Capital Expenditure, Kesempatan Bertumbuh, Volatilitas Arus Kas dan Cash Holding
Abstract
Cash holding or the availability of cash is very important in a company so that the company must have a good cash management system, especially companies that are vulnerable to a liquidity crisis. This study aims to empirically examine the effect of capital expenditure, growth opportunities, and cash flow volatility on cash holdings. The research was conducted on property and real estate companies listed on the Indonesia Stock Exchange with a total sample of 30 companies. The analysis technique used is multiple linear regression analysis. The results showed that capital expenditure had a significant negative effect, growth opportunities did not have a significant effect, and cash flow volatility had a significant positive effect. The results of the study contribute to confirming the trade-off theory and the pecking order theory as well as providing an empirical picture of the effect of capital expenditure, growth opportunities, and cash flow volatility on the cash holdings of companies in the property and real estate sector.
Keywords: Cash Holding, Capital Expenditure, Growth Opportunity, Cash Flow Volatility.
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References
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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.
Calvina, & Setyawan, I. R. (2019). Faktor Penentu Corporate Cash Holding Perusahaan… Faktor Penentu Corporate Cash Holding Perusahaan Manufaktur Di Bei. Jurnal Manajerial Dan Kewirausahaan, 1(2), 133–143.
Chandra, E. A., & Ardiansyah. (2022). Faktor-Faktor yang Mempengaruhi Cash Holding pada Perusahaan Manufaktur. Jurnal Ekonomi, 302–317.
Chireka, T., & Fakoya, B. M. (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
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Magerakis, E., Siriopoulos, C., & Tsagkanos, A. (2015). Cash Holdings and Firm Characteristics: Evidence from UK Market. Mega Publishing Limited Journal of Risk & Control, 2(1), 19–43.
Maheshwari, Y., & Rao, K. T. V. (2017). Determinants of Corporate Cash Holdings. Global Business Review, 18(2), 416–427. https://doi.org/10.1177/0972150916668610
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Pasaribu, G. S., & Nuringsih, K. (2019). Faktor Yang Mempengaruhi Cash Holding Pada Perusahaan Manufaktur Yang Terdaftar Di BEI. Jurnal Manajerial Dan Kewirausahaan, 3(3), 1245. https://doi.org/10.24912/jpa.v3i3.14920
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Putri, W. A., Prihatni, R., & Murdayani, Y. (2020). Pengaruh Kesempatan Bertumbuh, Siklus Konversi Kas, Pengeluaran Modal, dan Kepemilikan Institusional terhadap Cash Holding. Jurnal Akuntansi, Perpajakan, Dan Auditing, 1(1), 51–65.
Rehman, A. ur, & Wang, M. (2015). Corporate Cash Holdings and Adjustment Behaviour in Chinese Firms: An empirical Analysis Using Generalized Method of Moments. AABFJ, 9(4), 20–37.
Saputri, E., & Kuswardono, A. (2019). Pengaruh Profitabilitas, Leverage, Firm Size, dan Growth Opportunity Terhadap Cash Holding Perusahaan (Studi Kasus Perusahaan Manufaktur yang Terdaftar Pada Bursa Efek Indonesia Periode Tahun 2013-2017). Management, and Industry (JEMI), 2(2), 91–104.
Sari, D. M., & 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. https://doi.org/10.24815/jdab.v6i1.12142
Sethi, M., & Swain, R. K. (2019). Determinants of Cash Holdings: A Study of Manufacturing Firms in India. International Journal of Management Studies, VI(2(2)), 11. https://doi.org/10.18843/ijms/v6i2(2)/02
Setiawan, R., & Rachmansyah, A. B. (2019). Determinan Cash Holdings Perusahaan: Studi Pada Perusahaan Manufaktur di Indonesia. Arthavidya Jurnal Ilmiah Ekonomi, 21(1). https://doi.org/10.37303/a.v21i1.121
Shabbir, M., Hashmi, S. H., & Chaudhary, G. M. (2016). Determinants of Corporate Cash Holdings in Pakistan. International Journal of Organizational Leadership, 5, 50–62. https://ssrn.com/abstract=3331826
Singh, K., & Misra, M. (2019). Financial Determinants of Cash Holding Levels: An Analysis of Indian Agricultural Enterprises. Agricultural Economics (Czech Republic), 65(5), 240–248. https://doi.org/10.17221/240/2018-AGRICECON
Sutrisno, B., & Gumanti, T. A. (2017). Pengaruh Krisis Keuangan Global dan Karakteristik Perusahaan terhadap Cash Holding Perusahaan di Indonesia. Jurnal Siasat Bisnis, 20(2), 130–142. https://doi.org/10.20885/jsb.vol20.iss2.art3
Suwito, Y. A. (2021). Faktor-Faktor yang Memengaruhi Cash Holding Sebelum dan Selama Pandemi COVID-19. Jurnal Ekonomi, November 2021, 59–82.
Uyar, A., & Kuzey, C. (2014). Determinants of Corporate Cash Holdings: Evidence from the Emerging Market of Turkey. Applied Economics, 46(9), 1035–1048. https://doi.org/10.1080/00036846.2013.866203
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Wasiuzzaman, S. (2014). Analysis of Corporate Cash Holdings of Firms in Malaysia. Journal of Asia Business Studies, 8(2), 118–135. https://doi.org/10.1108/JABS-10-2012-0048
Wijanto, M. V., & Yanti, D. (2021). Net Working Capital, Capital Expenditure, Leverage, Board Size, Dan Cash Holdings. Jurnal Ekonomi, SPESIAL ISSUE, 285–302.
Angkawidjaja, C., & Rasyid, R. (2019). Faktor-Faktor Yang Mempengaruhi Cash Holding. Jurnal Multiparadigma Akuntansi, I(3), 693–702.
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.
Calvina, & Setyawan, I. R. (2019). Faktor Penentu Corporate Cash Holding Perusahaan… Faktor Penentu Corporate Cash Holding Perusahaan Manufaktur Di Bei. Jurnal Manajerial Dan Kewirausahaan, 1(2), 133–143.
Chandra, E. A., & Ardiansyah. (2022). Faktor-Faktor yang Mempengaruhi Cash Holding pada Perusahaan Manufaktur. Jurnal Ekonomi, 302–317.
Chireka, T., & Fakoya, B. M. (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
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. https://doi.org/10.1016/j.bir.2017.05.003
Hanaputra, I., & Nugroho, V. (2021). Cash Holding: Leverage, Liquidity, Net Working Capital, Capital Expenditure, And Profitability. Jurnal Paradigma Akuntansi, 3(1), 119. https://doi.org/10.24912/jpa.v3i1.11412
Hengsaputri, J. A., & Bangun, N. (2020). Pengaruh Growth Opportunity, Net Working Capital Dan Capital Expenditure Terhadap Cash Holding. Jurnal Paradigma Akuntansi, 2(3), 1343. https://doi.org/10.24912/jpa.v2i3.9562
Hoque, M. N., Bhuiyan, M. B. U., Nomura, T., & van Zijl, T. (2022). Determinants of Cash Holdings—Evidence from New Zealand Local Councils. Public Money and Management, 42(8), 605–615. https://doi.org/10.1080/09540962.2020.1836803
Hu, Y., Li, Y., & Zeng, J. (2019). Stock Liquidity and Corporate Cash Holdings. Finance Research Letters, 28, 416–422. https://doi.org/10.1016/j.frl.2018.06.018
Irwanto, Sia, S., Agustina, & An, E. J. W. (2019). Faktor yang Mempengaruhi Cash Holding dan Nilai Perusahaan Manufaktur. JWEM: Jurnal Wira Ekonomi Mikroskil, 09(02), 147–158.
Keynes, J. M. (1937). The General Theory of Employment. The Quarterly Journal of Economics, 51(2), 209–223.
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
Magerakis, E., Siriopoulos, C., & Tsagkanos, A. (2015). Cash Holdings and Firm Characteristics: Evidence from UK Market. Mega Publishing Limited Journal of Risk & Control, 2(1), 19–43.
Maheshwari, Y., & Rao, K. T. V. (2017). Determinants of Corporate Cash Holdings. Global Business Review, 18(2), 416–427. https://doi.org/10.1177/0972150916668610
Mispiyanti, M. (2020). Pengaruh Struktur Modal, Capital Expenditure, Profitabilitas Dan Kebijakan Dividen Terhadap Nilai Perusahaan Pada Perusahaan BUMN Indonesia. Jurnal Akuntansi Dan Pajak, 20(2), 133–144. https://doi.org/10.29040/jap.v20i2.636
Nyborg, K. G., & Wang, Z. (2014). Stock Liquidity and Corporate Cash Holdings: Feedback and the Cash as Ammunition Hypothesis 1. Swiss Finance Institute Research Paper, 13(36).
Pasaribu, G. S., & Nuringsih, K. (2019). Faktor Yang Mempengaruhi Cash Holding Pada Perusahaan Manufaktur Yang Terdaftar Di BEI. Jurnal Manajerial Dan Kewirausahaan, 3(3), 1245. https://doi.org/10.24912/jpa.v3i3.14920
Prasetya, R. A., & Yulianto, A. (2019). Determinants of Investment Decisions with Growth Opportunities as Moderating Variable. Accounting Analysis Journal, 8(1), 17–23. https://doi.org/10.15294/aaj.v8i1.28567
Putri, A. S., & Darmajaya, I. (2021). Pengaruh Karakteristik Perusahaan Terhadap Cash Holding. Jutnal Bina Bangsa Ekonomika, 14(1), 58–69. https://doi.org/10.46306/jbbe.v14i1
Putri, W. A., Prihatni, R., & Murdayani, Y. (2020). Pengaruh Kesempatan Bertumbuh, Siklus Konversi Kas, Pengeluaran Modal, dan Kepemilikan Institusional terhadap Cash Holding. Jurnal Akuntansi, Perpajakan, Dan Auditing, 1(1), 51–65.
Rehman, A. ur, & Wang, M. (2015). Corporate Cash Holdings and Adjustment Behaviour in Chinese Firms: An empirical Analysis Using Generalized Method of Moments. AABFJ, 9(4), 20–37.
Saputri, E., & Kuswardono, A. (2019). Pengaruh Profitabilitas, Leverage, Firm Size, dan Growth Opportunity Terhadap Cash Holding Perusahaan (Studi Kasus Perusahaan Manufaktur yang Terdaftar Pada Bursa Efek Indonesia Periode Tahun 2013-2017). Management, and Industry (JEMI), 2(2), 91–104.
Sari, D. M., & 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. https://doi.org/10.24815/jdab.v6i1.12142
Sethi, M., & Swain, R. K. (2019). Determinants of Cash Holdings: A Study of Manufacturing Firms in India. International Journal of Management Studies, VI(2(2)), 11. https://doi.org/10.18843/ijms/v6i2(2)/02
Setiawan, R., & Rachmansyah, A. B. (2019). Determinan Cash Holdings Perusahaan: Studi Pada Perusahaan Manufaktur di Indonesia. Arthavidya Jurnal Ilmiah Ekonomi, 21(1). https://doi.org/10.37303/a.v21i1.121
Shabbir, M., Hashmi, S. H., & Chaudhary, G. M. (2016). Determinants of Corporate Cash Holdings in Pakistan. International Journal of Organizational Leadership, 5, 50–62. https://ssrn.com/abstract=3331826
Singh, K., & Misra, M. (2019). Financial Determinants of Cash Holding Levels: An Analysis of Indian Agricultural Enterprises. Agricultural Economics (Czech Republic), 65(5), 240–248. https://doi.org/10.17221/240/2018-AGRICECON
Sutrisno, B., & Gumanti, T. A. (2017). Pengaruh Krisis Keuangan Global dan Karakteristik Perusahaan terhadap Cash Holding Perusahaan di Indonesia. Jurnal Siasat Bisnis, 20(2), 130–142. https://doi.org/10.20885/jsb.vol20.iss2.art3
Suwito, Y. A. (2021). Faktor-Faktor yang Memengaruhi Cash Holding Sebelum dan Selama Pandemi COVID-19. Jurnal Ekonomi, November 2021, 59–82.
Uyar, A., & Kuzey, C. (2014). Determinants of Corporate Cash Holdings: Evidence from the Emerging Market of Turkey. Applied Economics, 46(9), 1035–1048. https://doi.org/10.1080/00036846.2013.866203
Wareza, M. (2021). Kisah Ancaman Bangkrut Evergrande China & Efeknya Nan Dahsyat. CNBC Indonesia. https://www.cnbcindonesia.com/market/20210925111647-17-279074/kisah-ancaman-bangkrut-evergrande-china-efeknya-nan-dahsyat/1
Wasiuzzaman, S. (2014). Analysis of Corporate Cash Holdings of Firms in Malaysia. Journal of Asia Business Studies, 8(2), 118–135. https://doi.org/10.1108/JABS-10-2012-0048
Wijanto, M. V., & Yanti, D. (2021). Net Working Capital, Capital Expenditure, Leverage, Board Size, Dan Cash Holdings. Jurnal Ekonomi, SPESIAL ISSUE, 285–302.
Published
2023-06-30
How to Cite
SHARI, Putu Nadya; BADERA, I Nyoman Dewa.
Capital Expenditure, Kesempatan Bertumbuh, Volatilitas Arus Kas dan Cash Holding.
E-Jurnal Akuntansi, [S.l.], v. 33, n. 6, p. 1513-1524, june 2023.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/98549>. Date accessed: 09 may 2024.
doi: https://doi.org/10.24843/EJA.2023.v33.i06.p07.
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