THE INFLUENCE OF THE LIFE CYCLE ON THE EFFICIENCY OF THE COMPANY'S INVESTMENT IN THE FOOD AND BEVERAGE SECTOR IN INDONESIA

The Management Journal of Binaniaga Pub Date : 2021-12-31 DOI:10.33062/mjb.v6i2.445

Nabila Maharani

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Abstract

This research examines the role of the Company Life Cycle stage in determining investment efficiency of 36 food and beverage companies listed on the Indonesia Stock Exchange for 4 years (2016-2019). And using multiple linear regression analysis method. The independent variable in this research is the Company Life Cycle, while the dependent variable is the company's investment efficiency. There are 3 control variables in this research, namely leverage, firm size, and cash flow. The results of this research indicate that the Company Life Cycle (Intro, Growth, Mature, and Decline) specifically Intro and Decline have no significant effect on Investment Efficiency 1, while Growth and Mature have a negative or significant effect on Investment efficiency 1. The results of this research can be useful for managers, policy makers, and investors. For Managers, this research encourages managers to adjust investment policies to the stages of the life cycle of each company. For policy makers, they will be able to optimize what policies should be implemented, while for investors, they will be wiser in making decisions in the efficiency of their investment portfolios.

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生命周期对公司在印尼食品和饮料行业投资效率的影响

本研究考察了公司生命周期阶段在确定印尼证券交易所上市的36家食品和饮料公司4年(2016-2019)投资效率中的作用。并采用多元线性回归分析方法。本研究以公司生命周期为自变量，以公司投资效率为因变量。本研究中有三个控制变量，分别是杠杆、企业规模和现金流量。研究结果表明，公司生命周期(Intro, Growth, Mature, and Decline)对投资效率1没有显著影响，而成长期和成熟期对投资效率1有负的或显著的影响。这项研究的结果对管理者、政策制定者和投资者都是有用的。对于管理者来说，本研究鼓励管理者根据每个公司生命周期的各个阶段调整投资政策。对于政策制定者来说，他们将能够优化应该实施的政策，而对于投资者来说，他们将在投资组合的效率方面做出更明智的决策。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The Management Journal of Binaniaga

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