Pengaruh Cash Holding, Keputusan Investasi dan Struktur Modal terhadap Nilai Perusahaan dengan Komite Audit sebagai Variabel Moderasi
Abstract
This research aims to determine the influence of Cash Holding, Investment Decisions and Capital Structure on Firm Value with the Audit Committee as a Moderating Variable. The measurements used for each variabel are firm value using Tobin's Q, cash holding using CH, investment decisions using the TAG proxy, capital structure using the DER proxy, and audit committees using measurements using the number of audit committee meetings in the company. The population in this research are companies in the Consumer Non-Cyclical sektor in 2020-2022 which are listed on the Indonesia Stock Exchange (IDX). The data used is secondary data with a sampling technique using the purposive sampling method. Based on this method, there are 89 companies in the population out of 112 companies that meet the criteria. The samples were taken over a three year annual financial reporting period so that in total there were 210 samples. The analytical method used in the research is multiple linear regression analysis. The results of the analysis show that investment decisions have a positive effect on firm value. Meanwhile, cash holding and capital structure have no effect on firm value. The audit committee as a moderating variable is able to strengthen the influence of cash holding and investment decisions on firm value. However, the audit committee was unable to weaken the influence of capital structure on firm value.
Keywords: Audit Committee, Capital Structure, Cash Holding, Firm Value, Investment Decisions.
References
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Studies, ISSN: 2689-5072, 5(2), 109-129. DOI: 10.52589/BJMMS-RBDLYEVJ.
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Ghozali, I. (2018). Aplikasi analisis multivariate dengan program IBM SPSS 25 Edisi 9. Badan Penerbit Universitas Diponegoro.
Gunadi, I.G.N.B., Wiksuana, I.G.B., Purbawangsa, I.B.A., & Rhyuda, H. (2020). Impact of Structural Capital and Company Size on the Growth of Firm Value through Financial Performance with Good Corporate Governance as a Moderating Variabel: Property and Real Estate Business in Indonesia. International Journal of Economics and Business Administration, 8(4), 332-352.
Habib, A., Bhatti, M.I., Khan, M.A., & Azam, Z. (2021). Cash Holding and Firm Value in the Presence of Managerial Optimism. Journal of Risk and Financial Management, 14:356. https://doi.org/10.3390/jrfm14080356
Halim, K.I. (2022). Pengaruh Cash Holding, Growth Opportunity, dan Profitability terhadap Firm Value. Jurnal Maneksi, P-ISSN: 2302-9560│E-ISSN: 2597-4599, Vol. 11, No.1.
Hasanuddin, R. (2021). The Influence of Investment Decisions, Dividend Policy and Capital Structure on Firm Value. Jurnal Economic Resources, 4(1). DOI: https://doi.org/10.33096/jer.v4i1.845
Hasti, W.W., Maryani, M., & Makshun, A. (2022). Pengaruh Leverage, Struktur Modal, dan Ukuran Perusahaan terhadap Kinerja Keuangan pada Perusahaan Pertambangan. Reviu Akuntansi, Manajemen, dan Bisnis, 2(2), 139-150.
Hayati, N. (2020). Corporate Governance sebagai Variabel Moderating dengan Net Working Capital, Capital xpenditure, Cash Conversion Cycle, Cash Flow, dan Growth Opportunity yang dapat mempengaruhi Cash Holding. Business Management Analysis Journal, 3(2), 84-11.
Intan, K. (2021, 19 Oktober). “Sektor Consumer Non-Cyclicals Tertekan Sejak Awal Tahun, Ini Pemberatnya”. https://investasi.kontan.co.id/news/sektor-consumer-non-cyclicals-tertekan-sejak-awal-tahun-ini-pemberatnya , diakes pada 20 Januari 2024.
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Jaradat, H.M., Alnaimi, A.A., & Alsmadi, S.A. (2021). The Effect of Cash Holding and Corporate Governance on Firm Value : Evidance from The Amman Stock Exchange. Journal of Governance and Regulation, 10(4), 272-281. https://doi.org/10.224965/jgrv10i4siart7
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal of Finance Economic, (3), 305-360.
Jensen, M.C. 1986. Agency Cost of Free Cash Flow, Corporate Finance and Take Over. American Economic Review, 76, 323-329.
Jie, H. (2023). Pengaruh Kebijakan Dividen, Struktur Modal, Keputusan Investasi, dan Kepemilikan Institusional terhadap Nilai Perusahaan. Global Accounting: Jurnal Akuntansi, 2(2).
Keynes, J.M. (1936). The General Theory of Employment, Interest, and Money, hal 170-174. New York: Harcout Brace Jovanovich.
Kristi, N.M., & Yanto, H. (2020). The Effect of Financial and Non-Financial Factors on Firm Value. Accounting Analysis Journal, 9(2), 131-137.
Liapis, J.K., Politis, D.E., Ntertsou, D., Thalassinos, I.E. 2020. Investigating the Relationship between Tax Revenues and Tax Ratios: An Empirical Research for Selected OECD Countries. International Journal of Economics and Business Administration, 8(1), 215-229. DOI: 10.35808/ijeba/420.
Luu, D.H. (2021). The Impact of Capital Structure on Firm Value: A Case Study in Vietnam. Journal of Asian Finance, Economics and Business, 8(5), 0287–0292. DOI: 10.13106/jafeb.2021.vol8.no5.0287
Margono, F.P., & Gantino, R. (2021). The Influence of Firm Size, Leverage, Profitability, and Divi¬dend Policy on Firm Value of Companies in Indonesia Stock Exchange. Copernican Journal of Fi¬nance & Accounting, 10(2), 45–61. http://dx.doi.org/10.12775/CJFA.2021.007
Modigliani, F., Miller, M.H. 1963. Income Taxes and The Cost of Capital: A Correction. American Economic Review, 53(3), 433-443.
Mulyani, D. (2022). Pengaruh Cash Holding dan Environmental Cost terhadap Nilai Perusahaan dengan Komite Audit sebagai Variabel Moderasi. Universitas Islam Sultan Agung (Indonesia) Proquest Dissertations Publishing.
Nugroho, Y.A., & Surjandari, D.A. (2022). The Effect of Capital Structure, Cash Holding, and Firm Size on Firm Value with Corporate Governance as a Moderating Variabel (Empirical Study on Mining Companies in 2015 - 2019). The Accounting Journal of BINANIAGA, P-ISSN: 2527-4309│E-ISSN: 2580-1481 Vol. 7, No.1.
Otoritas Jasa Keuangan. (2023, Januari 2). Siaran Pers : Pasar Modal Indonesia Siap Berkontribusi Pada Pertumbuhan Ekonomi Nasional Tahun 2023. https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/Pasar-Modal-Indonesia-Siap-Berkontribusi-Pada-Pertumbuhan-Ekonomi-Nasional-Tahun-2023.aspx, diakses pada 28 Desember 2023.
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2024-05-16
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