ABSTRAKPenelitian ini bertujuan untuk mengetahui bagaimana fenomena investment
inefficiency yang terjadi pada pasar Indonesia terkait masalah financial constraints
dan agency costs yang melanda perusahaan-perusahaan publik di Indonesia.
Menggunakan data panel dari perusahaan terdaftar di Indonesia pada periode
2006-2015, ditemukan bukti kuat adanya investment inefficiency, yang dapat
dijelaskan oleh keberadaan financial constraints dan agency costs pada
perusahaan-perusahaan dalam indek Kompas 100 kategori Februari-Juli 2016.
Secara spesifik, ditemukan bahwa perusahaan dengan arus kas di bawah (atas)
level optimal cenderung untuk under- (over-) invest sebagai konsekuensi dari
financial constraints (agency costs). Lebih jauh, dengan berfokus pada perusahaan
under-investment, ditemukan bahwa sensitivitas abnormal investment ? free cash
flow meningkat menggunakan proksi pengukuran terhadap financial constraints.
Dan dengan berfokus pada perusahaan over-investment, ditemukan bahwa
sensitivitas abnormal investment ? free cash flow meningkat menggunakan proksi
pengukuran terhadap agency costs.
ABSTRACTThis study aims to determine how the investment inefficiency phenomenon that
occurs in the Indonesian market related issues financial constraints and agency
costs faced by public companies in Indonesia. Using panel data of listed
companies in Indonesia in the period 2006-2015, this study found strong evidence
of the investment inefficiency, which can be explained by the existence of
financial constraints and agency costs on companies in the Kompas 100 index
categories from February to July 2016. Specifically, it was found that companies
with cash flow below (above) the optimal level tend to under- (over-) invest as a
consequence of financial constraints (agency costs). Furthermore, by focusing on
under-investment firms, found that abnormal sensitivity of investment - free cash
flow increased by using proxy measures of financial constraints. And by focusing
on the over-investment firms, it was found that the abnormal sensitivity of
investment - free cash flow increased by using proxy measures of agency costs.
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