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Abstrak :
Tujuan penelitian ini adalah untuk menguji pengaruh leverage terhadap investasi perusahaan. Selain itu juga akan diuji pengaruh pertumbuhan perusahaan dan arus kas terhadap hubungan antara leverage dan investasi. Populasi dalam penelitian ini adalah seluruh perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia yaitu sebanyak 120 perusahaan dengan periode penelitian tahun 2005-2011. Sampel yang dipilih menggunakan metode purposive sampling sebanyak 840 observasi. Teknik pengujian untuk uji hipotesis menggunakan model regresi berganda. Hasil penelitian ini membuktikan bahwa leverage berpengaruh positif dan signifikan terhadap investasi perusahaan. Tetapi sebaliknya, arus kas yang negatif dapat menjadikan pengaruh leverage terhadap investasi perusahaan menjadi negatif. Sedangkan pertumbuhan perusahaan yang rendah tidak terbukti dapat memberikan pengaruh terhadap hubungan antara leverage dengan investasi perusahaan.

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The purpose of this study was to examine the effect of leverage on firm investment policy. In this study also be tested the influence of the growth and cash flow of the relationship between leverage and investment. The populations in this study were all non-financial companies listed on the Indonesia Stock Exchange as many as 120 firms with year study period from 2005-2011. Samples were selected using purposive sampling method amounted to as much as 840 observations. Testing technique to test the hypothesis is using multiple regression models. Results of this study demonstrate that positive and significant effect of leverage on corporate investment. However, a negative cash flow can make the effect of leverage on corporate investment policy became negative. While a low growth firms are not proven to have any impact on the relationship between leverage the investment company.

Abstrak :
[Penelitian ini bertujuan untuk menelusuri pengaruh pinjaman bank terhadap perilaku investasi modal perusahaan manufaktur Indonesia yang terdaftar pada periode 2010-2014. Melalui pinjaman, bank memiliki kepentingan untuk ikut mengawasi keputusan investasi modal perusahaan. Penelitian ini menemukan bahwa pengawasan yang dilakukan oleh bank tidak mampu mengurangi sensitivitas investasi-arus kas dengan adanya masalah keagenan. Namun, pengawasan yang dilakukan dapat mengurangi masalah informasi sehingga memberikan kemudahan akses pendanaan bagi perusahaan. ......The purpose of this study is to trace the impacts of bank loans on capital investment behavior of Indonesian listed manufacture firms in 2010-2014. Through bank loans, bank has obligation to monitor corporate capital investment policy. This research found monitoring that perform by banks is not sufficient enough to decrease investment-cash flow sensitivity with agency problems. Although, monitoring that is perform by banks can reduce information problems so facilitate financing access to firms.;The purpose of this study is to trace the impacts of bank loans on capital investment behavior of Indonesian listed manufacture firms in 2010-2014. Through bank loans, bank has obligation to monitor corporate capital investment policy. This research found monitoring that perform by banks is not sufficient enough to decrease investment-cash flow sensitivity with agency problems. Although, monitoring that is perform by banks can reduce information problems so facilitate financing access to firms., The purpose of this study is to trace the impacts of bank loans on capital investment behavior of Indonesian listed manufacture firms in 2010-2014. Through bank loans, bank has obligation to monitor corporate capital investment policy. This research found monitoring that perform by banks is not sufficient enough to decrease investment-cash flow sensitivity with agency problems. Although, monitoring that is perform by banks can reduce information problems so facilitate financing access to firms.]