PENGARUH OVERCONFIDENCE, OPTIMISME MANAJERIAL, STRUKTUR MODAL, DAN PROFITABILITAS TERHADAP KEPUTUSAN INVESTASI

Abstract

This research aims to evaluate and examine the effect of overconfidence, managerial optimism, capital structure, and profitability on the investment decision at manufacturing companies listed on the Indonesia Stock Exchange from 2020-2023. The population consists of Food and Beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2020-2023. The data collection technique used, purposive sampling, with 104 were selected for observation data. Overconfidence was measured by managerial tenure, managerial optimism was measured by tone analysis, capital structure was measured by Debt to Equity Ratio (DER), and profitability was measured by Return on Equity (ROE). Moreover, the data were secondary in a form of annual reports taken from the Investment Gallery of Indonesia Stock Exchange (GIBEI) STIESIA Surabaya. The research applies quantitatively. The data analysis technique used multiple linear regression and hypothesis tests. Based on the analysis result and examination, it concludes that overconfidence and managerial optimism have an insignificant effect on investment decision. However, capital structure and profitability have a positive and significant value on the investment decision at Food and Beverage manufacturing companies.