Determinant Of Investment Decision With Growth Opportunity As Moderation Variable: Study On Sub-Sector Textile And Garmen Companies Listed On The Indonesian Stock Exchange
Abstract
An investment decision is a plan to invest in one or more assets in hopes of generating future returns. Investment decisions aim to obtain profits in the future with a certain level of risk and can maximize the prosperity of the owners (shareholders). The purpose of this study is to analyze the influence of capital structure, liquidity, profitability, and company size on investment decisions with growth opportunities as moderation variables in textile and garment sub-sector companies listed on the Indonesia Stock Exchange. This research was conducted on textile and garment sub-sector companies listed on the Indonesia Stock Exchange with a sample of 14 companies using saturated sampling techniques. Financial statement data is collected from the Indonesia Stock Exchange website and the websites of the companies sampled. The collected data is then analyzed with Moderated Regression Analysis (MRA). The results showed that capital structure has no effect on investment decisions, liquidity has no effect on investment decisions, profitability has a negative effect on investment decisions, company size has no effect on investment decisions, growth opportunities moderate the relationship of capital structure and profitability on investment decisions and growth opportunities cannot moderate the relationship between liquidity and company size on decisions investment.
Keywords: Investment Decision, Capital Structure, Liquidity, Profitability, Firm Size
References
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Thomas, G. N., Aryusmar, & Indriaty, L. (2021). Determinants of Affecting Investment Decision on Public Companies of Manufacturing Sector in Indonesia. 8(5), 9779–9785.
Ullah, K., Arif, M., & Urooge, S. (2021). The impact of financial factors on investment decision with moderating role of firm size: Evidence from textile-basedfirms in Pakistan. 29(1), 2021. http://journals.uop.edu.pk/papers/6 (1).pdf
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W, P., & Salim, S. (2019). Faktor-Faktor Yang Mempengaruhi Keputusan Investasi Pada Perusahaan Infrastruktur, Utilitas Dan Transportasi. Jurnal Paradigma Akuntansi, 1(3), 580. https://doi.org/10.24912/jpa.v1i3.5561
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Dewi, N. L. G. R., Tahu, G. P., Kepramareni, P., & Wijana, I. M. D. (2022). The Effect of Capital Structure and Liquidity on Investment Decisions with Profitability as Intervening Variable in Manufacturing Companies Listed on Bei. International Journal of Multidisciplinary Research and Analysis, 5(9), 2509–2520. https://doi.org/10.47191/ijmra/v5-i9-26
Dinh Nguyen, P., & Phan Thi Anh, D. (2013). Determinants of Corporate Investment Decisions: The Case of Vietnam. Journal of Economics and Development, 15(1), 32–48. https://doi.org/10.33301/2013.15.01.02
Endiana, I. D. M. (2017). Keputusan Investasi Dengan Growth Opportunity Sebagai Moderating Variabe. Jurnal Ilmiah Akuntansi & Bisnis, 2(1).
Fahmi, I. (2015). Manajemen Perbankan Konvensional dan Syariah. Mitra Wacana Media.
Gala, V., & Julio, B. (2016). Firm Size and Corporate Investment. Ssrn, October. https://doi.org/10.2139/ssrn.1787350
Haque, A. (2014). Role of Financial Leverage in Determining Corporate Investment in Pakistan. The Business & Management Review, 5(3), 226–235.
Hasanah, W., & Sutjahyani, D. (2021). Pengaruh Profitabilitas, Leverage, dan Kebijakan Dividen Terhadap Keputusan Investasi Studi Empiris pada Perusahaan Manufaktur Sub Sektor Farmasi yang Terdaftar Di Bursa Efek Indonesia periode 2015-2019. JEA17 Jurnal Ekonomi Akuntansi, 6(2), 177–190. http://jurnal.untag-sby.ac.id/index.php/JEA17/article/view/5964
Hidayat, R., Wahyudi, S., & Muharam, H. (2018). Sensitivity of Liquidity, Investment Decision, and Financial Constraints. Indonesian Capital Market Review, 10(1). https://doi.org/10.21002/icmr.v10i1.10872
Kewa, M. K., & Wiyono, G. (2020). Pengaruh Growth Opportunity, Struktur Modal Dan Kebijakan Dividen Terhadap Keputusan Investasi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia (Bei). Manajemen Dewantara, 4(2), 123–133. https://doi.org/10.26460/md.v4i2.8585
Kusumawati, Y. T. (2020). the Effect of Financial Performance and Growth Opportunity on Investment Decisions in Food and Beverage Companies in Indonesia Stock Exchange. Jurnal Ekonomi dan Manajemen, 14(1), 144–157. https://doi.org/10.30650/jem.v14i1.253
Maryati, R., & Edi, U. N. (2021). Faktor-faktor yang mempengaruhi Keputusan Investasi. Jurnal IKRA-ITH Ekonomika, 4(2), 95–104.
Mashayekh, S., & Amin, E. A. (2022). The impact of liquidity and investment opportunity on investment decisions moderated by financial constraints. Journal of Accounting Knowledge, 13(1). https://doi.org/10.22103/jak.2022.16969.3410
Melisa, & Pranaditya, A. (2019). Pengaruh Tingkat Profitabilitas, Keputusan Investasi, Keputusan Pendanaan, Kebijakan Dividen Terhadap Nilai Perusahaan (Study Kasus Pada Perusahaan Manufaktur Sektor Industri Dasar Dan Kimia Pada Periode Tahun 2013-2017). Jurnal Ekonomi dan Akuntansi, 5(5). https://jurnal.unpand.ac.id/index.php/AKS/article/view/1364
Monalisa, A., & Riduwan, A. (2018). PENGARUH GROWTH OPPORTUNITY, PROFITABILITAS STRUKTUR ASET TERHADAP STRUKTUR MODAL. Jurnal Ilmu dan Riset Akuntansi, 7(10), 1–19. http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/222
Nofelina, N., & Diansyah. (2019). The Effect of Funding and Liquidity Policy on Investment Decisions with Profitability as Moderating Variables in the Hotel and Tourism Sub Sector Companies. 24375–24388. https://www.bircu-journal.com/index.php/birci/article/view/6460
Nupus, M. (2020). PENGARUH LEVERAGE DAN LIKUIDITAS TERHADAP KEPUTUSAN INVESTASI DENGAN GROWTH OPPORTUNITY SEBAGAI VARIABE MODERATING [Universitas Sultan Ageng Tirtayasa]. https://repository.untirta.ac.id/TA/KS/KS03/KS0301/2019/KS030100442/pengaruh-leverage-dan-likuiditas-terhadap-keputusan-investasi-dengan-growth-opportunity-sebagai-variabe-moderating.html
Nur & Novitasari, W. (2017). Pengaruh Struktural Modal,, Likuiditas, Profitabilitas, dan Firm Size Terhadap Keputusan Investasi. Esensi, 20(3), 1–20.
PHAN, D. T., & NGUYEN, H. T. (2020). Factors Affecting Corporate Investment Decision: Evidence from Vietnamese Economic Groups. The Journal of Asian Finance, Economics and Business, 7(11), 177–184. https://doi.org/10.13106/jafeb.2020.vol7.no11.177
Prasetya, R. A., & Yulianto, A. (2019). Determinants of Investment Decisions with Growth Opportunities as Moderating Variable. Accounting Analysis Journal, 8(1), 17–23. https://doi.org/10.15294/aaj.v8i1.28567
Putri, S. N. A., & Puryandani, S. (2021). The Influence of Cash Flow, Leverage and Profitability on Investment Decisions in Financial Distress Companies (All Companies Listed on Indonesia Stock Exchange of 2017-2019). Proceedings of the 3rd International Conference on Banking, Accounting, Management and Economics (ICOBAME 2020), 169(December 2019), 447–452. https://doi.org/10.2991/aebmr.k.210311.089
S, F. J., & Muthusamy, K. (2011). Impact of Leverage on Firms Investment Decision. International Journal of Scientific & Engineering Research, 2(4), 1–16.
Sajid, M., Mahmood, A., & Sabir, H. M. (2016). Does Financial Leverage Influence Investment Decisions? Empirical Evidence From KSE-30 Index of Pakistan. Asian Journal of Economic Modelling, 4(2), 82–89. https://doi.org/10.18488/journal.8/2016.4.2/8.2.82.89
Sandi, F. (2020). Wajib Pakai Masker, Pabrik Tekstil Siapkan 100 Juta Lebih. CNBC Indonesia. https://www.cnbcindonesia.com/news/20200406131251-4-150021/wajib-pakai-masker-pabrik-tekstil-siapkan-100-juta-lebih
Sheikh, A., & Siddiqui, D. A. (2020). Determinants of Corporate Investment Decision: Evidence from Pakistan. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3683783
Sholichah, R., Mardani, R. M., & Salim, A. (2018). PENGARUH STRUKTUR MODAL, PROFITABILITAS, DAN UKURAN PERUSAHAAN TERHADAP KEPUTUSAN INVESTASI (Studi Kasus Pada Sektor Industri Barang Konsumsi Perusahaan Makanan Dan Minuman Yang Terdaftar DI Bursa Efek Indonesia Periode 2012-2016). Jurnal Riset Manajemen Fakultas Ekonomi, Universitas Islam Malang., 95–107. http://riset.unisma.ac.id/index.php/jrm/article/view/862
Siringo-Ringo, E. D. M., & Sumaizar. (2020). Analisis Faktor –Faktor Yang Mempengaruhi Keputusan Investasi Pada Perusahaan Pertambangan Logam Dan Mineral Yang Terdaftar Dibursa Efekindonesia. Jurnal Ekonomi Dan Bisnis (EK&BI), 3(2), 283–288. https://doi.org/10.37600/ekbi.v3i2.184
Sugiyono. (2018). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Penerbit Alfabeta.
Tandelilin, E. (2017). Pasar Modal Manajemen Portofolio dan Investasi. PT Kanisius Yogyakarta.
Thomas, G. N., Aryusmar, & Indriaty, L. (2021). Determinants of Affecting Investment Decision on Public Companies of Manufacturing Sector in Indonesia. 8(5), 9779–9785.
Ullah, K., Arif, M., & Urooge, S. (2021). The impact of financial factors on investment decision with moderating role of firm size: Evidence from textile-basedfirms in Pakistan. 29(1), 2021. http://journals.uop.edu.pk/papers/6 (1).pdf
Vo, X. V. (2019). Leverage and corporate investment – Evidence from Vietnam. Finance Research Letters, 28, 1–5.
W, P., & Salim, S. (2019). Faktor-Faktor Yang Mempengaruhi Keputusan Investasi Pada Perusahaan Infrastruktur, Utilitas Dan Transportasi. Jurnal Paradigma Akuntansi, 1(3), 580. https://doi.org/10.24912/jpa.v1i3.5561
Wiagustini, N. L. P. (2014). Manajemen Keuangan. Udayana University Press.
Widiawati, W. (2021). Pengaruh Net Income Terhadap Penetapan Kebijakan Deviden Pada Pt. Pegadaian Persero. AKSY: Jurnal Ilmu Akuntansi dan Bisnis Syariah, 3(1), 1–8. https://doi.org/10.15575/aksy.v3i1.12132
World Health Organization. (2020). WHO Coronavirus Disease Dashboard. Who.Int. https://covid19.who.int/.%0Ahttps://covid19.who.int/
Yunita, M. D., & Yuniningsih, Y. (2020). Analisis Keputusan Investasi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Cakrawala Management Business Journal, 3(1), 536. https://doi.org/10.30862/cm-bj.v3i1.63
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2024-01-05
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