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        The Governance of Mineral and Coal in Indonesia: The Theory U Approach

        MINDARTI, Lely Indah,SUJONO, Sujono,ZAUHAR, Soesilo,HERMAWAN, Hermawan Korea Distribution Science Association 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.3

        The purpose of this study is to map mineral and coal (Minerba) policies by analyzing the law and producing research novelty on mineral and coal governance policies in Indonesia with the Theory U approach. This study uses a qualitative research with the U theory approach. The results of the SNA analysis indicate that good mineral and coal governance must be carried out at various levels, from micro to macro. First, related to regulations on mineral and coal governance at the macro level. Regulations regarding the management of mineral and coal need to be carried out with a deeper evaluation related to the tax system, licensing system, increased value added and downstreaming and mineral and coal funds. The second is related to the regulation of mining management in the meso level. Third, related to the management of mineral and coal at the micro level, it is necessary to conduct more stringent supervision of the impacts caused by the mining sector of the Minerba. In addition, surveillance is also carried out as per law in order to avoid harmful behavior for both the company and the state. The originality of this research is the theory of U in the Mining Law research.

      • KCI등재

        The Effects of Managerial Overconfidence and Corporate Governance on Investment Decisions: An Empirical Study from Indonesia

        Zaludin ZALUDIN,Buyung SARITA,Dedy Takdir SYAIFUDDIN,Sujono SUJONO 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.10

        This research aims to analyze the effects of managerial overconfidence and corporate governance on investment decisions. Besides, it also tries to discover the effect of internal financing mediation between managerial overconfidence and corporate governance on investment decisions. This study employed panel data from 44 manufacturing companies from 2014 to 2019, out of a total of 117, thus the total observations are 264. The hypothesis was verified through structural equation modeling (Smart PLS 2). The study revealed as follows: 1) Managerial overconfidence has a positive and significant effect on internal financing, while corporate governance has a negative and significant effect on internal financing, 2) managerial overconfidence, internal financing, and corporate governance have a positive and significant effect on investment decisions, 3) internal financing partially mediated the effect of managerial overconfidence on investment decisions, However, internal financing does not mediate the effect of corporate governance on investment decisions. The findings in this study will help company managers implement good corporate governance to improve investment efficiency. In addition, managers can reduce the proportion of retained earnings and increase the proportion of dividend payout ratios, and increase the use of external sources of funds in making investments to minimize agency costs and manager’s opportunistic behavior.

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