Determinan Efisiensi Investasi Perusahaan Publik di Indonesia

Abstract

Conceptually, a company should invest in projects that will generate a positive Net Present Value (NPV). However, information asymmetry can lead to wrong investment decisions, namely investing in projects with a negative NPV and rejecting projects that produce a positive NPV. The wrong investment decision causes under (over) investment. This study aims to reexamine the effect of debt maturity, tangibility, foreign ownership, frequency of audit committee meetings, and company age on the company's investment efficiency. This study uses secondary data in the form of financial statements and annual reports of companies listed on the Indonesia Stock Exchange for the period 2012-2016. Number of samples used in this study are 289 companies. The results of the regression analysis show that debt maturity, tangibility have a positive effect on investment efficiency. Foreign ownership, company age, institutional ownership and managerial ownership negatively affect investment efficiency. Meanwhile, the frequency of meetings of the audit committee and the independent board of commissioners did not affect the investment efficiency.
 
 Abstrak
 Secara konseptual, perusahaan seharusnya melakukan investasi pada proyek yang akan menghasilkan Net Present Value (NPV) positif. Namun, asimetri informasi dapat menyebabkan putusan investasi yang keliru yaitu berinvestasi pada proyek dengan NPV negatif dan menolak proyek yang menghasilkan NPV positif. Keputusan investasi yang keliru menyebabkan terjadinya under (over) investment. Penelitian ini bertujuan untuk menguji kembali pengaruh maturitas utang, tangibilitas, kepemilikan asing, frekuensi pertemuan komite audit, dan umur perusahaan terhadap Efisiensi Investasi Perusahaan. Penelitian ini menggunakan data sekunder yang berupa laporan keuangan dan laporan tahunan perusahaan yang terdaftar di Bursa Efek Indonesia periode 2012-2016. Sampel yang digunakan dalam penelitian ini sebanyak 289 perusahaan. Hasil analisis reegresi menunjukkan bahwa maturitas utang, tangibilitas berpengaruh positif terhadap efisiensi investasi. Kepemilikan asing, umur perusahaan, kepemilikan institusional dan kepemilikan manajerial berpengaruh negatif terhadap efisiensi investasi. Sementara, frekuensi pertemuan komite audit dan dewan komisaris independen tidak berpengaruh terhadap efisiensi investasi.

The Effect of Size, Tangibility, Debt Maturity, and Foreign Ownership on Investment Efficiency by Family Ownership as Moderating Factor

“…The study by Nathaniel & Butar Butar (2019) shows that debt maturity has a positive effect on investment efficiency. In this study, the financial ratio of debt maturity not only has no effect on investment efficiency it also cannot moderate the tangibility to investment efficiency.…”

“…Debt maturity represents a policy carried out by the company in determining the maturity of the debt that the company will use (Nathaniel & Butar Butar, 2019). Regarding investment efficiency, debt maturity can be used to reduce the issue of overinvestment and underinvestment.…”

“…Large or small fixed assets represent one of the company's considerations in making investments since investment requires large funds. Therefore, in the financial statement position on the asset side, the component of fixed assets is more dominant than current assets (Nathaniel & Butar Butar, 2019). According to Tran (2020), tangibility is all the resources and assets owned by the company to be used in its operations.…”

“…In order to determine the debt maturity that will be used by the company, the company uses a debt maturity policy. (Nathaniel & Butar Butar, 2019). In reducing the problem of overinvestment and underinvestment, the companies can use investment efficiency, namely debt maturity.…”

“…A healthy cash flow can enable the company to run a business, take advantage of opportunities, expand a business or make profitable investments and ultimately generate profit as the measure of management achievement. One of the considerations of the investor in making investment decisions is to look at the management performance in the past period as a consideration for their investment (Nathaniel & Butar Butar, 2019). Ilham (2021) explained the management performance, which may be seen from the corporate financial statement published by the company, as the realization of management responsibility to the stakeholders.…”