DO MANAGER POLICIES LEAD TO CORPORATE IDIOSYNCRATIC RISK?

Jaren Jef Geovan Pinem, Amrie Firmansyah
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Abstract

Certain manager policies can push the company to be riskier. Some of the manager's policies include investment in investment opportunity sets, dividend policies and accrual policies through accrual earnings management. This study examines idiosyncratic risk with the three managers' policies. Tests were carried out using data from 75 food and beverage sub-sector companies listed on the Indonesia Stock Exchange from 2016 to 2020 using multiple linear regression analysis for panel data. The results suggest that investment opportunity set and accrual earnings management negatively affect idiosyncratic risk, whereas dividend policy positively affects idiosyncratic risk. This study places the investment opportunity set under test with idiosyncratic risk in the manager's policy framework, which is rarely used in previous studies.
经理政策会导致公司的特殊风险吗?
某些管理者的政策可能会使公司面临更大的风险。经理的一些政策包括投资于投资机会集,股息政策和通过应计盈余管理的权责发生制政策。本研究考察了三家管理公司政策的特殊风险。使用2016年至2020年在印度尼西亚证券交易所上市的75家食品和饮料子行业公司的数据进行测试,使用面板数据的多元线性回归分析。结果表明,投资机会设置和应计盈余管理对特质风险有负向影响,而股利政策对特质风险有正向影响。本研究将具有特殊风险的投资机会集置于经理人政策框架中进行测试,这在以往的研究中很少使用。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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