Pengaruh leverage, return on asset (ROA), dan liquidity terhadap cash holding pada perusahaan sektor industri barang konsumsi yang terdaftar di bursa efek Indonesia

Yollanda Albertina Treda Windeai, Micahel Hadjaat

Abstract


Penelitian ini bertujuan untuk mengetahui pengaruh yang ditimbulkan oleh Leverage, return on asset (ROA) dan  Liquidity  terhadap  Cash Holding. Pada penelitian ini dilakukan  pada perusahaan manufaktur sektor industri barang konsumsi yang terdaftar di Bursa Efek Indonesia (BEI) pada periode 2016-2019.  Penelitian ini menggunakan purposive sampling dengan jumlah perusahaan 40 perusahaan. Sumber data yang digunakan dalam penelitian ini adalah data sekunder. Hasil yang di dapat menunjukan bahwa (1) Leverage berdampak positif dan signifikan terhadap Cash Holding. (2) Return on Asset (ROA) berdampak positif dan signifikan terhadap  Cash Holding . (3) Liquidity berdampak positif namun tidak signifikan terhadap Cash Holding.


Keywords


Leverage; return on asset (ROA); liquidity; cash holding

References


Acharya. (2011). Crisis resolution and bank Liquidity. Review of Financial Studies, 24(6), 2166“2205. https://doi.org/10.1093/rfs/hhq073

Adair, P., & Adaskou, M. (2015). Trade-off theory vs. Pecking order theory and the determinants of corporate Leverage: Evidence from a panel data analysis upon french SMEs (2002–2010). Cogent Economics and Finance, 3(1). https://doi.org/10.1080/23322039.2015.1006477

Ang, J., & Smedema, A. (2011). Financial flexibility: Do firms prepare for recession? Journal of Corporate Finance, 17(3), 774–787. https://doi.org/10.1016/j.jcorpfin.2011.02.001

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

Bates, Kahle, dan S. (2019). Why do Latin American firms hold so much more cash than they used to? Revista Contabilidade e Financas, 30(79), 73“90. https://doi.org/10.1590/1808-057x201805660

Bel, J. L. Le. (2006). Article information¯:

Christensen, I., Meh, C., & Moran, K. (2012). Bank Leverage Regulation and Macroeconomic Dynamic. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1999002

Das, S. (2015). Analysis of Cash Holding for measuring the efficiency of cash management: A study on IT sector. Management Science Letters, 5(1), 51“58. https://doi.org/10.5267/j.msl.2014.12.008

Deloof, M. (2003). Does working capital management affect profitability of Belgian firms? Journal of Business Finance and Accounting, 30(3“4), 573“588. https://doi.org/10.1111/1468-5957.00008

Fang, V. W., Noe, T. H., & Tice, S. (2009). Stock market Liquidity and firm value. Journal of Financial Economics, 94(1), 150–169. https://doi.org/10.1016/j.jfineco.2008.08.007

Fernandes, G., Mendes, L. dos S., & Leite, R. de O. (2021). Cash Holdings and profitability of banks in developed and emerging markets. International Review of Economics and Finance, 71, 880–895. https://doi.org/10.1016/j.iref.2020.10.018

Ferreira, M. A., & Vilela, A. S. (2003). Why do firms hold cash? Evidence from EMU countries. European Financial Management, 10(2), 295“319. https://doi.org/10.1111/j.1354-7798.2004.00251.x

Gill, A., & Shah, C. (2011). Determinants of Corporate Cash Holdings: Evidence from Canada. International Journal of Economics and Finance, 4(1), 70“79. https://doi.org/10.5539/ijef.v4n1p70

Glen, J., & Singh, A. (2004). Comparing capital structures and rates of return in developed and emerging markets. Emerging Markets Review, 5(2), 161“192. https://doi.org/10.1016/j.ememar.2004.01.001

HARRIS, M., & RAVIV, A. (1990). Capital Structure and the Informational Role of Debt. The Journal of Finance, 45(2), 321“349. https://doi.org/10.1111/j.1540-6261.1990.tb03693.x

Kim et al. (2017). The effect of bank capital on lending: Does Liquidity matter? Journal of Banking and Finance, 77, 95“107. https://doi.org/10.1016/j.jbankfin.2017.01.011

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

Musarat, S., & Ullah, N. (2015). Impact of Religiosity on Cash Holdings¯: Case Study of Islam. Journal Of Philosophy, Culture and Religion, 5, 20“28.

Myers. (1984). Stwr C. Myers.

Ogundipe, S. E., Salawu, R. O., & Ogundipe, L. O. (2012). The Determinants of Corporate Cash Holdings in Nigeria: Evidence from General Method of Moments (GMM). International Journal of Social, Behavioral, Educational, Economic, Businessand Industrial Engineering, 6(1), 152“158. scholar.waset.org/1999.1010/4420

Opler et al. (1999). Wirkung Der Gasatmosphaeren Auf Das Gefuege Verschiedener Werkzeugstaehle. Haerterei-Technische Mitteilungen, 40(5), 223–228.

Ozkan, A., & Ozkan, N. (2002). Corporate Cash Holdings: An empirical investigation of UK companies. Journal of Banking and Finance, 28(9), 2103“2134. https://doi.org/10.1016/j.jbankfin.2003.08.003

Rahman, R. H. (2021). terhadap Cash Holding dengan Ukuran Perusahaan sebagai Variabel Moderating pada Perusahaan Real Estate dan Properti di Indonesia. Jurnal Ekonomi KIAT, 32(1), 30“39.

Rosyidah, emilia hanifatur, & Santoso, bambang hadi. (2017). Emilia Hanifatur Rosyidah Bambang Hadi Santoso Sekolah Tinggi Ilmu Ekonomi Indonesia ( STIESIA ) Surabaya.

Sasaki, T., & Suzuki, K. (2019). Bank health and Cash Holdings: Evidence from a bank-centered financial market. Pacific Basin Finance Journal, 57(August), 101195. https://doi.org/10.1016/j.pacfin.2019.101195

Savira, F., & Suharsono, Y. (2013). ¸ˆNo Title No Title. Journal of Chemical Information and Modeling, 01(01), 1689–1699.

Tahir, S. H., Quddus, A., Kahnum, Z., & Usman, M. (2016). Determinants of Cash Holding decision: Evidence from food industry of Pakistan. Proceedings of the 27th International Business Information Management Association Conference - Innovation Management and Education Excellence Vision 2020: From Regional Development Sustainability to Global Economic Growth, IBIMA 2016, May 2015, 3032“3039.

Teruel & Solano. (2008). On the determinants of SME Cash Holdings: Evidence from Spain. Journal of Business Finance and Accounting, 35(1“2), 127“149. https://doi.org/10.1111/j.1468-5957.2007.02022.x

Titman dan Wessels, 1988. (1988). The Determinants of Capital Structure Choice. The Journal of Finance, 43(1), 1“19. https://doi.org/10.1111/j.1540-6261.1988.tb02585.x

Yudaruddin R. (n.d.). Yudaruddin, R. (2014)..pdf. In Statistik Ekonomi: Aplikasi Dengan Program SPSS Versi 20. Yogyakarta:Interpena.




DOI: https://doi.org/10.30872/jimm.v8i2.10908

Refbacks

  • There are currently no refbacks.


Copyright (c) 2024 Jurnal Ilmu Manajemen Mulawarman (JIMM)

Crossref logo 

Editorial Address

Jurnal Ilmu Manajemen Mulawarman (JIMM)
Faculty of Economics and Business, Mulawarman University
Jl. Tanah Grogot No.1 Samarinda Kalimantan Timur 75119
Email: jimm.feb@gmail.com