<> "The repository administrator has not yet configured an RDF license."^^ . <> . . . "ISLAMIC ETHICAL INVESTMENT AS MECHANISM TO MITIGATE AGENCY\r\nCONFLICT: An Empirical Study in Indonesian Stock Exchange"^^ . "This paper attempts to investigate whether Ethical Investment (EI) could reduce \r\nthe role of dividend and debt in reducing agency conflict between controlling\r\nand public shareholders in Indonesia. I investigate market reaction when EI\r\nand Non-EI stocks announce dividend payments, dividend non-payments, and\r\nbond issuance. I also investigate the effect of EI and the interaction between\r\nEI and dividend and between EI and debt on company’s value. The smaller\r\nmarket reaction shows that EI stocks contain less surprises, since EI stocks\r\nare able to reduce information asymmetr y, and increase trust among investors.\r\nThe empirical results show that market reaction for debt issuance is less positive\r\nfor EI stocks than for Non-EI stocks. Regression analysis shows that EI\r\nstrengthens the role of debt in increasing company’s value. The role of EI in\r\nreducing agency conflict seems to have multi-dimensions. Event studies show\r\nthat debt could be used as a substitute for debt in reducing agency conflict, but\r\nregression result shows that EI complements debt in reducing agency conflicts,\r\nand increase company’s value. Overall I conclude that EI provide an important\r\nrole as mechanisms to reduce agency conflict, and increase company’s value.\r\n[Artikel ini menelisik apakah Ethical Investment (EI) dapat mengurangi \r\nperan dividen dan bunga dalam menekan konflik perusahaan antara manajer\r\ndan pemilik saham publik di Indonesia. Reaksi pasar akan dilihat ketika\r\nstok EI dan non-EI mengumumkan dividen dibayarkan, dividen tidak dibayarkan, dan bon pengeluaran. Hal lain yang juga dilihat adalah pengaruh\r\ndari EI dan interaksi antara EI dan dividen serta antara EI dan hutang\r\npada nilai perusahaan. Reaksi pasar yang lebih kecil menunjukkan bahwa\r\nstok EI tidak banyak mengejutkan, karena stok EI dapat mengurangi\r\nketidaksinkronan informasi sekaligus meningkatkan kepercayaan investor.\r\nAnalisis lapangan menunjukkan bahwa pengumuman tentang hutang\r\nperusahaan memiliki dampak kurang positif pada stok EI daripada nonEI.\r\nSedangkan\r\nanalisis\r\nregresi\r\nmenunjukkan\r\nbahwa\r\nEI\r\nmemperkuat\r\nperan\r\n\r\nhutang\r\n\r\ndalam meningkatkan nilai perusahaan. Sementara itu, peran EI\r\ndalam menekan konflik perusahaan tampak memiliki banyak dimensi. Secara\r\numum dapat disimpulkan pula bahwa EI memiliki peran yang cukup penting\r\ndalam mekanisme untuk menekan agency conflict dan meningkatkan\r\nnilai perusahaan."^^ . "2013-03-04" . . "Vol 51" . "No 1" . . "UIN Sunan Kalijaga Yogyakarta"^^ . . . "Al-Jamiah"^^ . . . "0126012X" . . . . . . . "SYAFIQ M."^^ . "HANAFI"^^ . "SYAFIQ M. HANAFI"^^ . . . . . . "ISLAMIC ETHICAL INVESTMENT AS MECHANISM TO MITIGATE AGENCY\r\nCONFLICT: An Empirical Study in Indonesian Stock Exchange (Text)"^^ . . . . . "SYAFIQ M. HANAFI ISLAMIC ETHICAL INVESTMENT AS MECHANISM TO MITIGATE AGENCY CONFLICT.pdf"^^ . . . "ISLAMIC ETHICAL INVESTMENT AS MECHANISM TO MITIGATE AGENCY\r\nCONFLICT: An Empirical Study in Indonesian Stock Exchange (Other)"^^ . . . . . . "lightbox.jpg"^^ . . . "ISLAMIC ETHICAL INVESTMENT AS MECHANISM TO MITIGATE AGENCY\r\nCONFLICT: An Empirical Study in Indonesian Stock Exchange (Other)"^^ . . . . . . "preview.jpg"^^ . . . "ISLAMIC ETHICAL INVESTMENT AS MECHANISM TO MITIGATE AGENCY\r\nCONFLICT: An Empirical Study in Indonesian Stock Exchange (Other)"^^ . . . . . . "medium.jpg"^^ . . . "ISLAMIC ETHICAL INVESTMENT AS MECHANISM TO MITIGATE AGENCY\r\nCONFLICT: An Empirical Study in Indonesian Stock Exchange (Other)"^^ . . . . . . "small.jpg"^^ . . "HTML Summary of #9784 \n\nISLAMIC ETHICAL INVESTMENT AS MECHANISM TO MITIGATE AGENCY \nCONFLICT: An Empirical Study in Indonesian Stock Exchange\n\n" . "text/html" . . . "Masyarakat Islam"@id . .