PENGARUH OPERATING CASH FLOW DAN PROFITABILITAS DENGAN FINANCIAL CONSTRAINT SEBAGAI MODERASI TERHADAP KEPUTUSAN INVESTASI PERUSAHAAN DALAM SUBSEKTOR ANEKA INDUSTRI 2017-2019

Abstract

This study aims to determine the role of operating cash flow and profitability with the moderation of financial constraint on investment decisions in various industry sub-sector companies in the period 2017 – 2019. This test uses the panel data analysis method. The results of this study indicate that operating cash flow and profitability have a significant negative effect on the company's investment decisions, while the moderating role of financial constraint strengthens the negative effect of operating cash flow on investment, while for profitability the moderating role of financial constraint weakens the negative effect of profitability on investment.