Investment Efficiency Factors in JII 70 Indonesia Companies: Debt Maturity and Diversity Managerial with Growth Opportunity as a Moderating Variable (2021-2024)
Abstract
This article examines the influence of debt maturity and managerial diversity, which encompasses variations in educational background and gender composition, on the efficiency of corporate investment decisions. It also evaluates the moderating role of growth opportunity within firms included in the Jakarta Islamic Index 70. Using a quantitative research design, the study draws on secondary data from annual reports covering the period from 2021 to 2024, resulting in one hundred and eight observations selected through purposive sampling. Panel data regression analysis conducted with the support of EViews 13 shows that debt maturity significantly reduces investment efficiency, while diversity in educational background contributes positively to more efficient investment outcomes. In contrast, gender diversity does not demonstrate a meaningful statistical effect. Furthermore, the findings confirm that growth opportunity strengthens the relationships among debt maturity, educational background diversity, gender diversity, and investment efficiency, indicating that firms with stronger growth prospects are better positioned to translate governance attributes and financial structures into effective investment decisions.
Keywords: Investment efficiency, Debt maturity, Educational background diversity, Gender diversity, Growth opportunity.
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Apriyana. (2016). PORTOFOLIO INVESTASI DI DANA PENSIUN PEMBERI KERJA ( DPPK ).
Arumdari, T. O. (2019). Pengaruh Kualitas Pelaporan Keuangan Dan Debt Maturity Terhadap Efisiensi Investasi Pada Perusahaan Manufaktur Di Bursa Efek Indonesia Periode 2012-2017. Retrieved from http://repository.unair.ac.id/id/eprint/86576
Bawono, A., & Shina, A. F. I. (2018). Ekonometrika Terapan Untuk Ekonomi dan Bisnis Islam Aplikasi dengan Eviews. LP2M IAIN Salatiga.
Chandra, M. A., & Sari, D. P. (2022). Pengaruh Dewan Komisaris Independen, Diversitas Manajerial, Dan Koneksi Politik Terhadap Efisiensi Investasi. Jurnal Ilmiah Mahasiswa Akuntansi, 11(2), 96–109. https://doi.org/10.33508/jima.v11i2.4570
Chen, F., Hope, O. K., Li, Q., & Wang, X. (2010). Financial reporting quality and investment efficiency of private firms in emerging markets. Accounting Review, 86(4), 1255–1288. https://doi.org/10.2308/accr-10040
Chosiah, R. (2020). Pengaruh Corporate Governance Terhadap Pengungkapan Internet Financial Reporting dengan Profitabilitas Seagai Variabel Intervening pada Bank Umum Syariah Periode 2014-2018.
Cutillas, M. F., & Sánchez, J. P. (2012). serie Financial reporting quality , debt.
Dinda Kurniati, Tri Darma Rosmala Sari, Dwi Tirta Kencana, & Shiwi Angelica Cindiyasari Sihono. (2023). Pengaruh Konservatisme Akuntansi Dan Debt Maturity Terhadap Efisiensi Investasi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2019-2021. Jurnal Ekonomi Bisnis Dan Akuntansi, 3(3), 254–268. https://doi.org/10.55606/jebaku.v3i3.2901
Fajriani, A., Wijaya, S. Y., & Widyastuti, S. (2021). Determinasi Efisiensi Investasi. Konferensi Riset Nasional Ekonomi, Manajemen, Dan Akuntansi, 2, 1541–1554.
Firmansyah, A., Fasita, E., Jadi, P. H., & Febrian, W. (2022). Financial Reporting Quality, Tax Avoidance, Debt Maturity, and Investment Efficiency: The Moderating Role of Corporate Social Responsibility Disclosure. Jurnal Dinamika Akuntansi Dan Bisnis, 9(1), 51–72. https://doi.org/10.24815/jdab.v9i1.23676
Fransiska, E. &, & Alit Triani, N. nyoman. (2017). Pengaruh Konservatisme Akuntansi Dan Debt Maturity Terhadap Efisiensi Investasi. Jurusan Akuntansi, Fakultas Ekonomi, Universitas Negeri Surabaya. Retrieved from http://dx.doi.org/10.1016/j.tws.2012.02.007
Fransiska, E., & Triani, N. N. A. (2019). Pengaruh Konservatisme Akuntansi dan Debt Maturity terhadap Efisiensi Investasi. Jurnal Akuntansi AKUNESA, 7(1), 1–20. Retrieved from https://ejournal.unesa.ac.id/index.php/jurnal-akuntansi/article/view/29117
Gusmawan, F., & Novita, N. (2017). Kualitas Pelaporan Keuangan, Diversitas Manajerial dan Efisiensi Investasi. Jurnal Ekonomi, Manajemen Dan Perbankan (Journal of Economics, Management and Banking), 3(2), 56. https://doi.org/10.35384/jemp.v3i2.202
Hilmi, H., & Aini, N. (2023). Pengaruh Debt Maturity, Leverage, Kebijakan Dividen dan Cash Holding Terhadap Kinerja Keuangan Pada Perusahaan Sektor Aneka Industri yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2021. Jurnal Akuntansi Malikussaleh (JAM), 1(2), 292. https://doi.org/10.29103/jam.v1i2.8820
Jamaludin Iskak, C. A. (2020). Pengaruh Profitabilitas, Leverage, Growth Opportunities, Dan Firm Size Terhadap Earning Response Coefficient. Jurnal Paradigma Akuntansi, 2(3), 1286. https://doi.org/10.24912/jpa.v2i3.9556
Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3, 305–360. https://doi.org/10.1017/CBO9780511817410.023
Marsya, M., & Dewi, R. (2022). Pengaruh Kualitas Laporan Keuangan, Debt Maturity, dan Kinerja Profitabilitas Terhadap Efisiensi Investasi. Neraca Keuangan : Jurnal Ilmiah Akuntansi Dan Keuangan, 17(1), 43–53. https://doi.org/10.32832/neraca.v17i1.6916
Novyarni, N., Christiantoro, D., Harni, R., Tinggi, S., Ekonomi, I., & Al-aitaam, U. S. (2023). Effect of Working Capital , Debt Maturity , Sales and Tangibility on Investment Efficiency Listed on the Indonesia Stock Exchange ( IDX ) for the 2019-2021 Period, 1.
Pratama, B., & Jayusman, F. (2022). The Effect of Debt Maturity on Investment Efficiency in Manufacturing Companies Listed on the Indonesia Stock Exchange. Jurnal Multidisiplin Madani (MUDIMA), 2(1), 91–98. Retrieved from https://journal.yp3a.org/index.php/mudima/index
Rokhilla Haris Lubis, N., Syahyunan, S., & Fauzan Azhmy, M. (2021). Pengaruh Keberagaman Dewan Direksi Terhadap Kinerja Keuangan Pada Perusahaan Manufaktur. Inovatif: Jurnal Ekonomi, Manajemen, Akuntansi, Bisnis Digital Dan Kewirausahaan, 1(2), 107–125. https://doi.org/10.55983/inov.v1i2.7
Saleh Al-Radaideh, I., & Ibrahim, D. H. (2023). Firm Life Cycle and Investment Efficiency in the MENA Region: Comparative Study of Oil Exporting and Oil-Importing Countries. International Journal of Academic Research in Accounting, Finance and Management Sciences, 13(3), 556–568. https://doi.org/10.6007/ijarafms/v13-i3/19342
Sandiar. (2012). Growth Opportunity dalam Memoderasi Pengaruh Leverage dan Debt Maturity terhadap Keputusan Investasi, 5(12). Retrieved from https://ijefm.co.in/v5i12/Doc/6.pdf
Suaidah, R., & Sebrina, N. (2020). Pengaruh Kualitas Pelaporan Keuangan Dan Tingkat Jatuh Tempo Utang Terhadap Efisiensi Investasi (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2015-2017. Jurnal Eksplorasi Akuntansi, 2(2), 2693–2710. https://doi.org/10.24036/jea.v2i2.240
Zaky, A. H., & Hendrawati, E. (2025). Efisiensi Investasi : Pengaruh Pengungkapan Environmetal , Social and Governace ( ESG ), Debt Maturity dan Kualitas Laporan Keuangan.
Published
2025-12-01
How to Cite
Purnomo, E. (2025). Investment Efficiency Factors in JII 70 Indonesia Companies: Debt Maturity and Diversity Managerial with Growth Opportunity as a Moderating Variable (2021-2024). Annual International Conference on Islamic Economics and Business (AICIEB), 5(-), 333-342. https://doi.org/https://doi.org/10.18326/aicieb.v5i-.809
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