Teori Keuangan Korporat Tingkat Lanjut

Abstract

This literature review examines the development of advanced corporate finance theory based on scientific journals indexed in Scopus and accredited national journals. The review covers five main theoretical clusters: (1) Capital Structure Theory, encompassing Trade-off Theory, Pecking Order Theory, and Market Timing Theory; (2) Asset Valuation and Market Efficiency Theory, including CAPM, the Fama-French Three-Factor Model, and Behavioral Finance; (3) Dividend Policy and Cash Distribution Theory; (4) Corporate Risk Management and Derivatives Use Theory; and (5) Corporate Governance and Investor Protection Theory. Each cluster is examined in depth from the perspectives of theoretical foundations, empirical developments, and its relevance to the Indonesian corporate context. The findings indicate that no single theory is capable of comprehensively explaining all corporate finance phenomena; synergy among theories is necessary, particularly in the context of emerging markets characterized by high information asymmetry, concentrated ownership structures, and suboptimal investor protection.

Keywords: Agency Theory, Capital Structure, Corporate Finance Theory, Corporate Governance, Dividend Policy, Risk Management.