Pengaruh Inflasi, Upah Minimum, dan Pertumbuhan Ekonomi terhadap Investasi Asing di 8 Kota Jawa Barat Tahun 2019-2023

Abstract. Investment plays a role in driving growth and sustainable development, so each region strives to attract investment. Foreign Direct Investment (FDI) contributes more than Domestic Direct Investment (PMDN). During 2019–2023, FDI in eight West Java cities tended to be more stable than in districts, although its realization fluctuated due to economic factors that influence investor decisions. The research objects were the cities of Bogor, Sukabumi, Bandung, Bekasi, Depok, Cirebon, Cimahi, and Tasikmalaya. This study aims to determine the effect of inflation, minimum wages, and economic growth on foreign investment in these eight cities. The research method used is a quantitative method with panel data regression analysis using the Fixed Effect Model (FEM). The data used are secondary data from the Central Statistics Agency (BPS), the West Java Provincial Investment and One-Stop Integrated Services Agency (DPMPTSP), and the Governor's Decree. The results of the study indicate that inflation has a positive but insignificant effect on foreign investment because the average inflation is still low and other variables are more dominant in influencing foreign investment, minimum wages have a significant positive effect on foreign investment because changes in wages affect the entry of foreign investment, and economic growth has a significant negative effect on foreign investment because investors consider cost efficiency and economic stability more than growth that is not supported by internal factors such as the quality of human resources, research and innovation, and policies that support the investment climate. Abstrak. Investasi berperan dalam mendorong pertumbuhan dan pembangunan berkelanjutan, sehingga setiap daerah berupaya menarik investasi. Penanaman Modal Asing (PMA) memberikan kontribusi lebih tinggi dibandingkan Penanaman Modal Dalam Negeri (PMDN). Selama tahun 2019–2023, PMA di 8 Kota Jawa Barat cenderung lebih stabil dibandingkan kabupaten, meskipun realisasinya berfluktuasi akibat faktor ekonomi yang memengaruhi keputusan investor. Objek penelitian yaitu Kota Bogor, Sukabumi, Bandung, Bekasi, Depok, Cirebon, Cimahi, dan Tasikmalaya. Penelitian ini bertujuan untuk mengetahui pengaruh inflasi, upah minimum dan pertumbuhan ekonomi terhadap investasi asing di delapan kota tersebut. Metode penelitian yang digunakan adalah metode kuantitatif dengan analisis regresi data panel menggunakan model Fixed effect Model (FEM). Data yang digunakan adalah data sekunder dari Badan Pusat Statistik (BPS), Dinas Penanaman Modal dan Pelayanan Terpadu Satu Pintu (DPMPTSP) Provinsi Jawa Barat, serta Surat Keputusan Gubernur. Hasil penelitian menunjukkan bahwa inflasi berpengaruh positif tidak signifikan terhadap investasi asing karena rata-rata inflasi masih rendah dan variabel lain lebih dominan mempengaruhi investasi asing, upah minimum berpengaruh positif signifikan terhadap investasi asing karena perubahan upah mempengaruhi masuknya investasi asing, serta pertumbuhan ekonomi berpengaruh negatif signifikan terhadap investasi asing karena investor lebih mempertimbangkan efisiensi biaya dan stabilitas ekonomi dibandingkan pertumbuhan yang tidak ditopang faktor internal seperti kualitas SDM, riset dan inovasi, serta kebijakan yang mendukung iklim investasi.