The Effect of Debt Maturity Structure on Investment Decisions in Food and Beverage Industry in Indonesia

Q4 Business, Management and Accounting International Journal of Business and Management Science Pub Date : 2023-02-28 DOI:10.26666/rmp.ijbm.2023.1.2

Lalu Rasyid Ridha Mahfi, F. M. Leon

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Abstract

The purpose of this research is to see the effect of debt maturity structure on investment decisions. The independent variable in this study is the debt maturity structure. The dependent variable is investment decision while the control variable consists of lagged investment, fixed asset turnover, leverage, return on total assets, liquidity, cash flow and firm size. This research was conducted by collecting data from 54 companies in the food and beverage sub-sector in Indonesia over a period of 3 years (2019-2021) and using a panel data regression model in its testing. The results of the research conducted explained that the variables of debt maturity structure, leverage, liquidity, and cash flow have no effect on investment decisions, lagged investment variables, return on total assets, and company size have a significant positive effect on investment decisions while the fixed asset turnover variable has a significant negative effect on investment decisions. The implication of the research that has been done is to provide direction for financial managers to seek to increase the use of fixed assets, and increase the return on total company assets and optimal use of company fixed asset turnover, while investors should choose companies that have high company size, return on total assets that are high and the previous year's high fixed assets.

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债务期限结构对印尼餐饮行业投资决策的影响

本研究的目的是了解债务期限结构对投资决策的影响。本研究的自变量为债务期限结构。因变量为投资决策，控制变量为滞后投资、固定资产周转率、杠杆率、总资产收益率、流动性、现金流量和企业规模。本研究收集了印度尼西亚食品和饮料子行业54家公司在3年(2019-2021)期间的数据，并在测试中使用面板数据回归模型。研究结果表明，债务期限结构、杠杆率、流动性、现金流等变量对投资决策没有影响，滞后投资变量、总资产收益率、公司规模等变量对投资决策有显著的正向影响，固定资产周转率等变量对投资决策有显著的负向影响。本研究的意义在于为财务管理者寻求增加固定资产的使用，提高公司总资产收益率和公司固定资产周转率的最佳利用提供方向，而投资者应选择公司规模大、总资产收益率高、上一年固定资产高的公司。

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International Journal of Business and Management Science Business, Management and Accounting-Business and International Management

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期刊介绍： The International Journal of Business and Management Science (IJBMS) (Print: ISSN 1837-6614; Online: 1985-692X) is a double-blind peer-reviewed semiannual journal. Generally the journal publishes the articles that expand knowledge on business and management issues. Business Complexity and Performance Management were the two of the top ten problems IJBMS cover pageof 20th century management. In the 21st century, overcoming such problems seem to be challenging to educators and practitioners. Do educators and practitioners agree on which management skills are required for success in the 21st century? These all issues call for substantial research to achieve a very modern sustainable business era of the global economy. IJBMS intends to focus on the business and management issues with the vision of sustainable competitiveness along with scientific evidences. The quantitative approach for analyzing a research problem is promoted by IJBMS.