PENGARUH KETIDAKPASTIAN EKONOMI PADA INVESTASI PERUSAHAAN: PEMBUKTIAN MENGGUNAKAN PENDEKATAN PANEL QUANTILE REGRESSION
DOI:
https://doi.org/10.35794/jmbi.v9i2.40053Abstract
Abstract. This study aimed to observe the impact of economic policy uncertainty on corporate investment decision in Indonesia. Uncertainty can influence firm’s investment decision because manager lost the ability to forecast future economic performance, which cause manager to decide not to take their investment opportunity. The sample of this research are firms that are listed in the Indonesia Stock Exchange (IDX). This study uses unbalanced panel data from period 2006 to 2020 with total 4689 observations. In this research, the effect of uncertainty to investment will utiulize the panel quantile regression approach. The results show that uncertainty will increase corporate investment. Moreover, the effect of uncertainty is stronger for firms with higher level of investment.
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Abstrak. Penelitian ini menguji pengaruh ketidakpastian kebijakan ekonomi pada keputusan investasi perusahaan Indonesia. Ketidakpastian dapat mempengaruhi keputusan investasi perusahaan dikarenakan manajer tidak dapat mengobservasi probabilitas ekonomi dimasa depan, sehingga manajer dapat memutuskan untuk tidak mengambil kesempatan investasi yang dimiliki. Sampel penelitian ini adalah perusahaan Indonesia yang sudah tercatat pada Bursa Efek Indonesia (BEI). Studi ini menggunakan data panel tidak seimbang (unbalanced panel data) pada periode tahun 2006 hingga 2020 dengan total sebanyak 4689 observasi. Pada penelitian ini pembuktian efek ketidakpastian pada investasi menggunakan metode regresi panel data kuantil. Hasil yang ditemukan menunjukkan bahwa ketidakpastian meningkatkan investasi perusahaan. Selain itu, efek ketidakpastian lebih kuat pada perusahaan yang memiliki level investasi yang lebih tinggi.References
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