Pandemi Covid-19 Dan Kas Di Tangan
Abstract
This study aims to test whether the impact of the Covid-19 pandemic has an effect on increasing company’s cash on hand. The data used in this study are secondary data in the form of annual financial reports for the 2019-2020 period and information disclosure reports related to the impact of the 2020 Covid-19 pandemic on manufacturing companies listed on the Indonesia Stock Exchange. The method used to determine the data sample is purposive sampling technique. This research is a descriptive study with a quantitative approach, and uses data analysis techniques in the form of multiple linear regressions. The results obtained indicate that the impact of the Covid-19 pandemic has a negative effect on changes in the increase in the value of cash in the company. The findings of this study are expected to be considered for investors and potential investors regarding the return on their investment decisions for manufacturing companies affected by the crisis, namely the Covid-19 pandemic. Another expected benefit is to add to the literature in the academic field that discusses the impact of the Covid-19 pandemic on changes in the increase in cash on hand in manufacturing companies listed on the Indonesia Stock Exchange.
Keywords: Covid-19 pandemic, Covid-19 Pandemic Impact, Cash on Hand, Manufacturing Companies
References
Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why Do U.S. Firms Hold So Much More Cash than They Used To? The Journal Of Finance, 64(5), 1985–2021. https://doi.org/10.1590/1808-057x201805660
Boileau, M., & Moyen, N. (2010). Corporate Cash Savings: Precaution Versus Liquidity. In CIRPEE Working Paper. https://doi.org/10.2139/ssrn.1726650
Campello, M., Graham, J. R., & Harvey, C. R. (2010). The real effects of financial constraints: Evidence from a financial crisis. Journal of Financial Economics, 97(3), 470–487. https://doi.org/10.1016/j.jfineco.2010.02.009
Dirani, K. M., Abadi, M., Alizadeh, A., Barhate, B., Garza, R. C., Gunasekara, N., … Majzun, Z. (2020). Leadership competencies and the essential role of human resource development in times of crisis: a response to Covid-19 pandemic. Human Resource Development International, 00(00), 1–15. https://doi.org/10.1080/13678868.2020.1780078
Effendi, R. (2013). Accounting principles : prinsip-prinsip akuntansi berbasis sak ETAP (Cet. 2). Jakarta: Raja Grafindo Persada.
Ferreira, M. A., & Vilela, A. S. (2004). 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. (2012). 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
Ginglinger, E., & Saddour, K. (2012). Cash Holdings, Corporate Governance and Financial Constraints. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2154575
Hidayat, F. (2021). Terdampak Pandemi, Sektor Manufaktur dan Konstruksi Butuh Stimulus. Retrieved from https://www.beritasatu.com/ekonomi/763021/terdampak-pandemi-sektor-manufaktur-dan-konstruksi-butuh-stimulus
industri.kontan.co.id. (2020). Begini Efek Virus Corona ke Industri Alat Berat dalam Negeri. Retrieved from https://industri.kontan.co.id/news/begini-efek-virus-corona-ke-industri-alat-berat-dalam-negeri
International Labour Organization. (2020). Ketahanan hidup perusahaan hampir habis, pekerjaan semakin terancam. 6.
katadata.co.id. (2020). Dampak Pandemi, Pertumbuhan Industri Makanan Minuman Tak Capai Target. Retrieved July 8, 2021, from https://katadata.co.id/ameidyonasution/berita/5f057c4ca497e/dampak-pandemi-pertumbuhan-industri-makanan-minuman-tak-capai-target
Kemenperin. (2021). Sektor Manufaktur Bertahan dan Tumbuh Saat Dihantam Pandemi. In www.kemenperin.go.id. Retrieved from https://www.kemenperin.go.id/artikel/22283/Sektor-Manufaktur-Bertahan-dan-Tumbuh-Saat-Dihantam-Pandemi
Kurniawan, M. A., Hariadi, K. E., Sulistyaningrum, W. O., & Kristanto, A. B. (2021). Pandemi COVID-19 dan Prediksi Kebangkrutan: Apakah Kondisi Keuangan Sebelum 2020 Berperan? Jurnal Akuntansi, 13, 12–22. https://doi.org/10.28932/jam.v13i1.3193
Limanta, V. N., & Malelak, M. I. (2015). Factors Affecting Corporate Cash Holding of Financial Sector Companies ( Non Bank ) Listed in Indonesian Stock Exchange Period 2010 - 2015. 1(2004), 1–10.
Qin, X., Huang, G., Shen, H., & Fu, M. (2020). COVID-19 Pandemic and Firm-level Cash Holding—Moderating Effect of Goodwill and Goodwill Impairment. Emerging Markets Finance and Trade, 56(10), 2243–2258. https://doi.org/10.1080/1540496X.2020.1785864
Ranajee, & Pathak, R. (2019). Corporate cash holding during crisis and beyond: what matters the most. International Journal of Managerial Finance, 15(4), 492–510. https://doi.org/10.1108/IJMF-03-2018-0085
Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2010). Fundamentals Of Corporate Finance ninth edition (9th ed.; B. Gordon, Ed.). New York: The McGraw-Hill Companies, Inc.
Su, X., Zhou, S., Xue, R., & Tian, J. (2020). Does economic policy uncertainty raise corporate precautionary cash holdings? Evidence from China. Accounting and Finance. https://doi.org/10.1111/acfi.12674
Sun, Z., & Wang, Y. (2015). Corporate precautionary savings: Evidence from the recent financial crisis. Quarterly Review of Economics and Finance, 56, 175–186. https://doi.org/10.1016/j.qref.2014.09.006
Sunardi, K., Kumala, M. D., & Cornelius, T. (2021). Pengaruh Arus Kas Operasional, Perputaran Piutang, Dan Perputaran Persediaan Terhadap Likuiditas Perusahaan Manufaktur Yang Terdaftar Di Bei Ditengah Pandemi Covid-19. Accounting Global Journal, 5(1), 13–33.
Sutrisno, B., & Gumanti, T. A. (2017). Pengaruh Krisis Keuangan Global dan Karakteristik Perusahaan Terhadap Cash Holding Perusahaan di Indonesia. Jurnal Siasat Bisnis, 20(2), 130–142. https://doi.org/10.20885/jsb.vol20.iss2.art3
Syarendra, J. D., & Kristanto, A. B. (2020). Environmental Uncertainty, Managerial Ability and Tax Aggressiveness. Jurnal AKSI (Akuntansi Dan Sistem Informasi), 5(1), 30–36. https://doi.org/10.32486/aksi.v5i1.474
www.idx.co.id. (n.d.). Fakta Material Keterbukaan Informasi.
www.kbbi.web.id. (n.d.). Kamus Besar Bahasa Indonesia(KBBI).
