Pengaruh Keputusan Investasi PerusahaanTerhadap Kinerja Perusahaan Dengan Arus Kas Sebagai Variabel Moderasi
- Hermanto Hermanto Universitas Esa Unggul, Jakarta, Indonesia
-
Andrew Andrew
*
Universitas Esa Unggul, Jakarta,
Indonesia
(*) Corresponding Author
Abstract
This study aims to provide assistance on the relationship between investment decisions and company performance in food and beverage subsector companies with cash flow as a moderating variable. The data for this study utilizes information on food and beverage subsector companies listed on the Indonesia Stock Exchange (IDX) for 5 research year periods, from 2018 to 2022 with the amount of information used, namely 40 data from 8 food and beverage subsector entities after using purposive sampling. Samples with secondary data types. The results of the study show that there is a positive influence from most of the investment decision proxies used, namely the growth rate of total assets, CAPTA, and the investment index have a positive effect on ROA as a proxy for company performance and there is a negative effect of fixed asset growth rates on ROA. Cash flow was able to strengthen the CAPTA and the investment index and weaken the growth rate of total assets and growth rate of total assets. The results of disclosing the variable growth rate of total assets, CAPTA, and investment index can be used as a consideration in making investment decisions that can improve company performance.
Downloads
References
Ainia, N. S. N., & Lutfi, L. (2019). Pengaruh Risk Perception, Risk Tolerance, Overconfidence dan Loss Aversion Terhadap Pengambilan Keputusan Investasi. Journal of Economics, Business & Accountancy Ventura, 21(3), 401–413.
Aziza, N., & Rafflesiantono, C. S. (2023). Foreign Ownership, Free Cash Flow and Assets Utilization of Manufacturing Industry. Accounting Analysis Journal, 11(3), 158–166. https://doi.org/10.15294/aaj.v11i3.61041
Badruzaman, J., Ridho, A., & Saputra, J. (2019). Analysis of asset growth and profit growth through supply chain management toward company value. International Journal of Supply Chain Management, 8(5), 336–348.
Bon, S. F., & Hartoko, S. (2022). The Effect of Dividend Policy, Investment Decision, Leverage, Profitability, and Firm Size on Firm Value. European Journal of Business and Management Research, 7(3), 7–13. https://doi.org/10.24018/ejbmr.2022.7.3.1405
Canh, N. T., Liem, N. T., Thu, P. A., & Khuong, N. V. (2019). The impact of innovation on the firm performance and corporate social responsibility of Vietnamese manufacturing firms. Sustainability (Switzerland), 11(13). https://doi.org/10.3390/su11133666
Cheema, M., Ahmed, Z., Saleem, Q., Abideen, Z. U., & Jabeen, Z. (2021). The Nexus Of Cash Flow, Capital Expenditures And Financial Leverage With Pharmaceutical Firm’s Performance In Pakistan. PalArch’s Journal of Archaeology of Egypt / Egyptology, 12(9), 2054–2060. https://www.archives.palarch.nl/index.php/jae/article/view/4193
Danso, A., Lartey, T., Amankwah-Amoah, J., Adomako, S., Lu, Q., & Uddin, M. (2019). Market sentiment and firm investment decision-making. International Review of Financial Analysis, 66. https://doi.org/10.1016/j.irfa.2019.06.008
Fazzari, S., Hubbard, R., Petersen, B., Blinder, A., & Poterba, J. (1988). Financing Corporate Constraints Investment. Brookings Institution Press, 1988(1), 141–206. http://www.jstor.org/stable/2534426 .
Fitri, R. A., & Munandar, A. (2018). The Effect of Corporate Social Responsibility, Profitability, and Leverage toward Tax Aggressiveness with Size of Company as Moderating Variable. Binus Business Review, 9(1), 63. https://doi.org/10.21512/bbr.v9i1.3672
Florensita, C., & Wahyudi, I. (2023). 580-Article Text-3196-1-10-20230119. Jurnal Publikasi Ilmu Ekonomi Dan Akuntansi, 3(1). http://ejurnal.stie-trianandra.ac.id/index.php/jupea
Goh, T. S. (2019). Effect of Investment Decision, Dividend Policy And Company Size On Financial Performance (Empirical Study Of Go Public Companies Listed On The Idx). IOSR Journal of Economics and Finance, 10(5), 40–50. https://doi.org/10.9790/487X-2111042735
Grozdic, V., Maric, B., Radišic, M., Šebestová, J., & Lis, M. (2020). Capital investments and manufacturing firms’ performance: Panel-data analysis. Sustainability (Switzerland), 12(4), 1–18. https://doi.org/10.3390/su12041689
Hansen, S. G., & Wernerfelt, B. (1989). Determinants Of Firm Performance: The Relative Importance O. Strategic Management Journal, 10(5), 399.
Hartomo, A. H. T., Maramis, J. B., & Worang, F. G. (2022). Business Diplomacy and Economy The Effect of Total Asset Turnover , Debt to Equity Ratio , Asset Growth and Return on Assets on Dividend Payout Ratio and Price to Book Value in Soe Construction Services Sector Go Public. International Journal of Business Diplomacy and Economy, 1(5), 166–182.
Hermanto. (2017). Pengambilan Keputusan Investasi Pasar Modal Studi Kasus: PT. Daewoo Securitas Indonesia Cabang Roxi Mas. Manajemen Esa Unggul, 3(2), 29–39.
Hisham, A. A. M., Karim, Z. A., & Khalid, N. (2019). Determinants of capital expenditure spending in Malaysian palm oil industries: A dynamic panel data analysis. Economic Journal of Emerging Markets, 11(2), 223–233. https://doi.org/10.20885/ejem.vol11.iss2.art8
India, T. I. of C. A. of. (2022). Investment Decisions. https://www.icai.org/post.html?post_id=17776
Irma, M., Suroso, S., & Nurul, M. (2019). The Effect of Capital Adequacy and Liquidity on Profitability in Food and Beverage Sub Sector Manufacturing Companies Listed on the Indonesia Stock Exchange (ISE) Period 2015-2018. Ilomata International Journal of Management, 1(1), 1–7. https://doi.org/10.52728/ijjm.v1i1.27
Kahtani, N. Al, & Eraij, M. Al. (2018). Does capital structure matter? Reflection on capital structure irrelevance theory: Modigliani-Miller theorem (MM 1958). International Journal of Financial Services Management, 9(1), 39. https://doi.org/10.1504/ijfsm.2018.10011008
Karnawati, Y. (2018). Faktor – Faktor yang Berpengaruh Terhadap Manajemen Laba dan Kinerja Perusahaan (Studi Empiris Pada Perusahaan Manufaktur). Jurnal Ekonomi, 9(2), 163–176.
Kemenperin. (2019). Industri Makanan dan Minuman Jadi Sektor Kampiun. https://kemenperin.go.id/artikel/20298/Industri-Makanan-dan-Minuman-Jadi-Sektor-Kampiun-
Khan, S. N., Yaseen, M. N., Fakhra, M., & Sidra, A. (2019). The Interaction Effect of Financial Leverage on the Relationship Between Board Attributes and Firm Performance; Evidence of Non-financial Listed Companies of Pakistan. Journal of Accounting and Finance in Emerging Economies, 5(1), 115–122. https://doi.org/10.26710/jafee.v5i1.681
Kwistianus, H., & Juniarti. (2022). The Long-Term Performance of Capital Expenditure From a Fundamental Perspective: Evidence From Indonesia. Asian Economic and Financial Review, 12(12), 1027–1040. https://doi.org/10.55493/5002.v12i12.4667
Maiyo, J. (2013). The effects of investment decisions on profitability of companies quoted at the NSE. Doctoral Dissertation, University of Nairobi. http://erepository.uonbi.ac.ke/handle/11295/59805
Mehmood, R., Hunjra, A., & Chani, M. (2019). The Impact of Corporate Diversification and Financial Structure on Firm Performance: Evidence from South Asian Countries. Journal of Risk and Financial Management, 12(1), 49. https://doi.org/10.3390/jrfm12010049
Memon, J. A., Aziz, A., & Qayyum, M. (2020). The Rise and Fall of Pakistan’s Textile Industry: An Analytical View. European Journal of Business and Management, 12(12), 136–142. https://doi.org/10.7176/ejbm/12-12-12
Mestarehi, A. al-, & Rahman, H. (2021). The Relationship Between Financing Decision And Investment Decision Factors On The Firm Performance In Amman Stock Exchange. World Bulletin of Management and Law (WBML), 3. https://www.scholarexpress.net
Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, Vol. 48, No. 3 (Jun., 1958), Pp. 261-297, 48, 261–297. https://doi.org/10.1136/bmj.2.3594.952
Nakatani, R. (2018). Firm performance and corporate finance in New Zealand. Applied Economics Letters, 26(13), 1118–1124. https://doi.org/10.1080/13504851.2018.1539805
Nguyen, T. N. L., & Nguyen, V. C. (2019). The determinants of profitability in listed enterprises: A study from vietnamese stock exchange. Journal of Asian Finance, Economics and Business, 7(1), 47–58. https://doi.org/10.13106/jafeb.2020.vol7.no1.47
Nguyen, V. H., Nguyen, T. T. C., Nguyen, V. T., & Do, D. T. (2021). Internal factors affecting firm performance: A case study in Vietnam. The Journal of Asian Finance, Economics and Business, 8(5), 303–314. https://doi.org/10.13106/jafeb.2021.vol8.no5.0303
Penrose, E. (1995). The Theory of the Growth of the Firm. Oxford University Press. https://doi.org/10.1093/0198289774.001.0001
Purwaningsih, E., & Setiawan, G. (2022). Pengaruh Earnings per Share, Return on Equity, Price to Book Value, dan Total Arus Kas Terhadap Harga Saham. AKUA: Jurnal Akuntansi Dan Keuangan, 1(2), 164–172. https://doi.org/10.54259/akua.v1i2.546
Puška, A., Beganovic, A., & Šadic, S. (2018). Model for investment decision making by applying the multi-criteria analysis method. Serbian Journal of Management, 13(1), 7–28. https://doi.org/10.5937/sjm13-12436
Putri, S. N. A., & Puryandani, S. (2021). The Influence of Cash Flow, Leverage and Profitability on Investment Decisions in Financial Distress Companies (All Companies Listed on Indonesia Stock Exchange of 2017-2019). Advances in Economics, Business and Management Research, 169(December 2019), 447–452. https://doi.org/10.2991/aebmr.k.210311.089
Rusdi, D., Kartika, I., & Indriastuti, M. (2021). Toward Firm Performance in Indonesia: The Role of Good Corporate Governance and Investment Opportunity Set. Jurnal Economia, 17(1), 81–90. https://doi.org/10.21831/economia.v17i1.35562
Safiq, M., Selviana, R., & Kusumastati, W. W. (2020). Financial and nonfinancial factors affecting future cashflow and their impacts on financial distress. International Journal of Research in Business and Social Science (2147- 4478), 9(5), 212–226. https://doi.org/10.20525/ijrbs.v9i5.859
Saif, M., Islam, U., Meo, M. S., & Usman, M. (2020). The relationship between corporate investment decision and firm performance : Moderating role of cash flows. Journal of Public Affairs, July. https://doi.org/10.1002/pa.2445
Salimah, & Herliansyah, Y. (2019). The effect of capital expenditure, company growth and company size on firm value through financial performance moderated by capital structure. Corporate Ownership and Control, 17(1), 236–244. https://doi.org/10.22495/cocv17i1siart6
Sitompul, S., & Nasution, S. K. (2020). Analysis Net Profit, Dividend, Debt, Cash Flow, and Capital Net Working That Influence Investment Decisions on Manufacturing Companies. International Journal of Research and Review, 7(March), 3.
Smriti, N., & Das, N. (2018). The impact of intellectual capital on firm performance: a study of Indian firms listed in COSPI. Journal of Intellectual Capital, 19(5), 935–964. https://doi.org/10.1108/JIC-11-2017-0156
Solikhin, A., & Lubis, T. A. (2019). Perusahaan Kinerja Tinjauan Perusahaan dan CSR. Salim Media Indonesia.
Sunaryo, D. (2022). Can Indicators From Asset Growth , Dividend Payout Ratio and Earnings Volatility M Resolve Stock Price Volatility Problems. International Journal of Economics and Management Research, 1(1), 9–18. https://doi.org/10.55606/ijemr.v1i1.15
Syahzuni, B. A., & Jimmy, J. (2022). Pengaruh modal kerja, perputaran aktiva, dan leverage terhadap profitabilitas. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 5(3), 1231–1237. https://doi.org/10.32670/fairvalue.v5i3.2131
Tămăşilă, M., Miclea, Ş., Vartolomei, M., Pascu, D., & Albulescu, C. T. (2018). Cash Flow and Investment Decision: An Application on the Romanian Agriculture Sector. Procedia - Social and Behavioral Sciences, 238, 704–713. https://doi.org/10.1016/j.sbspro.2018.04.053
Taouab, O., & Issor, Z. (2019). Firm Performance: Definition and Measurement Models. European Scientific Journal ESJ, 15(1), 93–106. https://doi.org/10.19044/esj.2019.v15n1p93
Thakurta, R., & Deb, S. G. (2018). IS/IT investments and firm performance: Indian evidence. Journal of Global Information Technology Management, 21(3), 188–207. https://doi.org/10.1080/1097198X.2018.1498274
Wahyuningsih, D. (2020). Pengaruh Struktur Good Corporate Governance Terhadap Kinerja Perusahaan Dan Manajemen Laba. Jurnal Akuntansi Trisakti, 7(2), 287–302. https://doi.org/10.25105/jat.v7i2.6254
Wibowo, A. (2021). Penerbit : Yayasan Prima Agus Teknik.
Zheng, Z., Lv, Y., & Wang, Y. (2021). The Influences of Fixed Assets on Corporate Performance - Evidence from Manufacturing-listed Companies in China. The Journal of the Korea Contents Association, 21(2), 548–561.
Bila bermanfaat silahkan share artikel ini
Berikan Komentar Anda terhadap artikel Pengaruh Keputusan Investasi PerusahaanTerhadap Kinerja Perusahaan Dengan Arus Kas Sebagai Variabel Moderasi
Pages: 59-69
Copyright (c) 2023 Hermanto Hermanto, Andrew Andrew
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under Creative Commons Attribution 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (Refer to The Effect of Open Access).
