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All Journal Jurnal Manajemen Terapan dan Keuangan Jurnal Ilmiah Akuntansi dan Humanika Ekonomi Bisnis Jurnal Ilmu Manajemen (JIM) MIX : Jurnal Ilmiah Manajemen Edukasi: Jurnal Pendidikan dan Pengajaran Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Jurnal Ekonomi dan Bisnis SENTRALISASI Jurnal Kepariwisataan Indonesia: Jurnal Penelitian dan Pengembangan Kepariwisataan Indonesia Jurnal Abdimas Berdaya : Jurnal Pembelajaran, Pemberdayaan dan Pengabdian Masyarakat Indonesian Journal of Social Science Research Ekonomia Jurnal Manajemen dan Pemasaran Jasa Journal of Business Studies and Management Review Jurnal Manajemen Teknologi dan Sistem Informasi Jurnal Ilmiah Manajemen dan Kewirausahaan Jurnal Pengabdian Masyarakat dan Riset Pendidikan Ekonomia International Journal of Business and Quality Research International Journal of Economics, Business and Innovation Research Jurnal Pengabdian Masyarakat Unama NuCSJo : Nusantara Community Service Journal Ekraf: Jurnal Ekonomi Kreatif dan Inovatif Indonesia Jurnal Simki Economic
Muhammad Haris Saputra
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Journal : Ekonomi Bisnis

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ANALISIS KEBIJAKAN KEUANGAN SEBAGAI MITIGASI OVERINVESTMENT TERHADAP PROFITABILITAS PERUSAHAAN Saputra, Muhammad Haris; Fitriaty, Fitriaty; Firmasari, Puja; Mardiana, Mardiana
Jurnal Ilmiah Ekonomi Bisnis Vol 29, No 3 (2024)
Publisher : Universitas Gunadarma

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35760/eb.2024.v29i3.10721

Abstract

The main objective of this study is to analyze the impact of overinvestment on firm performance and the moderating role of debt policy, dividend policy in reducing the negative effect of overinvestment on firm performance. This study uses data from a sample of 50 non-financial companies that have debt and consistently pay dividends from 2010 to 2023. Overinvestment is calculated through two methods: the residual value of the new investment equation and the Hodrick-Prescott (HP) filter. The data was then transformed into panel data, and various models such as fixed effect, random effect, and common effect were applied to identify the most appropriate model. This study found a negative correlation between overinvestment and firm performance. Debt policy is a mitigating factor in overcoming agency conflicts and reducing the negative impact of overinvestment on firm performance. Dividend policy is proven effective in reducing the negative impact of overinvestment by limiting excess cash. The combination of debt and dividend policy is identified as a comprehensive strategy to mitigate overinvestment, as it helps limit excessive free cash flow. This combination also lowers financing funds to a minimum level that could potentially lead to a shortage of funds for profitable projects in the future. Careful calculations are required to ensure the company achieves a balance, avoiding the neglect of profitable investments in the future.
Co-Authors Aegisia Sukmawati Ahmad Nur Budi Utama Ajidirman , Andang Fazri Asep Machpudin Carissa Margaretha Cua, sandi Delya, Alsa Dwi Anggara, Agus Dwi Kurniawan Eddy Suratno Eddy Suratno Effiyaldi Elliyana, Dessy Erwita Dewi Fadillah, Yosi Fahdillah, Yosi Favian, Lucas Febby Nanda Utami Ferdinand, Felix Firmasari, Puja Fitri Chairunnisa Fitriati, Fitriaty Fitriaty Fitriaty, Fitriaty Geneva, Jessica Priscilla Guspianto Guspianto Hartiwi, Yessi Helena Chandra Wati Honey Virginia Icha Saswyta Manurung Irfan Hassandi Ivan Cristhian Ivori Gracia Simanjuntak Jimmy Fernando Julita, Ana Kadar, Melani Kanaya Puspa Kirana Lie Kanaya Puspita Lie Kurnia Permana Kurnia Permana Laras Sabrina, Hanan Larissa, Luna Laila Lie, Kanaya Puspa Kirana Marcel Rivaldo Marcellino Christian Mardiana R Maryati Ningsih Maryati Ningsih Masgo Melisa Meri Yarni Mery Mira Gustiana Pangestu Moh Ihsan Musnaini Musnaini Musnaini Musnaini musnaini musnaini Narvanco, Youngken Nia Rahayu Nia Rahayu Nicholas Raymond Sentosa Permana, Kurnia Puja Firmasari R, Mardiana Rahman, Aldi Aulia Rama Dhonal Rista Aldilla Syafri ROBY SETIAWAN Rofi'i, Imam Salsa, Salsandra Jihan Saputra, Aldo Shofia Amin Sigit Indrajaya Sry Rosita Tan, Fiusdry Tio, Michael Tona Aurora Lubis Tona Aurora Lubis Usmayanti, Vivi Vania Fellicia Novella Vidyan Lim Vivi Usmayanti Wahya Iffa Lubis Widiatmoko, Agus Wiskandar , Yamir , Septi Novi Yap, Marybiet Yonatan, Terence Adi Yosi Fadillah yosi fahdillah Yossinomita Yulia Dwi Kartika Yuliana Yuliana Yuliusman Zhee Reylia Vauzan