PENGARUH PROFITABILITAS, LIKUIDITAS, DAN SOLVABILITAS TERHADAP INVESTMENT OPPORTUNITY SET PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI

Abstract

This study aims to test and analyze the effect of Profitability, Liquidity and Solvency on the Investment Opportunity Set in manufacturing companies listed on the IDX for the 2015-2019 period. This research is an associative type of research and the type of data used is quantitative data. The population of this study are manufacturing companies listed on the Indonesia Stock Exchange for the period 2015-2019. The sample in this study amounted to 75 companies. This research uses purposive sampling method. Methods of data analysis using panel data regression analysis techniques with the Fixed Effect Model approach. The results of the F test show that simultaneously profitability, liquidity and solvency have a significant effect on the investment opportunity set. The partial test results show that profitability (return on equity) has a positive and insignificant effect on the investment opportunity set, liquidity (current ratio) has a negative and significant effect on the investment opportunity set, and solvency (debt to equity ratio) has a positive and significant effect on investment opportunity. set. Based on the test of the coefficient of determination (Adjusted R2), it shows that the Adjusted R Square value of 0.917027 means that profitability (return on equity), liquidity (current ratio), solvency (debt to equity ratio) affects the investment opportunity set by 91.70% and the remaining 8.30 % can be explained by other variables not examined in this study.

Keywords :   Profitability, Liquidity, Solvency and Investment Opportunity Set

Daftar Pustaka

Afriadi. (2016). Pengaruh Kebijakan dividen, kebijakan utang, profitabilitas, dan likuiditas terhadap investment opportunity set.(Studi Empiris pada Perusahaan Manufaktur). Jurnal Akuntansi Vol. 4, No. 1.

Arief Sugiono dan Edy Untung. (2016). Panduan Praktis Dasar Analisa Laporan Keuangan Edisi Revisi. Jakarta : Grasindo.

Agus Sartono. (2010). Manajemen Keuangan Teori dan Aplikasi. Edisi 4. Yogjakarta: BPFE.

Azhari. (2019). Pengaruh Rasio Keuangan Terhadap Investment Opportunity Set pada Tahap Kedewasaan Siklus Kehidupan Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia pada Tahun 2013-2017. Universitas Sumatera Utara.

Bambang, Riyanto. 2008. Dasar-dasar Pembelanjaan Perusahaan. Edisi Keempat. Cetakan Kedelapan. Yayasan Penerbit Gajah Mada. Yogyakarta

Baskin, J., (1989), "An Empirical Investigation of the Pecking Order Hypothesis", Financial Management, Spring, pp 26-35

Basuki, Agus Tri dan Prawoto, Nano. (2016). "Analisis Regresi Dalam Penelitian Ekonomi & Bisnis". Jakarta: Raja Grafindo.

Gaver, J.J., dan Gaver, K.M. (1993). "Additional Evidence on The Association Between The Investment Opportunity Set and Corporate Financing Dividend, and Compesation Policies". Journal of Accounting and Economic. pp. 125-160.

Gujarati, D.N. & D.C. Porter, (2009), "Basic Econometrics". 5th edition. McGraw-Hill : New York.

Hasnawati. (2005). "Implikasi Keputusan Investasi, Pendanaan, dan Dividen terhadap Nilai Perusahaan Publik di Bursa Efek Jakarta". Usahawan. No. 09/Th XXXIX. September 2005 : 33-41.

Harahap Sofyan Syafri (2011), Teori Akuntansi Edisi Revisi 2011. Jakarta: Rajawali Pers.

Hidayatullah, Surya Kholid. (2011). Analisis rasio Likuiditas, Profitabilitas dan Solvabilitas terhadap Investment Opportunity Set (IOS) pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2006-2009. Sekolah Tinggi Ilmu Ekonomi Semarang.

Kasmir. (2016). Analisis Laporan Keuangan. Jakarta: Raja Grafindo Persada.

Lestari, Holydia. (2004). "Pengaruh Kebijakan Utang, Kebijakan Dividen, Risiko dan Profitabilitas Perusahaan terhadap Set Kesempatan Investasi". SNA 7: Ikatan Akuntansi Indonesia.

Lukman Syamsudin. (2004). Manajemen Keuangan Perusahaan. Jakarta : PT. Raja Grafindo Persada. Cetakan ke 8.

Myers, S.C. (1977). Determinants of corporate borrowing. Journal of Finncial Economics. 5:147-175.

Novianti, Andita & Nicodemus Simu. (2016). Kebijakan hutang, Kebijakan deviden, dan Profitabilitas, serta dampaknya terhadap investment opportunity set (IOS). Jurnal Manajemen Teori dan Terapan Tahun 9. No. 1.

Saputro, Akhmad Adi & Lela Hindasah. (2007). "Pengaruh Kebijakan Pendanaan, Deviden dan ProfitabilitasPerusahaan terhadap Set Kesempatan Investasi (IOS)". Jurnal Akuntansi dan Investasi Vol. 8 No. 1, hal: 58-71.

Shintawati, Vidya Ria. 2011. "Pengaruh Board Diversity, Investment Opportunity Set (IOS), dan Kinerja Keuangan terhadap Nilai Perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2008". Fakultas Ekonomi Universitas Sebelas Maret.

Subchan dan Sudarma. (2010). "Pengaruh Kebijakan Utang, Kebijakan Dividen dan Profitabilitas Perusahaan Terhadap Set Kesempatan Investasi". Jurnal Bisnis dan Ekonomi.