Pengaruh Struktur Jatuh Tempo Utang Dan Leverage Terhadap Investasi Perusahaan Pada Perusahaan Sektor Infrastruktur.

Article Sidebar

Cover JIM Vol 19 No 2 Desember 2022
PDF
Published: Dec 31, 2022
DOI: https://doi.org/10.21831/jim.v19i2.50423

Main Article Content

Octavia Maharani
Trisakti University
Farah Margaretha Leon
Trisakti University

Abstract

Kebijakan keuangan perusahaan dan keputusan investasinya dianggap saling berhubungan, terkait dengan tingkat utang dan struktur maturitasnya, menimbulkan insentif perusahaan untuk berinvestasi secara berlebihan ataupun kurang dalam berinvestasi. Dan untuk mengatasi masalah kurang investasi, perusahaan biasanya menggunakan kebijakan rasio utang yang rendah dan atau kebijakan utang jangka pendek. Penelitian ini bertujuan unyuk menyelidiki apakah ada pengaruh antara struktur jatuh tempo utang dan rasio utang terhadap investasi perusahaan. Investasi perusahaan sebagai variabel dependen, struktur jatuh tempo utang dan rasio utang sebagai variabel independent, arus kas, pertumbuhan, investasi tertinggal dan ukuran perusahaan sebagai variabel kontrol. Studi ini mengumpulkan data dari 34 perusahaan sektor infrastruktur yang terdaftar di Bursa Efek Indonesia dalam kurun waktu 3 tahun (2018 – 2020) sehingga didapatkan total 102 sampel dan menggunakan model regresi berganda untuk pengujiannya. Temuan dari penelitian ini menunjukan rasio utang dan investasi tertinggal berpengaruh signifikan. Dengan adanya penelitian ini, manajer keuangan diharapkan dapat meningkatkan investasinya dari tahun ke tahun dan untuk investor dapat memilih perusahaan dengan rasio utang yang baik dan perusahaan dengan investasi yang terus meningkat.

Article Details

How to Cite
Maharani, O., & Leon, F. M. (2022). Pengaruh Struktur Jatuh Tempo Utang Dan Leverage Terhadap Investasi Perusahaan Pada Perusahaan Sektor Infrastruktur. JURNAL ILMU MANAJEMEN, 19(2), 54–67. https://doi.org/10.21831/jim.v19i2.50423
Issue
Vol. 19 No. 2 (2022): DESEMBER 2022
Section
Articles

An author who publishes in the journal "Jurnal Ilmu Manajemen (JIM)" agrees to the following terms:

Author retains the copyright and grants the journal the right of first publication of the work simultaneously licensed under the Creative Commons Attribution-ShareAlike 4.0 License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.

Author is able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book) with the acknowledgement of its initial publication in this journal.

Author is permitted and encouraged to post his/her work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of the published work (See The Effect of Open Access).

All materials in this site are protected by the law. It is prohibited to quote a part of or all of this website contents for commercial purposes without the permission or consent of the editors.

If anyone finds one article or more in this journal violate or potentially violate one's copyrights, please report to us through e-mail of Principle Contact.

Legal-formal aspects of accessing any information and manuscript in this journal website refer to the provision of license Creative Commons Attribution-Share Alike (CC BY-SA). Read more about the Creative Commons Attribution-ShareAlike 4.0 Licence here: https://creativecommons.org/licenses/by-sa/4.0/.


All information available in 'Jurnal Ilmu Ekonomi (JIM)' is academic in nature. 'Jurnal Ilmu Ekonomi (JIM)' is not responsible for loss due to the abuse of information in the website.

References

Aditama, F. (2020). Pengaruh Kebijakan Dividen Dan Kebijakan Utang Terhadap Keputusan Investasi Dengan Profitabilitas Sebagai Variabel Moderating.

Afraz, M. (2017). What Explains the Declining Corporate Debt Maturity of Pakistani Firms? The Analysis of Demand and Supply-Side Factors. In Abasyn Journal of Social Sciences (Vol. 10, Issue 1). https://ssrn.com/abstract=2988994

Annamalai, T. R., & Hari, S. (2016). Innovative financial intermediation and long term capital pools for infrastructure: A case study of infrastructure debt funds. Journal of Financial Management of Property and Construction, 21(3), 231–252. https://doi.org/10.1108/JFMPC-07-2015-0024

Aygun, M., IC, S., & Sayim, M. (2014). The impact Debt Structure on Firm Invstments: Emprical Evidience from Turkey. Archives of Business Research, 2(2), 24–30. https://doi.org/10.14738/abr.22.174

Bhat, K. U., Chen, S., Chen, Y., & Jebran, K. (2020). Debt capacity, debt choice, and underinvestment problem: Evidence from China. Economic Research-Ekonomska Istrazivanja , 33(1), 267–287. https://doi.org/10.1080/1331677X.2019.1699438

CNBC. (2021). Deretan Sektor Dengan Rasio Utang Segunung, Ini Alasannya. https://www.cnbcindonesia.com/investment/20210219105752-21-224573/deretan-sektor-dengan-rasio-utang-segunung-ini-alasannya

CNN. (2020). Jiwasraya, Dari Salah Investasi Hingga Gagal Bayar Rp12,4 T. https://www.cnnindonesia.com/ekonomi/20200108155950-78-463524/jiwasraya-dari-salah-investasi-hingga-gagal-bayar-rp124-t

Dang, V. A. (2011). Leverage, Debt Maturity and Firm Investment: An Empirical Analysis.

Danso, A. ;, Lartey, T. ;, Fosu, S. ;, Owusu-Agyei, S. ;, & Uddin, M. (2018). Leverage and firm investment: the role of information asymmetry and growth. International Journal of Accounting and Information Management, 27(1), 56–73. https://doi.org/10.1108/IJAIM-10-2017

Diamond, D. W., & He, Z. (2014). A theory of debt maturity: The long and short of debt overhang. Journal of Finance, 69(2), 719–762. https://doi.org/10.1111/jofi.12118

Gul, S., Sajid, M., Mumtaz, R., & Murtaza, G. (2012). The determinants of corporate debt maturity structure: A case study of Pakistan. AFRICAN JOURNAL OF BUSINESS MANAGEMENT, 6(14). https://doi.org/10.5897/ajbm11.2396

Harris, C., & Li, Z. (2021). Negative operating cash flows and investment inefficiency. Managerial Finance, 47(10), 1408–1427. https://doi.org/10.1108/MF-06-2020-0300

Kaleem Khan, M., Zulfiqar, S., & Hussain, A. (2020). INNOVATION AND INVESTMENT IN HIGH-TECH FIRMS IN FINANCIALLY CONSTRAINED ENVIRONMENT. Academic Journal of Social Sciences, 4, 187–207.

Khaw, K. L. H., & Lee, B. C. J. (2016). Debt maturity, underinvestment problem and corporate value. Asian Academy of Management Journal of Accounting and Finance, 12, 1–17. https://doi.org/10.21315/aamjaf2016.12.S1.1

Mardiyati, U., Ahmad, G. N., & Abrar, M. (2015). Pengaruh Keputusan Investasi, Keputusan Pendanaan, Ukuran Perusahaan Dan Profitabilitas Terhadap Nilai Perusahaan Pada Sektor Manufaktur Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia Periode 2010-2013. Jurnal Riset Manajemen Sains Indonesia (JRMSI), 6, 417–439.

Nasr, A. K., Alaei, S., Bakhshi, F., Rasoulyan, F., Tayaran, H., & Farahi, M. (2019). How enterprise risk management (ERM) can affect on short-term and long-term firm performance: Evidence from the Iranian banking system. Entrepreneurship and Sustainability Issues, 7(2), 1387–1403. https://doi.org/10.9770/jesi.2019.7.2(41)

Nguyen Trong, N., & Nguyen, C. T. (2020). Firm performance: the moderation impact of debt and dividend policies on overinvestment. Journal of Asian Business and Economic Studies, 28(1), 47–63. https://doi.org/10.1108/jabes-12-2019-0128

Nouman, M., Ahmad, I., Siddiqi, M. F., Khan, F. U., Fayaz, M., & Shah, I. A. (2022). Debt maturity structure and firm investment in the financially constrained environment. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-08-2020-0908

Nurvianda, G., Yuliani, & Ghasarma, R. (2018). Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen Terhadap Nilai Perusahaan. Jurnal Manajemen Dan Bisnis Sriwijaya, 16, 164–177.

Rolle, J.-A., Javed, B., & Herani, M. (2020). Micro and macroeconomic determinants of profitability of conventional banks and stock performance using Tobin's Q ratio: Evidence from the banking sector of Pakistan. In International Journal of Business and Economic Development (Vol. 8). www.ijbed.org

Shah, I. A., Shah, S. Z. A., Nouman, M., Khan, F. U., Badulescu, D., & Cismas, L. M. (2021). Corporate governance and cash holding: New insights from concentrated and competitive industries. Sustainability (Switzerland), 13(9). https://doi.org/10.3390/su13094816

Staglianí², R., & Andrieu, G. (2017). Impact of the growth opportunities of influential firms on future investment intentions: A cross-country study. Finance Research Letters, 21, 235–240. https://doi.org/10.1016/j.frl.2016.12.009

Yuliani. (2013). Implikasi Keputusan Investasi Terhadap Nilai Perusahaan Sektor Real Estate And Property Di Bursa Efek Indonesia: Faktor Risiko Dan Rasio Likuiditas Sebagai Variabel Intervening. Jurnal Manajemen Dan Bisnis Sriwijaya , 11, 211–232.

Zutter, C. J., & Smart, S. B. (2022). Global Edition Sixteenth Edition Managerial Finance.