Analisis Faktor–Faktor Yang Mempengaruhi Investment Opportunity Set Dan Implikasinya Terhadap Return Saham

Abstract

Abstrak- Penelitian ini bertujuan untuk menguji struktur modal, ukuran perusahaan, pertumbuhan penjualan, profitabilitas, likuiditas, investment opportunity set dan return saham. Penelitian ini dilakukan pada 30 perusahaan properti dan real estate yang terdaftar di Bursa Efek Indonesia pada periode pengamatan 2013-2017 dengan jumlah sampel 150 perusahaan properti dan real estate. Teknik pengumpulan data menggunakan metode dokumentasi di situs resmi bursa efek indonesia dan yahoo finance. Data penelitian ini menggunakan data panel, dan untuk menguji variabel intervensi dengan Structural Equation Model (SEM). Hasilnya adalah struktur modal tidak memiliki pengaruh pada investment opportunity set; ukuran perusahaan tidak memiliki pengaruh pada investment opportunity set; pertumbuhan penjualan tidak memiliki pengaruh pada investment opportunity set; profitabilitas memiliki pengaruh pada investment opportunity set; likuiditas memiliki pengaruh pada investment opportunity set; dan faktor-faktor yang mempengaruhi investment opportunity set mampu meningkatkan pengaruh investment opportunity set terhadap return saham. Hal ini digambarkan dengan hubungan profitabilitas, investment opportunity set dan return saham yang berpengaruh signifikan dan hubungan struktur modal, investment opportunity set dan return saham yang berpengaruh signifikan.

Does internationalization moderate the effect of SMEs size, age, and other financial determinants on investment opportunities set? Evidence from Indonesia

“…Profitability is a ratio that describes the company's fundamental performance in terms of the efficiency and effectiveness of the company's operations in generating profits (Kusumawati & Anhar, 2019). Diaz & Hindro (2017) explained that the higher the profitability, the higher the amount of intern funds from the retained earnings are for investment purposes.…”

“…The liquidity ratio used in this study is measured using the current ratio (CR). The liquidity ratio describes the company's ability to generate cash and manage the company's working capital to maintain the company's operational continuity and fulfill its short-term obligations to creditors (Kusumawati & Anhar, 2019). The greater the CR value owned by the company, the greater the value of current assets owned by the company or the greater the idle fund.…”

“…Based on the literature review and previous research that discusses the IOS determinants of SMEs companies are still very limited. Kusumawati & Anhar (2019) found that IOS is determined by microeconomic variables such as profitability and liquidity. In manufacturing companies in Indonesia, leverage and company size have a significant effect on IOS, while profitability has no significant effect on IOS.…”

Free Cash Flow, Debt Policy and Profitability: Analysis the Investment Opportunity Set

“…Stock investment analysis is a fundamental thing for investors to know because without a good and rational analysis, investors will experience losses. Stock investment analysis can be divided into two approaches, namely technical analysis, and fundamental analysis [13]. These investment options in the future are known as the investment opportunity set (IOS).…”

“…The results of the study [19] show that there is a negative and significant effect between funding policies on the investment opportunity set. Meanwhile, according to research [13] debt policy has no effect on the investment opportunity set. The effect of profitability as proxied by return on assets on the investment opportunity set is significant positive.…”