GROWTH OPPORTUNITY DALAM MEMODERASI PENGARUH LEVERAGE DAN DEBT MATURITY TERHADAP KEPUTUSAN INVESTASI

Loecita Sandiar, Prof. Dr. Eduardus Tandelilin, MBA, CWM

2012 | Tesis | S2 Manajemen

Penelitian ini bertujuan untuk menguji pengaruh leverage terhadap keputusan investasi, menguji pengaruh debt maturity terhadap keputusan investasi, menguji pengaruh growth opportunities terhadap keputusan investasi, menguji pengaruh leverage terhadap keputusan investasi yang dimoderasi oleh growth opportunities, dan menguji pengaruh debt maturity terhadap keputusan investasi yang dimoderasi oleh growth opportunities. Hipotesis dalam penelitan ini adalah leverage berpengaruh negatif terhadap keputusan investasi, debt maturity berpengaruh negatif terhadap keputusan investasi, growth opportunities berpengaruh positif terhadap keputusan investasi, pengaruh negatif leverage terhadap keputusan investasi lebih kecil pada perusahaan yang memiliki growth opportunities tinggi, dan pengaruh negatif debt maturity terhadap keputusan investasi lebih kecil pada perusahaan yang memiliki growth opportunities tinggi. 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. Untuk metode pengolahan statistik digunakan 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.

The study aimed to examine the effect of leverage on investment decisions, the effect of debt maturity on investment decisions, the effect of growth opportunities for investment decisions, the effect of leverage on investment decisions are moderated by the growth opportunities, and the effect of debt maturity on investment decisions is moderated by growth opportunities. The hypothesis in this research is the leverage negatively affect investment decisions, debt maturity negatively affect investment decisions, growth opportunities have a positive influence on investment decisions, the negative effect of leverage on investment decisions on the smaller companies that have high growth opportunities, and the negative effect of debt maturity investment decisions on the smaller companies that have high growth opportunities. This study focused on companies that have gone public and listed on the Indonesia Stock Exchange for the period 2006 to 2010. The sampling method used purposive sampling and a sample of 45 companies. Processing methods used to test statistical significance of fixed effects, and Hausman test panel data regression. The finding of this research that leverage negatively affect investment decisions, debt maturity negatively influence investment decisions, growth opportunities proved to be positively related to investment decisions, there is no interaction between leverage and growth opportunities in influencing investment decisions and growth opportunities could moderate the effect of debt maturity investment decisions.

Kata Kunci : leverage, debt maturity, growth opportunity, keputusan investasi