Main Article Content
Abstract
Cash is used to support the smooth running of operations and maintain company liquidity. The purpose of this study was to examine the effect of cash flow, net working capital, leverage, firm size and growth opportunity on company cash holding. The object of this research is the consumer goods sector industrial companies listed on the Indonesia Stock Exchange in 2009-2018. This research uses purposive sampling technique. The sample in this study were 12 companies based on the regression analysis criteria that had been determined using the pooled last square approach in the Eviews 9.0 program. The results of this study indicate that cash flow has a significant negative effect on cash holding, networking capital has a significant positive effect on cash holding, while leverage has a positive and insignificant effect on cash holding, firm size and growth opportunity has a negative and insignificant effect on cash holding.
Keywords
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References
Afif, P. S. (2016). Analisis Faktor- Faktor Yang Mempengaruhi Kebijakan Cash Holding Pada Perusahaan Manufaktur Yang Listing di Bursa Efek Indonesia Tahun 2010-2014. Diponegoro Journal Of Management.
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Al-Najjar, B. (2013). The financial determinants of corporate cash holdings: Evidence from some emerging markets. International Business Review. https://doi.org/10.1016/j.ibusrev.2012.02.004
Anjum, Sara dan Qaisar Ali Malik. (2013) “Determinants of Corporate Liquidity : An Analysis of Cash Holding”. IOSR Journal of Business and Management. 7, 94-100
Ali, S., & Ullah, M. (2016). Determinants of Corporate Cash Holdings “A Case of Textile Sector in Pakistan.” International Journal of Economics & Management Sciences. https://doi.org/10.4172/2162-6359.1000334
Astuti, A. W., Wiyono, G., & Mujino, M. (2019). ANALISIS CASH HOLDING BERBASIS KEKUATAN KAS DAN MODAL KERJA BERSIH. JBTI : Jurnal Bisnis Teori Dan Implementasi. https://doi.org/10.18196/bti.102123
Basheer, M. F. (2014). Impact of Corporate Governance on Corporate Cash Holdings: An empirical study of firms in manufacturing industry of Pakistan. International Journal of Innovation and Applied Studies. https://doi.org/10.9790/487x-081122125
Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do U.S. firms hold so much more cash than they used to? Journal of Finance. https://doi.org/10.1111/j.1540-6261.2009.01492.x
Bigelli, Marco dan Vidal, Javier, Sanchez. (2012) “Cash Holding in Private Firm”. Journal of Banking and finance vol 36.
Brigham, E.F., & Houston, J.F. (2001). Manajemen Keuangan. Buku 1 edisi 8. Jakarta: Erlangga.
Brigham, Eugene F dan Houston. 2006. Fundamental of Financial Management: Dasar-Dasar Manajemen Keuangan. Edisi 10. Jakarta: Salemba Empat.
Brigham, E.F., & Houston, J. F. (2011). Dasar-dasar Manajemen Keuangan Terjemahan. Jakarta: Salemba Empat.
Cahyati, E. N., Suhendro, & Masitoh, E. (2017). “Pengaruh Net Working Capital, Leverage Dan Agresivitas Pajak Terhadap Cash Holding”. (10).
CNBC Indonesia. 19 Oktober 2018. Pertumbuhan Industri Barang Konsumsi di Nilai Melambat.
Daher, M. 2010. The determinants of cash holding in UK public and private firms. Journal of Lancaster University Management School, Department of Accounting and FinanceDittmar, A., Mahrt-Smith, J., & Servaes, H. (2003). International Corporate Governance and Corporate Cash Holdings. The Journal of Financial and Quantitative Analysis. https://doi.org/10.2307/4126766
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EDUSAHAM.COM. April 2019. Perusahaan sektor industris barang konsumsi yang terdaftar di BEI.
Ferreira, M. A., & Vilela, A. S. (2004). Why do firms hold cash? Evidence from EMU countries. European Financial Management. https://doi.org/10.1111/j.1354-7798.2004.00251.x
Ferri, M. G., & Jones, W. H. (1979). Determinants of Financial Structure: A New Methodological Approach. The Journal of Finance. https://doi.org/10.2307/2327431
Foley CL, Bott SR, Kirby RS. An update on the 5 alpha reductase inhibitor. Timely Top Med Urol 2003 vol 4, Jun 2003
García-Teruel, P. J., Martínez-Solano, P., & Sánchez-Ballesta, J. P. (2009). Accruals quality and corporate cash holdings. Accounting and Finance. https://doi.org/10.1111/j.1467-629X.2008.00276.x
Gaspersz, V. (1991). Metode Perancangan Percobaan. CV. ARMICO. Bandung.
Gill, Amajit, dan Shah Charul. (2012). Determinant of Coorporate Cash Holdings: Evidence from Canada. International Journal of Economics and Finance, Vol 4, No 1, January 2012. College of Business Administration, Trident University Internasional.
Ginglinger, Edith dan Khaoula, Saddour. (2007) “Cash Holding, Corporate Governance And Financial Constraints”. Journal. Universite Paris Dauphine, pp: 1-33.
Ghozali, Imam. (2009). Aplikasi Analisis Multivariate Dengan Program Eviews. Semarang: Universitas Diponegoro.
Ghozali, I. (2013). Aplikasi Analisis Multivariate dengan Program IBM SPSS 21 :Update PLS Regresi. In Semarang. https://doi.org/10.2307/1579941
Ghozali, Imam. (2012). Aplikasi Analisis Multivariat dengan Program IBM SPSS 20 (Edisi keenam). Semarang: Universitas Diponegoro. Metode Penelitian Bisnis.
Gujarati, Damodar, (2003). Ekonometri dasar. Terjemahan: Sumarno Zain, Jakarta: Erlangga.
Gujarati, D.N.,2012, Dasar-dasar Ekonometrika, Terjemahan Mangunsong, R.C., Salemba Empat, buku 2, Edisi 5, Jakarta
Hadiwijaya, I., & Trisnawati, E. (2019). Pengaruh Arus Kas Dan Belanja Modal Terhadap Cash Holding Pada Perusahaan Manufaktur. Jurnal Multiparadigma Akuntansi.
HARRIS, M., & RAVIV, A. (1990). Capital Structure and the Informational Role of Debt. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1990.tb03693.x
Horne, James C. Van dan Wachowicz, J. M. (2012). Prinsip-prinsip Manajemen Keuangan. Edisi 13. Jakarta: Salemba Empat. https://doi.org/10.1016/j.neuroimage.2007.11.048
Indriartoro, N., & Supomo, B. (2002). Metodologi Penelitian Bisnis, Cetakan Kedua. In Yogyakara; Penerbit BFEE UGM.
Jensen, N., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs, and capital structure. Journal of Financial Economics.
Jinkar, R. T. (2011). Analisa Faktor- Faktor Penentu Kebijakan Cash Holding Perusahaan Manufaktur Di Indonesia. Mini Economica.
Kafayat, A., Rehman, K. U., & Farooq, M. (2014). Factors Affecting Corporate Cash Holding of Non-Financial Firms in Pakistan. ACTA UNIVERSITATIS DANUBIUS.
Keynes, J. M. (1936). The General Theory of Employment Interest and Money. The Collected Writings of John Maynard Keynes Vol. VII. Journal Of The Czech Geological Society.
Kementerian Perindustrian Republik Indonesia. (2019). Analisis Perkembangan Industi. Edisi 1 (di akses : 30 juni 2020).
Kementrian Perindustrian Republik Indonesia. 12 agustus 2013. Manufaktur Ditopang Sektor Barang Konsumsi.
Kim, C.-S., Mauer, D. C., & Sherman, A. E. (1998). The Determinants of Corporate Liquidity: Theory and Evidence. The Journal of Financial and Quantitative Analysis. https://doi.org/10.2307/2331099
Kim, J., Kim, H., & Woods, D. (2011). Determinants of corporate cash-holding levels: An empirical examination of the restaurant industry. International Journal of Hospitality Management. https://doi.org/10.1016/j.ijhm.2010.10.004
Kompas. 22 Maret 2011. Meneropong Ekonomi Jepang Pascatsunami
Liputan6. 17 Oktober 2018. Sariwangi dinyatakan pailit.
Marfuah, M., & Zulhilmi, A. (2015). PENGARUH GROWTH OPPORTUNITY, NET WORKING CAPITAL, CASH CONVERSION CYCLE DAN LEVERAGE TERHADAP CASH HOLDING PERUSAHAAN. Optimum: Jurnal Ekonomi Dan Pembangunan. https://doi.org/10.12928/optimum.v5i1.7819
Marfuah, & Zulhilmi, A. (2014). Pengaruh Growth Opprtunity, Conversion Cycle, dan Leverage terhadap Cash Holding Perusahaan. Universitas Islam Indonesia. https://doi.org/10.1016/B978-0-7506-1202-9.50009-2
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics. https://doi.org/10.1016/0304-405X(84)90023-0
Najjar-Al, Basil.(2013) “The Financing Determinants of Cash Holdings: Evidence from some Emerging Markets”. International Business Review 22:77 88
Naseer, M., & Naseem, I. (2015). The Relationship Between Working Capital Management and Cash Holdings of Banks in Pakistan. IUP Journal of Bank Management.
Nduati Kariuki, S., Namusonge, G. S., & Orwa, G. O. (2015). Determinants of Corporate Cash Holdings: Evidence From Private Manufacturing Firms in Kenya. International Journal of Advanced Research in Management and Social Sciences.
Ogundipe Lawrencia Olatunde, Sunday Emmanuel Ogundipe, dan Samuel Kehinde Ajao. (2012)“ Cash Holding and Firm Characterictics: Evidence From Nigerian Emerging Market”. Journal of Business, Economic & Finance. Vol. 1.
Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics. https://doi.org/10.1016/s0304-405x(99)00003-3
Ozkan, A., & Ozkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking and Finance. https://doi.org/10.1016/j.jbankfin.2003.08.003
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