KEPUTUSAN INVESTASI DAN FINANCIAL CONSTRAINTS: STUDI EMPIRIS PADA BURSA EFEK INDONESIA

This research aims to test the sensitivity level of liquidity and invesment opportunity to invesment decision between non-financially constrained and financially constrained firms. Sample in this research is the firm of non finance which enlist in Indonesia Stock Exchange from period 2003 to 2007, obtained sample 136 firms with 680 observations. Result of research refer that liquidity and invesment opportunity have an influence on positive to invesment decision. Liquidity is more sensitive to invesment decision for financially constrained firms. Invesment opportunity is more sensitive to invesment decision for non financially constrained JEL Classification: E22, G32, O16. Key words: Investment decision, liquidity, financially constraint