Efek kendala Keuangan dalam Memoderasi Keputusan Investasi dari Pendanaan Internal

Emerensiana Emerensiana

doi:10.23887/ijssb.v4i1.23956

Authors

Emerensiana Emerensiana Universitas Kristen Satya Wacana Salatiga

DOI:

https://doi.org/10.23887/ijssb.v4i1.23956

Keywords:

Kendala keuangan, Arus Kas, Keputusan Investasi

Abstract

Penelitian ini bertujuan untuk mengetahui bagaimana efek kendala keuangan dalam memoderasi keputusan investasi dari sumber pendanaan internal. Peneltian ini menggunakan laporan tahunan perusahaan manufaktur yang tercatat di BEI (Bursa Efek Indonesia) pada tahun 2016 sampai 2018. Sensitivitas kendala keuangan diukur menggunakan financial constrains, cash flow, leverage, size, sale, DPR dan investasi. Hasil dari penelitian ini menunjukan bahwa kendala keuangan pada perusahaan berpengaruh terhadap keputusan investasi dari sumber pendanaan internal (arus kas). Perusahaan dengan kendala keuangan akan menghindari akses dana eksternal dan mengutamakan dana internal untuk kegiatan investasinya.

Author Biography

Emerensiana Emerensiana, Universitas Kristen Satya Wacana Salatiga

Progdi Manajemen

References

Fazzari, S.M., Hubbard, R.G., & Petersen, B.C. 1988. “Financing Constraints and Corporate Investment.” Brookings Paper on Economic Activity 1. https://doi.org/10.1162/003355397555163.

Hanafi, M.M. 2004. Manajemen Keuangan. yogyakarta: BPFE UGM.

Harjito, D Agus. 2011. “Teori Pecking Order Dan Trade-Off Dalam Analisis Struktur Modal Di Bursa Efek Indonesia.” Jurnal Siasat Bisnis 15 (2): 187–96. https://doi.org/10.20885/jsb.vol15.iss2.art3.

Harmono. 2012. “Testing of Pecking Order Theory Through the Relationship: Earnings, Capital Structure, Dividend Policy, and Firms Value.” Jurnal Keuangan Dan Perbankan 16 (3): 358–71.

Jensen, M. 1986. “The Agency Cost of Free Cash Flow, Corporate Finance and Takeovers.” American Economic Review 76: 323–29.

Kaaro, Hermeindito. 2001. “The Association Between Financing Decision and Investment Decision.” Jurnal Ekonomi Dan Bisnis 7 (2): 151–64.

Kaplan, S. N., and L. Zingales. 1997. “Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?” The Quarterly Journal of Economics 112 (1): 169–215. https://doi.org/10.1162/003355397555163.

Kaplan, S. N., and L. Zingales. 2000. “Investment-Cash Flow Sensitivities Are Not Valid Measures of Financing Constraints.” The Quarterly Journal of Economics 2 (115): 707–12. https://doi.org/https://doi.org/10.1162/003355300554782.

Khan, Ali Shakil, and Awang Yusop Adom. 2015. “A Test of the Pecking Order Theory of Capital Structure in Corporate Finance.” Accounting & Taxation 7 (2): 43–49.

Lemmon, Michael L., and Jaime F. Zender. 2016. “Asymmetric Information and Capital Structure.” Capital Structure in the Modern World, no. 801: 45–67. https://doi.org/10.1007/978-3-319-30713-8_3.

Myers, Stewart C., and Nicholas S. MAJLUF. 1984. “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have.Pdf” 13: 187–221.

Nyoman, Ni, and Ayu Diantini. 2015. “Determinan Informasi Asimetris Pada Indeks Saham LQ45.” Jurnal Keuangan Dan Perbankan 19 (1): 76–85.

Oktavina, Mia, and Sahala Manalu. 2018. “Pecking Order and Trade-off Theory in Capital Structure Analysis of Family Firms in Indonesia.” Jurnal Keuangan Dan Perbankan 22 (1): 73–82. https://doi.org/10.26905/jkdp.v22i1.1793.

Purnamasari, Linda., Lestari, S. K., Silvi, Melliza. 2009. “Interdependensi Antara Keputusan Investasi, Keputusan Pendanaan Dan Keputusan Dividen.” Jurnal Keuangan Dan Perbankan 13 (1): 106–19.

Rokhmawati, Andewi. 2017. “Do Financial Constraints Moderate the Impact of Financing Decisions From Internal-Financing Sources on Investment ?” Jurnal Keuangan Dan Perbankan 21 (040): 331–43.

Sean Clearly. 1998. “The Relationship between Firm Investment and Financial Status.” The Journal of Finance 54 (2): 673–92.

Sugiyono. 2011. Metode Penelitian Kuantitatif, Kualitatif Dan R&D. Bandung: Afabeta.

Vogt, S.C. 1994. “The Cash Flowinvestment Relationship: Evidence from US Manufacturing Firms” 23: 3–20.

Wijaya, Anggita Langgeng, Bandi Bandi, and Sri Hartoko. 2016. “Pengaruh Kualitas Akrual Dan Leverage Terhadap Cash Holding Perusahaan.” Jurnal Akuntansi Dan Keuangan Indonesia 7 (2): 170–86. https://doi.org/10.21002/jaki.2010.10.

Zaki, Mohamad. 2013. “Pengaruh Arus Kas, Kesempatan Investasi, Leverage, Dan Modal Kerja Terhadap Keputusan Investasi Aktiva Tetap Pada Perusahaan Financially Constrained.” Jurnal Ilmu Manajemen 1 (1): 172–82.