Growth Opportunity dalam Memoderasi Pengaruh Leverage dan Debt Maturity terhadap Keputusan Investasi
(1) Program Studi Pendidikan Ekonomi Universitas Indraprasta PGRI
(*) Corresponding Author
Abstract
Penelitian ini bertujuan untuk menguji pengaruh leverage terhadap keputusan
investasi, debt maturity terhadap keputusan investasi, growth opportunities
terhadap keputusan investasi, leverage terhadap keputusan investasi yang
dimoderasi oleh growth opportunities, dan debt maturity terhadap keputusan
investasi yang dimoderasi oleh growth opportunities.. Penelitian ini difokuskan
pada perusahaan yang telah go public dan terdaftar di Bursa Efek Indonesia untuk periode 2006 – 2010. Metode pengambilan sampel yang digunakan adalah
purposive sampling dan sampel sebanyak 45 perusahaan. Metode pengolahan
statistik menggunakan uji signifikansi fixed effect, uji hausman dan regresi data
panel. Pada penelitan ini ditemukan bahwa leverage berpengaruh negatif terhadap keputusan investasi, debt maturity berpengaruh negatif terhadap keputusan investasi, growth opportunities berpengaruh positif terhadap keputusan investasi, tidak ada interaksi antara leverage dan growth opportunities dalam mempengaruhi keputusan investasi, dan growth opportunities mampu memoderasi pengaruh debt maturity terhadap keputusan investasi.
Keywords
Full Text:
PDF (Indonesian)References
Aivazian, V.A., Ge, Y., Qiu, J., (2005), “The Impact of Leverage on Firm Investment: Canadian Evidence”, Journal of Corporate Finance, 11, pp. 277-291.
Aivazian, V.A., Ge, Y., Qiu, J., (2005), “Debt Maturity Structure and Firm Investment”, Financial Management, 34, pp. 107-119.
Barclay, M.J., Marx, L.M., dan Smith, C.W. 2001. The joint determinant of leverage and maturity, Working Paper: 2-27.
Bestari, Handayani. (2005). Pengaruh Struktur Modal Terhadap Nilai Perusahaan pada Pertumbuhan Perusahaan yang Berbeda. Tesis. UGM.
Billett, et al. (2007). Growth Opportunities and The Choice of leverage, Debt Maturity, and Covenants. The Journal of Finance Vol. LXII, No. 2 April 2007.
Dang, V.A. (2011). Leverage, Debt Maturity and Firm Investment: An Empirical Analysis. Journal of Business Finance & Accounting; Jan-Mar 2011, Vol. 38 Issue 1/2, p225-258,
Jensen, M.C., (1986). Agency cost of free cash flow, corporate finance, and take-overs. American Economic Review. 76, 323–329.
Jensen, M., dan W. Meckling. (1976). Theory of The Firm: Managerial behavior, Agency Costs and Ownership Structure. Journal of Financial Economics 3, 305-360.
Johnson, Shane A. (2003). Debt Maturity and The Effects of growth Opportunities and Liquidity Risk on Leverage. Review of Financial Studies 16, 209-236.
Lang, L.H.P., Ofek, E., Stulz, R.M. (1996). Leverage, Investment, and Firm Growth. Journal of Financial Economics 40, 3-29.
Lestari, Holydia. (2004). Pengaruh Kebijakan Utang, Kebijakan Dividen, Risiko dan Profitabilitas Perusahaan terhadap Set Kesempatan Investasi. Simposium Nasional Akuntansi VII. Ikatan Akuntansi Indonesia, Denpasar Bali 2-3 Desember, 1059-1070.
McConnell. J.J., dan Servaes, H. (1995). Equity Ownership and The Two Faces of Debt. Journal of Financial Economics 39, 131-157
.
Meggison, W.L. (1997). Corporate Financial Theory. Massachusetts: Addison Wesley Educational Publishers.
Myers, S.C. (1977). Determinant of Corporate Borrowing. Journal of Financial Economics, 5: 147-175.
Myers, S.C. (2001). Capital Structure. Journal of Economic Perspectives, 15, pp. 81-102.
Stulz R.M., (1990), “Managerial Discretion and Optimal Financing Policies”, Journal of Financial Economics, 26, pp. 3-27.
DOI: http://dx.doi.org/10.30998/jabe.v3i4.1776
Refbacks
- There are currently no refbacks.
Alamat:Kampus B | Jl. Raya Kampung Gedong
Phone: +62 (021) 7818718 – 78835283
Work Hours: 09.00 AM – 08.00 PM
JABE (Journal of Applied Business and Economic) is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.