Implikasi Risiko Politik Dan Ekonomi Terhadap Penganggaran Modal Perusahaan Multinasional di Indonesia
DOI:
https://doi.org/10.36636/dialektika.v10i2.7562Kata Kunci:
risiko politik, risiko ekonomi, penganggaran modal, MNCAbstrak
Penelitian ini bertujuan menganalisis implikasi risiko politik dan ekonomi terhadap penganggaran modal perusahaan multinasional (MNC) di Indonesia. Penelitian ini menggunakan pendekatan kualitatif deskriptif-analitis dengan mengkaji data sekunder dari jurnal ilmiah, laporan keuangan, dokumen kebijakan, serta studi kasus pada Mitsubishi, Daihatsu, PT Kalbe Farma, dan PT Unilever Indonesia. Temuan menunjukkan ketidakstabilan politik, seperti perubahan kebijakan industri otomotif dan birokrasi yang kompleks, serta risiko ekonomi berupa fluktuasi nilai tukar dan inflasi, berdampak signifikan pada kepastian investasi, estimasi arus kas, dan biaya modal MNC. Perusahaan merespons risiko ini melalui penyesuaian strategi investasi, kemitraan lokal, dan mitigasi risiko adaptif, dengan pendekatan berbeda antara MNC besar dan menengah. Penelitian ini memperkaya literatur dengan mengintegrasikan analisis risiko politik dan ekonomi dalam capital budgeting di negara berkembang, yang masih jarang dikaji secara komprehensif. Keterbatasan penelitian terletak pada data sekunder dan studi kasus terbatas, sehingga generalisasi hasil perlu dilakukan secara hati-hati. Implikasi praktis menekankan pentingnya integrasi analisis risiko dan dukungan kebijakan pemerintah untuk menciptakan iklim investasi yang stabil bagi MNC di Indonesia.
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