. https://doi.org/10.2139/ssrn.269580 Brito J.A. John K. , 2002 . Leverage and Growth Opportunities: Risk-Avoidance Induced by Risky Debt . SSRN Electronic Journal , No. 212 . https://doi.org/ 10.2139/ssrn.269580 Open DOISearch in Google Scholar

Bulan, L.T., Yan, Z., 2012. Firm Maturity and the Pecking Order Theory. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1760505 Bulan L.T. Yan Z. , 2012 . Firm Maturity and the Pecking Order Theory . SSRN Electronic Journal . https://doi.org/ 10.2139/ssrn.1760505 Open DOISearch in Google Scholar

Cariola, A., La Rocca, M., La Rocca, T., 2011. Overinvestment and Underinvestment Problems: Determining Factors, Consequences and Solutions. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.835364 Cariola A. La Rocca M. La Rocca T. , 2011 . Overinvestment and Underinvestment Problems: Determining Factors, Consequences and Solutions . SSRN Electronic Journal . https://doi.org/ 10.2139/ssrn.835364 Open DOISearch in Google Scholar

Dang, C.D., Li, F., Yang, C., 2018. Measuring Firm Size in Empirical Corporate Finance. Journal of Banking & Finance, No.86, pp.159-176. Dang C.D. Li F. Yang C. , 2018 . Measuring Firm Size in Empirical Corporate Finance . Journal of Banking & Finance , No. 86 , pp. 159 - 176 . Search in Google Scholar

Das, S., Roy, M., 2007. Inter-Industry Differences in Capital Structure: The Evidence from India. Finance India, Vol.21(2), pp.517. Das S. Roy M. , 2007 . Inter-Industry Differences in Capital Structure: The Evidence from India . Finance India , Vol. 21 ( 2 ), pp. 517 . Search in Google Scholar

Daskalakis, N., Psillaki, M., 2008. Do country or firm factors explain capital structure? Evidence from SMEs in France and Greece. Applied Financial Economics. [online] Avaible at: <https://www.tandfonline.com/doi/abs/10.1080/09603100601018864/>. Daskalakis N. Psillaki M. , 2008 . Do country or firm factors explain capital structure? Evidence from SMEs in France and Greece . Applied Financial Economics . [online] Avaible at: <https://www.tandfonline.com/doi/abs/10.1080/09603100601018864/>. Search in Google Scholar

Degryse, H., de Goeij, P., Kappert, P., 2012. The impact of firm and industry characteristics on small firms’ capital structure. Small Business Economics.[online] Avaible at:<https://link.springer.com/content/pdf/10.1007/s11187-010-9281-8.pdf> Degryse H. de Goeij P. Kappert P. , 2012 . The impact of firm and industry characteristics on small firms’ capital structure . Small Business Economics . [online] Avaible at:<https://link.springer.com/content/pdf/10.1007/s11187-010-9281-8.pdf> Search in Google Scholar

Dickinson, V., 2011. Cash Flow Patterns as a Proxy for Firm Life Cycle. Account. Rev., Vol.86(6).https://doi.org/10.2139/ssrn.1268509 Dickinson V. , 2011 . Cash Flow Patterns as a Proxy for Firm Life Cycle . Account. Rev. , Vol. 86 ( 6 ).https://doi.org/ 10.2139/ssrn.1268509 Open DOISearch in Google Scholar

Fama, E.F., French, K.R., 2012. Capital structure choices. Critical Finance Review. [online] Avaible at:<https://cfr.pub/published/cfr-002.pdf> Fama E.F. French K.R. , 2012 . Capital structure choices . Critical Finance Review . [online] Avaible at:<https://cfr.pub/published/cfr-002.pdf> Search in Google Scholar

Fama, Eugene F., French, K.R., 2002. Testing Trade-Off and Pecking Order Predictions about Dividends and Debt. The Review of Financial Studies, Vol.15(1), pp.1-33. Fama, Eugene F., French K.R. , 2002 . Testing Trade-Off and Pecking Order Predictions about Dividends and Debt . The Review of Financial Studies , Vol. 15 ( 1 ), pp. 1 - 33 . Search in Google Scholar

Financial Services Authority No 13, Pub. L. No. POJK Nomor 31 /Pojk.04/2015, 1 (2015). Financial Services Authority No 13 , Pub. L. No. POJK Nomor 31 /Pojk.04/2015, 1 ( 2015 ) . Search in Google Scholar

Financial Services Authority. 2020. Financial Services Authority. No 43, pp.1–19. Financial Services Authority . 2020 . Financial Services Authority . No 43 , pp. 1 19 . Search in Google Scholar

Fulghieri, P., García, D., Hackbarth, D., 2020. Asymmetric information and the pecking (Dis)order. Review of Finance, Vol.24(5), pp.961-996. https://doi.org/10.1093/rof/rfaa005 Fulghieri P. García D., Hackbarth D. , 2020 . Asymmetric information and the pecking (Dis)order . Review of Finance , Vol. 24 ( 5 ), pp. 961 - 996 . https://doi.org/ 10.1093/rof/rfaa005 Open DOISearch in Google Scholar

Garg, R.K., 1997. Managing Working Capital in a Manufacturing Organization. Vikalpa, Vol.22(4),69-72.https://doi.org/10.1177/0256090919970409 Garg R.K. , 1997 . Managing Working Capital in a Manufacturing Organization . Vikalpa , Vol. 22 ( 4 ), 69 - 72 .https://doi.org/ 10.1177/0256090919970409 Open DOISearch in Google Scholar

González, V.M., González, F., 2011. Firm size and capital structure: Evidence using dynamic panel data. Applied Economics. [online] Avaible at:<https://www.tandfonline.com/doi/abs/10.1080/00036846.2011.595690> González V.M., González F., 2011 . Firm size and capital structure: Evidence using dynamic panel data . Applied Economics . [online] Avaible at:<https://www.tandfonline.com/doi/abs/10.1080/00036846.2011.595690> Search in Google Scholar

Gujarati, D., Porter, D. 2014. Basic Econometrics. Gujarati D. Porter D . 2014 . Basic Econometrics . Search in Google Scholar

Klein, L.S., O’Brien, T.J., Peters, S.R., 2002. Debt vs. equity and asymmetric information: A review. Financial Review. [online] Avaible at:<https://onlinelibrary.wiley.com/doi/abs/10.1111/1540-6288.00017> Klein L.S. O’Brien T.J. Peters S.R. , 2002 . Debt vs. equity and asymmetric information: A review . Financial Review . [online] Avaible at:<https://onlinelibrary.wiley.com/doi/abs/10.1111/1540-6288.00017> Search in Google Scholar

Lang, L., Ofek, E., Stulz, R.M., 1996. Leverage, Investment, and Firm Growth. Journal of Financial Economics, No.40. Lang L. Ofek E. Stulz R.M. , 1996 . Leverage, Investment, and Firm Growth . Journal of Financial Economics , No. 40 . Search in Google Scholar

Martono, S., Yulianto, AP, Wi., 2021. Growth opportunities utilization: debt overhang or asymmetric information?. Foundations of Management, 13, 171-182. https://doi.org/10.2478/fman-2021-0000 Martono S. Yulianto Wi AP, ., 2021 . Growth opportunities utilization: debt overhang or asymmetric information? . Foundations of Management , 13 , 171 - 182 . https://doi.org/ 10.2478/fman-2021-0000 Open DOISearch in Google Scholar

Minovic, J., 2019. Serbian road to the EU: Finance, Insurance and Monetary Policy ASYMMETRIC INFORMATION INFLUENCE ON EFFICIENCY OF CAPITAL MARKET. Conference in Serbian Road to the EU: Finance, Insurance and Monetary Policy. [online] Avaible at:<https://core.ac.uk/ download/pdf/95693299.pdf> Minovic J. , 2019 . Serbian road to the EU: Finance, Insurance and Monetary Policy ASYMMETRIC INFORMATION INFLUENCE ON EFFICIENCY OF CAPITAL MARKET . Conference in Serbian Road to the EU: Finance, Insurance and Monetary Policy . [online] Avaible at:<https://core.ac.uk/download/pdf/95693299.pdf> Search in Google Scholar

Müller, E., 2011. Benefits of Control, Capital Structure and Company Growth. SSRN Electronic Journal, No.05. https://doi.org/10.2139/ssrn.776364 Müller E ., 2011 . Benefits of Control, Capital Structure and Company Growth . SSRN Electronic Journal , No. 05 . https://doi.org/ 10.2139/ssrn.776364 Open DOISearch in Google Scholar

Mustaruddin, Dinata, A., Wendy, Azazi, A. 2017. Asymmetric Information and Capital Structure: Empirical Evidence from Indonesia Stock Exchange. International Journal of Economics and Financial Issues, Vol.7(6), pp.8-15. Mustaruddin Dinata A., Wendy Azazi A . 2017 . Asymmetric Information and Capital Structure: Empirical Evidence from Indonesia Stock Exchange . International Journal of Economics and Financial Issues , Vol. 7 ( 6 ), pp. 8 - 15 . Search in Google Scholar

Myers, S., 1977. Determinants of Corporate Borrowing*. Journal of Financial Economics, No.5,pp.147-175.https://doi.org/10.1253/ circj.CJ-16-0846 Myers S. , 1977 . Determinants of Corporate Borrowing* . Journal of Financial Economics , No. 5 ,pp. 147 - 175 .https://doi.org/ 10.1253/ circj.CJ-16-0846 Open DOISearch in Google Scholar

Myers, S., 1984. Capital structure puzzle. Journal of Finance, No.39. [online] Avaible at:<https://www.nber.org/papers/w1393> Myers S. , 1984 . Capital structure puzzle . Journal of Finance , No. 39 . [online] Avaible at:<https://www.nber.org/papers/w1393> Search in Google Scholar

Myers, S., Majluf, N., 1984. Corporate Financing and Investment Decisions When Firms Have Information The Investors Do Not Have. In NBER Working Paper (Working Paper No. 1396).https://doi.org/10.1016/S0040-4039(00)91429-1 Myers S. Majluf N. , 1984 . Corporate Financing and Investment Decisions When Firms Have Information The Investors Do Not Have . In NBER Working Paper (Working Paper No. 1396) .https://doi.org/ 10.1016/S0040-4039(00)91429-1 Open DOISearch in Google Scholar

Pervan, M., Pervan, I., Ćurak, M., 2019. Determinants of firm profitability in the Croatian manufacturing industry: evidence from dynamic panel analysis. Economic Research-Ekonomska Istrazivanja, Vol.32(1), pp.968-981.https://doi.org/10.1080/1331677X.2019. 1583587 Pervan M. Pervan I. Ćurak M ., 2019 . Determinants of firm profitability in the Croatian manufacturing industry: evidence from dynamic panel analysis . Economic Research-Ekonomska Istrazivanja , Vol. 32 ( 1 ), pp. 968 - 981 .https://doi.org/ 10.1080/1331677X.2019.1583587 Open DOISearch in Google Scholar

Rocca, M. La, Rocca, T. La, Cariola, A., 2011. Capital structure decisions during a firm’s life cycle. Small Business Economics. [online] Avaibleat:<https://link.springer.com/content/pdf/10.1007/s11187-009-9229-z.pdf> Rocca M. La, Rocca T. La, Cariola A ., 2011 . Capital structure decisions during a firm’s life cycle . Small Business Economics . [online] Avaibleat:<https://link.springer.com/content/pdf/10.1007/s11187-009-9229-z.pdf> Search in Google Scholar

Ross, S., 1977. Determination of Financial Structure: the Incentive-Signalling Approach. Bell J Econ, Vol. 8(1), pp.23-40. https://doi.org/10.2307/3003485 Ross S. , 1977 . Determination of Financial Structure: the Incentive-Signalling Approach . Bell J Econ , Vol. 8 ( 1 ), pp. 23 - 40 . https://doi.org/ 10.2307/3003485 Open DOISearch in Google Scholar

Saleh, M., 2018. Impacts of Tangible and Intangible Asset Investment on Value of Manufacturing Companies Listed on the Indonesia Stock Exchange. Archives of Business Research,Vol.6(10),402-414.https:// doi.org/10.14738/abr.610.5374 Saleh M. , 2018 . Impacts of Tangible and Intangible Asset Investment on Value of Manufacturing Companies Listed on the Indonesia Stock Exchange . Archives of Business Research ,Vol. 6 ( 10 ), 402 - 414 .https:// doi.org/ 10.14738/abr.610.5374 Open DOISearch in Google Scholar

Shyam-Sunder, L., Myers, S., 1999. Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics. [online] Avaible at:<https://www. sciencedirect.com/science/article/pii/S0304405 X98000518> Shyam-Sunder L. Myers S. , 1999 . Testing static tradeoff against pecking order models of capital structure . Journal of Financial Economics . [online] Avaible at:<https://www.sciencedirect.com/science/article/pii/S0304405X98000518> Search in Google Scholar

Spiegel, Y., 2019. Asymmetric information models of capital structure, Coller School of Management, Tel Aviv University. https://doi. org/10.1016/b978-0-08-006613-4.50005-9 Spiegel Y. , 2019 . Asymmetric information models of capital structure , Coller School of Management, Tel Aviv University . https://doi. org/ 10.1016/b978-0-08-006613-4.50005-9 Open DOISearch in Google Scholar

Warjiyo, P., 2015. Indonesia: Changing Patterns of Financial Intermediation and Their Implications for Central Bank Policy. In BIS Paper (Issue 83). Warjiyo P. , 2015 . Indonesia: Changing Patterns of Financial Intermediation and Their Implications for Central Bank Policy . In BIS Paper ( Issue 83 ). Search in Google Scholar

Yulianto, A., Witiastuti, R.S., Widiyanto. (2021). Debt versus equity-open innovation to reduce asymmetric information. Journal of Open Innovation: Technology, Market, and Complexity,7 (3).https://doi.org/10.3390/ joitmc7030181 Yulianto A. Witiastuti R.S. Widiyanto . ( 2021 ). Debt versus equity-open innovation to reduce asymmetric information . Journal of Open Innovation: Technology, Market, and Complexity , 7 ( 3 ).https://doi.org/ 10.3390/ joitmc7030181 Open DOISearch in Google Scholar