Pengaruh Arus Kas, Kesempatan Investasi, Leverage, dan Modal Kerja terhadap Keputusan Investasi Aktiva Tetap

Abstract

This research aims to analyze the effect of cash flow, investment opportunities, leverage, working capital on fixed asset investment decisions of financially constrained firms. This research focuses on financially constrained firms of manufacturing sector in the 2008-2010 period. Due to the impact of the global financial crisis in 2008 has increasing asymmetric information that led to the company facing financial constraints. Sample in this research were 44 companies in manufacturing sector which has facing financial constraints indicated by firm had not pay dividends. Analytical techniques used in this research is the multiple linear regression analysis. The result shows that cash flow had positive effect to fixed asset investment decisions of financially constrained firms, while investment opportunities, leverage, and working capital are has not effect to fixed asset investment decisions of financially constrained firms.
Keywords: investment decision, financial constraints, fixed asset.