Fleksibilitas keuangan, investasi korporasi dan kinerja perusahaan

Della, Della (2018) Fleksibilitas keuangan, investasi korporasi dan kinerja perusahaan. Masters thesis, Universitas Pelita Harapan.

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Abstract

This study aims to obtain empirical evidence whether there is a difference in the effect of financial flexibility on investment before the crisis and in times of crisis and non-crisis, to obtain empirical evidence whether there is a difference in the effect of financial flexibility on the performance of companies in times of crisis and non-crisis. Sample selection in this research itself is done by using purposive sampling technique, that is sample selection technique by using certain criteria. The data used is panel data with Stata analysis technique program using fixed effect model. Based on the results of data analysis in the previous section, it can be concluded as follows: There are differences in the effect of financial flexibility on investment in times of crisis and non-crisis. This means that during the crisis and non-crisis, the company's financial flexibility is different because during the crisis only Cash Flow affecting the company's investment while in the non-crisis Cash Flow, MTBt and MTBr affect the investment, there is a difference in the effect of financial flexibility on corporate performance in times of crisis and non-crisis. / Penelitian ini bertujuan untuk mendapatkan bukti empiris apakah ada perbedaan pengaruh fleksibilitas keuangan terhadap investasi sebelum krisis dan pada masa krisis dan non-krisis, untuk mendapatkan bukti empiris apakah ada perbedaan pengaruh fleksibilitas keuangan terhadap kinerja perusahaan pada masa krisis dan non-krisis. Pemilihan sampel dalam penelitian ini sendiri dilakukan dengan menggunakan teknik purposive sampling, yaitu teknik pemilihan sampel dengan menggunakan kriteria-kriteria tertentu. Data yang digunakan adalah data panel dengan program teknik analisis Stata menggunakan fixed effect model. Berdasarkan pada hasil analisis data pada bagian sebelumnya, maka dapat ditarik kesimpulan sebagai berikut: Ada perbedaan pengaruh fleksibilitas keuangan terhadap investasi pada masa krisis dan non krisis. Artinya pada masa krisis dan non krisis, fleksibilitas keuangan perusahaan berbeda karena pada masa krisis hanya Cash Flow yang mempengaruhi investasi perusahaan sedangkan pada masa non krisis Cash Flow, MTBt dan MTBr berpengaruh terhadap investasi, ada perbedaan pengaruh fleksibilitas keuangan terhadap kinerja perusahaan pada masa krisis dan non-krisis.

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