Arus Kas Bebas Memoderasi Intensitas Digital, Intensitas CAPEX, dan Efisiensi Manajerial terhadap Inefisiensi Investasi Fashion Halal di Indonesia

Dwi Lestari; Slamet Haryono; Jeihan Ali Azhar

doi:10.30640/ekonomika45.v13i2.5794

Authors

Dwi Lestari Universitas Islam Negeri Sunan Kalijaga Yogyakarta
Slamet Haryono Universitas Islam Negeri Sunan Kalijaga Yogyakarta
Jeihan Ali Azhar Universitas Islam Negeri Sunan Kalijaga Yogyakarta

DOI:

https://doi.org/10.30640/ekonomika45.v13i2.5794

Keywords:

Digital Intensity, CAPEX Intensity, Managerial Efficiency, Investment Inefficiency

Abstract

Quantitative research linking digital intensity, capital expenditure intensity, managerial efficiency, and investment inefficiency at the corporate level in Indonesia's halal fashion industry is still lacking. Modern businesses undergoing digital transformation are likely to change the way they make investment decisions, particularly in resource allocation, technology adoption, and market expansion strategies. The study uses quarterly panel data from 2021 to 2024, representing all halal fashion companies listed on the Indonesia Stock Exchange. In the model selection analysis using EViews 12, the Random Effects Model was selected based on the Hausman test and estimation efficiency considerations. The results of the hypothesis test showed that the digital intensity variable had a significant negative influence on investment inefficiency, indicating that digitalization helps companies make more optimal investment decisions. In contrast, the variables of capital expenditure intensity and managerial efficiency did not have a significant positive influence on investment inefficiency. The moderation variable, free cash flow, is also unable to moderate the influence of digital intensity, capital expenditure intensity, and managerial efficiency on investment inefficiency. These findings provide implications for management and regulators in designing more effective digital strategies and investment governance policies.

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