Pengaruh Kesulitan Keuangan pada Perusahaan dan Bias Over-Confidence dari Manajer Terhadap Efisiensi Investasi

Candrasari, Teresia Windi (2022) Pengaruh Kesulitan Keuangan pada Perusahaan dan Bias Over-Confidence dari Manajer Terhadap Efisiensi Investasi. Undergraduate thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Investasi menjadi salah satu komponen yang sangat penting dalam pembangunan ekonomi. Hal ini tersebut terjadi dikarenakan investasi memiliki keterkaitan langsung dan berkesinambungan dengan kegiatan ekonomi di masa depan. Namun perekonomian Indonesia saat ini masih terbilang tidak efisien, hal ini terlihat dari nilai ICOR yang semakin tinggi. Kebijakan investasi perusahaan ditentukan oleh berbagai faktor, termasuk ekonomi, kebijakan moneter makro, pasar modal, dan operasi perusahaan. Pandemi covid-19 ini membuat perusahaan mengalami financial distress. Ketika perusahaan menghadapi financial distress, maka tingkat efisiensi investasinya lebih rendah. Hal ini dikarenakan perusahaan cenderung mengabaikan investasi pada proyek yang bahkan memiliki NPV bernilai positif. Selain itu faktor manajerial, seperti irasionalitas manajer, juga penting untuk diperhatikan. Terutama di pasar keuangan yang tidak efisien dan pada perusahaan dengan tata kelola perusahaan yang buruk. Ketika manajer sangat percaya diri, terkadang mereka memiliki sikap optimis terhadap prospek perusahaan, meremehkan risiko investasi dan melebih-lebihkan pendapatan. Adanya perubahan peraturan PSAK 16 pada tahun 2015 juga turut melatarbelakangi penulis untuk melihat dampak perubahan pencatatan aset yang terjadi di perusahaan. Sehingga penelitian ini bertujuan untuk mengetahui pengaruh financial distress dan managerial overconfidence terhadap efisiensi investasi pada perusahanaan yang terdaftar di BEI sejak tahun 2016-2020. Menggunakan regresi data panel didapatkan hasil 1) financial distress berpengaruh negatif terhadap efisiensi investasi, 2) managerial overconfidence berpengaruh positif terhadap efisiensi investasi.

Kata Kunci: Efisiensi Investasi, Financial Distress, Managerial Overconfidence
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Investment is a very important aspect in economic development. This is because investment has a direct and continuous relationship with future economic activities. However, the current Indonesian economy is still relatively inefficient, this can be seen from the higher ICOR value. A company's investment decision is determined by a variety of factors, including the economy, macro monetary policy, capital markets, and company operations. The COVID-19 pandemic has caused companies to experience financial distress. When a company faces financial distress, the level of investment efficiency is low. This is because companies tend to ignore investments in projects even those that have a positive NPV. In addition, managerial factors, such as manager irrationality, are also important to consider. Especially in inefficient financial markets and in companies with poor corporate governance. When managers are highly confident, they sometimes have an optimistic attitude about the company's prospects, underestimate the investment risks and overestimate earnings. The change in PSAK 16 regulations in 2015 also motivated the author to look at the impact of changes in asset recording that occurred in the company. So this study aims to determine the effect of financial distress and managerial overconfidence on investment efficiency in companies listed on the IDX from 2016-2020. Using panel data regression, it is found that 1) financial distress has a negative effect on investment efficiency, 2) managerial overconfidence has a positive effect on investment efficiency.
Keywords: Investment Efficiency, Financial Distress, Managerial Overconfidence

Item Type:	Thesis (Undergraduate)
Uncontrolled Keywords:	Efisiensi Investasi, Financial Distress, Managerial Overconfidence, Investment Efficiency, Financial Distress, Managerial Overconfidence
Subjects:	H Social Sciences > HG Finance H Social Sciences > HG Finance > HG4529 Investment analysis
Divisions:	Faculty of Creative Design and Digital Business (CREABIZ) > Business Management > 61205-(S1) Undergraduate Thesis
Depositing User:	Teresia Windi Candrasari
Date Deposited:	08 Feb 2022 08:30
Last Modified:	08 Feb 2022 08:30
URI:	http://repository.its.ac.id/id/eprint/93099

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