Determinan Efisiensi Investasi Perusahaan Publik di Indonesia

Andika Supra Nathaniel · Sansaloni Butar Butar

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Corporate Finance and Governance Financial Analysis and Corporate Governance Capital Investment and Risk Analysis

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.

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References

1977Determinants of corporate borrowing 1984Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have 1979Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure 2009How does financial reporting quality relate to investment efficiency?1995The Maturity Structure of Corporate Debt 2007Financial Constraints, Asset Tangibility, and Corporate Investment 2006Accounting Quality and Firm-Level Capital Investment 2002Audit Committee Effectiveness: A Synthesis of the Empirical Audit Committee Literature

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