Keputusan investasi dan financial constrains :: Studi empiris pada Bursa Efek Indonesia

HIDAYAT, Riskin, Dr. Erni Ekawati, MSA., MBA

2009 | Tesis | S2 Manajemen

Penelitian ini bertujuan untuk menguji tingkat sensitivitas likuiditas dan kesempatan investasi terhadap keputusan investasi pada perusahaan non financially constrained dan financially constrained. Penelitian ini menggunakan sampel perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia (BEI) dari periode 2003 – 2007, diperoleh sampel akhir sebanyak 136 perusahaan sehingga terdapat 680 observasi. Hasil penelitian menunjukkan bahwa likuiditas dan kesempatan investasi berpengaruh positif terhadap keputusan investasi. Likuiditas lebih sensitif terhadap keputusan investasi pada perusahaan financially constrained dibanding perusahaan non financially constrained. Kesempatan investasi lebih berpengaruh terhadap keputusan investasi pada perusahaan non financially constrained dibanding perusahaan financially constrained.

This research aims to test sensitivity level of liquidity and invesment opportunity to invesment decision between non-financially constrained and financially constrained firms. Sample in this research is the firm of non finance which enlist in Indonesia Stock Exchange from period 2003 to 2007, obtained sample 136 firms with 680 observation. Result of research refer that liquidity and invesment opportunity have an influence on positive to invesment decision. Liquidity is more sensitive to invesment decision for financially constrained firms. Invesment opportunity is more sensitive to invesment decision for non financially constrained

Kata Kunci : Keputusan investasi,Likuiditas,Kesempatan investasi,Financially constrained,Non financially constrained