INTERNAL CASH FLOW, INSIDER OWNERSHIP, INVESTMENT OPPORTUNITY, DAN CAPITAL EXPENDITURES: SUATU PENGUJIAN TERHADAP HIPOTESIS PECKING ORDER DAN MANAGERIAL
HAMIDI, MASYHURI (Pembimbing: DR. EDUARDUS TANDELILIN, MBA.), DR. EDUARDUS TANDELILIN, MBA.
Tuj uan penelitian ini adalah untuk menguji pengaruh internal cash jlow, insider ownership, dan investment opportunity terhadap capital expenditure, yang ditinjau dari dua hipot sis yang berbeda vang dikenal dengan hipotesis pecking order dan hipotesis managerial, sehingga dapat dilihat hipotesis mana yang berlaku di Indonesia.
Hipotesis pecking order menyatakan bahwa manajer memilih tingkat capital expenditure yang memaksimumkan kekayaan pemegang saham saat ini tanpa memperhitungkan kepemilikan manajer dalam perusahaan. Menurut hipotesis managerial, manajer yang mempunyai kepemilikan keeil da1am perusahaan akan menggunakan internal cashflow untuk membuat tingkat capital expenditure berada pada posisi yang melebihi tingkat yang memaksimumkan kernakmuran pemegang saham.
Penelitian ini didasarkan pada penelitian yang dilakukan oleh Griner dan Gordon (1995). Fokus penelitian ini pada perusahaan manufaktur yang terdaftar di BEl selama periode 1993-1996 yang berjumlah 64 perusahaan yang dipilih berdasarkan pada pur po. .ive sampling.
Hasil penelitian ni menemukan bahwa internal cash flow dan investment opportunity rnernpunyai pengaruh yang positif dan signifikan terhadap capital expenditure, sedangkan pengaruh insider ownership terhadap capital expenditure tidak diternukan. Secar.i keseluruhan hasil pene1itian ini mendukung hipotesis pecking order.
The aims of this study are to observe the impact of internal cash flow, insider ownership and investment opportunity on capital expenditure at two different theories. These theories are pecking order hypothesis and managerial hypothesis. This study tested what hypothesis is more applicable in Indonesia.
Refer to pecking order hypothesis, managers can choose the level of capital expenditure to maximize the wealth of current shareholders without considering insider ownership at the company. According to the managerial hypothesis, managers who have small ownerships take in the firm use internal cash flow to under take a level of capital expenditure higher than that which would maximize the wealth of other current shareholders
This study is bas d on Griner and Gordon study (1995) and focused on manufactured companies listed in BEl. The data used in this study is from 1993- 1996. There are 64 companies that have been chosen based on purposive sampling. The results of t le study are the internal cash tlow and investment opportunity have a positive and significant impact on capital expenditure. How ever, the impact of insider ownership on capital expenditure is not significant. Finally, the study support pecking order hypothesis.
Kata Kunci : Pecking Order Hypothesis, Managerial Hypothesis, Internal Cash Flow, lnsicer Ownership, Investment Opportunity, Capital Expenditure,
