LEVERAGE, GROWTH OPPORTUNITY DAN INVESTASI PADA PERUSAHAAN NON KEUANGAN YANG TERDAFTAR DI BEI
ABSTRACT: Company's investment
activities in Indonesia experienced significant fluctuations. Companies make
the investments in order to enhance shareholder value. In connection with
investment decision-making, company should consider the internal conditions,
such as the condition of the company's bank debt or leverage conditions.
Moreover, before making an investment decision, the company should consider the
investment opportunities (growth opportunity). This study aims to identify the
effect of leverage on investment and whether a company that has low growth
opportunity has lower investment. This is seen by adding moderating variable-growth
opportunity in leverage effect on investment, which is proxied by Tobin's Q and
sales growth. The samples used were non-financial companies listed on the
Indonesia Stock Exchange in 2009 through 2013. The regression results showed
significant negative effect of leverage on investment. This means that the
leverage gives a negative impact on investment, the higher the leverage makes
the investment lower. This happens because the bank debt raises investment
restrictions on companies, thus higher bank debt will strengthen the
restrictions on the investments made by the bank. Moderation model, of growth
opportunity proxied by Tobin's Q and Sales Growth, weakens the negative effect
of leverage on investments in companies with low growth opportunity. This
means, companies with low growth opportunities has weaker negative influence of
leverage on the investment. This is because, companies that have low growth
opportunity, have a lower profitable investment projects, so restrictions on
investments made by the bank or keditor are looser.
Keywords: growth opportunity,
investment, and leverage
Penulis: Andri Rianawati,
Rahmat Setiawan
Kode Jurnal: jpmanajemendd151540
