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"Permintaan dan penawaran komoditas energi dunia terus meningkat, begitu pula dengan permintaan dan penawaran di negara-negara ASEAN. Pertumbuhan permintaan energi tahunan rata-rata di ASEAN adalah 4.2%, begitu pula dengan penawarannya, hal ini berlangsung selama tujuh tahun terakhir (ASEAN Energy Outlook 2011). Berkaitan dengan aspek ini, maka salah satu fokus utama dari organisasi ASEAN adalah untuk mendorong investasi di sektor energi (APAEC, 2011), sehingga menimbulkan adanya kepentingan untuk mengetahui bagaimana pola perilaku investasi perusahaan energi di ASEAN. Riset ini memberikan salah satu alternatif pendekatan analisis perilaku investasi pada Top Five ASEAN Countries, dimana riset yang dilakukan berdasarkan pada penemuan riset terbaru yang dilakukan oleh Cleary et al 2007. Tujuan utama dari riset ini adalah untuk mengetahui apakah hubungan investasi dan dana internal perusahaan berbentuk kuva U atau tidak. Dimana hal ini memiliki perbedaan dengan riset yang dilakukan sebelumnya, yang menyatakan hubungan investasi dan dana internal perusahaan adalah positif.

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The world's demand and supply of energies are increasing, so does with ASEAN countries. The annual growth of energy demand in ASEAN was 4.2% in the past seven years, meanwhile the supply growth was also 4.2% (ASEAN Energy Outlook 2011). Since one of the concerns of ASEAN is to stimulate investment in energy sectors (APAEC, 2011), the urgency of knowing how energy firms doing investment in the past is raising. This research provides one of approaches to determine investment behavior of Top Five ASEAN Countries, consider on method and the recent findings in behavioral finance by Cleary et al 2007.

This research main aim is to see whether the relationship between internal fund and investment of the firms has U-shaped pattern or not. Contrary to the previous research about internal fund and investment stated that the relationship was only monotonically increasing. Meanwhile, based on Cleary et al 2007 findings, the relationship was U-shaped, where the firms will decrease its investment at a very low internal fund position, and started to increase investment at a certain internal fund position."

"[Penelitian ini mengidentifikasi dan menganalisisfaktor-faktor penentu dalam penanaman modal asmg(PMA) di Industri minyak dan gas Indonesia, serta dampak yang signifikan terhadap daya saing Indonesia. Aliran FDI telah meningkat secara dramatis dalam dua tahun terakhir. Namun, distribusi FDI sangat tidak merata dan persaingan antar negara untuk menarik investor asing sangatlah tinggi. Model konseptual dan hipotesis penelitian dikembangkan dan kerangka teori yang sudah ada. Data utama dikumpulkan melalui survei berbasiskuantitatif, total 245 responden terlibat dalam penelitian mi yang merupakan karyawan yang bekerja di perusahaan minyak dan gas asing yang beroperasi di Indonesia. Analisis deskriptif disajikan untuk mengeksplorasi kinerja keseluruhan daya saing negara, serta hubungan antar variabel. Untuk meneliti hubungan antara variabel penentu dan daya saing, analisis faktor dilakukan untuk tujuan pengurangan data dan mempertahankan faktor terkuat. Pengujian hipotesis dilakukan dengan analisis regresi berganda. Penelitian menunjukkan Pemerintah, Infrastruktur, Lokasi dan Suinber Daya Man usia memiliki hubungan yang signifikan dengan daya saing Indonesia.

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This study identifies and analyzes the determinant factors in foreign direct investment (FDI) Indonesian oil and gas and its significant impacts on Indonesia Competitiveness. The flow of FDI has increased dramatically in the last two years. However, the distribution of FDI is highly unequal and the competition among countries to attract foreign investors is high.On the basis of theoretical framework among the constructs, a conceptual model and hypotheses were developed. Primary data were collected through quantitative based survey from a total of245 samples were collected, from employee that worked in foreign oil and gas companies who operated in Indonesia. Descriptive analysis was presented to explore the overall performance of country competitiveness, as well as the relationship among variables. To investigate the relationship between FDI determinant variables and country competitiveness, factor analysis was performed for the purpose of data reduction and maintaining the strongest factor. Testing hypothesis has been done with multiple regression analysis. The findings showed Government, Infrastructure, Location and Human resources have a significant relationship with Indonesia Competitiveness.;This study identifies and analyzes the determinant factors in foreign direct investment (FDI) Indonesian oil and gas and its significant impacts on Indonesia Competitiveness. The flow of FDI has increased dramatically in the last two years. However, the distribution of FDI is highly unequal and the competition among countries to attract foreign investors is high.On the basis of theoretical framework among the constructs, a conceptual model and hypotheses were developed. Primary data were collected through quantitative based survey from a total of245 samples were collected, from employee that worked in foreign oil and gas companies who operated in Indonesia. Descriptive analysis was presented to explore the overall performance of country competitiveness, as well as the relationship among variables. To investigate the relationship between FDI determinant variables and country competitiveness, factor analysis was performed for the purpose of data reduction and maintaining the strongest factor. Testing hypothesis has been done with multiple regression analysis. The findings showed Government, Infrastructure, Location and Human resources have a significant relationship with Indonesia Competitiveness.;This study identifies and analyzes the determinant factors in foreign direct investment (FDI) Indonesian oil and gas and its significant impacts on Indonesia Competitiveness. The flow of FDI has increased dramatically in the last two years. However, the distribution of FDI is highly unequal and the competition among countries to attract foreign investors is high.On the basis of theoretical framework among the constructs, a conceptual model and hypotheses were developed. Primary data were collected through quantitative based survey from a total of245 samples were collected, from employee that worked in foreign oil and gas companies who operated in Indonesia. Descriptive analysis was presented to explore the overall performance of country competitiveness, as well as the relationship among variables. To investigate the relationship between FDI determinant variables and country competitiveness, factor analysis was performed for the purpose of data reduction and maintaining the strongest factor. Testing hypothesis has been done with multiple regression analysis. The findings showed Government, Infrastructure, Location and Human resources have a significant relationship with Indonesia Competitiveness., This study identifies and analyzes the determinant factors in foreign direct investment (FDI) Indonesian oil and gas and its significant impacts on Indonesia Competitiveness. The flow of FDI has increased dramatically in the last two years. However, the distribution of FDI is highly unequal and the competition among countries to attract foreign investors is high.On the basis of theoretical framework among the constructs, a conceptual model and hypotheses were developed. Primary data were collected through quantitative based survey from a total of245 samples were collected, from employee that worked in foreign oil and gas companies who operated in Indonesia. Descriptive analysis was presented to explore the overall performance of country competitiveness, as well as the relationship among variables. To investigate the relationship between FDI determinant variables and country competitiveness, factor analysis was performed for the purpose of data reduction and maintaining the strongest factor. Testing hypothesis has been done with multiple regression analysis. The findings showed Government, Infrastructure, Location and Human resources have a significant relationship with Indonesia Competitiveness.]"

"Penelitian ini menganalisa korelasi faktor-faktor ekonomi negara tujuan investasi terhadap aliran penanaman modal di beberapa negara. Analisa difokuskan pada penanaman modal asing pada industri manufaktur di Indonesia, Malaysia, Filipina dan Thailand dan didasarkan pada data-data makroekonomi pada periode 1996 hingga 2001. Analisa korelasi faktor-faktor ekonomi negara tujuan yang meliputi: (a) nilai tukar mata uang, (b) luas pasar, (c) tingkat pertumbuhan, dan (d) tingkat penetrasi usaha asing terhadap penanaman modal asing di bidang manufaktur dilakukan untuk setiap negara dengan menggunakan metode analisis regresi. Dengan menggunakan model regresi linier, analisis korelasi setiap variabel babas terhadap variabel terikat, yaitu tingkat penanaman modal asing, dilakukan secara terpisah untuk setiap variabel babas dan untuk masing-masing negara. Selanjutnya dengan menggunakan model regresi multipel keempat variabel babas secara bersama-sama dianalisa korelasinya terhadap tingkat penanaman modal asing. Hasil analisa regresi ini kemudian dibandingkan secara deskriptif untuk setiap negara.Hasil penelitian menunjukkan bahwa dalam kasus aliran penanaman modal asing di sektor manufaktur untuk Indonesia, Malaysia, Filipina dan Thailand, perbedaan tingkatan penanaman modal asing di negara-negara tersebut dapat dijelaskan dalam berbagai tingkatan oleh faktor-faktor ekonomi di negara tujuan, baik secara terpisah maupun gabungan. Faktor-faktor tersebut meliputi tingkat nilai tukar mata uang, besar pasar, tingkat pertumbuhan dan penetrasi usaha asing. Korelasi antar tiap faktor negara tujuan dengan tingkat penanaman modal asing menunjukkan arah korelasi yang berbeda antar negara. Hasil korelasi antar variabel menunjukkan hasil yang bertentangan dan juga mendukung penelitian sebelumnya. Hasil penelitian tidak menunjukkan signifikansi secara statistik.Untuk penelitian mendatang yang mencoba menganalisa fenomena penanaman modal asing dan factor-faktor yang menentukan sebaiknya mempertimbangkan satu pendekatan yang lebih komprehensif dengan menyertakan faktor-faktor internal perusahaan penanam modal dan lokasi investasi sehingga keterkaitan antar berbagai faktor dan fenomena penanaman modal asing tersebut dapat dipahami secara lebih baik.

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This thesis analyzes the correlations of host country economic factors to foreign investment flow and compares the correlations between countries. The analysis focuses on direct investment manufacturing in Indonesia, Malaysia, Philippine and Thailand, using macroeconomic data of the countries for the period of 1996 to 2001. Several host country economic factors, they are: (a) foreign exchange fluctuation, (b) market size, (c) level of development, and (d) penetration by foreign business were analyzed of their association to foreign equity investment made to the manufacturing sector in each country using regressions analysis method. The four independent variables were analyzed independently for their association with the dependent variables (foreign equity investment) using linear regression model in each country, and subsequently, using multiple regressions model, the four variables were jointly analyzed on their associations to foreign equity investment. Regression results were then descriptively compared to each country.

Findings of this study show that in the case of foreign equity investment flow to manufacturing sector in Indonesia, Malaysia, Philippine and Thailand, the variance of foreign equity investment in these countries can be explained in various degree by the host country economic factors (i.e. foreign exchange fluctuation, market size, level of development and penetration by foreign business), independently or jointly. The direction of the relationship between each host country factor to the equity investment varies from country to country. Contradicting and supporting results of the variable's associations also appear in the finding. The findings did not show significant statistic results.

Future studies attempting to examine foreign direct investment phenomenon and the determinant factors of such activity should consider a more comprehensive approach incorporating both MNC and location factors to understand the interplay of these factors better as well as to understand the phenomenon better."

"Dalam penelitian ini dilakukan analisis mengenai dampak ketidakpastian (World Uncertaınty Index-WUI) terhadap inefisiensi investasi perusahaan di Indonesia. data yang digunakan merupakan data panel 1150 firm-year yang terdiri dari periode time series 2014-2024 dan 115 cross section perusahaan. Hasil penelitian ini menunjukkan dampak negatif dari ketidakpastian terhadap nilai absolut inefisiensi investasi. Secara khusus, terdapat dampak negatif dari ketidakpastian terhadap inefisiensi investasi pada kondisi overinvestment, dan dampak positif dari ketidakpastian terhadap inefisiensi investasi pada kondisi underinvestment. sehingga disimpulkan dalam kedua skenario investasi yang tidak normal, ketidakpastian mengurangi inefisiensi investasi dan mengoptimalkan

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This study analyzes the impact of uncertainty (World Uncertaınty Index-WUI) on corporate investment inefficiency in Indonesia. Tthe data used is 1150 firm-year panel data consisting of the 2014-2024 time series period and 115 cross section companies. the results show a negative impact of uncertainty on the absolute value of investment inefficiency. There is a negative impact of uncertainty on investment inefficiency in overinvestment conditions, and a positive impact of uncertainty on investment inefficiency in underinvestment conditions. Thus, it is concluded that in both abnormal investment scenarios, uncertainty reduces investment inefficiency and optimizes investment decisions."