This research aims to test the sensitivity level of liquidity and investment opportunity to investment decision between non-financially and financially constrained firms. The sampleon this research is the firms of Jakarta Islamic Index listed on Indonesia Stock Exchange from period 2011 to 2015. There are 13 sample firms obtained with 65 observations. This research uses moderating regresssion analysis. Independent variable is liquidity and investment opportunity, dependent variable is investment decision, moderating variable is financial constrains, and variable control is debt.This research classifies non financially constrains (NFC) and financial constrains (FC) firms into four steps by observing dividend policy, cash flow, debt (leverage), and investment opportunity. The result of research refers that liquidity and investment opportunity have a positive influence to investment decision. Liquidity is more sensitive to investment decision for financially constrained firms. Investment opportunity is more sensitive to investment decision for non-financially constrained firms. The result of robbusness test using sample of the firms LQ 45 period 2011 to 2015 with 23 sample firms obtained with 115 observations also shows the same result and consistent with sample firms in Jakarta Islamic Index.

中文翻译：

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流动性，投资决策和财务约束的敏感性

本研究旨在检验非财务和财务约束企业之间流动性和投资机会对投资决策的敏感性水平。该研究的样本是2011年至2015年期间在印度尼西亚证券交易所上市的雅加达伊斯兰指数的公司。共有13家样本公司获得了65项观察结果。本研究采用中度回归分析。自变量是流动性和投资机会，因变量是投资决策，调节变量是财务约束，变量控制是债务。本研究通过观察股利政策将非财务约束（NFC）和财务约束（FC）公司分为四个步骤，现金流量，债务（杠杆）和投资机会。研究结果表明，流动性和投资机会对投资决策具有积极影响。对于资金拮据的公司，流动性对投资决策更为敏感。对于非财务受限的公司，投资机会对投资决策更为敏感。使用2011年至2015年LQ 45样本的公司进行的强壮性测试的结果，其中23家样本公司通过115次观察获得了同样的结果，并且与雅加达伊斯兰指数中的样本公司一致。