Pengaruh Dana Internal dan Kesempatan Investasi Terhadap Keputusan Investasi pada Perusahaan dengan Kategori Financial Constraints
| Main Authors: | , Aninda Sukma Saraswati, , Dr. Agus Setiawan, M.Soc.Sc. |
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| Format: | Thesis NonPeerReviewed |
| Terbitan: |
[Yogyakarta] : Universitas Gadjah Mada
, 2014
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| Subjects: | |
| Online Access: |
https://repository.ugm.ac.id/128558/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=68911 |
Daftar Isi:
- There are factors that need to be considered when firms make investment decision, such as internal funds and investment opportunity. To finance their investment, they need funds which every firm itself has different ability to obtain it. These differences can occur because the existence of asymmetric information that led external funds is not a perfect subtitute for internal funds due to differences in access for each different company to the market. In addition, agency conflict may also affect investment decision, in which manager preferred internal funds rather than external funds considering the level of risk that follow such funds. This study attempted to examine the effect that may be incurred by internal funds and investment opportunity on investment decision of non-financial firms that listed on the Indonesia Stock Exchange in the period of 2008-2012. Furthermore, the samples in this study were divided into categories of financial constraint to determine the influence of both variables more clearly on firms with different financial conditions. Two models of financial constraint classification are used in this study. The results for the entire samples show that firm investment is influenced by the availability of internal funds, but not by investment opportunity. For split samples, the results show that the effect of internal funds on investment decision is stronger in the financially constrained firms than not financially constrained firms in the first classification. However, different results are shown in the second classification. As for the effect of investment opportunity on investment decision, it is stronger in financially constrained firms than not financially constrained firms, both in the first and second classification.