Nugraha, Husein Adi Tri (2019) Pengaruh Keberwujudan Aset dan Fleksibilitas Keuangan terhadap Sensitivitas Investasi-Arus Kas pada Perusahaan Sektor Logam dan sejenisnya, Kimia, dan Elektronik. Other thesis, Institut Teknologi Sepuluh Nopember.
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Abstract
Investasi aset tetap merupakan salah satu kunci agar industri manufaktur dapat bersaing dengan para pesaing. Namun pada perusahaan terkendala keuangan (constraint), selalu ada permasalahan pada pilihan pendanaan yang akan dipakai, yaitu perusahaan cenderung mengalami ketergantungan pada pendanaan internal. Penelitian ini bertujuan meneliti apakah investasi perusahaan manufaktur yang mengalami constraint memiliki ketergantungan pada pendanaan internal, sekaligus pengaruh pendanaan apabila memiliki aset tetap yang berwujud. Selain itu, penelitian juga meneliti pengaruh fleksibilitas keuangan perusahaan dalam pilihan pendanaan investasi aset tetap. Penelitian ini menggunakan regresi data panel dengan dua model, yaitu uji pengaruh keberwujudan aset pada sensitivitas investasi – arus kas, dan uji pengaruh fleksibilitas keuangan pada sensitivitas investasi – arus kas. Perusahaan akan dibagi menjadi constraint dan unconstraint firm untuk melihat perbedaan pendanaan investasi pada perusahaan yang terkendala keuangan. Selain itu, penelitian ini juga akan meneliti apakah perusahaan dengan fleksibilitas keuangan dapat mengurangi ketergantungan investasi terhadap pendanaan internal. Hanya tiga perusahaan yang masuk klasifikasi fleksibel keuangan. Data yang digunakan dalam penelitian ini adalah data sekunder berupa laporan keuangan perusahaan. Hasil dari penelitian ini menunjukkan bahwa perusahaan manufaktur logam, kimia, dan elektronik tidak mengalami ketergantungan pendanaan pada internal. Selain itu keberwujudan aset membuat investasi semakin bergantung pada arus kas pada constraint firm dan fleksibilitas keuangan justru membuat perusahaan tergantung pada pendanaan arus kas.
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Fixed asset investment is one of the keys so that manufacturing industries can compete with competitors. However, in companies with financial constraints, there are always problems with funding choices that will be used, that companies tend to depend on internal funding. This study examines whether investment in manufacturing constraints companies has a dependency on internal funding, as well as the influence of having tangible fixed assets. In addition, the study also examined the effect of financial flexibility in funding options for fixed asset investments. This study uses panel data regression with two models, namely testing the effect of asset tangibility on investment – cash flow sensitivity, and testing the effect of financial flexibility on investment – cash flow sensitivity. The company will be divided into constraints and unconstraint firms to see the difference in investment funding in financially constrained companies. In addition, this study will also examine whether companies with financial flexibility can reduce investment dependence on internal funding. Only three companies entered the flexible financial classification. The data used in this study are secondary data in the form of company financial statements. The results of this study indicate that metal and allied, chemical and electronic manufacturing companies do not experience dependency on internal funding. In addition, the assets tangibility makes investment more dependent on cash flow in the constraint firm and financial flexibility actually makes the company dependent on cash flow funding.
| Item Type: | Thesis (Other) |
|---|---|
| Additional Information: | RSMB 332.6 Nug p-1 |
| Uncontrolled Keywords: | Financial Constraints, Investment – Cash Flow Sensitivity, Asset Tangibility, Financial Flexibility |
| Subjects: | H Social Sciences > HG Finance > HG4910 Investments |
| Divisions: | Faculty of Business and Management Technology > Business Management > 61205-(S1) Undergraduate Thesis |
| Depositing User: | Nugraha Husein Adi Tri |
| Date Deposited: | 08 Apr 2025 07:00 |
| Last Modified: | 08 Apr 2025 07:00 |
| URI: | http://repository.its.ac.id/id/eprint/69267 |
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