ANALISIS HUBUNGAN NILAI TUKAR DAN ARUS MASUK INVESTASI ASING LANGSUNG: STUDI EMPIRIS DI NEGARA-NEGARA DEVELOPING-EIGHT (D-8) PERIODE 2008-2021
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Abstract
Keputusan investasi merupakan keputusan keuangan yang sangat penting, dimana investor mencari faktor penentu yang akurat untuk memutuskan apakah investasi di negara lain harus dilakukan. Sementara itu, tidak ada satu set variabel penjelas yang diterima secara universal dan dapat dianggap sebagai faktor penentu FDI yang sebenarnya. Penelitian ini berupaya melengkapi literatur dengan menghadirkan bukti baru dari perspektif negara-negara D-8, dengan menitikberatkan pada peran dan implikasi nilai tukar terhadap arus masuk FDI. Penelitian ini merupakan penelitian kuantitatif, menggunakan analisis regresi data panel dengan model Random Effect (REM) dan Fixed Effect (FEM). Data diperoleh dari World Bank, dimana sampelnya terdiri dari data time series berupa data tahunan selama 13 tahun, dari periode 2008-2021. Data dianalisis menggunakan analisis regresi linier berganda dengan metode Ordinary Least Square (OLS) aplikasi Eviews 12. Hasil studi mengungkap hubungan positif yang signifikan antara nilai tukar dan arus masuk FDI. Oleh karena itu, kebijakan yang ditujukan untuk menargetkan stabilitas nilai tukar sangat penting di negara-negara D-8, supaya tidak terlalu lemah dan juga tidak terlalu kuat, karena investor adalah pihak yang memaksimalkan keuntungan. Oleh karena itu, ketidakpastian investasi harus dijaga serendah mungkin.
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