Cash Holding pada Perusahaan Non-Keuangan di Indonesia
Abstract
The aim of this study is to empirically prove the effect of accrual quality, earnings quality, company size, market to book ratio operating cash flow, debt financing, capital expenditure, net working capital on cash holdings. The research population is non-financial companies listed on the Indonesia Stock Exchange for the 2017-2021 period. Hypothesis testing was carried out using panel regression analysis. The sampling method used in this study was purposive sampling with a total sample of 415 non-financial companies. The results of the study of firm size have a negative effect on cash holdings. market to book ratio, debt financing, net working capital, and operating cash flow have a positive relationship to cash holdings, while accrual quality, earnings quality, and capital expenditure have insignificant results.
Keywords: Cash Holding; Firm Size; Earning Quality
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References
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Al-Najjar, B. (2013). The financial determinants of corporate cash holdings: Evidence from some emerging markets. International Business Review, 22(1), 77–88. https://doi.org/10.1016/j.ibusrev.2012.02.004
Ali, A. (2013). Determinants of Cash holding in German Market. IOSR Journal of Business and Management, 12(6), 28–34. https://doi.org/10.9790/487x-1262834
Ali, S., Ullah, M., & Ullah, N. (2016). Determinants of Corporate Cash Holdings: “A Case of Textile Sector in Pakistan.” SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2728200
Analisa faktor- faktor penentu kebijakan. (2011).
Ashhari, Z. M., & Faizal, D. R. (2018). Determinants and Performance of Cash Holding: Evidence From Small Business in Malaysia. International Journal of Economics, Management and Accounting, 26(2), 457–473.
Astuti, A. W., Wiyono, G., & Mujino, M. (2019). Analisis Cash Holding Berbasis Kekuatan Kas Dan Modal Kerja Bersih. JBTI : Jurnal Bisnis Teori Dan Implementasi, 10(2), 137–149. https://doi.org/10.18196/bti.102123
Berpengaruh, F. Y., Cash, T., & Marcel, S. (2021). HOLDINGS. III(2), 872–881.
Borici, A., & Kruja, A. (2016). Determinants of Firms’s Cash Holding Evidence From Shkodra Region, Albania. International Journal of Economics, Commerce and Management, IV(4), 41–52.
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. https://doi.org/10.21511/imfi.14(2).2017.08
Dewi, S. P. (2019). Sofia Prima Dewi, S.E., M.Si., A.k., C.A.
Farinha, J., Mateus, C., & Soares, N. (2018). Cash holdings and earnings quality: evidence from the Main and Alternative UK markets. International Review of Financial Analysis, 56(February), 238–252. https://doi.org/10.1016/j.irfa.2018.01.012
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Gill, A., & Shah, C. (2011). Determinants of Corporate Cash Holdings: Evidence from Canada. International Journal of Economics and Finance, 4(1). https://doi.org/10.5539/ijef.v4n1p70
Iskandrani, M., Hamad, A., Yaseen, H., AlZoubi, T., & Almaharmeh, M. (2020). Earnings Quality and Cash Holdings of Listed Firms in Jordan. Academy of Accounting and Financial Studies Journal, 24(6), 1–10.
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). https://doi.org/10.1186/s40854-018-0116-y
Kafayat, A., Rehman, K. U., & Farooq, M. (2014). Factors Affecting Corporate Cash Holding of Non-Financial Firms in Pakistan. Acta Universitatis Danubius, 10(3), 35–43.
Khalil, M. S., & Mukhtiar, K. (2017). Determinants of Cash Holding in Pakistan: a Case of Oil and Gas Sector of Pakistan Stock Exchange. City University Research Journal, 07(02), 167–177.
Khuong, N. V., Liem, N. T., & Minh, M. T. H. (2020). Earnings management and cash holdings: Evidence from energy firms in Vietnam. Journal of International Studies, 13(1), 247–261. https://doi.org/10.14254/2071-8330.2020/13-1/16
Lestari, T., Hanifah, I. A., Sultan, U., Tirtayasa, A., & Serang, K. (2020). How Corporate Governance and Cash Holdings Affect Earnings Quality and Firm Value. Trikonomika, 19(1), 16–21. https://doi.org/10.23969/trikonomika.v19i1.1440
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. https://doi.org/10.24843/eja.2018.v24.i02.p24
LIU, C. (2016). Earnings Transparency and Corporate Cash Holdings. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2824898
Mansali, H., Derouiche, I., & Jemai, K. (2019). Accruals quality, financial constraints, and corporate cash holdings. Managerial Finance, 45(8), 1129–1145. https://doi.org/10.1108/MF-12-2018-0621
Maulana, M. H., Cheria, M., Halim, C., Gea, W. W. S., & Afiezan, H. A. (2022). Analisis Faktor – Faktor yang Mempengaruhi Nilai Cash Holding Pada Perusahaan Sektor Industri Konsumsi yang Terdaftar di BEI. Owner, 6(1), 31–42. https://doi.org/10.33395/owner.v6i1.526
Mesfin, E. (2016). the Factors Affecting Cash Holding Decisions of Manufacturing Share Companies in Ethiopia. International Journal of Advanced Research in Management and Social Sciences, 5(3), 48–67.
Mokhtari, B., Kangarlouei, S. J., & Motavassel, M. (2012). The Investigation of the Relationship between Accruals Quality and Corporate Cash Holdings in Firms Listed in Tehran Stock Exchange (TSE). Journal of Management Research, 4(3), 120–132. https://doi.org/10.5296/jmr.v4i3.1790
Musa, A., Arfan, M., & A, N. (2020). Cash Holding in Manufacturing Companies: A Study of Indonesia. Journal of Accounting Research, Organization and Economics, 3(3), 292–301. https://doi.org/10.24815/jaroe.v3i3.17290
Najema, & Asma, R. (2019). Analisis Pengaruh current asset, capital expenditure. Sains Manajemen Dan Kewirausahaan, 3(1), 16–26.
Ogundipe, L. O., Ogundipe, S. E., & Ajao, S. K. (2012). Cash Holding and Firm Characteristics: Evidence From Nigerian Emerging Market. Journal of Business, Economics & Finance, 1(2), 45–58.
Rashid, A., & Ashfaq, M. (2017). Financial constraints and corporate cash holdings: An empirical analysis using firm level data. Annals of Financial Economics, 12(2), 1–26. https://doi.org/10.1142/S2010495217500099
Raza Zia-ul-Hannan, R. Z.-H. (2013). Impact of Corporate Governance on Corporate Cash Holding: Evidence from Non-Financial Firms in Pakistan. IOSR Journal of Business and Management, 8(1), 122–125. https://doi.org/10.9790/487x-081122125
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. Jurnal Ilmiah Manajemen, 16(1), 61–80.
Shabbir, M., Haider Hashmi, S., & Mujtaba Chaudhary, G. (2016). Determinants of corporate cash holdings in Pakistan. International Journal of Organizational Leadership, 5(1), 50–62. https://doi.org/10.33844/ijol.2016.60263
Shin, M., Kim, S., Shin, J., & Lee, J. (2018). Earnings Quality Effect on Corporate Excess Cash Holdings and Their Marginal Value. Emerging Markets Finance and Trade, 54(4), 901–920. https://doi.org/10.1080/1540496X.2016.1273767
Siddiqua, G. A., ur Rehman, A., & Hussain, S. (2019). Asymmetric targeting of corporate cash holdings and financial constraints in Pakistani firms. Journal of Asian Business and Economic Studies, 26(1), 76–97. https://doi.org/10.1108/jabes-07-2018-0056
Suherman, S. (2017). Faktor-Faktor Yang Mempengaruhi Cash Holdings Perusahaan Di Bursa Efek Indonesia. Jurnal Manajemen, 21(3), 336. https://doi.org/10.24912/jm.v21i3.255
Tayem, G. (2016). The Determinants of Corporate Cash Holdings: The Case of a Small Emerging Market. International Journal of Financial Research, 8(1), 143. https://doi.org/10.5430/ijfr.v8n1p143
Trihantoro, J. (2020). Determinan Cash Holding Perusahaan Industri Manufaktur : Perspektif Financial Constraints Dan Financial Unconstraints. Technobiz, 3(2), 5–14.
Al-Najjar, B. (2013). The financial determinants of corporate cash holdings: Evidence from some emerging markets. International Business Review, 22(1), 77–88. https://doi.org/10.1016/j.ibusrev.2012.02.004
Ali, A. (2013). Determinants of Cash holding in German Market. IOSR Journal of Business and Management, 12(6), 28–34. https://doi.org/10.9790/487x-1262834
Ali, S., Ullah, M., & Ullah, N. (2016). Determinants of Corporate Cash Holdings: “A Case of Textile Sector in Pakistan.” SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2728200
Analisa faktor- faktor penentu kebijakan. (2011).
Ashhari, Z. M., & Faizal, D. R. (2018). Determinants and Performance of Cash Holding: Evidence From Small Business in Malaysia. International Journal of Economics, Management and Accounting, 26(2), 457–473.
Astuti, A. W., Wiyono, G., & Mujino, M. (2019). Analisis Cash Holding Berbasis Kekuatan Kas Dan Modal Kerja Bersih. JBTI : Jurnal Bisnis Teori Dan Implementasi, 10(2), 137–149. https://doi.org/10.18196/bti.102123
Berpengaruh, F. Y., Cash, T., & Marcel, S. (2021). HOLDINGS. III(2), 872–881.
Borici, A., & Kruja, A. (2016). Determinants of Firms’s Cash Holding Evidence From Shkodra Region, Albania. International Journal of Economics, Commerce and Management, IV(4), 41–52.
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. https://doi.org/10.21511/imfi.14(2).2017.08
Dewi, S. P. (2019). Sofia Prima Dewi, S.E., M.Si., A.k., C.A.
Farinha, J., Mateus, C., & Soares, N. (2018). Cash holdings and earnings quality: evidence from the Main and Alternative UK markets. International Review of Financial Analysis, 56(February), 238–252. https://doi.org/10.1016/j.irfa.2018.01.012
García-Teruel, P. J., Martínez-Solano, P., & Sánchez-Ballesta, J. P. (2009). Accruals quality and corporate cash holdings. Accounting and Finance, 49(1), 95–115. https://doi.org/10.1111/j.1467-629X.2008.00276.x
Gill, A., & Shah, C. (2011). Determinants of Corporate Cash Holdings: Evidence from Canada. International Journal of Economics and Finance, 4(1). https://doi.org/10.5539/ijef.v4n1p70
Iskandrani, M., Hamad, A., Yaseen, H., AlZoubi, T., & Almaharmeh, M. (2020). Earnings Quality and Cash Holdings of Listed Firms in Jordan. Academy of Accounting and Financial Studies Journal, 24(6), 1–10.
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). https://doi.org/10.1186/s40854-018-0116-y
Kafayat, A., Rehman, K. U., & Farooq, M. (2014). Factors Affecting Corporate Cash Holding of Non-Financial Firms in Pakistan. Acta Universitatis Danubius, 10(3), 35–43.
Khalil, M. S., & Mukhtiar, K. (2017). Determinants of Cash Holding in Pakistan: a Case of Oil and Gas Sector of Pakistan Stock Exchange. City University Research Journal, 07(02), 167–177.
Khuong, N. V., Liem, N. T., & Minh, M. T. H. (2020). Earnings management and cash holdings: Evidence from energy firms in Vietnam. Journal of International Studies, 13(1), 247–261. https://doi.org/10.14254/2071-8330.2020/13-1/16
Lestari, T., Hanifah, I. A., Sultan, U., Tirtayasa, A., & Serang, K. (2020). How Corporate Governance and Cash Holdings Affect Earnings Quality and Firm Value. Trikonomika, 19(1), 16–21. https://doi.org/10.23969/trikonomika.v19i1.1440
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. https://doi.org/10.24843/eja.2018.v24.i02.p24
LIU, C. (2016). Earnings Transparency and Corporate Cash Holdings. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2824898
Mansali, H., Derouiche, I., & Jemai, K. (2019). Accruals quality, financial constraints, and corporate cash holdings. Managerial Finance, 45(8), 1129–1145. https://doi.org/10.1108/MF-12-2018-0621
Maulana, M. H., Cheria, M., Halim, C., Gea, W. W. S., & Afiezan, H. A. (2022). Analisis Faktor – Faktor yang Mempengaruhi Nilai Cash Holding Pada Perusahaan Sektor Industri Konsumsi yang Terdaftar di BEI. Owner, 6(1), 31–42. https://doi.org/10.33395/owner.v6i1.526
Mesfin, E. (2016). the Factors Affecting Cash Holding Decisions of Manufacturing Share Companies in Ethiopia. International Journal of Advanced Research in Management and Social Sciences, 5(3), 48–67.
Mokhtari, B., Kangarlouei, S. J., & Motavassel, M. (2012). The Investigation of the Relationship between Accruals Quality and Corporate Cash Holdings in Firms Listed in Tehran Stock Exchange (TSE). Journal of Management Research, 4(3), 120–132. https://doi.org/10.5296/jmr.v4i3.1790
Musa, A., Arfan, M., & A, N. (2020). Cash Holding in Manufacturing Companies: A Study of Indonesia. Journal of Accounting Research, Organization and Economics, 3(3), 292–301. https://doi.org/10.24815/jaroe.v3i3.17290
Najema, & Asma, R. (2019). Analisis Pengaruh current asset, capital expenditure. Sains Manajemen Dan Kewirausahaan, 3(1), 16–26.
Ogundipe, L. O., Ogundipe, S. E., & Ajao, S. K. (2012). Cash Holding and Firm Characteristics: Evidence From Nigerian Emerging Market. Journal of Business, Economics & Finance, 1(2), 45–58.
Rashid, A., & Ashfaq, M. (2017). Financial constraints and corporate cash holdings: An empirical analysis using firm level data. Annals of Financial Economics, 12(2), 1–26. https://doi.org/10.1142/S2010495217500099
Raza Zia-ul-Hannan, R. Z.-H. (2013). Impact of Corporate Governance on Corporate Cash Holding: Evidence from Non-Financial Firms in Pakistan. IOSR Journal of Business and Management, 8(1), 122–125. https://doi.org/10.9790/487x-081122125
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. Jurnal Ilmiah Manajemen, 16(1), 61–80.
Shabbir, M., Haider Hashmi, S., & Mujtaba Chaudhary, G. (2016). Determinants of corporate cash holdings in Pakistan. International Journal of Organizational Leadership, 5(1), 50–62. https://doi.org/10.33844/ijol.2016.60263
Shin, M., Kim, S., Shin, J., & Lee, J. (2018). Earnings Quality Effect on Corporate Excess Cash Holdings and Their Marginal Value. Emerging Markets Finance and Trade, 54(4), 901–920. https://doi.org/10.1080/1540496X.2016.1273767
Siddiqua, G. A., ur Rehman, A., & Hussain, S. (2019). Asymmetric targeting of corporate cash holdings and financial constraints in Pakistani firms. Journal of Asian Business and Economic Studies, 26(1), 76–97. https://doi.org/10.1108/jabes-07-2018-0056
Suherman, S. (2017). Faktor-Faktor Yang Mempengaruhi Cash Holdings Perusahaan Di Bursa Efek Indonesia. Jurnal Manajemen, 21(3), 336. https://doi.org/10.24912/jm.v21i3.255
Tayem, G. (2016). The Determinants of Corporate Cash Holdings: The Case of a Small Emerging Market. International Journal of Financial Research, 8(1), 143. https://doi.org/10.5430/ijfr.v8n1p143
Trihantoro, J. (2020). Determinan Cash Holding Perusahaan Industri Manufaktur : Perspektif Financial Constraints Dan Financial Unconstraints. Technobiz, 3(2), 5–14.
Published
2022-11-26
How to Cite
JULIANI, Meily; TU, Angelline.
Cash Holding pada Perusahaan Non-Keuangan di Indonesia.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 11, p. 3460-3476, nov. 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/92320>. Date accessed: 29 apr. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i11.p20.
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