Pengaruh dari tingkat financial constraint dan indebtedness terhadap kemampuan berinvestasi = The Influence of the level of financial constraint and indebtedness on investment ability

Thoyib, Mohamad Hanantri (2022) Pengaruh dari tingkat financial constraint dan indebtedness terhadap kemampuan berinvestasi = The Influence of the level of financial constraint and indebtedness on investment ability. Masters thesis, Universitas Pelita Harapan.

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Abstract

Studi ini mendalami tentang variabel-variabel finansial yang mempengaruhi kemampuan berinvestasi dari perusahaan. Pada penelitian ini, kontribusi variabel finansial dilihat dari dua sisi yaitu tingkat financial constraint yang dihadapi perusahaan dan pengaruh dari hutang atau indebtedness terhadap investasi. Dibandingkan dengan penelitian-penelitian terdahulu yang hanya melihat perbedaan antara perusahaan yang mengalami financial constraint dan perusahaan yang tidak mengalaminya, namun pada studi ini financial constraint dibagi menjadi tiga kelas berdasarkan dividen yang dibayarkan, cash flow perusahaan, rasio book-to-market, dan liabilitas yang dimilikinya. Krisis ekonomi global akibat pandemi Covid-19 yang sedang terjadi juga semakin menyoroti efek dari financial constraint dan indebtedness terhadap kemampuan investasi dan dapat memberikan gambaran yang lebih komprehensif terhadap perilaku investasi perusahaan-perusahaan selama periode krisis dan non-krisis pada periode tahun 2008 sampai dengan 2021. / This study explores few financial variables that influence differences in investment ability among companies. In this research, the contribution of financial variables are perceived from two sides, namely the level of financial constraints faced by companies and the influence of indebtedness on investment. Compared to previous researches, companies are only divided into two categories which are financially constrained and unconstrained, while this study divides financial constraint into three classes based on their dividen payout, company cash flow, book-to-market ratio, and company liabilities. The global economic crisis due to the ongoing Covid-19 pandemic has also highlighted the effect of financial constraints and indebtedness on investment decisions and can provide a more comprehensive picture of investment behavior within companies during the crisis and non-crisis periods from 2008 to 2021.

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