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"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."

"Menggunakan data panel dinamis dari 68 perusahaan manufaktur yang tercatat di Bursa Efek Indonesia selama periode 2014-2018, penelitian ini menguji pengaruh moderasi ketidakpastian pada hubungan antara leverage dan investasi perusahaan. Ketidakpastian spesifik perusahaan, ketidakpastian pasar, ketidakpastian pasar keuangan dan ketidakpastian ekonomi dan politik digunakan sebagai proksi ketidakpastian. Penelitian ini menggunakan two step robust system Generalized Method of Moments (GMM). Hasil penelitian menunjukkan bahwa ketidakpastian dan interaksinya dengan leverage memiliki efek yang bervariasi pada investasi perusahaan. Studi ini menemukan bahwa hanya ketidakpastian pasar dan ketidakpastian ekonomi dan politik yang berpengaruh signifikan terhadap investasi perusahaan. Untuk efek moderasi, penelitian ini menemukan bukti bahwa interaksi antara ketidakpastian pasar dengan leverage melemahkan efek positif dari leverage pada investasi. Namun interaksi antara ketidakpastian ekonomi dan politik dengan leverage melemahkan efek negatif dari leverage pada investasi.

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Using dynamic panel data of 68 manufacturing companies listed on Indonesia Stock Exchange during period of 2014-2018, this study examine the moderating effect of uncertainty on the relationship between leverage and firm investment. Firm specific uncertanty, market uncertainty, financial market uncertainty and economic and political uncertainty are used as uncertainty proxy. The research used two step robust system Generalized Method of Moments (GMM). The results show that uncertainty and its interaction with leverage has vary effect on the firm investment. This study found that only market uncertainty and economic and politic uncertainty has significant effect on firm investment. For moderating effect, this study found evidence that interaction between market uncertainty with leverage weaken the positive effect of leverage on investment. However the interaction between economic and political uncertainty with leverage weaken the negative effect of leverage on investment."

"Tesis ini membahas mengenai pengaruh stock mispricing terhadap keputusan investasi perusahaan-perusahaan di Bursa Efek Indonesia. Penelitian ini merupakan penelitian kuantitatif dengan menggunakan panel data dari tahun 2000 hingga tahun 2010. Variabel mispricing diukur dengan menggunakan harga saham yang dirumuskan dalam variance ratio. Dalam penelitian ini, terdapat satu variabel dependen yaitu rasio capital expenditure (belanja modal) terhadap investasi riil perusahaan. Hasil dari penelitian ini menyimpulkan bahwa mispricing yang terjadi pada pasar saham dan cash perusahaan tidak berpengaruh terhadap keputusan investasi perusahaan-perusahaan di Bursa Efek Indonesia. Di pihak lain, variabel-variabel fundamental perusahaan seperti cash flow, leverage, dan sales memiliki pengaruh yang signifikan terhadap keputusan investasi perusahaan.

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This thesis discusses about the effect of mispricing on corporate investment decisions in Indonesia Stock Exchange. This is a quantitative study using panel data from 2000 until 2010. Mispricing variable is measured using stock price which is defined in the variance ratio. In this study, dependent variable is ratio of firm's capital expenditures to its real investment. The results of this study concluded that the mispricing that occurred in the stock market and corporate?s cash do not affect the corporate investment decisions in Indonesia Stock Exchange. On the other hand, the fundamental variables such as the firm's cash flow, leverage, and sales have a significant effect on corporate investment decisions."

"ABSTRAK Banyak perusahaan dengan struktur kepemilikan yang terkonsentrasi di Indonesia dikuasai oleh keluarga pendiri. Masalah keagenan pada perusahaan dengan struktur kepemilikan terkonsentrasi terjadi antara controlling shareholders dan non-controlling shareholders. Masalah keagenan ini dapat berdampak terhadap pengambilan keputusan yang tidak efisien dalam perusahaan, termasuk dalam hal keputusan investasi. Penelitian ini menjelaskan pengaruh kehadiran Multiple Large Shareholders (MLS) terhadap hubungan family ownership dan abnormal investment dalam perusahaan. Penelitian berfokus pada perusahaan keluarga, yang tercatat resmi di Bursa Efek Indonesia selama periode penelitian 2011-2017. Hasil dalam penelitian ini menunjukan bukti secara empiris bahwa, cash flow rights yang mengindikasikan adanya alignment effect dapat mengurangi adanya kecenderungan abnormal investment pada perusahaan. Selain itu, hal sebaliknya juga terbukti yaitu adanya entrenchment effect yang diakibatkan dari nilai cash flow leverage. Entrenchment effect ini mencerminkan adanya insentif pemegang saham untuk melakukan ekspropriasi merugikan yang dapat mengakibatkan adanya kecenderungan abnormal investment. Penelitian ini juga membuktikan bahwa pengaruh negatif dari adanya entrenchment effect dapat berkurang ketika perusahaan memiliki lebih dari satu large shareholders, atau disebut juga dengan multiple large shareholders (MLS).

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ABSTRACT

Many firms with concentrated ownership in Indonesia are controlled by families. Agency problem in firms with concentrated ownership occur between controlling shareholders and non controlling shareholders. This agency problem will cause inefficient decision making, such as that related to investment. This research analyzes the effect of Multiple Large Shareholders (MLS) toward relationship between family ownership and abnormal investment. This study focused on family firms which were legally listed in Bursa Efek Indonesia from 2011-2017. This research shows empirically that cash flow rights, which indicate an alignment effect is able to reduce the tendency of abnormal investment. In contrast, there is entrenchment effect which caused by the value of cash flow leverage. This entrenchment effect reflects an insentive of shareholders to do expropriation that can detriment other shareholders. The expropriation activities done by these shareholders may cause the tendency of abnormal investment. This study also proves that the negative influence of entrenchment effect may be reduced when firms have more than one large shareholders, also known as multiple large shareholders (MLS)."

"ABSTRAKTujuan dari penelitian ini adalah untuk menguji hubungan dari pembangunan infrastruktur dengan investasi swasta. Panjang jalan, panjang jaringan listrik, dan distribusi air digunakan sebagai proksi dari pembangunan infrastruktur. Dengan menerapkan Fixed Effect Estimation pada data panel di level provinsi periode tahun 2000-2009, penulis menemukan bahwa pembangunan infrastruktur memiliki hubungan positif dengan jumlah investasi swasta di Indonesia, walaupun korelasi yang signifikan hanya terjadi pada infrastruktur air dan listrik.Selanjuntnya, penulis mendesain composite index untuk mengobservasi relasi infrastruktur secara keseluruhan dengan investasi swasta. Adapun hasilnya juga menunjukan hubungan yang signifikan secara statistik antara kedua variabel tersebut. Selanjutnya, kesenjangan penyediaan infrastruktur antara Indonesia Bagian Barat dan Timur juga diuji dalam penelitian ini.Hasilnya mengungkapkan bahwa terjadi kesenjangan yang cukup besar pada penyediaan infrastruktur listrik dan penyediaan air di kedua wilayah ini, sehingga menciptakan disparitas jumlah investasi swasta di kedua wilayah. Temuan ini diharapkan dapat menjadi bahan pertimbangan untuk pemerintah Indonesia agar lebih menerapkan pembangunan infrastruktur yang seimbang untuk semua propinsi di Indonesia sehingga dapat lebih lagi menarik investasi baik domestik maupun asing.

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ABSTRACTThe aim of this study is to examine the relationship between the infrastructure developments and private investment. The road length, electricity, and water distribution are employed as the measurement of the infrastructure. Applying Fixed Effect Estimation to the 2000-2009 periods of panel data of Indonesia country, I found that infrastructure does have positive correlation with the level of private investment even though the significant relations only exist in the water and electricity infrastructure.Moreover, I construct a composite index to observe the relationship between the infrastructures as a whole with private investment. Interestingly, the result demonstrates a statistically significant and positive correlation between those two variables. Furthermore, the gap of infrastructure provision between the west area of Indonesian and the east is examined in this study.The result discloses that there is a sizeable gap of electricity and water provision in both these regions; it yields a disparity of the amount of private investment in both regions. These findings hopefully would reinforce the Indonesia government to develop more a well-balanced infrastructure development in all provinces of Indonesia to attract more domestic investment as well as the foreign investment."

"Penelitian ini bertujuan untuk: 1) menganalisis struktur sektor industri Manufaktur dalam perekonomian Indonesia; 2) mengidentifikasi sektor kunci pada sector industri Manufaktur; 3) menganalisis dampak investasi pada sektor industri Manufaktur terhadap pembentukan output, nilai tambah, pendapatan rumah tangga, dan penyerapan tenaga kerja. Metode penelitian yang digunakan adalah Input Output yang dimuktahirkan dengan teknik RAS Tahun 2012. Hasil penelitian menunjukkan bahwa terdapat perubahan efisiensi dimana tahun 2012 cenderung lebih inefisien dibandingkan tahun 2010. Sub sektor industri Makanan, Minuman, dan Tembakau merupakan sektor unggulan karena memiliki nilai yang paling besar dalam tiga kelompok angka pengganda, yaitu angka pengganda output, nilai tambah, dan penciptaan tenaga kerja, sedangkan angka pengganda pendapatan rumah tangga yang tertinggi berada pada industri Produk Semen dan Penggalian Bukan Logam. Berdasarkan analisis sektor kunci, industri Makanan, Minuman, dan Tembakau; industri Produk Pupuk, Kimia, dan Karet; dan industri Peralatan, Mesin, dan Perlengkapan Transportasi merupakan sektor kunci pada industri Manufaktur. Simulasi dampak investasi sektor industri Manufaktur secara total berdampak positif pada perekonomian Indonesia dengan indikator berupa pembentukan pertumbuhan output sebesar 1,78 persen, nilai tambah sebesar 1,61 persen, pendapatan rumah tangga sebesar 1,35 persen, dan penyerapan tenaga kerja sebesar 0,06 persen.

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This study was aimed to:1) analyze the structure of the manufacturing sector;2) identify the key sectors of the manufacturing sector; 3) analyze the impact of the investment on manufacturing sector in terms of output, value added, household income and labor force. The analysis on this research was based on Input Output Table 2010 which had been updated to Input Output Table 2012 by RAS technique. The result of research showed that there was a change in efficiency where 2012 is tend to be more inefficient compared to 2010. The Food, Beverage and Tobacco industry is a dominant industry in manufacturing sector for it has the three biggest multiplier of output, value added, and labor force while The Cement Product and Non Metallic Quarrying industry has the highest value on household multiplier. The key sectors of manufacturing industry are Food, Beverage, and Tobaco industry and Fertilizer, Chemical, and Rubber Product industry as well as Transportation Machinery and Tool industry. The simulation of the impact of investment in the manufacturing sector showed that investment on manufacturing sector had totally pushed Indonesian economy to grow up, indicated by the increasing of output (1,78 percent), the increasing of value added (1,61 percent), the increasing of household income (1,35 percent), and the increasing of labor absorption (0,06 percent)."

"[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.]"

"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 menganalisis pengaruh keberadaan Foreign Direct Investment (FDI) terhadap pertumbuhan ekonomi antar provinsi di Indonesia pada periode setelah krisis 1998 atau pada masa otonomi daerah. Pertumbuhan nasional yang sudah cukup tinggi pascakrisis belum menghasilkan pemerataan pendapatan antar provinsi. Kesiapan masing-masing provinsi dalam menghadapi otonomi daerah pun berbeda sehingga disparitas dapat menjadi lebih tajam. FDI diharapkan dapat menjadi engine of growth bagi provinsi-provinsi di Indonesia pada masa otonomi daerah. Namun hasil regresi terhadap model pertumbuhan menunjukkan tidak ditemukannya dampak positif FDI terhadap pertumbuhan. Provinsi harus memiliki kesiapan modal manusia agar keberadaan FDI berdampak positif bagi pertumbuhan ekonominya. Pada akhirnya, walaupun masih terdapat disparitas pendapatan regional, namun hasil analisis menggunakan teori konvergensi memperlihatkan bahwa terdapat kecenderungan daerah miskin dapat mengejar ketertinggalan dari daerah kaya.

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This paper aims to analyze the effects of Foreign Direct Investment (FDI) on economic growth among provinces in Indonesia in the period after Financial Crisis of 1998 or in the period of regional autonomy. Although National growth is already high after the crisis, there are still income inequality across provinces. Readiness of each region to face regional autonomy is different that the disparity could be more severe. FDI is expected to be the engine of growth for the Indonesia provinces during the regional autonomy era. For FDI to have positive impact on economic growth, however, there is a need of readiness of human capital for each provinces. Finally, although there are regional income disparities, the results of the analysis using the convergence theory show that there exist a tendency for poorer regions to catch up with richer regions."

"Ada beberapa faktor yang mempengaruhi kebijakan pembayaran dividen pada perusahaan; diantaranya adalah investment opportunity set dan pendanaan perusahaan. Beberapa penelitian sudah mengangkat topic mengenai kebijakan pendanaan namun sedikit sekali dalam Negara berkembang. Penelitian ini menganalisis pengaruh investment opportunity set dan pendanaan perusahaan pada kebijakan pembayaran dividen di Indonesia. Sampel terdiri dari 275 observasi dari sampel yang melakukan pembayaran dividen dari tahun 2001-2011. Variabel dependennya adalah pembayaran dividen diukur oleh dividen per saham dibagi dengan jumlah nilai ekuitas per saham. Variabel independennya adalah investment opportunity set dan pendanaan perusahaan. Market to book asset digunakan untuk mengukur profitabilitas dan jumlah utang terhadap jumlah ekuitas digunakan untuk mengukur pendanaan perusahaan. Proksi profitabilitas dan risiko sistematik digunakan sebagai variabel kontrol. Hasilnya menunjukkan bahwa ada hubungan signifikan terhadap investment opportunity set dengan kebijakan pembayaran dividen. sedangkan pada variabel independen lainnya, yaitu pendanaan perusahaan tidak signifikan. Pada variabel control yaitu risiko sistematik yang diukur oleh beta saham dan profitabilitas dengan pengembalian dari investasi menunjukkan nilai yang tidak signifikan.

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There are several factors that affect the company’s dividend payout policy; including investment opportunity set and corporate financing. Several studies have raised the topic of policy but little funding in developing countries. This study analysis the effect investment opportunity and corporate financing on dividend payout policy in Indonesia. The Sample consists of 275 observations of sample of the dividend payment from 2001 to 2011. The dependent variable measured by dividend payments of dividends per share divided by the total value of equity per share. Independent variable in this study is the investment opportunity ser and corporate financing. Market to book asset is used to measure the investment opportunity set; debt to equity and debt maturityis used to measure corporate financing. Profitability and systematic risk proxies are used as control variables. The result showed that there was a significant relationship to the investment opportunity ser with a dividend payout policy. While the other independent variables, which are not significant corporate financing. On the control variables, proxies by systematic risk as measured by beta stocks and profitability measured by return on investment indicates that the value is not significant."