Capital Investment, Internasionalisasi, Dan Firm Performance Pada Perusahaan Manufaktur Di Bursa Efek Indonesia 2014-2019

Yovita Yovita, Deddy Marciano

Abstract


Abstrak  - Penelitian ini bertujuan untuk menjawab apakah capital investment memengaruhi tingkat internasionalisasi perusahaan, serta untuk menguji efek internasionalisasi terhadap firm performance. Berbagai penelitian terkait efek dari internasionalisasi pada perusahaan telah dilakukan, salah satunya pada firm performance perusahaan yang digambarkan dengan penjualan, profit, hingga nilai perusahaan. Hasilnya pun beragam, sehingga menimbulkan pertanyaan bagaimana dengan efek internasionalisasi pada perusahaan di Indonesia? Perusahaan yang beroperasi di negara dengan pasar terbuka tidak dapat menghindar dari internasionalisasi. Sehingga, fokus dari penelitian tertuju pada 79 perusahaan manufaktur yang secara aktif terlibat dalam aktivitas ekspor dari 2014 hingga 2019, sehingga menghasilkan 474 poin observasi. Capital investment akan diukur dengan variabel CAPEXTA, sedangkan internasionalisasi akan diukur dengan FSTS, dan perubahan level internasionalisasi diukur dengan FSG. Pengukuran efek internasionalisasi terhadap firm performance akan menggunakan ROA dan Tobin’s Q. Beberapa variabel kontrol yang digunakan adalah firm size, leverage, market-to-book ratio, gross profit margin, dan sales growth. Hipotesis terkonfirmasi menggunakan regresi data panel dengan fixed effect model. Hasil penelitian menunjukkan CAPEXTA dan internasionalisasi (FSTS) memiliki hubungan negatif signifikan dan non-linear. Pengaruh CAPEXTA pada FSG ditunjukkan sebagai negatif signifikan dan non-linear juga. Sedangkan FSTS dan ROA memiliki hubungan berbentuk inverted-U dan negatif, di mana hubungan FSTS dan Tobin’s Q adalah negatif.

Kata Kunci: capital investment, internasionalisasi, foreign sales growth, firm performance, tobin’s q


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DOI: https://doi.org/10.31294/jp.v19i1.9784

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