Rahmatullah, Aditya Agung (2020) Analisis Pengaruh Managerial Overconfidence, Pembiayaan Internal dan Tata Kelola Perusahaan Terhadap Efisiensi Investasi. Other thesis, Institut Teknologi Sepuluh Nopember.
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Abstract
Efisiensi investasi merupakan keadaan di mana proses investasi yang dilakukan sesuai dengan harapan perusahaan. Kegiatan investasi yang dilakukan dapat dikatakan efisien bila tingkat pengembalian yang diharapkan oleh perusahaan tidak ada penyimpangan. Sehingga hasil dari investasi dapat digunakan sebagai ukuran kinerja perusahaan yang berarti bahwa semakin tinggi tingkat efektivitas investasi maka kinerja perusahaan semakin baik. Terdapat 2 kecenderungan dalam berinvestasi yaitu kemungkinan terjadi overinvestment atau underinvestment. Penelitian ini bertujuan untuk mencari pengaruh managerial overconfidence, tata kelola perusahaan dan pembiayaan internal terhadap efisiensi investasi. Setelah krisis tahun 2008 perusahaan mulai meningkatkan investasi mereka kembali akan tetapi perusahaan perbankan mengurangi jumlah pemberian pinjaman kepada perusahaan. Sehingga penelitian ini mengambil data waktu selama 10 tahun dari 2009 hingga 2018. Terdapat 153 perusahaan keluarga yang terdaftar di bursa efek Indonesia sebagai sampel penelitian. Data diambil dari data sekunder yang terdapat pada laporan tahunan perusahaan. Metode analisis yang digunakan disesuaikan dengan model penelitian sehingga terdapat beberapa pilihan seperti CEM, FEM, REM dan penduga Driscoll-Kraay. Berdasarkan hasil analisis didapatkan bahwa 1) managerial overconfidence berpengaruh positif terhadap pembiayaan internal, 2) pembiayaan internal berpengaruh positif terhadap efisiensi investasi, 3) managerial overconfidence tidak berpengaruh signifikan terhadap efisiensi investasi, 4) pembiayaan internal tidak berperan sebagai mediasi akan tetapi sebagai moderasi antara managerial overconfidence dengan efisiensi investasi, 5) tata kelola perusahaan berpengaruh negatif terhadap efisiensi investasi.
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Investment efficiency is a condition in which the investment process is carried out in accordance with company expectations. The investment activities carried out can be said to be efficient if the rate of return expected by the company is no deviation. So the results of the investment can be used as a measure of company performance which means that the higher the level of effectiveness of the investment, the better the company's performance. There are 2 trends in investing, namely the possibility of overinvestment or underinvestment. This study aims to look for managerial overconfidence, corporate governance and internal financing effects on investment efficiency. After the 2008 crisis the company began to increase their investment again but banking companies reduced the amount of lending to the company. So this research takes 10 years of time data from 2009 to 2018. There are 153 family companies listed on the Indonesian stock exchange as a research sample. Data is taken from secondary data contained in the company's annual report. The analytical method used is adjusted to the research model so that there are several options such as CEM, FEM, REM and Driscoll-Kraay estimators. Based on the results of the analysis found that 1) managerial overconfidence has a positive effect on internal financing, 2) internal financing has a positive effect on investment efficiency, 3) managerial overconfidence has no significant effect on investment efficiency, 4) internal financing does not act as a mediator but as a moderation between managerial overconfidence with investment efficiency, 5) corporate governance has a negative effect on investment efficiency
| Item Type: | Thesis (Other) |
|---|---|
| Additional Information: | 3100020085317 RSMB 332.6 Rah a-1 |
| Uncontrolled Keywords: | Efisiensi Investasi, Managerial Overconfidence, Moderasi, Pembiayaan Internal, Tata Kelola Perusahaan |
| Subjects: | H Social Sciences > HG Finance > HG4529 Investment analysis H Social Sciences > HG Finance > HG4910 Investments |
| Divisions: | Faculty of Creative Design and Digital Business (CREABIZ) > Business Management > 61205-(S1) Undergraduate Thesis |
| Depositing User: | Rahmatullah Aditya Agung |
| Date Deposited: | 02 Jan 2023 05:30 |
| Last Modified: | 02 Jan 2023 05:30 |
| URI: | http://repository.its.ac.id/id/eprint/73354 |
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