Pengaruh Daur Hidup Perusahaan Terhadap Cash Holding Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia
Abstract
Abstract :
The study aims to analyze the effect of company life cycle on cash holding in manufacturing. Data used in this study is secondary data sourced from the annual reports of manufacturing companies listed on Indonesia Stock Exchange (IDX) during period 2015-2020. The research sample was selected using purposive sampling method so that 23 companies were sampled. Analysis of the data used to test the hypothesis is panel regression analysis using E-views 10 program. The result shows that company life cycle (introduction, growth, maturity) has a positive and significant influence on cash holding. The result also shows that dividend payment has positive relationship with cash holding, while leverage has negative effect. This research is expected to be taken into consideration by management and investors to be able to pay attention to company life cycle, leverage, and dividend payment to maintain the stability of cash holding and minimize losses.
Keywords: cash holding, company life cycle, dividend payment, leverage.
Abstrak
Penelitian bertujuan untuk menganalisis pengaruh daur hidup perusahaan terhadap kepemilikan kas pada perusahaan manufaktur. Data yang digunakan dalam penelitian merupakan data sekunder yang bersumber dari laporan tahunan perusahaan manufaktur yang tercatat di Bursa Efek Indonesia (BEI) selama periode 2015-2020. Sampel penelitian dipilih menggunakan metode purposive sampling sehingga diperoleh 23 perusahaan yang menjadi sampel. Analisis data yang digunakan untuk uji hipotesis adalah analisis regresi panel dengan menggunakan software E-views 10. Hasil penelitian menunjukan bahwa daur hidup perusahaan pada tahap perkenalan, pertumbuhan, dan dewasa memiliki pengaruh positif terhadap kepemilikan kas. Pembayaran dividen juga memiliki pengaruh positif terhadap kepemilikan kas, sedangkan rasio utang memilki pengaruh negatif terhadap kepemilikan kas. Penelitian ini diharapkan dapat dijadikan bahan pertimbangan manajemen maupun investor untuk memperhatikan tahapan daur hidup perusahaan, pembayaran dividen, dan rasio utang guna menjaga kestabilan kepemilikan kas dan meminimalisir kerugian.
Kata kunci: daur hidup perusahaan, kepemilikan kas, pembayaran dividen, rasio utang.
Keywords
Full Text:
PDFReferences
Afif, S., & Prasetiono. (2016). Analisis Faktor-Faktor yang Mempengaruhi Kebijakan Cash Holding Pada Perusahaan Manufaktur yang Listing di Bursa Efek Indonesia Tahun 2010-2014. Diponegoro Journal Of Management, 5(4), 1–11.
Alghadi, M. Y., al Nsour, I. R., & Aizyadat, A. A. K. (2021). Ownership Structure and Cash Holdings: Empirical Evidence from Saudi Arabia. Journal of Asian Finance, 8(7), 323–0331. https://doi.org/10.13106/jafeb.2021.vol8.no7.0323
Alzoubi, T. (2019). Firms’ Life Cycle Stage and Cash Holding Decisions. Academy of Acounting and Financial Studies, 23(1), 1–8.
Ariana, D., Hadjaat, M., & Yudaruddin, R. (2018). Pengaruh Cash Flow, Expenditure dan Nilai Perusahaan Terhadap Cash Holding. Jurnal Manajemen , 10(1), 1–13.
Brown, C., Chen, Y., & Shekhar, C. (2011). Institutional Ownership and Firm Cash Holdings. Review of Accounting & Finance, 13(3), 107–115.
Chireka, T. (2020). Corporate Life Cycle and Cash Holding decisions: A South African Study. Investment Management and Financial Innovations, 17(4), 102–110. https://doi.org/10.21511/imfi.17(4).2020.10
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
Dickinson, V. (2011). Cash Flow Patterns as a Proxy For Firm Life Cycle. Accounting Review, 86(6), 1969–1994. https://doi.org/10.2308/accr-10130
Gill, A., & Shah, C. (2011). Determinants of Corporate Cash Holdings: Evidence from Canada. International Journal of Economics and Finance, 4(1), 70–74. https://doi.org/10.5539/ijef.v4n1p70
Ghozali, I. (2019). Aplikasi Analisis Multivariate dengan SPSS. Semarang: Badan Penerbit Universitas Diponegoro
Horioka, C. Y., & Terada-Hagiwara, A. (2014). Corporate Cash Holding in Asia. Asian Economic Journal, 28(4), 323–345. https://doi.org/10.1111/asej.12039
Islam, S. (2012). Manufacturing Firms’ Cash Holding Determinants: Evidence from Bangladesh. International Journal of Business and Management, 7(6). https://doi.org/10.5539/ijbm.v7n6p172
Kieso, D., Weygandt, J.J., Warfield, T. D., (2017). Intermediate Accounting, 3rd Edition. New Jersey: Wiley
Magerakis, E., Gkillas, K., Tsagkanos, A., & Siriopoulos, C. (2020). Firm Size Does Matter: New Evidence on the Determinants of Cash Holdings. Journal of Risk and Financial Management, 13(8), 163. https://doi.org/10.3390/jrfm13080163
Mitchell, S. L., & Clark, M. (2019). Reconceptualising Product Life-cycle Theory as Stakeholder Engagement with Non-profit Organisations. Journal of Marketing Management, 35(1–2), 13–39. https://doi.org/10.1080/0267257X.2018.1562487
Prasad, R. K., Jha, M. K., & Verma, S. (2019). A Comparative Study of Product Life Cycle and Its Marketing Applications. Journal of Marketing and Consumer Research, 63. https://doi.org/10.7176/jmcr/63-06
Puspa Midiastuty, P., Suranta, E., & Indriani, R. (2021). Siklus Kebijakan Perusahaan dan Kebijakan Kas. Conference On Economic And Business Innovation.
Rehman, A. U., Ahmad, T., Hussain, S., & Hassan, S. (2021). Corporate Cash Holdings and Firm Life Cycle: Evidence From China. Journal of Asia Business Studies, 15(4), 625–642. https://doi.org/10.1108/JABS-07-2020-0272
Sihombing, P. (2018). Corporate Financial Management. Bogor: Penerbit IPB.
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
Trinh, T. H., & Thuy Mai, P. T. (2016). The Determinants of Corporate Liquidity in Real Estate Industry: Evidence from Vietnam. International Journal of Economics and Finance, 8(7), 21. https://doi.org/10.5539/ijef.v8n7p21
Tripathy, A., & Uzma, S. H. (2020). Factors Influencing Liquidity Position of Indian Manufacturing Companies. Journal of Accounting in Emerging Economies, 10(2), 243–260. https://doi.org/10.1108/JAEE-02-2019-0053
Wulandari, E. A., & Setiawan, M. A. (2019). Pengaruh Growth Opportunity, Net Working Capital, Cash Conversion Cycle, dan Dividend Payout Terhadap Cash Holding. Jurnal Eksplorasi Akuntansi, 1(3), 1259–1274.
DOI: https://doi.org/10.37950/ijd.v4i1.189
Refbacks
- There are currently no refbacks.
International Journal of Demos (IJD) is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.