Article Sidebar

Submitted
June 8, 2021
Accepted
June 8, 2021
Published
June 8, 2021
Download
PDF (Bahasa Indonesia)
Statistic
Read Counter : 452 Download : 985

Downloads

Download data is not yet available.

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

Cash Holding Cash Flow Net Working Capital Leverage Firm Size Growth Opportunity

Article Details

License

Please find the rights and licenses in Managament Insight: Jurnal Ilmiah Manajemen.

1. License

The use of the article will be governed by the Creative Commons Attribution license as currently displayed on Creative Commons Attribution-ShareAlike 4.0 International License.

2. Author’s Warranties

The author warrants that the article is original, written by stated author(s), has not been published before, contains no unlawful statements, does not infringe the rights of others, is subject to copyright that is vested exclusively in the author and free of any third party rights, and that any necessary written permissions to quote from other sources have been obtained by the author(s).

3. User Rights

Managament Insight: Jurnal Ilmiah Manajemen spirit is to disseminate articles published are as free as possible. Under the Creative Commons license, Managament Insight permits users to copy, distribute, display, and perform the work for commercial purposes only. Users will also need to attribute authors and Managament Insight on distributing works in the journal.

4. Rights of Authors

Authors retain the following rights:

Copyright, and other proprietary rights relating to the article, such as patent rights, The right to use the substance of the article in future own works, including lectures and books, The right to reproduce the article for own purposes, The right to self-archive the article, the right to enter into separate, additional contractual arrangements for the non-exclusive distribution of the article's published version (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal (Managament Insight: Jurnal Ilmiah Manajemen).

5. Co-Authorship

If the article was jointly prepared by other authors, the signatory of this form warrants that he/she has been authorized by all co-authors to sign this agreement on their behalf, and agrees to inform his/her co-authors of the terms of this agreement.

6. Termination

This agreement can be terminated by the author or Managament Insight: Jurnal Ilmiah Manajemen upon two months’ notice where the other party has materially breached this agreement and failed to remedy such breach within a month of being given the terminating party’s notice requesting such breach to be remedied. No breach or violation of this agreement will cause this agreement or any license granted in it to terminate automatically or affect the definition of Managament Insight: Jurnal Ilmiah Manajemen.

7. Royalties

This agreement entitles the author to no royalties or other fees. To such extent as legally permissible, the author waives his or her right to collect royalties relative to the article in respect of any use of the article by Managament Insight: Jurnal Ilmiah Manajemen or its sublicensee.

8. Miscellaneous

Managament Insight: Jurnal Ilmiah Manajemen will publish the article (or have it published) in the journal if the article’s editorial process is successfully completed and Managament Insight or its sublicensee has become obligated to have the article published. Managament Insight may confirm the article to a style of punctuation, spelling, capitalization, referencing and usage that it deems appropriate. The author acknowledges that the article may be published so that it will be publicly accessible and such access will be free of charge for the readers.

How to Cite
Sari, M., & Zoraya, I. (2021). ANALISIS FAKTOR-FAKTOR YANG MEMENGARUHI CASH HOLDING PADA PERUSAHAAN INDUSTRI SEKTOR BARANG KONSUMSI YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2009-2018. Managament Insight: Jurnal Ilmiah Manajemen, 16(1), 61–80. https://doi.org/10.33369/insight.16.1.61-80
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX

References

  1. 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.
  2. Afza, T., dan Adnan, S.M. (2007). Determinants of Corporate Cash Holding: A Case Study of Pakistan. Proceedings of Singapore Economic Review Conference (SERC) 2007.
  3. Al-Amarneh, A. (2015). Corporate Cash Holdings and Financial Crisis: Evidence from Jordan. International Business Research. https://doi.org/10.5539/ibr.v8n5p212
  4. 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
  5. 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
  6. 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
  7. 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
  8. 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
  9. 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
  10. Bigelli, Marco dan Vidal, Javier, Sanchez. (2012) “Cash Holding in Private Firm”. Journal of Banking and finance vol 36.
  11. Brigham, E.F., & Houston, J.F. (2001). Manajemen Keuangan. Buku 1 edisi 8. Jakarta: Erlangga.
  12. Brigham, Eugene F dan Houston. 2006. Fundamental of Financial Management: Dasar-Dasar Manajemen Keuangan. Edisi 10. Jakarta: Salemba Empat.
  13. Brigham, E.F., & Houston, J. F. (2011). Dasar-dasar Manajemen Keuangan Terjemahan. Jakarta: Salemba Empat.
  14. Cahyati, E. N., Suhendro, & Masitoh, E. (2017). “Pengaruh Net Working Capital, Leverage Dan Agresivitas Pajak Terhadap Cash Holding”. (10).
  15. CNBC Indonesia. 19 Oktober 2018. Pertumbuhan Industri Barang Konsumsi di Nilai Melambat.
  16. 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
  17. Dittmar, A., Mahrt-Smith, J., dan Servaes, H. (2003) ”International Corporate Governance And Corporate Cash Holdings”. Journal of Financial and Quantitative Analysis. Vol. 38(1), 111-133.
  18. EDUSAHAM.COM. April 2019. Perusahaan sektor industris barang konsumsi yang terdaftar di BEI.
  19. 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
  20. 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
  21. Foley CL, Bott SR, Kirby RS. An update on the 5 alpha reductase inhibitor. Timely Top Med Urol 2003 vol 4, Jun 2003
  22. 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
  23. Gaspersz, V. (1991). Metode Perancangan Percobaan. CV. ARMICO. Bandung.
  24. 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.
  25. Ginglinger, Edith dan Khaoula, Saddour. (2007) “Cash Holding, Corporate Governance And Financial Constraints”. Journal. Universite Paris Dauphine, pp: 1-33.
  26. Ghozali, Imam. (2009). Aplikasi Analisis Multivariate Dengan Program Eviews. Semarang: Universitas Diponegoro.
  27. Ghozali, I. (2013). Aplikasi Analisis Multivariate dengan Program IBM SPSS 21 :Update PLS Regresi. In Semarang. https://doi.org/10.2307/1579941
  28. Ghozali, Imam. (2012). Aplikasi Analisis Multivariat dengan Program IBM SPSS 20 (Edisi keenam). Semarang: Universitas Diponegoro. Metode Penelitian Bisnis.
  29. Gujarati, Damodar, (2003). Ekonometri dasar. Terjemahan: Sumarno Zain, Jakarta: Erlangga.
  30. Gujarati, D.N.,2012, Dasar-dasar Ekonometrika, Terjemahan Mangunsong, R.C., Salemba Empat, buku 2, Edisi 5, Jakarta
  31. Hadiwijaya, I., & Trisnawati, E. (2019). Pengaruh Arus Kas Dan Belanja Modal Terhadap Cash Holding Pada Perusahaan Manufaktur. Jurnal Multiparadigma Akuntansi.
  32. 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
  33. 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
  34. http://www.idx.co.id
  35. Indriartoro, N., & Supomo, B. (2002). Metodologi Penelitian Bisnis, Cetakan Kedua. In Yogyakara; Penerbit BFEE UGM.
  36. Jensen, N., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs, and capital structure. Journal of Financial Economics.
  37. Jinkar, R. T. (2011). Analisa Faktor- Faktor Penentu Kebijakan Cash Holding Perusahaan Manufaktur Di Indonesia. Mini Economica.
  38. Kafayat, A., Rehman, K. U., & Farooq, M. (2014). Factors Affecting Corporate Cash Holding of Non-Financial Firms in Pakistan. ACTA UNIVERSITATIS DANUBIUS.
  39. 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.
  40. Kementerian Perindustrian Republik Indonesia. (2019). Analisis Perkembangan Industi. Edisi 1 (di akses : 30 juni 2020).
  41. Kementrian Perindustrian Republik Indonesia. 12 agustus 2013. Manufaktur Ditopang Sektor Barang Konsumsi.
  42. 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
  43. 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
  44. Kompas. 22 Maret 2011. Meneropong Ekonomi Jepang Pascatsunami
  45. Liputan6. 17 Oktober 2018. Sariwangi dinyatakan pailit.
  46. 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
  47. 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
  48. 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
  49. Najjar-Al, Basil.(2013) “The Financing Determinants of Cash Holdings: Evidence from some Emerging Markets”. International Business Review 22:77 88
  50. Naseer, M., & Naseem, I. (2015). The Relationship Between Working Capital Management and Cash Holdings of Banks in Pakistan. IUP Journal of Bank Management.
  51. 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.
  52. 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.
  53. 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
  54. 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
  55. Prasentianto, Hanafi. (2014) “Analisis Faktor-Faktor yang Mempengaruhi Tingkat Cash Holding (Studi Empiris pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Tahun 2009-2013)”. Skripsi Sarjana Jurusan Manajemen pada Fakultas Ekonomika dan Bisnis Universitas Diponegoro, Semarang
  56. Prasentianto dan Prasetiono. (2014) ”Analisis Faktor-faktor yang Mempengaruhi Tingkat Cash Holding (Studi Empiris pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Tahun 2009-2013)”. Skripsi Sarjana Jurusan Manajemen pada Fakultas Ekonomika dan Bisnis Universitas Diponegoro, Semarang
  57. Purnasiwi, Jayanti, dan Sudarno. (2011) “Analisis Pengaruh Size, Profitabilitas,dan Leverage Terhadap Pengungkapan CSR pada Perusahaan yang Terdaftar di Bursa Efek Indonesia”. Diponegoro Journal of Accounting
  58. Rahmawati, Zahrotul Auliya. (2013) “Faktor – faktor yang Mempengaruhi Keputusan Cash Holding pada Perusahaan Food and Beverages yang Terdaftar di Bursa Efek Indonesia”. Jurnal Manajemen Fakultas Ekonomi dan Bisnis. Universitas Brawijaya.
  59. Rajan, R. G., & Zingales, L. (1995). What Do We Know about Capital Structure? Some Evidence from International Data. The Journal of Finance. https://doi.org/10.2307/2329322
  60. Riyanto. 2001. Dasar-dasar Pembelanjaan Perusahaan. Yogyakarta: BPFE.
  61. Riyanto, Bambang, (2010). “Dasar-Dasar Pembelajaran Perusahaan”. Yogyakarta: BPFE.
  62. Santoso, S. (2001). SPSS Versi 10 Mengolah Data Statistik Secara Profesional. Jakarta: PT Elex Media Komputindo.
  63. Sekaran, Uma. (2006). “Research Methods for Business, Edisi 4”. Jakarta Selatan Salemba Empat.
  64. Sekaran, Uma. (2009). “Research Methods for Business, Edisi 4”. Jakarta Selatan Salemba Empat.
  65. Silaen, Reni dan Prasetiono. (2017) “Analisis Faktor-Faktor Yang Mempengaruhi Tingkat Cash Holding Pada Bank Umum Yang Terdaftar Di Bursa Efek Indonesia Tahun 2011-2015”. Diponegoro Journal Of Management.
  66. Sugiyono. (2010). Metode Penelitian Bisnis. Pendekatan Kuantitatif, kualitatif dan R & D. Bandung: Alfabeta.
  67. Sugiyono. (2012). Metode Penelitian Kuantitatif, Kualitatif dan R & D.Bandung:Alfabeta. Metode Penelitian Kuantitatif, Kualitatif Dan R & D.Bandung:Alfabeta. https://doi.org/10.1017/CBO9781107415324.004
  68. Sugiyono. (2015). Metode Penelitian Pendidikan. Bandung. In Metode Penelitian Pendidikan (Pendekatan Kuantitatif, Kualitatif, dan R&D).
  69. Suherman, S. (2017). FAKTOR-FAKTOR YANG MEMPENGARUHI CASH HOLDINGS PERUSAHAAN DI BURSA EFEK INDONESIA. Jurnal Manajemen. https://doi.org/10.24912/jm.v21i3.255
  70. Trimbunnews. 18 Oktober 2018. PT Sariwangi Agricultural Estate Agency dan PT Maskapai Perkebunan Indorub Sumber Wadung dinyatakan pailit.
  71. Uyar, A., & Kuzey, C. (2014). Determinants of corporate cash holdings: Evidence from the emerging market of Turkey. Applied Economics. https://doi.org/10.1080/00036846.2013.866203
  72. William, W., & Fauzi, S. (2013). ANALISIS PENGARUH GROWTH OPPORTUNITY, NET WORKING CAPITAL, DAN CASH CONVERSION CYCLE TERHADAP CASH HOLDINGS PERUSAHAAN SEKTOR PERTAMBANGAN. Jurnal Ekonomi Dan Keuangan.
  73. Widarjono, Agus. (2013). Ekonometrika Pengantar dan Aplikasinya.Yogyakarta. UPP STIM YKPN
  74. Winarno, W. W. (2007). Eviews : Analisis ekonometrika dan statistika. Yogyakarta : Sekolah Tinggi Ilmu Manajemen YKPN.
  75. Winarno,W.W.(2011). “Analisis Ekonometrika dan Statistika dengan Eviews”. Edisi Ketiga, Cetakan pertama.UPP STIM YKPN.Yogyakarta
  76. Zulyani, Z., & Hardiyanto, H. (2019). FAKTOR-FAKTOR YANG MEMPENGARUHI CASH HOLDINGS PADA PERUSAHAAN PELAYARAN DI INDONESIA. Inovbiz: Jurnal Inovasi Bisnis. https://doi.org/10.35314/inovbiz.v7i1.946