Pengaruh Siklus Hidup Perusahaan, Board Size, Sales Growth, Dividend Payment dan Research and Development Expenditure terhadap Cash Holding
Abstract
This research aims to analyze the influence of the company's life cycle, board size, sales growth, dividend payment, and research and development expenditure on cash holding. The data used in this study are secondary data sourced from the annual reports of manufacturing companies listed on the Indonesia Stock Exchange for the period 2018-2022. The research sample was selected using purposive sampling, resulting in 25 companies as samples. The data analysis method used for hypothesis testing is multiple linear regression using SPSS software. The research results indicate that the Company's Life Cycle has a positive influence on Cash Holding, while Board Size, Sales Growth, Dividend Payment, and Research and Development Expenditure have a negative influence on Cash Holding. This research is expected to be considered by management and investors to pay attention to the company's life cycle, board size, sales growth, dividend payment, and research and development in order to maintain cash holding stability and minimize losses.
Keywords: Board Size, Cash Holding, Company Life Cycle, Dividend Payment, Research And Development Expenditure, Sales Growth.
References
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Damayanti, D. S., & Sudirgo, T. (2020). Faktor-Faktor yang Mempengaruhi Cash Holding Pada Perusahaan Manufaktur. Jurnal Multiparadigma Akuntansi Tarumanagara, 2, 1076-1085.
Dewi, I. P., & Effriyanti. (2022). The Effect of Sales Growth, Cash Conversion Cycle, and Capital Expenditure on Cash Holding. JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi), 8(1), 153-164.
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Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Semarang: Badan Penerbit Universitas Diponegoro.
Gujarati, D. N. (2004). Basic Econometrics (4th ed.). McGraw-Hill Companies.
Hamzah, H., & Sangkala, M. (2022). Pengaruh Struktur Kepemilikan, Board size dan Leverage Terhadap Profitabilitas. JEKPEND: Jurnal Ekonomi dan Pendidikan, 5(1), 1-7.
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Husna, Y. N., & Haryanto. (2019). Pengaruh Siklus Hidup Perusahaan dan Corporate Social Responsibility terhadap Kebijakan Cash Holding dengan Diversifikasi Geografis sebagai Variabel Moderasi. Jurnal Ilmiah Akuntansi, 4(2), 223-251.
International Finance Corporation. (2018). The Indonesia Corporate Governance Manual: 2nd Edition. Washington DC.
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Jinkar, R. T. (2013). Analisa Faktor-Faktor Penentu Kebijakan Cash Holding Perusahaan Manufaktur di Indonesia. urnal Departemen Akuntansi Fakultas Ekonomi Universitas Indonesia Penelitian, 42, 1-19.
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Khalida, M., Aristi, M. D., & Azmi, Z. (2021). Faktor–Faktor Yang Mempengaruhi Cash Holding Pada Perusahaan Sektor Industri Barang Konsumsi. Jurnal Akuntansi & Ekonomika, 11(1).
Kurniawan, H., & Tanusdjaja, H. (2020). Pengaruh Leverage, Firm Size, Profitability dan Liquidity Terhadap Corporate Cash Holding. Jurnal Multiparadigma Akuntansi Tarumanegara, 2, 954-961.
Liem, N. T., Khuong, N. V., & Thu, P. A. (2020). Social and Environmental Contributions, Board Size and Cash Holding: The Case of Energy Firms. International Journal of Energy Economics and Policy, 10(4), 17-22.
Maheshwari, Y., & Rao, K. T. (2017). Determinants of Corporate Cash Holdings. Global Business Review, 18(2), 416-427.
Midiastuty, P. P., Suranta, E., & Indriani, R. (2021). Siklus Hidup Perusahaan dan Kebijakan Kas. Conference on Economic and Business Innovation, 1(1).
Mulia, G. V., & Yuniarwati. (2022). Pengaruh Leverage, Sales Growth, dan Board Size Terhadap Cash Holding. Jurnal Multiparadigma Akuntansi Tarumanagara, 4, 788-798.
Myers, S. C. (1977). Determinants of Corporate Borrowing. Journal of Financial Economics, 5(2), 147-175.
Myres, S. C., & Majluf, N. S. (1984). Corporate Financing and Investment Decisions when Firms Have Information that Investors Do Not Have. Journal of Financial Economics, 13, 187-221. doi:https://doi.org/10.1016/0304-405X(84)90023-0
Panalar, P. S., & Ekadjaja, A. (2020). Pengaruh Sales Growth, Board Size, Dividend Payment, dan Cash from Operation Terhadap Cash Holding. Jurnal Multiparadigma Akuntansi Tarumanagara, 2, 667-676.
Pandiangan, W. S. (2022). Pengaruh Female Executive, Ceo Power, Corporate Governance Dan Tax Avoidance Terhadap Cash Holding Dengan Dividend Payment Sebagai Variabel Moderasi. SINTAMA: Jurnal Sistem Informasi, Akuntansi dan Manajemen, 2(1), 181-193.
Prasetya, E. R., & Putri, W. C. (2020). Financial Distress Sebagai Dampak dari Operating Capacity, Sales Growth dan Rasio Likuiditas Pada Sektor Industri Barang Konsumsi di Indonesia Tahun 2016-2018. PROSIDING SENANTIAS: Seminar Nasional Hasil Penelitian dan Pengabdian kepada Masyarakat, 1(1), 899-908.
Rehman, A. u., & Wang, M. (2015). Corporate Cash Holdings and Adjustment Behaviour in Chinese Firms: An Empirical Analysis Using Generalized Method of Moments. Australasian Accounting, Business and Finance Journal, 9(4), 20-37.
Rizal, I. A., & Sebrina, N. (2019). Pengaruh Siklus Hidup Perusahaan Dalam Memoderasi Hubungan Manajemen Laba dan Cost of Equity Capital. Jurnal Eksplorasi Akuntansi, 1(3), 1013-1032.
Romadhaniah, R., & Lahaya, I. A. (2021). Pengaruh siklus hidup perusahaan, ukuran perusahaan, dan profitabilitas terhadap manajemen laba. Journals of Economics and Business Mulawarman, 18(4), 776-789.
Savitry, E. D., & Usman, B. (2022). Pengaruh Daur Hidup Perusahaan Terhadap Cash Holding Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. International Journal of Demos, 4(1), 88-97.
Serly, & Melandy, D. (2021). Analisis Faktor Penentu Tingkat Cash Holdings pada Perusahaan di Indonesia. Conference on Management, Business, Innovation, Education and Social Science, 1(1), 1210-1219.
Sethi, M., Swain, R. K., & Dash, S. R. (2022). Influence of Firm Characteristics on Cash Holdings: Evidence from Indian Iron & Steel Industry. Orissa Journal of Commerce, 43(3), 104-117.
Siddiqua, G. A., Rehman, A. u., & Hussain, S. (2019). Asymmetric Targeting of Corporate Cash Holdings and Financial Constraints in Pakistani Firm. Journal of Asian Business and Economic Studies, 26(1), 76-97.
Sugiyono. (2019). Metodelogi Penelitian Kuantitatif dan Kualitatif Dan R&D. Bandung: ALFABETA.
Suherman. (2017). Faktor-Faktor Yang Mempengaruhi Cash Holding Perusahaan di Bursa Efek Indonesia. Jurnal Manajemen, 21(3), 336-349.
Syafrizaliadhi, A. D., & Arfianto, E. D. (2014). Faktor-Faktor yang Mempengaruhi Perilaku Cash Holding pada Perusahaan Besar dan Perusahaan Kecil. DIPONEGORO JOURNAL OF MANAGEMENT, 3(3), 1-14.
Vuković, B., Mijić, K., Jakšić, D., & Saković, D. (2022). Determinants of Cash Holdings: Evidence from Balkan Countries. E&M Economics and Management, 25(1), 130-142. doi:https://doi.org/10.15240/tul/001/2022-1-008
William, & Fauzi, S. (2013). Analisis Pengaruh Growth Opportunity, Net Working Capital, dan Cash Conversion Cycle Terhadap Cash Holdings Perusahaan Sektor Pertambangan. Jurnal Ekonomi dan Keuangan, 1(2).
Wulandari, E. A., & Setiawan, M. A. (2019). Pengaruh Growth Opportunity, Net Working Capital, Cash Conversion Cycle dan Dividend Payout Terhadap Cash Holding. Jurnal Ekonomi Akuntansi, 1(3), 1259-1274.
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.
Alicia, R., Putra, J., Fortuna, W., Felin, & Purba, M. I. (2020). Pengaruh Growth Opportunity, Leverage dan Firm Size terhadap Cash Holding Perusahaan Properti dan Real Estate. Owner: Riset dan Jurnal Akuntansi, 4(2). doi:https://doi.org/10.33395/owner.v4i2.219
Arora, R. K. (2019). Corporate Cash Holdings: An Empirical Investigation of Indian Companies. Global Business Review, 20(4), 1088-1106.
Damayanti, D. S., & Sudirgo, T. (2020). Faktor-Faktor yang Mempengaruhi Cash Holding Pada Perusahaan Manufaktur. Jurnal Multiparadigma Akuntansi Tarumanagara, 2, 1076-1085.
Dewi, I. P., & Effriyanti. (2022). The Effect of Sales Growth, Cash Conversion Cycle, and Capital Expenditure on Cash Holding. JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi), 8(1), 153-164.
Djohanputro, B. (2008). Manajemen Keuangan Korporat. Jakarta: PPM Manajemen.
Dwiyanti, Y. H. (2022). Peran Research & Development Expenditures (R&D) dan Advertising Expenditure (AD) Terhadap Nilai Perusahaan Pada Sektor Perbankan di Bursa Efek Indonesia. JEKOBIS : Jurnal Ekonomi dan Bisnis, 1(1), 1-7.
Fauzie, Y. Y. (2018, Juni 14). Arus Kas Tersendat, Femina Group Bakal Cicil THR ke Karyawan. Retrieved from CNN Indonesia: https://www.cnnindonesia.com/ekonomi/20180614151655-92-306103/arus-kas-tersendat-femina-group-bakal-cicil-thr-ke-karyawan
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Semarang: Badan Penerbit Universitas Diponegoro.
Gujarati, D. N. (2004). Basic Econometrics (4th ed.). McGraw-Hill Companies.
Hamzah, H., & Sangkala, M. (2022). Pengaruh Struktur Kepemilikan, Board size dan Leverage Terhadap Profitabilitas. JEKPEND: Jurnal Ekonomi dan Pendidikan, 5(1), 1-7.
Haqqi, T. (2021, Mei 23). 15 Companies With The Most Cash Reserves In America. Retrieved from Yahoo! Finance: https://finance.yahoo.com/news/15-companies-most-cash-reserves-182708211.html
Hardinto, A. A., Gunawan, J., & Anis, I. (2022). Tanggung Jawab Lingkungan, Pertumbuhan dan Siklus Hidup Perusahaan Terhadap Cash Holding Pada Perusahaan Manufaktur di Indonesia. Media Riset Akuntansi, Auditing & Informasi, 22(2), 271-284.
Husna, Y. N., & Haryanto. (2019). Pengaruh Siklus Hidup Perusahaan dan Corporate Social Responsibility terhadap Kebijakan Cash Holding dengan Diversifikasi Geografis sebagai Variabel Moderasi. Jurnal Ilmiah Akuntansi, 4(2), 223-251.
International Finance Corporation. (2018). The Indonesia Corporate Governance Manual: 2nd Edition. Washington DC.
Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76(2), 323-329.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency cost and ownership structure. Journal of Finance Economic, 3(4), 305-360.
Jinkar, R. T. (2013). Analisa Faktor-Faktor Penentu Kebijakan Cash Holding Perusahaan Manufaktur di Indonesia. urnal Departemen Akuntansi Fakultas Ekonomi Universitas Indonesia Penelitian, 42, 1-19.
Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. London: Palgrave Macmillan.
Khalida, M., Aristi, M. D., & Azmi, Z. (2021). Faktor–Faktor Yang Mempengaruhi Cash Holding Pada Perusahaan Sektor Industri Barang Konsumsi. Jurnal Akuntansi & Ekonomika, 11(1).
Kurniawan, H., & Tanusdjaja, H. (2020). Pengaruh Leverage, Firm Size, Profitability dan Liquidity Terhadap Corporate Cash Holding. Jurnal Multiparadigma Akuntansi Tarumanegara, 2, 954-961.
Liem, N. T., Khuong, N. V., & Thu, P. A. (2020). Social and Environmental Contributions, Board Size and Cash Holding: The Case of Energy Firms. International Journal of Energy Economics and Policy, 10(4), 17-22.
Maheshwari, Y., & Rao, K. T. (2017). Determinants of Corporate Cash Holdings. Global Business Review, 18(2), 416-427.
Midiastuty, P. P., Suranta, E., & Indriani, R. (2021). Siklus Hidup Perusahaan dan Kebijakan Kas. Conference on Economic and Business Innovation, 1(1).
Mulia, G. V., & Yuniarwati. (2022). Pengaruh Leverage, Sales Growth, dan Board Size Terhadap Cash Holding. Jurnal Multiparadigma Akuntansi Tarumanagara, 4, 788-798.
Myers, S. C. (1977). Determinants of Corporate Borrowing. Journal of Financial Economics, 5(2), 147-175.
Myres, S. C., & Majluf, N. S. (1984). Corporate Financing and Investment Decisions when Firms Have Information that Investors Do Not Have. Journal of Financial Economics, 13, 187-221. doi:https://doi.org/10.1016/0304-405X(84)90023-0
Panalar, P. S., & Ekadjaja, A. (2020). Pengaruh Sales Growth, Board Size, Dividend Payment, dan Cash from Operation Terhadap Cash Holding. Jurnal Multiparadigma Akuntansi Tarumanagara, 2, 667-676.
Pandiangan, W. S. (2022). Pengaruh Female Executive, Ceo Power, Corporate Governance Dan Tax Avoidance Terhadap Cash Holding Dengan Dividend Payment Sebagai Variabel Moderasi. SINTAMA: Jurnal Sistem Informasi, Akuntansi dan Manajemen, 2(1), 181-193.
Prasetya, E. R., & Putri, W. C. (2020). Financial Distress Sebagai Dampak dari Operating Capacity, Sales Growth dan Rasio Likuiditas Pada Sektor Industri Barang Konsumsi di Indonesia Tahun 2016-2018. PROSIDING SENANTIAS: Seminar Nasional Hasil Penelitian dan Pengabdian kepada Masyarakat, 1(1), 899-908.
Rehman, A. u., & Wang, M. (2015). Corporate Cash Holdings and Adjustment Behaviour in Chinese Firms: An Empirical Analysis Using Generalized Method of Moments. Australasian Accounting, Business and Finance Journal, 9(4), 20-37.
Rizal, I. A., & Sebrina, N. (2019). Pengaruh Siklus Hidup Perusahaan Dalam Memoderasi Hubungan Manajemen Laba dan Cost of Equity Capital. Jurnal Eksplorasi Akuntansi, 1(3), 1013-1032.
Romadhaniah, R., & Lahaya, I. A. (2021). Pengaruh siklus hidup perusahaan, ukuran perusahaan, dan profitabilitas terhadap manajemen laba. Journals of Economics and Business Mulawarman, 18(4), 776-789.
Savitry, E. D., & Usman, B. (2022). Pengaruh Daur Hidup Perusahaan Terhadap Cash Holding Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. International Journal of Demos, 4(1), 88-97.
Serly, & Melandy, D. (2021). Analisis Faktor Penentu Tingkat Cash Holdings pada Perusahaan di Indonesia. Conference on Management, Business, Innovation, Education and Social Science, 1(1), 1210-1219.
Sethi, M., Swain, R. K., & Dash, S. R. (2022). Influence of Firm Characteristics on Cash Holdings: Evidence from Indian Iron & Steel Industry. Orissa Journal of Commerce, 43(3), 104-117.
Siddiqua, G. A., Rehman, A. u., & Hussain, S. (2019). Asymmetric Targeting of Corporate Cash Holdings and Financial Constraints in Pakistani Firm. Journal of Asian Business and Economic Studies, 26(1), 76-97.
Sugiyono. (2019). Metodelogi Penelitian Kuantitatif dan Kualitatif Dan R&D. Bandung: ALFABETA.
Suherman. (2017). Faktor-Faktor Yang Mempengaruhi Cash Holding Perusahaan di Bursa Efek Indonesia. Jurnal Manajemen, 21(3), 336-349.
Syafrizaliadhi, A. D., & Arfianto, E. D. (2014). Faktor-Faktor yang Mempengaruhi Perilaku Cash Holding pada Perusahaan Besar dan Perusahaan Kecil. DIPONEGORO JOURNAL OF MANAGEMENT, 3(3), 1-14.
Vuković, B., Mijić, K., Jakšić, D., & Saković, D. (2022). Determinants of Cash Holdings: Evidence from Balkan Countries. E&M Economics and Management, 25(1), 130-142. doi:https://doi.org/10.15240/tul/001/2022-1-008
William, & Fauzi, S. (2013). Analisis Pengaruh Growth Opportunity, Net Working Capital, dan Cash Conversion Cycle Terhadap Cash Holdings Perusahaan Sektor Pertambangan. Jurnal Ekonomi dan Keuangan, 1(2).
Wulandari, E. A., & Setiawan, M. A. (2019). Pengaruh Growth Opportunity, Net Working Capital, Cash Conversion Cycle dan Dividend Payout Terhadap Cash Holding. Jurnal Ekonomi Akuntansi, 1(3), 1259-1274.
Published
2024-05-15
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