Pengaruh Risiko Nilai Tukar terhadap Keputusan Internasional Capital Budgeting pada Investasi Foreign Direct Investment (FDI)
Main Article Content
Abstract
Risiko nilai tukar merupakan salah satu faktor utama yang memengaruhi keputusan investasi internasional, khususnya dalam konteks Foreign Direct Investment (FDI). Fluktuasi nilai tukar dapat menciptakan ketidakpastian terhadap proyeksi arus kas dan kelayakan proyek, sehingga menjadi pertimbangan penting dalam International Capital Budgeting. Penelitian ini bertujuan untuk mengkaji secara sistematis bagaimana risiko nilai tukar memengaruhi keputusan International Capital Budgeting pada investasi FDI serta mengidentifikasi strategi mitigasi yang digunakan oleh perusahaan multinasional. Metode penelitian menggunakan Systematic Literature Review (SLR) dengan protokol PRISMA melalui analisis artikel jurnal internasional bereputasi yang diterbitkan dalam rentang tahun 2018-2024. Artikel diseleksi berdasarkan kriteria inklusi dan eksklusi yang telah ditetapkan serta dievaluasi menggunakan pendekatan Critical Appraisal Skills Programme (CASP). Hasil kajian menunjukkan bahwa volatilitas nilai tukar berpengaruh signifikan terhadap evaluasi kelayakan proyek FDI dan mendorong perusahaan untuk mengintegrasikan analisis risiko kurs serta strategi lindung nilai dalam proses International Capital Budgeting. Penelitian ini memberikan kontribusi konseptual dalam memahami peran risiko nilai tukar pada investasi internasional serta implikasi praktis bagi perusahaan dalam pengambilan keputusan investasi global.
Article Details
This work is licensed under a Creative Commons Attribution 4.0 International License.
How to Cite
References
Alfaro, L., Kalemli-Ozcan, S., & Volosovych, V. (2008). Why doesn’t capital flow from rich to poor countries? An empirical investigation. The Review of Economics and Statistics, 90(2), 347–368. https://doi.org/10.1162/rest.90.2.347
Aizenman, J., & Marion, N. (2004). The merits of horizontal versus vertical FDI in the presence of uncertainty. Journal of International Economics, 62(1), 125–148. https://doi.org/10.1016/S0022-1996(03)00074-2
Blonigen, B. A. (2005). A review of the empirical literature on FDI determinants. Atlantic Economic Journal, 33(4), 383–403. https://doi.org/10.1007/s11293-005-2868-9
Campa, J. M. (1993). Entry by foreign firms in the United States under exchange rate uncertainty. The Review of Economics and Statistics, 75(4), 614–622. https://doi.org/10.2307/2110014
Cushman, D. O. (1985). Real exchange rate risk, expectations, and the level of direct investment. The Review of Economics and Statistics, 67(2), 297–308. https://doi.org/10.2307/1924722
Dixit, A. K., & Pindyck, R. S. (1994). Investment under uncertainty. Princeton University Press.
Froot, K. A., & Stein, J. C. (1991). Exchange rates and foreign direct investment: An imperfect capital markets approach. The Quarterly Journal of Economics, 106(4), 1191–1217. https://doi.org/10.2307/2937961
Goldberg, L. S., & Kolstad, C. D. (1995). Foreign direct investment, exchange rate variability and demand uncertainty. International Economic Review, 36(4), 855–873. https://doi.org/10.2307/2527262
Kiyota, K., & Urata, S. (2004). Exchange rate, exchange rate volatility and foreign direct investment. The World Economy, 27(10), 1501–1536. https://doi.org/10.1111/j.1467-9701.2004.00664.x
Bénassy-Quéré, A., Fontagné, L., & Lahrèche-Révil, A. (2001). Exchange-rate strategies in the competition for attracting foreign direct investment. Journal of the Japanese and International Economies, 15(2), 178–198. https://doi.org/10.1006/jjie.2001.0465
Lajevardi, S., & Chowdhury, M. A. F. (2024). Exchange rate volatility and foreign direct investment inflows: Evidence from Canada. Journal of Risk and Financial Management, 17(2), 88. https://doi.org/10.3390/jrfm17020088
Ezeanyagu, N. K., Okoye, L. U., & Ananwude, A. C. (2024). Impact of exchange rate shock on foreign direct investment in Nigeria. International Journal of Research and Scientific Innovation, 11(4), 21–30. https://doi.org/10.51244/IJRSI.2024.1104021
Nasriani. (2024). Foreign exchange volatility and corporate risk management strategies. International Journal of Applied Technology, 2(3), 145–154. https://doi.org/10.61194/ijat.v2i3.638
Lestari, D., & Adekunle, O. A. (2024). Monetary policy and foreign exchange risk management: A systematic literature review. International Journal of Applied Technology, 2(3), 98–110. https://doi.org/10.61194/ijat.v2i3.481
Rahman, S., & Serletis, A. (2024). Exchange rate volatility and foreign direct investment: New evidence from emerging markets. International Review of Economics & Finance, 91, 102–118. https://doi.org/10.1016/j.iref.2024.01.006
Hassan, M. K., Ngo, T., & Le, T. (2023). Currency risk and multinational investment decisions. Journal of International Financial Markets, Institutions and Money, 84, 101723. https://doi.org/10.1016/j.intfin.2023.101723
Zhang, Y., & Chen, X. (2024). Exchange rate risk mitigation strategies in foreign direct investment decisions. Journal of International Financial Management & Accounting, 35(1), 65–84. https://doi.org/10.1111/jifm.12187
Nguyen, H. T., Le, Q. T., & Vo, X. V. (2020). Exchange rate volatility and foreign direct investment inflows: Evidence from emerging economies. International Economics, 164, 42–57. https://doi.org/10.1016/j.inteco.2020.09.004
Byrne, J. P., & Fiess, N. (2020). International capital flows and macroeconomic uncertainty. Review of World Economics, 156(1), 45–77. https://doi.org/10.1007/s10290-019-00362-4
Kim, S., & Lin, S. C. (2021). Currency risk and multinational capital budgeting decisions. Journal of International Money and Finance, 113, 102338. https://doi.org/10.1016/j.jimonfin.2021.102338.