Ketidakpastian dan Investasi Perusahaan di Indonesia
DOI:
https://doi.org/10.34209/equ.v24i1.2523Keywords:
Ketidakpastian, Investasi, Irreversibility Investment, SOE.Abstract
Ketidakpastian menjadi kekhawatiran di seluruh dunia dan telah mengalami peningkatan sejak krisis keuangan global di tahun 2008. Penelitian ini bertujuan untuk meneliti pengaruh antara ketidakpastian terhadap investasi perusahaan di Indonesia. Di dalam penelitian ini menggunakan unbalanced panel data dari 480 perusahaan terbuka yang terdaftar di Bursa Efek Indonesia periode 2007Q1-2019Q4. Metodologi penelitian yang digunakan adalah model Fixed Effect. Hasil empiris menunjukan bahwa perusahaan di Indonesia ketika dihadapkan ketidakpastian cenderung meningkatkan investasi, perusahaan dengan irreversibility investment yang tinggi (PPE) lebih terdorong untuk meningkatkan investasi sedangkan perusahaan dengan kepemilikan pemerintah (SOE) mengurangi investasi ketika menghadapi ketidakpastian.
References
Ahir, H., Bloom, N., & Furceri, D. (2018). The World Uncertainty Index. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3275033
Akdoğu, E., & MacKay, P. (2008). Investment and Competition. Journal of Financial and Quantitative Analysis, 43(2), 299-330. https://doi.org/10.1017/S0022109000003537
Alimov, A. (2014). Product market competition and the value of corporate cash: Evidence from trade liberalization. Journal of Corporate Finance, 25, 122-139. https://doi.org/10.1016/j.jcorpfin.2013.11.011
Bernanke, B. S. (1980). Irreversibility, Uncertainty, and Cyclical Investment. Quarterly Journal of Economics, (502). https://doi.org/10.3386/w0502
Bloom, Nicholas. (2016). Fluctuations in uncertainty. Journal of Economic Perspectives, 2016(4), 30-55. https://doi.org/10.32609/0042-8736-2016-4-30-55
Bloom, Nick, Bond, S., & Van Reenen, J. (2007). Uncertainty and investment dynamics. Review of Economic Studies, 74(2), 391-415. https://doi.org/10.1111/j.1467-937X.2007.00426.x
Brav, A., Jiang, W., Partnoy, F., & Thomas, R. (2008). Hedge fund activism, corporate governance, and firm performance. Journal of Finance, 63(4), 1729-1775. https://doi.org/10.1111/j.1540-6261.2008.01373.x
Chen, X., Le, C. H. A., Shan, Y., & Taylor, S. (2020). Australian policy uncertainty and corporate investment. Pacific Basin Finance Journal, 61(February), 101341. https://doi.org/10.1016/j.pacfin.2020.101341
Firth, M., Lin, C., & Wong, S. M. L. (2008). Leverage and investment under a state-owned bank lending environment: Evidence from China. Journal of Corporate Finance, 14(5), 642-653. https://doi.org/10.1016/j.jcorpfin.2008.08.002
Grenadier, S. R. (2002). Option Exercise Games: An Application to the Equilibrium Investment Strategies of Firms. Review of Financial Studies, 15(3), 691-721. https://doi.org/10.1093/rfs/15.3.691
Gulen, H., & Ion, M. (2016). Policy uncertainty and corporate investment. Review of Financial Studies. https://doi.org/10.1093/rfs/hhv050
Jiang, F., Kim, K. A., Nofsinger, J. R., & Zhu, B. (2015). Product market competition and corporate investment: Evidence from China. Journal of Corporate Finance, 35, 196-210. https://doi.org/10.1016/j.jcorpfin.2015.09.004
Jory, S. R., Khieu, H. D., Ngo, T. N., & Phan, H. V. (2020). The influence of economic policy uncertainty on corporate trade credit and firm value. Journal of Corporate Finance, 64(August 2019), 101671. https://doi.org/10.1016/j.jcorpfin.2020.101671
Julio, B., & Yook, Y. (2012). Political uncertainty and corporate investment cycles. Journal of Finance, 67(1), 45-83. https://doi.org/10.1111/j.1540-6261.2011.01707.x
Khan, M. A., Qin, X., Jebran, K., & Rashid, A. (2020). The Sensitivity of Firms' Investment to Uncertainty and Cash Flow: Evidence From Listed State-Owned Enterprises and Non-State-Owned Enterprises in China. SAGE Open, 10(1). https://doi.org/10.1177/2158244020903433
Kornai, J. (1979). Resource-Constrained versus Demand-Constrained Systems. Journal of The Econometric Society, 47(4), 801-819. https://doi.org/10.2307/1914132
Kulatilaka, N., & Perotti, E. C. (1998). Strategic growth options. Management Science, 44(8), 1021-1031. https://doi.org/10.1287/mnsc.44.8.1021
Laksamana, I., & Yang, Y. (2015). Product Market Competition and Corporate Investment Decisions. In Review of Accounting and Finance (Vol. 14). https://doi.org/10.1108/RAF-11-2013-0123
Lambert, R. A. (2001). Contracting theory and accounting $. 32(January), 3-87. https://doi.org/10.1016/S0165-4101(01)00037-4
McDonald, R., & Siegel, D. (1986). The value of waiting to invest. Quarterly Journal of Economics, 101(4), 707-727. https://doi.org/10.2307/1884175
Megginson, W. L., Ullah, B., & Wei, Z. (2014). State ownership, soft-budget constraints, and cash holdings: Evidence from China's privatized firms. Journal of Banking and Finance, 48(November 2010), 276-291. https://doi.org/10.1016/j.jbankfin.2014.06.011
Morikawa, M. (2016). What Types of Policy Uncertainties Matter for Business? Pacific Economic Review, 21(5), 527-540. https://doi.org/10.1111/1468-0106.12196
Pacheco, L. (2017). Investment determinants at the firm-level: The case of Portuguese industrial SMEs. International Journal of Business Science and Applied Management, 12(2), 1-17.
Pindyck, R. (1990). Irreversibility, Uncertainty & Investment. Irreversibility, Uncertainty & Investment, (3307). https://doi.org/10.3386/w3307
Schwarz, L. A. D., & Dalmácio, F. Z. (2020). The relationship between economic policy uncertainty and corporate leverage: Evidence from Brazil. Finance Research Letters, (June), 101676. https://doi.org/10.1016/j.frl.2020.101676
Tian, L., & Estrin, S. (2008). Retained state shareholding in Chinese PLCs: Does government ownership always reduce corporate value? Journal of Comparative Economics, 36(1), 74-89. https://doi.org/10.1016/j.jce.2007.10.003
Wang, Y., Chen, C. R., & Huang, Y. S. (2014). Economic policy uncertainty and corporate investment: Evidence from China. Pacific Basin Finance Journal, 26, 227-243. https://doi.org/10.1016/j.pacfin.2013.12.008
Wong, S. C. Y. (2004). Governance in SOEs : An Integrated Approach. Corporate Governance International, 7(2), 1-11.
Downloads
Published
Issue
Section
License
Syarat yang harus dipenuhi oleh Penulis sebagai berikut:Penulis menyimpan hak cipta dan memberikan jurnal hak penerbitan pertama naskah secara simultan dengan lisensi di bawah Creative Commons Attribution License yang mengizinkan orang lain untuk berbagi pekerjaan dengan sebuah pernyataan kepenulisan pekerjaan dan penerbitan awal di jurnal ini.
Penulis bisa memasukkan ke dalam penyusunan kontraktual tambahan terpisah untuk distribusi non ekslusif versi kaya terbitan jurnal (contoh: mempostingnya ke repositori institusional atau menerbitkannya dalam sebuah buku), dengan pengakuan penerbitan awalnya di jurnal ini.
Penulis diizinkan dan didorong untuk memposting karya mereka online (contoh: di repositori institusional atau di website mereka) sebelum dan selama proses penyerahan, karena dapat mengarahkan ke pertukaran produktif, seperti halnya sitiran yang lebih awal dan lebih hebat dari karya yang diterbitkan. (Lihat Efek Akses Terbuka).
