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Reply from Dr. Riskin Hidayat
2024.11.05 12:44:30
What distinguishes our research is that the company value in our study is divided
into three, namely all sample companies, high company value and low company
value. The grand theory used to build this research model is Agency Theory, which
explains the relationship between managers (agents) and company owners
(principals) and the problems that arise due to conflicts of interest between the two.
This theory provides a foundation for understanding how financial policies, including
the use of liquidity and debt, as well as investment decisions, can be optimized to
maximize firm value while minimizing agency costs. As such, this study not only
explains the internal dynamics within Islamic firms, but also examines how sharia
principles can influence managerial decisions and, in turn, firm value. Overall, this
study enriches the existing literature by adding a new perspective on firm value in
the context of Islamic finance, as well as providing a new perspective on firm value.
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