PROFITABILITAS, PELUANG PERTUMBUHAN, MODAL KERJA BERSIH SERTA DAMPAKNYA TERHADAP KEBIJAKAN PENAHANAN KAS PADA SEKTOR PERBANKAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

Azimah Dianah, Ana Fitria, Abrar Amri, Rina Desiana

Abstract


This research tests the effect of profitability, growth opportunity, and net working capital on corporate cash holding for a sample of banks company listed in Indonesian Stock Exchange over the period 2013-2015. Population of this research is 31 banks companies at the Indonesian Stock Exchange. This research use path analysis method. Hypothesis test of this research employs standardized multiple regression analysis. The result show that simultaneously profitablity, growth opportunity, and net working capital have influence enough to cash holding. While partially profitability has a positive influence enough to cash holding, growth opportunity and net working capital has a very weak negative effect on cash holding.

Keywords


profitability,growth opportunity, net working capital, cash holding.

Full Text:

PDF

References


Afza, T.& Sh. Muhammad Adnan. (2007). Determinants Of Corporate Cash Holdings: A Case Study Of Pakistan. Proceedings of Singapore Economic Review Conference (SERC) 2007, August 01-04, Organized by Singapore Economics Review &The University of Manchester (Brooks World Poverty Institute). Singapore.164-165.

Ahrends, M., Drobetz, W., & Puhan, T.,X, (2015). Cyclicality of Growth Opportunities and the Value of Cash Holdings. SSRN Journals, 1-67.

Almeida, H., M. Campello, & M. Weisbach. (2004). TheCash Flow Sensitivity of Cash, Journal of Finance, 59:1777-1804.

Arfan, M., Basri, H., Handayani, R., Majid, M.S.A., Fahlevi, H., Dianah, A. (2017).Determinats of Cash Holdingof Listed Manufacturing Companies in Indonesian Stock Exchange.DLSU Bussines Economic and Review, 26(2): 1-12.

Baker, H. Kent & Gary E. Powell.(2005). Understanding Financial Management: A Practical Guide. United Kingdom: Blackwell Publishing Ltd.

Bolton, Patrick, & David Scharfstein, (1990), A theory of predation based on agency problems in financial contracting, American Economic Review, 93–106.

Booth, Laurence, Varouj Aivazian, Demirguc-Kunt & Vojislav Maksimovic. (2001). Capital Structure in Developing Countries.The Journal of Finance.LVI(1): 87-130.

Brealey, Richard A., Stewart C. Myers, & Alan J. Marcus. (2008). Principles of Corporate Finance. New York: McGraw-Hill, Inc.

Brigham, Eugene F. & Joel F. Houston.(2009). Fundamental of Financial Management. Orlando: Harcourt College Publishers.

Decamps, J. P. & Villeneuve, S..(2013). Corporate cash policy with liquidity and profitabilityrisks.Working Paper. Retreived fromwww.eea-esem.com/files/papers/eea-esem/2013/988/DV_130213.pdf

Ferreira, Miguel A., & Antonio S Vilela.(2004). Why Do Firms hold Cash? Evidence from EMU Countries.European Financial Management, 10(2): 295-319.

Fresard, L. (2010). Financial strength and product market behavior: The real effects of corporate cash holding. The Journal of Finance, 65(3), 1097-1122.

Froot, Kenneth, David Scharfstein, and Jeremy Stein.(1993). Risk management: coordinating corporate investment and financing policies. Journal of Finance, 48:1629–1658.

Gilarso.T. (2008).Pengantar Ilmu Ekonomi Makro. Yogyakarta: Kanisius.

Gill, Amarjit & Charul Shah.(2012). Determinants of Corporate Cash Holdings: Evidence from Canada. International Journal of Economics & Finance, 4(1):70-79.

Guilford, J.P. (1956). Fundamental Statistic in Psychology and Education.3rd Ed.

New York: McGraw-Hill Book Company, Inc.

Gujarati, Damodar N. (2003). Basic Econometric 4th Edition. Singapore: McGraww-Hill.

Haushalter, David, Sandy Klasa, and William Maxwell. (2007). The influence of product market dynamics on a firm’s cash holdings and hedging behavior.Journal of Financial Economics, 84:797–825.

Hawawini, Gabriel & Viallet Claude. (2010). Finance For Excutives Managing For Value Creation. South-Western: Cengage Learning.

Jinkar, R., T. (2013).Analisa Faktor-Faktor Penentu kebijakan Cash Holding Perusahaan Manufaktur di Indonesia.Mini Economica, 42: 129-146.

Keynes, J.M. (1936). The General Theory of Employment, In: Interest & Money. London: Harcourt Brace.

Kim, Chang Jhin, David. C. Mayer,& Ann. E. Sherman. (1998). The Determinants of Corporate Liquidity: Theory And Evidence. Journal of Financial & Quantitative Analysis, 33: 335-359.

Myers, Stewarts C. (1984). The Capital Structure Puzzle.Journal of Finance, 39: 572- 592.

Naoki, Shinada. (2012). Firm’s Cash Holdings and Performance Evidence From Japanese Corporate Finance. The Resaerch Institute of Economy, Trade and Industry, Series 12-E-031, 1-35.

Nguyen, P. (2005). How sensitive are Japanese firms to earnings risk? Evidence from cash holdings”.School of Banking & Finance University of New South Wales, 1-41.

Ogundipe, Lawrencia Olatunde, Sunday Emanuel Ogundipe.& Samuel Kehinde Ajao.(2012). Cash Holding and Firm Characteristic: Evidence From Nigerian Emerging Market. Journal of Business, Economic & Finance, 1:45-57.

Opler, Tim, Pinkowitz Lee, Rene Stulz., & Rohan Williamson.(1999). The Determinants and Implications Of Corporate Cash Holdings. Journal of financial Economics, 52: 3-46.

Ozkan, Aydin, & Neslihan Ozkan.(2004). Corporate Cash Holdings: An Empirical Investigation of UK Companies. Journal of Banking & Finance, 28: 2103-2134.

Priyatno, Duwi. (2010). Teknik Mudah dan Cepat Melakukan Analisis Data Penelitian Dengan SPSS. Yogyakarta: Gava Media.

Saddour, Khaoula. (2006). The Determinants and The Value of Cash Holding: Evidence from French firms. Centre de Recherces sur la Gestion, 2-33.

Sartono, Agus. (2010). Manajemen Keuangan; Aplikasi dan Teori. Yogyakarta: BPFE-Yogyakarta.

Sarwono, Jonathan. (2007). Analisis Jalur untuk Riset Bisnis dengan SPSS.Yogyakarta : Andi Offset.




DOI: https://doi.org/10.29103/jeru.v2i3.2094

Article Metrics

 Abstract Views : 300 times
 PDF Downloaded : 63 times

Refbacks

  • There are currently no refbacks.


Copyright (c) 2019 Azimah Dianah, Ana Fitria, Abrar Amri, Rina Desiana

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.