Kepemilikan Institusional, Likuiditas, Capital Expenditure, Profitabilitas dan Corporate Cash Holding di Masa Pandemi Covid-19
Abstract
This study aims to determine how the influence of institutional ownership, liquidity, Capital Expenditure, and profitability on corporate cash holding (CCH) during the Covid-19 Pandemic. The research population is trading, service and investment sector companies listed on the Indonesia Stock Exchange (IDX) in 2020. The sample is 115 using purposive sampling technique. This study uses multiple linear regression analysis, with the type of secondary data processed through the IBM SPSS version 25 application. The results showed that institutional ownership and Capital Expenditure had no effect on CCH. Meanwhile, liquidity and profitability have a positive effect on CCH.
Keywords: Corporate Cash Holding; Institutional Ownership; Liquidity; Capital Expenditure; Profitability
Downloads
Download data is not yet available.
References
Acharya, V. V., & Steffen, S. (2020). The risk of being a fallen angel and the corporate dash for cash in the midst of COVID. The Review of Corporate Finance Studies, 9(3), 430–471.
Al-Najjar, B., & Clark, E. (2017). Corporate governance and cash holdings in MENA: Evidence from internal and external governance practices. Research in International Business and Finance, 39, 1–12.
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, 05(03), 1–10.
APRINDO. (2020). Sektor Ritel Ditengah Pandemi COVID-19. APRINDO.Org.
Ariana, D., Hadjaat, M., & Yudaruddin, R. (2018). Pengaruh cash flow, expenditure dan nilai perusahaan terhadap cash holding pada perusahaan sektor pertambangan yang terdaftar di bursa efek indonesia periode 2012-2015. Jurnal Manajemen, 10(1), 7–13.
Badan Pusat Statistik. (2019). Berita Resmi Statistik: Pertumbuhan Ekonomi Indonesia Triwulan IV - 2018. Bps.Go.Id, 19(27), 1–8.
Badan Pusat Statistika. (2020). Analisis hasil survei dampak Covid-19 terhadap pelaku usaha. Badan Pusat Statistika.
Biro Humas Kementerian Perdagangan RI. (2020a). Era “New Normal”, Kemendag Dorong Bisnis Ritel Jadi Motor Pemulihan Ekonomi Saat Pandemi Covid-19. Kementerian Perdagangan Republik Indonesia.
Biro Humas Kementerian Perdagangan RI. (2020b). Peringati Hari Ritel Nasional ke-1,Mendag:Kontribusi Ritel TetapTinggi Selama Pandemi. Kementerian Perdagangan Republik Indonesia.
Berita Resmi Statistik, (2020) (testimony of Humas BPS).
BPS, H. (2020). Pertumbuhan Ekonomi Indonesia Triwulan IV-2019. In Badan Pusat Statistik: Vols. XXiI, 05 N (Issue 17/02/Th. XXIV).
Christian, N., & Fauziah, F. (2017). Faktor-faktor penahanan dana (cash holding). Global Financial Accounting Journal, I(1), 13–24.
CNBC Indonesia. (2020, April 7). PSBB Jakarta 10 April.
Davidson, & Rasyid, R. (2020). The Influence of Profitability, Liquidity, Firm Size and Leverage on Cash Holding. Advances in Social Science, Education and Humanities Research (Atlantis Press), 478, 405–409.
Gill, A., & Shah, C. (2012). Determinants of Corporate Cash Holdings: Evidence from Canada. International Journal of Economics and Finance, 4(1), 70–79.
Guizani, M. (2017). The financial determinants of corporate cash holdings in an oil rich country: Evidence from Kingdom of Saudi Arabia. Borsa Istanbul Review, 17(3), 133–143.
HERO Group. (2021). Hero Group Fokuskan Investasi untuk Mengembangkan IKEA, Guardian, dan Hero Sipermarket. Media HERO Group.
Horioka, C. Y., & Terada-Hagiwara, A. (2013). Corporate Cash Holding in Asia (381).
Indonesia Investment Coordinating Board. (2020). Pengaruh Covid-19 terhadap Investasi di Indonesia. Badan Koordinasi Penanaman Modal.
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(3), 1–12.
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.
Liadi, C. C., & Suryanawa, I. K. (2018). Pengaruh Ukuran Perusahaan, Net Working Capital, Cash Flow, dan Cash Conversion Cycle pada Cash Holding. E-Jurnal Akuntansi, 24, 1474.
Mawardi, & Nurhalis. (2018). Pengaruh Corporate Governance Terhadap Cash Holding Pada Perusahaan Manufaktur Di Bursa Efek Indonesia. Jurnal Manajemen Dan Inovasi, 9(1), 75–90.
Maya Sari, D., & Ardian, A. (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.
Rahman, R. H. (2021). Pengaruh Profitabilitas, Cash Flow, Likuiditas dan Net Working Capital terhadap Cash Holding dengan Ukuran Perusahaan sebagai Variabel Moderating pada Perusahaan Real Estate dan Properti di Indonesia. Jurnal Ekonomi KIAT, 32(1), 30–39.
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.
Rosyid, E. H. & R. (2020). Faktor-faktor Yang Memengaruhi Cash Holding Perusahaan Consumer Goods Industry. Jurnal Multiparadigma Akuntansi Tarumanagara, 2(2020), 1380–1389.
Senjaya, S. Y., & Yadnyana, I. K. (2016). Pengaruh investment opportunity set, cash conversion cycle dan corporate governance structure terhadap cash holdings pada perusahaan sektor property dan real estate yang terdaftar pada Bursa Efek Indonesia periode 2008-2014. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 8(5), 2549–2578.
Simanjuntak, S. F., & Wahyudi, A. S. (2017). Faktor- Faktor Yang Mempengaruhi Cash Holding. Jurnal Bisnis Dan Akuntansi, 19(1), 25–31.
Suherman. (2017). Faktor-Faktor Yang Mempengaruhi Cash Holdings Perusahaan Di Bursa Efek Indonesia. Jurnal Manajemen, 21(3), 336–349.
Sutrisno, B. (2021). COVID-19 and Corporate Cash Holdings in Indonesia. Indonesian Financial Review, 1(1), 10–16.
Sutrisno, B., & Gumanti, T. A. (2016). Pengaruh krisis keuangan global dan karakteristik perusahaan terhadap cash holding perusahaan di Indonesia. Jurnal Siasat Bisnis, 20(2), 130–142.
Taufil Mohd, K. N., Latif, R. A., & Saleh, I. (2015). Institutional ownership and cash holding. Indian Journal of Science and Technology, 8(32), 1–6.
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, 3(5), 29–34.
Trihantoro, J. (2020). Determinan Cash Holding Perusahaan Industri Manufaktur : Perspekstif Financial Constraints dan Financial Unconstraints. TECHNOBIZ, 3(2), 5–14.
Wijaya, A. L. (2021). Determinants of Corporate Cash Holdings : Case of Agriculture Companies in Indonesia. Journal of Academic Finance, 12, 100–115.
Yanti, Susanto, L., Wirianata, H., & Viriany. (2019). Corporate Governance, Capital Expenditure Dan Cash Holdings. Jurnal Ekonomi, 24(1), 1–14.
Al-Najjar, B., & Clark, E. (2017). Corporate governance and cash holdings in MENA: Evidence from internal and external governance practices. Research in International Business and Finance, 39, 1–12.
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, 05(03), 1–10.
APRINDO. (2020). Sektor Ritel Ditengah Pandemi COVID-19. APRINDO.Org.
Ariana, D., Hadjaat, M., & Yudaruddin, R. (2018). Pengaruh cash flow, expenditure dan nilai perusahaan terhadap cash holding pada perusahaan sektor pertambangan yang terdaftar di bursa efek indonesia periode 2012-2015. Jurnal Manajemen, 10(1), 7–13.
Badan Pusat Statistik. (2019). Berita Resmi Statistik: Pertumbuhan Ekonomi Indonesia Triwulan IV - 2018. Bps.Go.Id, 19(27), 1–8.
Badan Pusat Statistika. (2020). Analisis hasil survei dampak Covid-19 terhadap pelaku usaha. Badan Pusat Statistika.
Biro Humas Kementerian Perdagangan RI. (2020a). Era “New Normal”, Kemendag Dorong Bisnis Ritel Jadi Motor Pemulihan Ekonomi Saat Pandemi Covid-19. Kementerian Perdagangan Republik Indonesia.
Biro Humas Kementerian Perdagangan RI. (2020b). Peringati Hari Ritel Nasional ke-1,Mendag:Kontribusi Ritel TetapTinggi Selama Pandemi. Kementerian Perdagangan Republik Indonesia.
Berita Resmi Statistik, (2020) (testimony of Humas BPS).
BPS, H. (2020). Pertumbuhan Ekonomi Indonesia Triwulan IV-2019. In Badan Pusat Statistik: Vols. XXiI, 05 N (Issue 17/02/Th. XXIV).
Christian, N., & Fauziah, F. (2017). Faktor-faktor penahanan dana (cash holding). Global Financial Accounting Journal, I(1), 13–24.
CNBC Indonesia. (2020, April 7). PSBB Jakarta 10 April.
Davidson, & Rasyid, R. (2020). The Influence of Profitability, Liquidity, Firm Size and Leverage on Cash Holding. Advances in Social Science, Education and Humanities Research (Atlantis Press), 478, 405–409.
Gill, A., & Shah, C. (2012). Determinants of Corporate Cash Holdings: Evidence from Canada. International Journal of Economics and Finance, 4(1), 70–79.
Guizani, M. (2017). The financial determinants of corporate cash holdings in an oil rich country: Evidence from Kingdom of Saudi Arabia. Borsa Istanbul Review, 17(3), 133–143.
HERO Group. (2021). Hero Group Fokuskan Investasi untuk Mengembangkan IKEA, Guardian, dan Hero Sipermarket. Media HERO Group.
Horioka, C. Y., & Terada-Hagiwara, A. (2013). Corporate Cash Holding in Asia (381).
Indonesia Investment Coordinating Board. (2020). Pengaruh Covid-19 terhadap Investasi di Indonesia. Badan Koordinasi Penanaman Modal.
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(3), 1–12.
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.
Liadi, C. C., & Suryanawa, I. K. (2018). Pengaruh Ukuran Perusahaan, Net Working Capital, Cash Flow, dan Cash Conversion Cycle pada Cash Holding. E-Jurnal Akuntansi, 24, 1474.
Mawardi, & Nurhalis. (2018). Pengaruh Corporate Governance Terhadap Cash Holding Pada Perusahaan Manufaktur Di Bursa Efek Indonesia. Jurnal Manajemen Dan Inovasi, 9(1), 75–90.
Maya Sari, D., & Ardian, A. (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.
Rahman, R. H. (2021). Pengaruh Profitabilitas, Cash Flow, Likuiditas dan Net Working Capital terhadap Cash Holding dengan Ukuran Perusahaan sebagai Variabel Moderating pada Perusahaan Real Estate dan Properti di Indonesia. Jurnal Ekonomi KIAT, 32(1), 30–39.
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.
Rosyid, E. H. & R. (2020). Faktor-faktor Yang Memengaruhi Cash Holding Perusahaan Consumer Goods Industry. Jurnal Multiparadigma Akuntansi Tarumanagara, 2(2020), 1380–1389.
Senjaya, S. Y., & Yadnyana, I. K. (2016). Pengaruh investment opportunity set, cash conversion cycle dan corporate governance structure terhadap cash holdings pada perusahaan sektor property dan real estate yang terdaftar pada Bursa Efek Indonesia periode 2008-2014. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 8(5), 2549–2578.
Simanjuntak, S. F., & Wahyudi, A. S. (2017). Faktor- Faktor Yang Mempengaruhi Cash Holding. Jurnal Bisnis Dan Akuntansi, 19(1), 25–31.
Suherman. (2017). Faktor-Faktor Yang Mempengaruhi Cash Holdings Perusahaan Di Bursa Efek Indonesia. Jurnal Manajemen, 21(3), 336–349.
Sutrisno, B. (2021). COVID-19 and Corporate Cash Holdings in Indonesia. Indonesian Financial Review, 1(1), 10–16.
Sutrisno, B., & Gumanti, T. A. (2016). Pengaruh krisis keuangan global dan karakteristik perusahaan terhadap cash holding perusahaan di Indonesia. Jurnal Siasat Bisnis, 20(2), 130–142.
Taufil Mohd, K. N., Latif, R. A., & Saleh, I. (2015). Institutional ownership and cash holding. Indian Journal of Science and Technology, 8(32), 1–6.
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, 3(5), 29–34.
Trihantoro, J. (2020). Determinan Cash Holding Perusahaan Industri Manufaktur : Perspekstif Financial Constraints dan Financial Unconstraints. TECHNOBIZ, 3(2), 5–14.
Wijaya, A. L. (2021). Determinants of Corporate Cash Holdings : Case of Agriculture Companies in Indonesia. Journal of Academic Finance, 12, 100–115.
Yanti, Susanto, L., Wirianata, H., & Viriany. (2019). Corporate Governance, Capital Expenditure Dan Cash Holdings. Jurnal Ekonomi, 24(1), 1–14.
Published
2022-09-03
How to Cite
IKHSANI, Misyka Qalbiya Nugrha; GURENDRAWATI, Etty; NASUTION, Hafifah.
Kepemilikan Institusional, Likuiditas, Capital Expenditure, Profitabilitas dan Corporate Cash Holding di Masa Pandemi Covid-19.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 10, p. 3161-3175, sep. 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/90476>. Date accessed: 19 nov. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i10.p19.
Issue
Section
Artikel
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
