Dampak Aliran Kas, Profitabilitas dan Kesulitan Keuangan Terhadap Keputusan Investasi Pada Perusahaan Manufaktur di BEI
Abstract
The study aims to assess how cash flow, profitability, and financial distress impact investment decisions in manufacturing firms. It also investigates whether financial distress moderates the relationship between cash flow, profitability, and investment decisions. These findings are anticipated to enhance comprehension of financial distress and investment connections in developing nations like Indonesia. Employing a causal associative approach, the research examines the interrelations between variables and their influences. The population comprises all manufacturing firms listed on the Indonesia Stock Exchange (IDX). Sample selection utilizes purposive sampling, aligning with predefined criteria. Data analysis involves multiple linear regression using SPSS software. Results reveal a significant negative impact of profitability on investment decisions. Financial distress positively influences investment choices, with its moderation effect weakening profitability's impact on decisions, a statistically significant finding. A high z-score suggests potential bankruptcy within two years if not managed effectively.
Abstrak
Tujuan penelitian ini dilakukan untuk menguji pengaruh aliran kas, profitabilitas dan kesulitan keuangan terhadap keputusan investasi pada perusahaan manufaktur. Dan menguji apakah kesulitan keuangan memoderasi secara signifikan aliran kas, profitabilitas terhadap keputusan investasi. Hasil ini diharapkan dapat memberikan pemahaman yang lebih luas tentang hubungan antara kesulitan keuangan dan investasi pada penelitian serupa di negara berkembang dengan karakteristik yang berbeda seperti Indonesia. Jenis penelitian yang dilakukan adalah penelitian asosiatif kausal. Desain kausal berguna untuk mengukur hubungan antar variabel riset atau berguna untuk menganalisis bagaimana suatu variabel mempengaruhi variabel yang lain. Populasi dalam penelitian ini adalah semua perusahaan manufaktur yang terdaftar di BEI. Sedangkan teknik pengambilan sampel dilakukan secara purposive sampling yaitu sampel yang dibutukan dan dibatasi pada tipe tertentu atau menyesuaikan kriteria-kriteria yang ditetapkan oleh peneliti. Teknik pengolahan data dengan menggunakan metode Regresi Linier berganda diolah dengan software SPSS. Hasil penelitian menunjukkan profitabilitas memengaruhi secara signifikan negatif terhadap keputusan investasi. Kesulitan keuangan memengaruhi secara signifikan positif terhadap keputusan investasi, dan kesulitan keuangan (zscore) memoderasi (melemahkan) profitabilitas terhadap keputusan investasi, berpengaruh signifikan diterima. Tingkat z-score yang tinggi menandakan perusahaan dalam 2 tahun bertendensi akan mengalami kebangrutan, jika tidak dikelola dengan baik.
References
Almeida, H., & Campello, M. (2007). Financial constraints, asset tangibility, and corporate investment. Review of Financial Studies, 20(5), 1429–1460. https://doi.org/10.1093/rfs/hhm019
Azmat, Q. ul ann, & Iqbal, A. M. (2017). The role of financial constraints on precautionary cash holdings: Evidence from Pakistan. Economic Research-Ekonomska Istrazivanja , 30(1), 596–610. https://doi.org/10.1080/1331677X.2017.1305770
Bank of Indonesia. (2020). Indonesia Economic Report 2020 “Synergy to Build Optimism for Economic Recovery.” Bersinergi Membangun Optimisme Pemulihan Ekonomi, 112. https://www.bi.go.id/id/publikasi/laporan-tahunan/perekonomian/Documents/9_LPI2020.pdf
Baskin, J. (1989). Tests of Capital Structure Order Hypothesis Pecking. Financial Management, 18(1), 26–35.
Carpenter, R. E., & Petersen, B. C. (2002). Is the growth of small firms constrained by internal finance?, {The} {Review} of {Economics} and {Statistics}. 84(2), 298–309. https://www.mitpressjournals.org/doi/pdf/10.1162/003465302317411541
Chen, M., & Guariglia, A. (2013). Internal financial constraints and firm productivity in China: Do liquidity and export behavior make a difference? Journal of Comparative Economics, 41(4), 1123–1140. https://doi.org/10.1016/j.jce.2013.05.003
Collins, S. O., Clement, A. A., & Funke, A. R. (2013). Profitability and Debt Capital Decision: A Reconsideration of the Pecking Order Model. International Journal of Business and Management, 8(13). https://doi.org/10.5539/ijbm.v8n13p24
Ding, S., Guariglia, A., & Knight, J. (2010). Durham Research on-line. 39(0), 1–39.
Fazzari, S. M., Hubbard, R. G., Petersen, B. C., Blinder, A. S., & Poterba, J. M. (1988). Financing Constraints and Corporate Investment. Brookings Papers on Economic Activity, 1988(1), 141. https://doi.org/10.2307/2534426
Hennessy, C. A., & Whited, T. M. (2007). How costly is external financing? Evidence from a structural estimation. Journal of Finance, 62(4), 1705–1745. https://doi.org/10.1111/j.1540-6261.2007.01255.x
Hovakimian, G. (2009). Determinants of Investment Cash. Financial Management, 38(1), 161–183.
Kaplan, S. N., & Zingales, L. (1997). Do investment-cash flow sensitivities provide useful measures of financing constraints? Quarterly Journal of Economics, 112(1), 169–213. https://doi.org/10.1162/003355397555163
Karas, M., & Režňáková, M. (2021). The role of financial constraint factors in predicting SME default. Equilibrium. Quarterly Journal of Economics and Economic Policy, 16(4), 859–883. https://doi.org/10.24136/eq.2021.032
Le, T. N., Le, L. H., Duong, B. T., Hoang, A. T. T., Tran, V. T. T., & Nguyen, T. T. T. (2022). The influence of female leadership on the cash holdings of listed companies in Vietnam. International Journal of Advanced and Applied Sciences, 9(8), 55–64. https://doi.org/10.21833/ijaas.2022.08.007
Lemmon, M. L., & Zender, J. F. (2019). Asymmetric Information, Debt Capacity, and Capital Structure. Journal of Financial and Quantitative Analysis, 54(1), 31–59. https://doi.org/10.1017/S0022109018000443
Lin, C., Ma, Y., & Xuan, Y. (2011). Ownership structure and financial constraints: Evidence from a structural estimation. Journal of Financial Economics, 102(2), 416–431. https://doi.org/10.1016/j.jfineco.2011.06.001
Moreno Badia, M., & Slootmaekers, V. (2009). The Missing Link Between Financial Constraints and Productivity. IMF Working Papers, 09(72), 1. https://doi.org/10.5089/9781451872194.001
Musso, P., & Schiavo, S. (2008). The impact of financial constraints on firm survival and growth. Journal of Evolutionary Economics, 18(2), 135–149. https://doi.org/10.1007/s00191-007-0087-z
Myers, S. C. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3), 575. https://doi.org/10.2307/2327916
Rialsa, H. (2016). Cash Flow, Profitability, Financial Constraint, and Investment in Indonesia. 1(1), 20–28.
Viet, H. N., Quynh, H. H., & Trung, T. T. (2020). Impact of financial constraints on the development of Vietnam’s firms. Management Science Letters, 10(8), 1683–1692. https://doi.org/10.5267/j.msl.2020.1.012
Ahmed, Sheikh, Nadeem and Zongjun, Wang. 2011.” Determinants of capital structure: An empirical study of firms in manufacturing Industry of Pakistan”. Managerial Finance. Vol 37-2: pp. 117-133
Brigham, E.,F., and Gapenski, L.,C. 1996. Intermediate Financial Manajement. The Dryden Press.
Bayless, E.M. and Diltz, D.J. 1994. Sekurities Offerings and Capital Structure Theory. Journal of Business Finance & Accounting, 21, 77-91.
Booth, L., Aivazian, V., Demirguc-Kunt, A. and Maksimovic, V. 2001. “Capital structures in developing countries”, The Journal of Finance, Vol. LVI No. 1, pp. 87-130.
Bevan, A. A., & Danbolt, J. 2000. Capital structure and its determinants in the United Kingdom: A decomposition analysis (Working Paper No. 2000/2). Glasgow, UK: University of Glasgow, Department of Accounting and Finance.
Cooper. D., R., and Emory. C.,W. 1995. Business Research Methods. 5th ed. IRWIN.
Clifford F.,Thies and Mark S.,Klock. 1992. Determinants of Capital Structure. The Review of Financial, (Spring) : 40-50.
Chen, J.J. 2004. “Determinants of capital structure of Chinese-listed companies”, Journal of Business Research, Vol. 57, pp. 1341-51.
Chen, J., and Strange, R. 2005. “The Determinants of Capital Structure: Evidence From Chinese Listed Companies”. Economic Change and Restructuring. 38:11-35.
Chen, Li-Ju;Chen Yu, 2011.”How The Pecking Order Theory Explain Capital Structure”. Jurnal of International Manajemen Studies, 2: 1-9
Degryse, Hans,; Peter de Goeij, Peter Kappert. 2012. “The Impact of Firm and Industry Charakterustics on Small Firms Capital Structure”. Small Bus Econ. 38;431-447
Ferri, M. G. and Jones, W. H. 1979. Determinants of Financial Structure: A New Methodological Approach. Journal of Finance 34 (June) : 631-644.
Fama, E.F. and French, K.R. 2002. “Testing trade-off and pecking order predictions about dividends and debt”, The Review of Financial Studies, Vol. 15 No. 1, pp. 1-33.
Fitim Deari and Media Deari, 2009.”Determinants of Capital Structure Case of Companies Listed on Zagreb Stock Exchange”. Zagreb International Review of Economics & Business. Vol. 3-1: pp 65-78
Homaifar, G., J. Zietz., and O. Benkato. 1994. An Empirical Model of Capital structure : Some New Evidence. Journal of Business Finance and Accounting 21, 1-14.
Harris, M and Raviv, A. 1991. The Theory of Capital structure. Journal of Finance, 46, 297-355.
Husnan,S., dan Pudjiastuti, E. 1998. Dasar-dasar Manajemen Keuangan, Edisi Kedua UPP AMP YKPN.
Jensen, M. C and Meckling, W. H. 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics 3 (October): 305-360.
Myers, S., and N. Majluf. 1984. Corporate Financing and Investment Decision When Firms have Information Investors do not have. Journal of Financial Economics, 13, 187-221.
Myers, S. 1984. The Capital Structure Puzzle. Journal of Finance 39, 575-592.
Marsh, P. 1982. The Choice Between Debt and Equity: An Empirical Study. Journal of Finance . 121-144.
Mazur, K. 2007. “The determinants of capital structure choice: evidence from Polish companies”, International Advances in Economic Research, Vol. 13, pp. 495-514.
Ozkan, A. 2001. “Determinants of Capital Structure an Adjustment to Long Run Target: Evidence from UK Company Panel Data”. Journal of Business Finance and Accounting, Vol.28(1-2), pp 175-198.
Riyanto, B. 1992. Dasar-dasar Pembelanjaan Perusahaan. Yayasan Badan Penerbit Gadjah Mada.
Rafiq, M., Iqbal, A., & Atiq, M. 2008. The determinants of capital structure of the chemical industry in Pakistan”. Lahore Journal of Economics, 13(1), 139–158.
Sekaran. U. 1992. Research Methods For Business: a skill-building approach. 2nd ed. John Wiley & Sons, Inc.
Shah, A., & Hijazi, S. T. 2004. “The determinants of capital structure of stock exchange-listed non-financial firms in Pakistan”. Pakistan Development Review, 43(4), 605–618.
Shah, A., & Khan, S. 2007. Determinants of capital structure: Evidence from Pakistani panel data. International Review of Business Research Papers, 3(4), 265–282.
Titman, S. and Wessels, R. 1988. The Determinants of Capital Structure Choice. Journal of Finance 43 (March): 1-19.
