Analisis Teori Keputusan Investasi, dan Analisis Leverage pemilihan Sumber Pendanaan Perusahaan

La Ode Hasiara


Abstract : This research studied thefindings in relevant to investment decision and company share allocation as well as analyzing the leverage offunding selection. To get suchfunding sources, management should be able to control as the agency theory and the cashflow in international perspectives. These two theories have different forecast about relation between investment and payment decisions, since the chance level of investment and finance has limit according to the company's capacity. However, in this study analyzing theoretical studies, normative or empiric, was fundamental integration that can be made use of further reference. This was only a unifying model of any studies of investment as a whole, a response to capital running that must be executed by manager, the ownership was bigger, and the cashflow of property owned by the company or its principals. Investment decision was affected by social stratification theory (agency theory) that can be invested in a company and probably the finance was more sensitive toward internal cashflow . Investment decision was not constrained by more sensitive finance, but more cashflow oriented, mainly those in debt. The result found in this study indicated various forecasting theories of investment decision, company liquidity, and asset structure owned by the company.

Keywords: investment analysis, leverage analysis, selection offunding for the company

Full Text:



Adedeji, A.1998 .Does the Pecking Hypothesi s Explain the Dividend Payout Ratios ofFirms in The UK?, Journal of Business Finance and Accounting, 25 (9) & {10),November/December, 1127-1155.

Aharony, J., and I.Swary. 1980. Quarterly Dividend and Earnings Announcements and Stockholder's Returns: An Empirical Analysis, The Journal of Financee, 35 ( l), March, 1-12.

Akerlof, GA. 1970. The Market for Lemons: Qualitative Uncertainty nad the Market Mechanism, Qccarterly Journal of Economics 84,August,488-500.

Altman, E.L.1968 . Financial Ratio, Discriminant Analysis and The Prediction of Corporate Bankruptcy, Journal of 'Finance 23, 589-609.

Apriani, L. 2005. Reaksi Pasar terhadap Pengumuman Kenaikan/Penurunan Dividen (Studi Empiris pada Perusahaan Utulitas Publik dan Perusahaan dalam Industri Tidak Diregulasi.

Barclay, Michael, J.,and Clifford, W.S., Jr. 2001. The Capital Structure Puzzle: Another Look at the Evidence. from The New Corporate Finance: Where Theory Meets Practice, Edited by Donald.h. Chew Jr., McGRaw-Hill, Boston, 197-209.

Barton, S.L.,N.G Hill,andS. Sundararn. 1989.An Empirical Test ofStakeholdcr Theory Prediction of Capital Structure. Financial Management, Spring. 36-44.

Baskin, J. 1989.An Empirical Investigatfon of the Pecking Order Hypothesis, Financial Management. Spring, 26-35.

Baxter, N.D. 1967. Leverage, Risk of Ruin and the Cost of Capital, Journal of Finance, September,395-403.

Bond, S., and C. Meghir. 1994a.Dynamic Investment Models and the Firm's Financial Policy, Reviewec, 'Economic Studies 61, 197-222.

Calomiris,C., and R.Glenn Hubbard. 1995. Internal Finance and Investment : Evidence from the Undistributed Profit Tax of 1936-37. Journal of Business 68(4),443- 482.

Campagna , A.S.1968. Capital Appropriations and the Investment Decision, Review of Economics and Statistics 50(2). May, 207-214.

Carpenter, R.E. 1994.Finance Constraint or Free Cash Flow? The impact ofAsymmetric Information on Investment, Working Paper, Department of Economics. Emory University, Atlanta. January, 13.

Chang, R.P., and S.G Rhee. 1990. The Impact of Personal Taxes on Corporate Dividend Policy and Capital Struc­ ture Decisions,Financial Management, Summer, 21-31.

Cleary, S. 1999. The Relationship Between Firm Investment and Financial Status. The Journal of Finance, 54 (2),April, 673-692.

Copeland, T.E., and J.F. Weston. 1988. Financial Theory and Corporate Policy, Third Edition, Addison Wesley Publishing Company, Massachusetts.

Easterbroxok, F.H. 1984. TwoAgency-cost Explanation of Dividends, American Economic Review, 74, September,650-659.

Eisner, R.1963.Investment: Fact and Fancy,Amen'can Economic Review,53(2), May. 237-246.

Fama, E.F. 1978. The Effect of A Firm's Investment and Financing Decisions on the Welfare of it Security Holders, American Economics Review. 68. June, 272- 284.

Fazzari, S., dan B.C. Petersen. 1993.Working Capital and Fixed Investment: New Evidence on Financing Constraint. RAND Journal of Economics 24, 328-341.

Fazzari, S., R.G Hubbard,dan B.C. Petersen. 1988.Financing Constraint and Corporate Investment. Brookings Papers on Economic Activity 1l, 141-195.

Fazzari, S.M., R.G Hubbard, dan B.C. Petersen. 1996. Financing Constraints and Corporate Investment: Response to Kaplan and Zingales, Working paper,January, Washington University.

Goergen, M., and Luc, R. 2000. Investment Policy. Internal Financing and Ownership Concentration in The UK, Working Pap er. School of Management, University of Manchester Institute of Science and Technology, June, 26.

Harris, M., and A. Raviv. 1990. Capital Structure and the Information Role of Debt, The Journal of Finance, June, 321-349.

Hoshi, T., Anil, K., and David, S. 1991. Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups, Quarterly Journal of Economics 106(1)-February-33-60.

Hermeindito. 2004. lnformasi Asismetri dan Kontrol Manajemen: Analisis Kepekaan Investasi dan Leverage terhadap Pemikiran Sumber-sumber Pendanaan.

Jensen, M.C. 1986.Agency Cost of Free Cash Flow, Corporate Finance and Takeovers, American Economic Review,76, May. 323-329.

Jensen, M.C., and W.H. Meckling. 1976. Theory of the Firm: Managerial Behavior.Agency Cost, and Ownership Structure. Journal of Financial Economic, 3, October, 305-360.

Kaaro, H. 2001. Analisis Leverage dan Dividen dalam Lingkun!an Ketidakpastian : Pendekatan Pcckin2 Order Theory dan Balancing Theory, inakalah dipresen­ tasikan dalam Simposium Nasional Akuntansii I V, 30-3I Agustus, Bandung.

Kaaro, H. 2002.Financing Decision Relevancy:An Empirical Evidence of Balancing Theory, Jurncil Ekonomi dan Bisnis 2 (1)'Februari, 13-20.

Kaaro, H. 2003. Simultaneous Analysis of-Corporate Investment, Dividend, and Finance:Empirical Evidence under High Uncertainty,Journal Accounting, Manageinerzt, and Economic Research 3(1) February, 1- 17.

Kalay,A.1982. Stockholder-Bondholder Conflict and Dividend Constraints, Journal of Finarzcictl Economic, IO, July,211-233.

Kale, J.R, T. H. Noc, and GG Ramirez. 1991.The Effect of Business Riskon Corporate Capital Structure: Theory and Evidence, The Journal of' Finance, 46, December, 1693-1715.

Kallapur, S., and M.A. Trombley. 1999. The Association Between Investment Opportunity Set Proxies and Realized Growth, Journal of' Business Finance and Accounting, 26,505-519.

Kaplan, S.N., and Luigi 7,ingalcs. 1997. Do Investment­Cash How Senstivities Provide Useful Measure of Financing Constraints, Quarterly Journal of Economics 112( 1),February, 167-215.

Kraus,A., and R.H. Litzenberger. 1973. A State-Preference Model on Optimal Financial Leverage. The Journal of Finance, 28, September, 911-922.

Lang, L., Eli, 0., and Rene, M., Stulz. 19.96. Leverage, lnveshnent, and Firm Growth. Journal of Financial Economics, 40, 3-29.

Mackie-Mason, J.K.1990. Do TaxAffect Corporate Financing Decision? The Journal of Finance, 45, December, 1471-1493.

Masulis, R.W. 1980. TThe Effect of Capital Structure Change on Security Prices: A Study of Exchange Offers, Journal of Financial Economics, 8, June. 139-1Tl.

Miller, M.H. 1977. Debt and Taxes, The Journal of Firiarzce, 32; May,261-276.

Moclialiani, F., and M.H. Miller. 1958. The cost of Capital. Corporate Finance, and the Theory of Investment, American Economic Review, 48, June. 261-297.

ModiOiani, F., and M.H. Miller. 1963. Corporate Income Tax and the Cost of Capital: A Correction, American Economic Rehetii, 53, June, 433-443.

Murphy, K.J. 1985. CofPorate Performance and Managerial Remuneration An Empirical Analysis, Journal of Accounting and Economics 7, April. 11-42.

Myers, S.C. 1977. The Determinant of Corporate Borrowing, Journal of Financial Economics, 5, November, 147-176.

Myers, S.C. 1984. Capital Structure Puzzle, Journal of Firiarlce 39(3), July,575-592.

Myers, S.C., and N.S. Majluf. 1984. Corporate Financing and Investment Decisions When Firms Have Information Investors Do Not Have, Journal of Financial Economics, 13,June-I 87-221.

Rajan, R.G., and Luigi, Z. 1995. What Do We Know about Capital Structure Some Evidence from International Data, JournalofFinance 50(5).December, 1421-1460.

Ramirez, C.D. 1995.Did J.P. Morgan's MenAdd Liquidity? Corporate investment. Cash Flow, and Financial Structure at the .Turn of the Twentieth Century. Journal of Finance 50(2), June. 661-678.

Schneller, M. l. 1980.Taxes and the Optimal Capital Struc­ ture of the Finn, The Journal of Finance, 35 (1) March, 119-127.

Stiglitz, J.E.1974.On the Irrelevance of Corporate FinancialPolicy, American Economic Review. 64, December, 851-866.

Stiglitz, J., danAndrew, W. 1981. Credit Rationing in Markets with Imperfect Information, American Economic Review 71(3), June, 393-410.

Turnbull, M. 1979. Debt Capacity, The Journal of Finance; 34, September, 931-940.

Vogt, S.C. 1994. The Cash Flow/investment Relationship: Evidence From US. Manufacturing Firms, Fimirccinl Management, 23, Summer, 3-20.

Wald, J.K. 1999. How Firm Characteristics Affect Capital Structure: An International Comparison, Journal of Finance Research 22(2), Surnmer 161-187.

Wibowo, A.T., dan F. lndri Erkaningrum. 2002. Studi Keterkaitan antara Dividend Payout Ratio, Financial Leverage, dan Investasi dalam Pengujian Hipotesis Pecking Order, Jurnal Ekonomi serta Bisnis Indonesia in Memoriam Prof Dr. Bambang Riyanto 17(4), Oktober,5519.


  • There are currently no refbacks.