Analysis of the Factors Influencing Cash Holding in Corporation
DOI:
https://doi.org/10.58777/reb.v1i1.28Keywords:
Net Working Capital, Leverage, Cash Flow, Firm Size, Cash HoldingAbstract
This study examines the effect of net working capital, leverage, and cash flow on cash holding in the Pharmaceutical Industry Sub-Sector corporation listed on the Indonesia Stock Exchange (IDX) in 2016-2020. This study uses a sample of pharmaceutical industry sub-sector companies listed on the Indonesia Stock Exchange (IDX). The sampling technique in this study used purposive sampling and obtained a sample of 9 companies. This study uses secondary data, namely financial statements obtained from the Indonesian Stock Exchange (IDX) official website. The analytical method used is a panel data regression model with the EViews 10. The results of this study indicate that only the Net Working Capital variable does not affect Cash Holding. In contrast, the other independent variable does not affect Cash Holding, while the other independent variables used in this study have an effect. This research is used to provide an overview to companies that cash holding policies are good for companies and provide an overview as a reference for consideration in making investment decisions by taking into account the impact of making cash holding decisions by companies
References
Abbas, D. S., Eksandy, A., & Mulyadi. (2020). Pengaruh Growth Opportunity, Net Working Capital, Cash Conversion Cycle, Investment Opportunity Set Dan Leverage Terhadap Cash Holding. Jurnal Ekonomi Manajemen Dan Akuntansi, 16(1), 44–58.
Aftab, U., Javid, A. Y., & Akhter, W. (2018). The Determinants of Cash Holding around Different Regions of the World. Business & Economic Review, 10(2), 151–182. https://doi.org/10.22547/ber/10.2.7
Agung, S. W., & Hadinugroho, B. (2019). Analisis Firm Size, Profitabilitas dan Laverage Terhadap Cash Holding Pada Perusahaan Manufaktur yang Terdaftar Di BEI Tahun 2016-2018. Prosiding Seminar Nasional Fakultas Ekonomi Untidar.
Ali, S., Ullah, M., & Ullah, N. (2016). Determinants of Corporate Cash Holdings: “A Case of Textile Sector in Pakistan.” SSRN Electronic Journal, 5(3), 1–10. https://doi.org/10.2139/ssrn.2728200
Alicia, R., Putra, J., Fortuna, W., Felin, F., & Purba, M. I. (2020). Pengaruh Growth Opportunity, Leverage dan Firm Size terhadap Cash Holding Perusahaan Properti dan Real Estate. Owner (Riset Dan Jurnal Akuntansi), 4(2), 322–329. https://doi.org/10.33395/owner.v4i2.219
Alwi, A., & Santioso, L. (2020). Faktor-Faktor Yang Mempengaruhi Cash Holding Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Paradigma Akuntansi, 2(1), 21–30. https://doi.org/10.35448/jte.v15i2.6933
Angkawidjaja, C., & Rasyid, R. (2019). Faktor–Faktor Yang Mempengaruhi Cash Holding Perusahaan. Jurnal Multiparadigma Akuntansi, 1(3), 693–702.
Arfan, M., Hasan Basri, Risma Handayani, M. Shabri Abd. Majid, H. F., & Dianah, A. (2017). Determinants of Cash Holding of Listed Manufacturing Companies in the Indonesian Stock Exchange. DLSU Business & Economics Review, 26(2), 1–12.
Aspasia, D. B. A., & Arfianto, E. D. (2021). Analisis Pengaruh Firm Size, Growth Opportunity, Firm Age, Leverage, Dan Non-Cash Net Working Capital Terhadap Cash Holding (Studi Pada Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2019). Diponegoro Journal of Management, 10(1), 1–9.
Cahyati, E. N., Suhendro, & Masitoh, E. (2020). Pengaruh Net Working Capital, Leverage dan Agresivitas Pajak terhadap Cash Holding. Jurnal Proseding Seminar Nasional Akuntansi, 2(1), 1–10.
Christian, N., & Fauziah, F. (2017). Faktor-faktor penahanan dana (cash holding). Global Financial Accounting Journal, 1(1), 13–24. https://journal.uib.ac.id/index.php/gfa/article/view/203
Christina, C., D, E. S., & W, M. F. D. I. (2020). Faktor-Faktor Yang Mempengaruhi Cash Holding Pada Perusahaan Manufaktur Tahun 2016–2018. Jurnal Multiparadigma Akuntansi Tarumanagara, 2(3), 1096–1103.
Darmawan, K., & Nugroho, V. (2021). Pengaruh Leverage, Capital Expenditure, Dan Net Working Capital Terhadapcash Holding Perusahaan. Jurnal Ekonomi, 3(2), 564–580. https://doi.org/10.24912/jpa.v3i2.11691
Fifriani, R., & Santosa, P. W. (2019). Application of Altman Modified Z-Score to Predict Financial Distress in the Indonesian Telecommunications Industry. JEBA (Journal of Economics and Business Aseanomics), 4(1), 23–34. https://doi.org/10.33476/j.e.b.a.v4i1.1236
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Semarang: Universitas Diponegoro.
Gunawan, R. (2016). Pengaruh Growth Opportunity, Net Working Capital Dan Cash Flow Terhadap Cash Holding (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia 2011- 2014). Jurnal Ekonomi Universitas Negeri Padang.
Hadiwijaya, I., & Trisnawati, E. (2019). Pengaruh Arus Kas Dan Belanja Modal Terhadap Cash Holding Pada Perusahaan Manufaktur. Jurnal Paradigma Akuntansi, 1(2), 416–424. https://doi.org/10.24912/jpa.v1i2.5010
Hayati, N. (2020). CCorporate Governance Sebagai Variabel Moderating Dengan Net Working Capital, Capital Expenditure, Cash Conversion Cycle, Cash Flow, Dan Growth Opportunity Yang Dapat Mempengaruhi Cash Holding. Business Management Analysis Journal (BMAJ), 3(2), 84–111.
Ibrahim, I. M., & Hanifah, R. (2018). Peranan Growth Opportunity, Cash Flow dan Leverage Terhadap Cash Holding the Role of Growth Opportunity, Cash Flow and Leverage on Cash Holding. Jurnal Manajemen Dan Perbankan, 5(2), 21–29.
Indrianto, N., & Supomo, B. (2013). Metodologi Penelitian Bisnis Untuk Akuntansi & Manajemen. Yogyakarta: BPFE.
Jason, E., & Viriany. (2020). Analisis Faktor-Faktor yang Mempengaruhi Cash Holding Pada Perusahaan Manufaktur Di Indonesia. Jurnal Paradigma Akuntansi, 2(4), 1415–1424.
Kariyoto. (2017). Analisa Laporan Keuangan. Malang: UB Press.
Kasmir. (2014). Analisis Laporan Keuangan (Edisi Ke-1). Jakarta: PT. Rajagrafindo Persada.
Kasmir. (2016). Analisis Laporan Keuangan. Bandung: Raja Grafindo Persada.
Levina, N., & Sha, T. L. (2021). Faktor Yang Mempengaruhi Cash Holding Pada Perusahaan Manufaktur Yang Terdaftar Di BEI. Jurnal Multiparadigma Akuntansi, 3(3), 1245–1254.
Liputri, S., & Susanto, L. (2020). Faktor-Faktor Yang Mempengaruhi Cash Holding Perusahaan Manufaktur Yang Terdaftar Di BEI. Jurnal Paradigma Akuntansi, 2(4), 1444–1451. https://doi.org/10.24912/jpa.v3i2.11799
Marcel, S., & Susanto, L. (2021). Faktor-Faktor Yang Berpengaruh Terhadap Cash Holdings. Jurnal Ekonomi, 3(2), 872–881.
Nainggolan, K. N., & Saragih, A. E. (2020). Faktor-Faktor Yang Mempengaruhi Kebijakan Dividen. Jurnal Riset Akuntansi & Keuangan, 6(1), 23–46. https://doi.org/10.21831/nominal.v9i2.30111
Najema, & Asma, R. (2019). Analisis Pengaruh Current Asset, Capital Expenditure, Cash Conversion Cycle, Cash Flow, Leverage, Market to Book Value Dan Net Working Capital Terhadap Cash Holdings Pada Sektor Industri Barang Konsumsi Di BEI. Sains Manajemen Dan Kewirausahaan, 3(1), 16–26.
Padademang, M. A. (2018). Pengaruh Net Working Capital, Cash Conversion Cycle, Firm Size Dan Leverage Terhadap Cash Holding. In Search, 17(02), 1–14.
Pasaribu, G. S., & Nuringsih, K. (2019). Faktor Yang Mempengaruhi Cash Holding Pada Perusahaan Manufaktur Yang Terdaftar Di BEI. Jurnal Manajerial Dan Kewirausahaan, 1(3), 471–480. https://doi.org/10.24912/jpa.v3i3.14920
Putri, R. A. A., & Suhendah, R. (2021). Pengaruh Firm Size, Profitability, Net Working Capital, Dan Leverage Terhadap Cash Holding. Jurnal Paradigma Akuntansi, 3(3), 1158–1166. https://doi.org/10.24912/jpa.v3i3.14925
Riyanto, B. (2013). Dasar-Dasar Pembelanjaan Perusahaan (Edisi Ke-4). Bandung: BPFE.
Romadhoni, R., Kufepaksi, M., & Hendrawaty, E. (2019). Faktor–Faktor Yang Mempengaruhi Cash Holding Perusahaan Yang Listing di Bursa Efek Indonesia Tahun 2013-2017. The Manager Review, 1(2), 124–139. https://ejournal.unib.ac.id/index.php/a46/article/download/9328/4613
Ross, A., Stephen. (2015). Pengantar Kuangan Perusahaan. Jakarta: Salemba Empat.
Rosyidah, E. H., & Santoso, B. H. (2018). Pengaruh IOS, NWC, CCC, Dan GO Terhadap Cash Holding Perusahaan Industri Konsumsi. Jurnal Ilmu Dan Riset Manajemen, 7(5), 1–19.
Santosa, P. W. (2010). Longterm Performance Trends Analysis and Managing Expectation for Active Value (Case study PT Indocement Tunggal Prakarsa, Tbk). Finance & Accounting Journal, 12(02), 94–101. https://doi.org/10.9744/jak.12.2.pp.94-101
Santosa, P. W. (2020). The Effect of Financial Performance and Innovation on Leverage: Evidence from Indonesian Food and Beverage Sector. Organizations and Markets in Emerging Economies, 11(22), 367–388. https://doi.org/10.15388/omee.2020.11.38
Santosa, P. W., Budiantoro, H., & Zuzryn, A. S. (2022). The Moderating Role of Firm Size on Relationship between Majority Ownership and Debt Policy of Property Sector. Jurnal Manajemen, 26(2), 315–330. https://doi.org/10.24912/jm.v26i2.932
Santosa, P. W., Rahayu, S. I., Simon, Z. Z., & Tambunan, M. E. (2021). The moderating role of audit quality and firm size in the effect of corporate governance on related party transactions: Evidence from Indonesia. Investment Management and Financial Innovations, 18(4), 166–176. https://doi.org/10.21511/imfi.18(4).2021.15
Santosa, P. W., Tambunan, M. E., & Kumullah, E. R. (2020). The role of moderating audit quality relationship between corporate characteristics and financial distress in the Indonesian mining sector. Investment Management and Financial Innovations, 17(2), 88–100. https://doi.org/10.21511/imfi.17(2).2020.08
Saputri, E., & Kuswardono, A. (2019). Pengaruh Profitabilitas, Leverage, Firm Size, dan Growth Opportunity Terhadap Cash Holding Perusahaan (Studi Kasus Perusahaan Manufaktur yang Terdaftar Pada Bursa Efek Indonesia Periode Tahun 2013-2017). Journal of Entrepreneurship, Management and Industry (JEMI), 2(2), 91–104.
Sari, D. M., & Ardian. (2019). Cash Holding, Cash Flow dan Profitability: Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Dinamika Akuntansi Dan Bisnis, 6(1), 29–38. https://doi.org/10.24815/jdab.v6i1.12142
Sari, V. P., & Hastuti, R. T. (2020). Pengaruh Net Working Capital, Leverage, Growth Opportunity, Dan Profitability Terhadap Cash Holding. Jurnal Paradigma Akuntansi, 2(4), 1559–1567. https://doi.org/10.24912/jpa.v2i4.9333
Sawir, A. (2015). Analisis Kinerja Keuangan dan Perencanaan Keuangan Perusahaan. Jakarta: Gramedia Pustaka Utama.
Sekaran, U., & Bougie, R. (2013). Metode Penelitian Untuk Bisnis (ke-6). Jakarta: Salemba Empat.
Silvy, & Rasyid, R. (2021). Pengaruh Firm Size, Profitability, Net Working Capital, Dan Leverage Terhadap Cash Holding. Jurnal Paradigma Akuntansi, 3(3), 1295–1304.
Simanjuntak, S. F., & Wahyudi, A. S. (2017). Faktor–Faktor yang Mempengaruhi Cash Holding Perusahaan. Jurnal Bisnis Dan Akuntansi, 19(1), 25–31.
Stefany, & Ekadjaja, A. (2019). Faktor Yang Mempengaruhi Cash Holding Perusahaan Yang Terdaftar di Bursa Efek Indonesia. Jurnal Paradigma Akuntansi, 1(3), 610–618. https://doi.org/10.24912/jpa.v1i3.5563
Suci, M. S. M., & Susilowati, Y. (2021). Analisis Pengaruh Profitability, Cash Flow, Leverage, Dan Net Working Capital Terhadap Cash Holding (Pada Perusahaan Manufaktur yang terdaftar di BEI Tahun 2017-2019). Jurnal Media Bina, 15(12), 5821–5832.
Sudarmi, E., & dan Nur, T. (2018). Analisis faktor-faktor yang mempengaruhi cash holdings pada perusahaan manufaktur yang tercatat di bursa efek Indonesia. ESENSI: Jurnal Manajemen Bisnis, 21(1), 14–33.
Suherman, S. (2017). Faktor-Faktor Yang Mempengaruhi Cash Holdings Perusahaan Di Bursa Efek Indonesia. Jurnal Manajemen, 21(3), 336–349. https://doi.org/10.24912/jm.v21i3.255
Wahyuni, I., Soeratno, & Suyanto. (2017). Determinan Cash Holdings dan Excess Value. Jurnal Ilmiah Akuntansi Kesatuan, 5(1), 45–57. https://doi.org/10.37641/jiakes.v5i1.17
Wijaya, S. H., & Bangun, N. (2019). Pengaruh Arus Kas, Leverage, Dan Ukuran Perusahaan Terhadap Cash Holding. Jurnal Paradigma Akuntansi, 1(2), 495–504. https://doi.org/10.24912/jpa.v1i2.5020
Yanti, Susanto, L., Wirianata, H., & Viriany. (2019). Corporate Governance, Capital Expenditure Dan Cash Holdings. Jurnal Ekonomi, 24(1), 1–10. https://doi.org/10.24912/je.v24i1.452
Downloads
Published
Issue
Section
Copyright (c) 2023 Hesty Juni Tambuati Subing, Felita Linta Yalin
This work is licensed under a CC Attribution-ShareAlike 4.0
Views: 254
|
Downloaded: 223
