The Effect of Business Strategy, Managerial Ability, Multiple Large Shareholders, and Earnings Management on Investment Efficiency

Companies often withhold or reject projects that generate net present value. As a result, investment decisions are not optimal and lead to lower efficiency. This study examines the effect of business strategy, managerial ability, multiple large shareholders, earnings management on The sample was selected from companies listed Indonesia Stock Exchange for 2019-2021. Financial insurance industry were excluded because they have different accrual characteristics. Several control variables added regression model. results show strategy is associated with In contrast, no effects variables, operating cash flow, debt-to-equity ratio, firm size, return assets