PENGARUH KEPUTUSAN INVESTASI DAN FINANCIAL RISK TERHADAP FIRM VALUE DENGAN FINANCIAL DISTRESS SEBAGAI INTERVENING DAN GOOD CORPORATE GOVERNANCE SEBAGAI MODERATING PADA BADAN USAHA MILIK NEGARA NON KEUANGAN YANG TERDAFTAR DIBURSA EFEK INDONESIA TAHUN 201
Keywords:
Kata Kunci: Keputusan Investasi, Risiko Keuangan, Nilai Perusahaan, Financial Distress, Tata Kelola Perusahaan yang Baik, Perusahaan BUMN
Abstract
Dalam penelitian ini mempunyai tujuan untuk Untuk menganalisis dan membuktikan signifikansi Pengaruh Variabel KEPUTUSAN INVESTASI DAN FINANCIAL RISK Terhadap Firm dengan Financial Distress sebagai Intervening dan Good Corporate Goverenance Sebagai mederating di BUMNN Non keuangan Pada tahun 2020 sa,pai dengan 2023. Dalam penelitan ini Hasil analisis data disajikan dalam bentuk analisis data deskriptif dan analisis induktif ( Menggunakan program Smart PLS). Hasil yang di hasilkan adalah Keputusan Investasi Berpengaruh Positif Signifikan terhadap Financial Distress, tetapi Keputusan Investasi Tidak Berpengaruh Secara Signifikan terhadap FirmValue pada BUMN di sektor non keuangan, Financial Risk Tidak Berpengaruh Secara Signifikan terhadap Financial Distress pada BUMN di sektor non keuangan, Financial Risk Tidak Berpengaruh Secara Signifikan terhadap Firm Value, Financial Distress Berpengaruh Positif Signifikan terhadap Firm Value padaBUMN, Financial Distress memediasi pengaruh Keputusan Investasi terhadap FirmValue secara positif dan signifikan Good Corporate Government tidak memoderasi pengaruh positif signifikan Financial Distress terhadap Firm Value pada BUMN. Penelitian ini hanya menggunakan laju inflasi, tingkat suku bunga dan nilai tukar sebagai variabel pembentuk faktor ekonomi makro. Disarankan untuk menggunakan variabel ekonomi makro lainnya seperti jumlah uang beredardan Produk Domestik Bruto (PDB).
Kata Kunci: Keputusan Investasi, Risiko Keuangan, Nilai Perusahaan, Financial Distress, Tata Kelola Perusahaan yang Baik, Perusahaan BUMN
References
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Sumaryati, A. and Tristiarini, N. (2017). The Influence of Cost of Equity onFinancial Distress and Firm Value. Advances in Economics, Business and Management Research, (Proceedings oft he 1stEconomics and Business InternationalConference2017).
Syamsudin., Setiadi, I., Santoso, D. and Setiany, E. (2022) Capital Structure andInvestment Decisions on Firm Value with Profitability as a Moderator.JURNAL Riset Akuntansi dan Keuangan Indonesia,59(3):287-295.
Tobin, J., and Brainard, W. C. (1977). Asset markets and the cost of capital. InFellner, W., Balassa, B. A., & Nelson, R. R. (Eds.), Economic progress, private values and public policy, essays in honor of William Fellner (pp.235-262). Amsterdam: North HollandPublishing Company.
Triani, N. and Tarmidi, D. (2019) Firm Value: Impact of Investment Decisions,FundingDecisionsandDividendPolicies.InternationalJournalofAcademic Research in Accounting, Finance and Management Sciences,9(2):158–163
Ukhriyawati, C. F.; Ratnawati, T. dan Riyadi S. (2017). The Influence of Asset Structure, Capital Structure,Risk Managementand Good Corporate Governance on Financial Performance and Value of The Firm through Earnings and Free Cash Flow As An Intervening Variable in Banking Companies Listed in Indonesia Stock. International Journal of Businessand Management,12(8):249-260.DOI:10.5539/ijbm.v12n8p249
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Wahyuni,F.andAmanati,H.T.(2019) Investment Decisions ,Funding Decisions, Dividend, and Firm Value (Study of Companies Listed on the Indonesia tockExchange). Advancesin Economics, Businessand Management Research, (Proceedings of the 5th International Conferenceon Accountingand Finance),:66-72.
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Weston, F. J., & Brigham, E. F. (1965). Financial management: Theory andpractice. Home wood,IL:Irwin.
I idiastoeti, H., Ratnawati, T. and Nugroho, M. (2021) Analysis of Investment Decisions, Funding Decisions and PSAK Compliance with CorporateSocial Responsibility Disclosure (CSRD), Financial Performance, and Audit Opinionsw ithGood Corporate Governance as Moderation in Indonesia State Enterprises. IJEBD International Journal of Entrepreneur shipand Business Development,4(5)
Wiratno, S. Riyadi, S. dan Nugroho, M. (2018) Analysis Of The Effect Of Liquidity On Profitability, Cash Flow, Funding Decisions And Company Value Of The Construction Service Companies Listed On The Indonesia Stock Exchange.TRTF International Symposium Proceeding2018.
Witjaksono, A. (2020). Effects of Earning Manipulation, Strength of Financial Position and Financial Distresson Firm Value (Case of Listed Manufacturing Firms in Indonesia). International Journal of Innovation, Creativity andChange,12(8).
Ali, S. (2020) Pembelajaran Daring di Tengah WabahCovid-19 (Online Learning in the Middle of the Covid-19 Pandemic). BIODIK: JurnalIlmiah Pendidikan Biologi Vol. 06, No. 02 Juni 2020, 06, 215-224. https://doi.org/10.22437/bio.v6i2.9759
Amoa-Gyarteng, K. (2021). Corporate Financial Distress: The Impact of Profitability, Liquidity, Asset Productivity, Activity and Solvency. Journal of Accounting, Business and Management (JABM, 28(2), 104
EboiyehiO. C.and Ikpesu,F.(2017).Anempiri cal investigation of capital structure and taxshield on business distressin Nigeria:An applicationof
Fredrick, Ikpesu. dan Eboiyehi Osazemen C. (2018). Capital Structure andCorporate Financial Distress of Manufacturing firms in Nigeria. Universitasof Benin, Edo State, Nigeria.
Febrianto, G.N., Riyadi, S. dan Nugroho,M. (2018) Influences Analysis OfMacroeconomics,RiskManagement,GoodCorporateGovernance,Earnings,CapitalsTowardCompanyPerformancesAndCompanyValues In National Private Public Bank Of Go Public Foreign ExchangesListed In Indonesian Stock Exchange. TRTF International SymposiumProceeding2018
Febrianto,G.N.;Ratnawati,T.andRiyadi,S.(2022).TheEffectOfMacroeconomic Factor, Earning Management And Financial Risk OnFirms'Value:AnEmpiricalAnalysisOfListedCommercialBanks.InternationalJournalofEconomicsandFinancialStudies,14(2).
Handono,M.(2009).Intisari manajemen keuangan.Jakarta,Indonesia :PT Grasindo.
Hermuningsih, S. (2013). Pengaruh profitabilitas, growth opportunity, strukturmodal terhadap nilai perusahaan pada perusahaan publik di Indonesia.BuletinEkonomiMoneterdanPerbankan,16(2),127–148.
Himama, S. N. i. M. N.; Ratnawati T. dan Rahmiyati, N. (2018). Pengaruh Investment Decision, Financing Decision, Dan Ekonomi makro Terhadap Good Financial Governance Serta Value Of The Firm Dengan Unsystematic Risk Dan Profitabilitas Sebagai Variabel Intervening. JMM17: Jurnal Ilmu Ekonomi dan Manajemen,5(1):1-12.DOI:https://doi.org/10.30996/jmm17.v5i01.1708
Hume,D.(1752) Of the balanceo ftrade.in Eichengreen,B.J.,and Flandreau,M. (Eds), The gold standard in theory and history. Second Edition. (pp.330-341).London:Routledge
Indonesian Institute for Corporate Governance (IICG).CGPI. Accesedfromhttps://iicg.org/wp/main-page/
Irham,F.(2014). Analisis Laporan Keuangan, Cetakan Ke-2.Bandung:Alfabeta. Keown, A.J; David F dan Marthin; John D dan Petty, Jay W.(2000)Dasar-dasar Manajemen Keuangan.J akarta: SalembaEmpat.
Jensen,M.C.,& Meckling,W.H. (2019). Theory of thefirm: Managerialbehavior, agency costs and ownership structure. In R. I. Tricker. (2019)Corporate governance(pp.77-132).London:Gower.
Jesilia. and Purwaningsih, S. (2020). Pengaruh Keputusan Investasi, KeputusanPendanaan dan Kebijakan Dividen terhadap Nilai Perusahaan. Profita:KomunikasiIlmiahdanPerpajakan,13(1):157-164.doi:10.22441/profita.2020.v13.01.012.
Jevons, W. S. (1875) Money and the mechanism of exchange. New York: D. Appleton&Co.
Jonathan, R. & Militina, T. (2018). Pengaruh utangterhadap nilai perusahaandan Financial distress perusahaan batubara yang go-public di Indonesia.JurnalDedikasi,19,46-65
Keown,A.J.2010. Basic Financial Management, Diterjemahkan oleh Chaerul .Djakman,Edisi10,Buku2,Jakarta:SalembaEmpat.
Likitwong kajona,N.,& Vithessonthi, C.,(2020). Do Foreign Investments Increase Firm Value And Firm Performance? Evidence From Japan.Research In International Business And Finance,51,:1-19. https://doi.org/10.1016/j.ribaf.2019.10109
Roy,K. and Bandopadhyay,K. (2022), Financia lrisk and firm value: is there any trade off in the Indiancon text?.RajagiriManagementJournal,16(3):226238.https://doi.org/10.1108/RAMJ-03-2021-0021
Sari, AK, Saputra, H., & Siahaan, APU (2018). Financial Distress Analysis onIndonesiaStockExchangeCompanies.InternationalJournalForInnovative ResearchinMultidisciplinary Field,4(3),73–74.
Sartono,A.(2010).Manajemen Keuangan Teoridan Aplikasi. Yogyakarta :BPFE. Sudarmadji,A.,& Sularto,L.(2007). Pengaruh ukuran perusahaan, profitabilitas, leverage, dan tipe kepemilikan perusahaan terhadap luas voluntary disclosure laporan keuangan tahunan.Proceedings PESAT (Psikologi,Ekonomi,Sastra,Arsitek, dan Sipil), Universitas Gunadarma,2,A53–A61
Solimun,A.A.R.;Fernandes,N.N.and Nurjannah,N .(2007). Multi varia testatistical method: Structura lequation modeling based on WarpPLS.Malang:UB Press
Sugiono, A. (2015). Manajemen keuangan untuk praktisi keuangan. Jakarta:Grasindo
Sulistiono, S. and Yusna. (2019) Analysis of the Effect of Funding Decision andDividendPolicyontheFirmValueandInvestmentDecisionasMediation(StudyonManufacturingCompaniesinIndonesiaStockExchange).AdvancesinEconomics,BusinessandManagementResearch,(136):173-177.
Sumaryati, A. and Tristiarini, N. (2017). The Influence of Cost of Equity onFinancial Distress and Firm Value. Advances in Economics, Business and Management Research, (Proceedings oft he 1stEconomics and Business InternationalConference2017).
Syamsudin., Setiadi, I., Santoso, D. and Setiany, E. (2022) Capital Structure andInvestment Decisions on Firm Value with Profitability as a Moderator.JURNAL Riset Akuntansi dan Keuangan Indonesia,59(3):287-295.
Tobin, J., and Brainard, W. C. (1977). Asset markets and the cost of capital. InFellner, W., Balassa, B. A., & Nelson, R. R. (Eds.), Economic progress, private values and public policy, essays in honor of William Fellner (pp.235-262). Amsterdam: North HollandPublishing Company.
Triani, N. and Tarmidi, D. (2019) Firm Value: Impact of Investment Decisions,FundingDecisionsandDividendPolicies.InternationalJournalofAcademic Research in Accounting, Finance and Management Sciences,9(2):158–163
Ukhriyawati, C. F.; Ratnawati, T. dan Riyadi S. (2017). The Influence of Asset Structure, Capital Structure,Risk Managementand Good Corporate Governance on Financial Performance and Value of The Firm through Earnings and Free Cash Flow As An Intervening Variable in Banking Companies Listed in Indonesia Stock. International Journal of Businessand Management,12(8):249-260.DOI:10.5539/ijbm.v12n8p249
Van Horne, J. C. (1968). Financial management and policy. Englewood Cliffs,NJ:Prentice-Hall.
Walela, E. Omagwa, J. and Muathe, S. (2022) Financial Risk, Firm Size and FinancialDistress:Turbulent TimesforFirmsListed atthe Nairobi Securities Exchange, Kenya. Advanced Journal of Social Science, 10(1):88-102.
Wahyuni,F.andAmanati,H.T.(2019) Investment Decisions ,Funding Decisions, Dividend, and Firm Value (Study of Companies Listed on the Indonesia tockExchange). Advancesin Economics, Businessand Management Research, (Proceedings of the 5th International Conferenceon Accountingand Finance),:66-72.
Wardana, T., Nugroho, M. dan Rahmiyati, N. (2022) The Effect of Profitability,Liquidity, and Company Size on Firm Value Through Corporate Social ResponsibilityinL Q45 Companies Listedon the Indonesia Stock Exchange. International Journal of Scientific Engineering and Science,6(2):37-39
Weston, F. J. (1963). The nature and measurement of financial leverage. JournalofFinance,18(3),446-475.
Weston, F. J., & Brigham, E. F. (1965). Financial management: Theory andpractice. Home wood,IL:Irwin.
I idiastoeti, H., Ratnawati, T. and Nugroho, M. (2021) Analysis of Investment Decisions, Funding Decisions and PSAK Compliance with CorporateSocial Responsibility Disclosure (CSRD), Financial Performance, and Audit Opinionsw ithGood Corporate Governance as Moderation in Indonesia State Enterprises. IJEBD International Journal of Entrepreneur shipand Business Development,4(5)
Wiratno, S. Riyadi, S. dan Nugroho, M. (2018) Analysis Of The Effect Of Liquidity On Profitability, Cash Flow, Funding Decisions And Company Value Of The Construction Service Companies Listed On The Indonesia Stock Exchange.TRTF International Symposium Proceeding2018.
Witjaksono, A. (2020). Effects of Earning Manipulation, Strength of Financial Position and Financial Distresson Firm Value (Case of Listed Manufacturing Firms in Indonesia). International Journal of Innovation, Creativity andChange,12(8).
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