DETERMINAN CASH HOLDING PADA PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA
Main Article Content
Abstract
This study aims to determine the effect of firm size, leverage, profitability, net working
capital, and cash conversion cycle on cash holding in manufacturing companies listed
on the Indonesian stock exchange. The research period is from 2017 to 2020. The study
used a purposive sampling method and produced 260 research samples. The results of
data processing with Eviews 12 student version lite show that the most suitable model
used in predicting cash holding is the Random Effect Model (REM). Of all the
independent variables, only three independent variables were found to affect cash
holding, i.e. profitability, net working capital, and cash conversion cycle. The results
showed that profitability and net working capital had a significant positive effect on
cash holding while the cash conversion cycle had a significant negative effect.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
This work is licensed under a Jurnal Komunikasi Creative Commons Attribution-ShareAlike 4.0 International License.
References
Aftab, U., Javid, A. Y., & Akhter, W. (2018). The Determinants of Cash Holdings
around Different Regions of the World. Business & Economic Review, 10(2), 151–
Ahmed, R., Qi, W., Ullah, S., & Kimani, D. (2018). Determinants of corporate cash
holdings: An empirical study of Chinese listed firms. Corporate Ownership and
Control, 15(3), 57–65.
Ali, S., Ullah, M., & Ullah, N. (2016). Determinants of Corporate Cash Holdings “A
Case of Textile Sector in Pakistan”. International Journal of Economics &
Management Sciences, 5.
Astuti, N., Ristiyana, R., & Nuraini, L. (2020). Faktor-Faktor yang Mempengaruhi Cash
Holding. Ekonomi Bisnis, 26(1), 243–252.
Basuki, A. T., & Prawoto, N. (2017). Analisis Regresi dalam Penelitian Ekonomi &
Bisnis: Dilengkapi Aplikasi SPSS & Eviews. Jakarta: Rajagrafindo persada.
Chireka, T., & Fakoya, M. B. (2017). The Determinants of Corporate Cash Holdings
Levels: Evidence from Selected South African Retail Firms. Investment
Management and Financial Innovations, 14(2), 79-93.
Daniella, N., & Lukman, H. (2023). An Empirical Study Of The Factors That Influence
Financial Distress (A Case On Mining Industry In Indonesia). International Journal
of Application on Economics and Business. Vol. 1 (2), pp. 207-215
Garry., & Viriany. (2021). Faktor-Faktor yang Mempengaruhi Cash Holding. Jurnal
Multiparadigma Akuntansi, 3(2), 482-489.
Ghozali, I., & Ratmono, D. (2017). Analisis Multivariat dan Ekonometrika Teori,
Konsep, dan Aplikasi dengan Eviews 10 Edisi 2. Semarang: Badan Penerbit
Universitas Diponegoro.
Gionia., & Susanti, M. (2020). Faktor-Faktor yang Mempengaruhi Cash Holding Pada
Perusahaan Manufaktur di Indonesia. Jurnal Multiparadigma Akuntansi
Tarumanagara, 2, 1026-1035.
Irwanto., Sia, S., Agustina., & An, E. J. W. (2019). Faktor yang Mempengaruhi Cash
Holding dan Nilai Perusahaan Manufaktur. Jurnal Wira Ekonomi Mikroskil
(JWEM), 9(2), 147-158.
Jason, E., & Viriany. (2020). Analisis Faktor-Faktor yang Mempengaruhi Cash Holding
Pada Perusahaan Manufaktur di Indonesia. Jurnal Multiparadigma Akuntansi
Tarumanagara, 2, 1415-1424.
Jebran, K., Iqbal, A., Bhat, K. U., Khan, M. A., & Hayat, M. (2019). Determinants of
corporate cash holdings in tranquil and turbulent period: evidence from an
emerging economy. Financial Innovation, 5(1).
Khalida, M., Aristi, M. D., & Azmi, Z. (2021). Faktor–Faktor Yang Mempengaruhi
Cash Holding Pada Perusahaan Sektor Industri Barang Konsumsi. Jurnal Akuntansi
Dan Ekonomika, 11(1), 23–32.
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, 5(1), 32.
Nainggolan, K. N., & Saragih, A. E. (2020). Faktor-Faktor Yang Mempengaruhi
Kebijakan Cash Holding Pada Perusahaan Manufaktur yang Terdaftar di Bursa
Efek Indonesia. JRAK, 6(1), 23-46.
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. Jurnal Sains Manajemen dan Kewirausahaan, 3(1), 16-26.
Ridha, A., Wahyuni, D., & Sari, D. M. S. (2019). Analisis Pengaruh Kepemilikan
Institusional Dan Profitabilitas Terhadap Cash Holding Dengan Ukuran Perusahaan
Sebagai Variabel Moderasi Pada Perusahaan Terindeks Lq45 Di Bursa Efek
Indonesia. Jurnal Manajemen Dan Keuangan, 8(2), 135–150.
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.
Santoso, S. (2018). Mahir Statistik Parametrik: Konsep Dasar dan Aplikasi dengan
SPSS. Jakarta: PT Elex Media Komputindo.
Shah, I. A., Shah, S. Z. A., Nouman, M., Khan, F. U., Badulescu, D., & Cismas, L. M.
(2021). Corporate Governance and Cash Holding: New Insights from Concentrated
and Competitive Industries. Sustainability, 13(9), 4816.
Sheikh, N. A., Mehmood, K. K., & Kamal, M. (2018). Determinants of Corporate Cash
Holdings: Evidence from MNCs in Pakistan. Review of Economics and
Development Studies, 4(1), 71–78.
Simanjuntak, S. F., & Wahyudi, A. S. (2017). Faktor-Faktor yang Mempengaruhi Cash
Holding Perusahaan. Jurnal Bisnis dan Akuntansi, 19(1), 25-31.
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). Open Journal Systems,
(12), 5821-5832.
Suherman. (2017). Faktor-Faktor yang Mempengaruhi Cash Holding Perusahaan di
Bursa Efek Indonesia. Jurnal Manajemen, 21(3), 336-349.
Tayem, G. (2016). The Determinants of Corporate Cash Holdings: The Case of a Small
Emerging Market. International Journal of Financial Research, 8(1), 143.
Thu, P. A., & Khuong, N. V. (2018). Factors Effect on Corporate Cash Holdings of the
Energy Enterprises Listed on Vietnam’s Stock Market. International Journal of
Energy Economics and Policy, 8(5), 29-34.
Windy., & Lukman, H. (2023). The Role Of Managerial Ownership As Moderation On
Factors Affecting Debt Policy In Companies With Large Market Capitalization In
Indonesia. International Journal of Application on Economics and Business. Vol. 1
(2), pp. 57-68.
Yanti, M. I., & Wati, E. (2018). Analisis Faktor-Faktor yang Berpengaruh Terhadap
Cash Holdings. Global Financial Accounting Journal, 2(2), 32-40.
Zulyani., & Hardiyanto. (2019). Faktor-faktor yang Mempengaruhi Cash Holdings pada
Perusahaan Pelayaran di Indonesia. Jurnal Inovasi Bisnis, 7, 8-14.