Idiosyncratic Risk dan Kendala Keuangan dalam Dinamika Efisiensi Investasi pada Perusahaan Publik di Indonesia
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Abstract
This study examines the effect of idiosyncratic risk and financial constraints on investment efficiency in public companies in Indonesia. A quantitative research approach was employed using primary data collected through a structured questionnaire measured on a five-point Likert scale. The study involved 55 usable respondents representing public companies in Indonesia, and the data were analyzed using SPSS version 25. The analysis included descriptive statistics, validity and reliability tests, classical assumption tests, multiple linear regression, partial t-tests, simultaneous F-tests, and the coefficient of determination. The results indicate that idiosyncratic risk has a negative and significant effect on investment efficiency. Financial constraints also have a negative and significant effect on investment efficiency. Simultaneously, idiosyncratic risk and financial constraints significantly affect investment efficiency, as indicated by an F-value of 27.608 and a significance level below 0.001. The model explains 51.5% of the variation in investment efficiency, with financial constraints emerging as the dominant predictor. These findings indicate that efficient corporate investment depends on companies' ability to manage firm-specific uncertainty and maintain adequate access to financial resources.
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