ANALISIS PENGGUNAAN METODE DISCOUNTED CASH FLOW DAN UKURAN NON KEUANGAN DALAM PENGANGGARAN MODAL : PENDEKATAN KONTINJENSI

Abstract

ABSTRACT This study aims to (1) examine the degree of use between Discounted Cash Flow (DCF) method and non financial measures in capital budgeting (2) examine managers’ satisfaction on both methods when there is a contingency fit between those methods with two contingency variables: product standardization and firm strategy. This research used purposive sampling method to collect data. The research population was manufacturing firms listed in BEI and major non listed firms located in Jawa Tengah and got 35 responses.Multiple regression and Moderated Regression Analysis (MRA) were used to test the hypothesis. Research results indicate that (1) DCF method is not more important than non financial measures. Managers tend to use both methods simultaneously (2) firm strategy affects to DCF method and non financial measures significantly which it means that firms with prospector strategy tend to place more emphasis on non financial measures while firms with defender strategy tend to place more emphasis on DCF method. (3) product standardization has no effect on both methods (4) firm strategy has a moderating effect on the relation between two capital budgeting methods and manager’s satisfaction on budgeting process while product standardization has no effect. Keywords: capital budgeting, Discounted Cash Flow method, non financial measures, product standardization, firm strategy vii ABSTRAKSI Penelitian ini bertujuan untuk (1) menguji persepsi manajer terhadap tingkat penggunaan metode Discounted Cash Flow (DCF) dan ukuran non keuangan dalam penganggaran modal dan (2) persepsi kepuasan manajer terhadap penggunaan kedua metode tersebut jika terjadi kesesuaian dengan dua variabel kontijensi: standarisasi produk dan strategi perusahaan. Penelitian ini merupakan penelitian empiris dengan teknik purposive sampling di dalam pengumpulan data. Populasi dari penelitian ini adalah perusahaan manufaktur yang listed di BEI dan perusahaan manufaktur besar non listed di Jawa Tengah.Sampel yang digunakan dalam penelitian ini berjumlah 35 manajer. Pengujian hipotesis menggunakan multiple regression dan Moderated Regression Analysis. Hasil pengujian hipotesis menunjukkan bahwa (1) metode DCF tidak lebih penting dibandingkan ukuran non keuangan (2) strategi perusahaan berpengaruh baik terhadap metode DCF maupun ukuran non keuangan (3) standarisasi produk tidak berpengaruh terhadap keduanya (4) hanya strategi perusahaan yang memoderasi hubungan antara kepuasan dan kedua metode penganggaran modal tersebut. Kata kunci: capital budgeting, metode Discounted Cash Flow, ukuran non keuangan, standarisasi produk, strategi perusahaan