ANALISIS PENGARUH INTERNAL CASH FLOWS, INSIDER OWNERSHIP DAN INVESTMENT OPPORTUNITY TERHADAP CAPITAL EXPENDITURE (Studi Kasus pada PT.Tempo Scan Pasific Tbk tahun 2010-2015)

ASTRIANI, SEPTIAN (2017) ANALISIS PENGARUH INTERNAL CASH FLOWS, INSIDER OWNERSHIP DAN INVESTMENT OPPORTUNITY TERHADAP CAPITAL EXPENDITURE (Studi Kasus pada PT.Tempo Scan Pasific Tbk tahun 2010-2015). S1 thesis, Universitas Mercu Buana Jakarta.

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Abstract

Penelitian ini bertujuan untuk menguji pengaruh internal cash flow, insider ownership dan investment opportunity terhadap capital expenditures perusahaan. Pecking order hypotheses dan managerial hypotheses yang digunakan dalam penelitian ini mempunyai pendapat yang berbeda. Pecking order hypotheses mengungkapkan bahwa manajer memilih tingkat alokasi capital expenditures yang dapat memaksimalkan kemakmuran pemegang saham dengan mengabaikan keberadaan insider ownership. Sedangkan managerial hypotheses mengungkapkan bahwa manajer yang memiliki kepemilikan saham kurang dari 100% akan melakukan capital expenditures melebihi jumlah yang dapat memakmurkan pemegang saham lainnya. Data yang digunakan dalam penelitian ini merupakan data sekunder berupa data dari perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Sampel yang digunakan adalah PT. Tempo Scan Pasific Tbk dengan periode penelitian mulai tahun 2010-2015. Kesimpulan yang dapat diambil dari hasil penelitian adalah variable insider ownership dan investment opportunity berpengaruh secara positif signifikan terhadap capital expenditures. Sedangkan internal cash flow tidak berpengaruh signifikan. Hasil penelitian ini secara parsial mendukung berlakunya pecking order hypotheses pada perusahaan manufaktur di Indonesia.The objectives of this study were to observe the effects of internal cash flow, insider ownership and investment opportunity on the capital expenditures in the company. Pecking order hypotheses and managerial hypotheses have a different argument about capital expenditures. Pecking order hypotheses say that managers choose the level of capital expenditures that maximizes the wealth of current shareholders regardless of the insider ownership in the firm. While the managerial hypotheses say that managers whose ownership proportion are small choose the level of capital expenditures higher than that which would maximize the wealth of other current shareholder. This study uses secondary data are taken from the manufacturing companies listed in Bursa Efek Indonesia. PT. Tempo Scan Pasific Tbk as sample were taken using purposive sampling from the period of 2010-2015. The result of this study shows that the insider ownership and investment opportunity have positive has significant positive effect to the capital expenditure. Where as the internal cash flow has no significant positive effect. This study favour the pecking order hypotheses on Indonesian manufacturing company.

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