scholarly journals Determinan Cash Holdings dan Excess Value

2018 ◽  
Vol 5 (1) ◽  
pp. 45-57
Author(s):  
Iis Wahyuni ◽  
Soeratno . ◽  
Suyanto .
Keyword(s):  
Cash Flow ◽  
Firm Size ◽  
Structural Equation ◽  
Stock Exchange ◽  
Cash Holdings ◽  
Equation Modeling ◽  
Manufacturing Companies ◽  
Working Capital ◽  
Excess Value ◽  
Size Growth

This research aim to analyze the determinants of cash holdings and the excess value on manufacturing companies listed in Indonesia Stock Exchange 2011-2015 period.Model research analysis using Structural Equation Modeling (SEM). The independent variables are firm size, leverage, cash flow, net working capital and growth equity. And the dependent variable is the excess cash holdings and value. This study uses panel data from 320 observational data of companies that have been listed in the Indonesia Stock Exchange in the period 2011-2015. The results showed that 1) cash flow, net working capital have significant effect on cash holdings. 2) leverage, firm size, growth equity doesn’t have significant effect on cash holdings. 3) cash holdings have significant effect on the excess value. 4) cash flow, net working capital, leverage doesn’t have significant effect on the excess value. 5) firm size, growth equity doesn’t have significant effect on the excess value.This research aim to analyze the determinants of cash holdings and the excess value on manufacturing companies listed in Indonesia Stock Exchange 2011-2015 period.Model research analysis using Structural Equation Modeling (SEM). The independent variables are firm size, leverage, cash flow, net working capital and growth equity. And the dependent variable is the excess cash holdings and value. This study uses panel data from 320 observational data of companies that have been listed in the Indonesia Stock Exchange in the period 2011-2015. The results showed that 1) cash flow, net working capital have significant effect on cash holdings. 2) leverage, firm size, growth equity doesn’t have significant effect on cash holdings. 3) cash holdings have significant effect on the excess value. 4) cash flow, net working capital, leverage doesn’t have significant effect on the excess value. 5) firm size, growth equity doesn’t have significant effect on the excess value.This research aim to analyze the determinants of cash holdings and the excess value on manufacturing companies listed in Indonesia Stock Exchange 2011-2015 period.Model research analysis using Structural Equation Modeling (SEM). The independent variables are firm size, leverage, cash flow, net working capital and growth equity. And the dependent variable is the excess cash holdings and value. This study uses panel data from 320 observational data of companies that have been listed in the Indonesia Stock Exchange in the period 2011-2015. The results showed that 1) cash flow, net working capital have significant effect on cash holdings. 2) leverage, firm size, growth equity doesn’t have significant effect on cash holdings. 3) cash holdings have significant effect on the excess value. 4) cash flow, net working capital, leverage doesn’t have significant effect on the excess value. 5) firm size, growth equity doesn’t have significant effect on the excess value.This research aim to analyze the determinants of cash holdings and the excess value on manufacturing companies listed in Indonesia Stock Exchange 2011-2015 period.Model research analysis using Structural Equation Modeling (SEM). The independent variables are firm size, leverage, cash flow, net working capital and growth equity. And the dependent variable is the excess cash holdings and value. This study uses panel data from 320 observational data of companies that have been listed in the Indonesia Stock Exchange in the period 2011-2015. The results showed that 1) cash flow, net working capital have significant effect on cash holdings. 2) leverage, firm size, growth equity doesn’t have significant effect on cash holdings. 3) cash holdings have significant effect on the excess value. 4) cash flow, net working capital, leverage doesn’t have significant effect on the excess value. 5) firm size, growth equity doesn’t have significant effect on the excess value.This research aim to analyze the determinants of cash holdings and the excess value on manufacturing companies listed in Indonesia Stock Exchange 2011-2015 period.Model research analysis using Structural Equation Modeling (SEM). The independent variables are firm size, leverage, cash flow, net working capital and growth equity. And the dependent variable is the excess cash holdings and value. This study uses panel data from 320 observational data of companies that have been listed in the Indonesia Stock Exchange in the period 2011-2015. The results showed that 1) cash flow, net working capital have significant effect on cash holdings. 2) leverage, firm size, growth equity doesn’t have significant effect on cash holdings. 3) cash holdings have significant effect on the excess value. 4) cash flow, net working capital, leverage doesn’t have significant effect on the excess value. 5) firm size, growth equity doesn’t have significant effect on the excess value.

scholarly journals The Determinant of Working Capital Management of Manufacturing Companies

2017 ◽  
Vol 32 (2) ◽  
pp. 276 ◽  
Author(s):  
Mias Fatimatuzzahra ◽  
Retno Kusumastuti
Keyword(s):  
Cash Flow ◽  
Firm Size ◽  
Firm Growth ◽  
Capital Expenditure ◽  
Stock Exchange ◽  
Manufacturing Companies ◽  
Capital Management ◽  
Working Capital ◽  
Working Capital Management ◽  
Cash Conversion Cycle

Working capital is directly related to the operations activity of the company to produce goods. To be able to properly manage its working capital, the company must determine what factors that can affect working capital. Actually, there are many factors that affect working capital management but the factors that used in this study are firm size, leverage, firm growth, cash flow, profitability, capital expenditure, and GDP. Meanwhile, working capital management is reflected by the cash conversion cycle. By taking samples at manufacturing companies listed in Indonesia Stock Exchange period of 2010 - 2014, found there are a significant effect of firm size, firm growth, cash flow, profitability, and GDP. This is due to the leverage and capital expenditure shows insignificant effect.

scholarly journals Faktor- Faktor Yang Mempengaruhi Cash Holding

2020 ◽  
Vol 12 (1) ◽  
pp. 25-41
Author(s):  
Fany Resti Fauzie ◽  
Anita Wijayanti ◽  
Purnama Siddi
Keyword(s):  
Data Analysis ◽  
Cash Flow ◽  
Financial Management ◽  
Capital Expenditure ◽  
Stock Exchange ◽  
Cash Holdings ◽  
Sampling Technique ◽  
Cash Holding ◽  
Manufacturing Companies ◽  
Working Capital

Increasing business competition pushes company to optimize financial management properly, especially on cash. Efforts should be made to manage cash by knowing the factors that affect the cash that must be owned by the company so that the use of cash can be utilized optimally. This study aims to determine the effect of Cash Flow, Capital Expenditure, Net Working Capital and Leverage on Cash Holding in Food and Beverage sub-sector manufacturing companies listed on the Indonesia Stock Exchange for the period 2015-2018. The sampling technique using purposive sampling, so as to obtain a sample of 44. Data analysis technique used in this study is multiple linear regression using SPSS version 22. Based on the results of data analysis conducted shows that there is an influence of Cash Flow, Net Working Capital, Leverage Cash Holdings, while Capital Expenditure does not affect Cash Holdings. The benefits of this research are as a consideration for management in making decisions related to the factors that influence Cash Holding, as well as a consideration for investors if they want to invest in a company Keywordsi: Cash Holding, Cash Flow, Capital Expenditure, Leverage, Net Working Capital

scholarly journals FAKTOR-FAKTOR YANG MEMPENGARUHI CASH HOLDINGS PADA PERUSAHAAN PELAYARAN DI INDONESIA

2019 ◽  
Vol 7 (1) ◽  
pp. 8
Author(s):  
Zulyani Zulyani ◽  
Hardiyanto Hardiyanto
Keyword(s):  
Cash Flow ◽  
Firm Size ◽  
Stock Exchange ◽  
Cash Holdings ◽  
Fixed Effect Model ◽  
Cash Holding ◽  
Significant Positive Effect ◽  
Working Capital ◽  
Effect Model ◽  
Positive Effect

The purpose of this study was to examine determinants the factors that influence cash holdings on shipping companies listed on the Indonesia Stock Exchange from 2015 to 2017. The study sample used quarterly financial performance for 12 shipping companies. This study uses a fixed effect model. The results revealed that net working capital had a significant positive effect on cash holding in shipping companies in Indonesia, while cash flow, cash flow variability, liquidity, leverage and firm size did not significantly influence to cash holdings.

scholarly journals Free cash flow, investment inefficiency, and earnings management: evidence from manufacturing firms listed on the Indonesia Stock Exchange

2018 ◽  
Vol 15 (1) ◽  
pp. 299-310 ◽  
Author(s):  
Zaki Fakhroni ◽  
Imam Ghozali ◽  
Puji Harto ◽  
Etna Nur Afri Yuyetta
Keyword(s):  
Earnings Management ◽  
Cash Flow ◽  
Structural Equation ◽  
Stock Exchange ◽  
Manufacturing Firms ◽  
Free Cash Flow ◽  
Path Model ◽  
Equation Modeling ◽  
Fixed Assets ◽  
The Relationship

The study aims to test investment inefficiency of fixed assets in mediating the relationship between free cash flow and earnings management and to test the controlling shareholders in moderating the relationship between free cash flow and fixed assets investment inefficiency. The research problem proposed in this study is whether the use of free cash flow for the investment inefficiency of fixed assets is able to ultimately improve the managerial performance. This research investigates new empirical evidence related to management earnings practices caused by free cash flow fixed assets investment inefficiency. The study was conducted on all the manufacturing firms listed on the Indonesia stock exchange from 2010 to 2015. The data used are secondary data in the form of the firms’ financial statements. Using purposive sampling, 314 units were analyzed from 69 manufacturing firms. The estimation of the path model was completed using Structural Equation Modeling (SEM) by WarpPLS program version 5.0. The results showed that free cash flow is positively related to earnings management. Fixed assets investment inefficiency is able to mediate the relationship between free cash flow and earnings management.

scholarly journals Pengaruh Capital TurnOver, Return on Equity, dan Firm Size terhadap Price Book Value

2019 ◽  
Vol 2 (2) ◽  
pp. 52-70
Author(s):  
Aemelia Angesti ◽  
Fernaldy Fernaldy ◽  
Maisarah Maisarah ◽  
Erica Erica ◽  
Desy Anwar ◽  
...  
Keyword(s):  
Firm Size ◽  
Sampling Method ◽  
Activity Ratio ◽  
Stock Exchange ◽  
Secondary Data ◽  
Manufacturing Companies ◽  
Working Capital ◽  
Return On Equity ◽  
Book Value ◽  
Data Validity

This study’s main objective is to examine the effect of working capital turnover, return on equity, and firm size toward price book value in the manufacturing companies listed on the Indonesian Stock Exchange in 2013-2016. Working capital turnover is the proxy chosen from activity ratio. Return on equity is the proxy chosen from probability ratio. Firm size is based on total assets, with the nominal itself is in natural logarithms. Sample of research was determined by purposive sampling method to obtain 58 manufacturing companies listed on the Indonesia Stock Exchange (BEI) in the years 2013-2016. This study uses secondary data. Validity test of this study is done with multiple regression analysis and classic assumption test. The results of this study indicates that there is significant influence between the variables Working Capital Turnover, Return on Equity, and Firm Size toward Price Book Value.

scholarly journals Analisis Determinan Profitabilitas Perusahaan Manufaktur pada 2014-2019

2021 ◽  
Vol 10 (2) ◽  
pp. 291
Author(s):  
Audi Gracia Wasisto ◽  
Nora Amelda Rizal
Keyword(s):  
Firm Size ◽  
Stock Exchange ◽  
Future Research ◽  
Significant Positive Effect ◽  
Manufacturing Companies ◽  
Working Capital ◽  
Panel Data Regression ◽  
Negative Effect ◽  
Operational Activities ◽  
Positive Effect

Profitability is very important for a company to carry out their operational activities because in general they cannot not survive without the ability to generate profits. This study aims to determine the effect of working capital, firm size, company efficiency, liquidity, and leverage on profitability in manufacturing companies listed in the Indonesia Stock Exchange 2014-2019. This research used purposive sampling with 108 sample data. The data were analyzed using panel data regression using eviews 11 software. It showes that working capital, firm size, company efficiency, liquidity, and leverage simultaneously have a significant effect on profitability. Partially, working capital has a significant positive effect on profitability. Firm size has no significant positive effect on profitability (ROE), but it has a significant positive effect on profitability (EPS). Company efficiency has a significant positive effect on profitability. Liquidity has no significant positive effect on profitability (ROE) and has no negative effect on profitability (EPS). Leverage DER and LDAR have no significant negative effect on profitability. Therefore, this research can be a reference for future research to analyze the determininant of profitability.

scholarly journals The Role Of Cash Holdings, Working Capital, Dividend Payout On Capital Investment

2018 ◽  
Vol 34 (3) ◽  
pp. 419-426
Author(s):  
Andrew Chan
Keyword(s):  
Cash Flow ◽  
Firm Value ◽  
Capital Investment ◽  
Stock Exchange ◽  
Cash Holdings ◽  
Payout Policy ◽  
Working Capital ◽  
Dividend Payout ◽  
Investment Spending ◽  
The Relationship

An objective of this paper is to investigate the relationship between firms' capital investment spending, cash holdings, and working capital in an expanding Asian financial market.  A sample of publicly traded manufacturing firms on the Hong Kong Stock Exchange was examined during the period 2005-2014. The empirical results provide strong and statistically significant evidence on the effect of cash flow on investment.  Working capital also exhibits significant relationship with capital investment spending, though the relationship is not as strong and significant as that with cash flow and cash holding.  Firms with low dividend payout policy over the sample period depended heavily on cash flow, changes in cash flow and, to a lesser extent, on working capital to finance spending on fixed plant and equipment.  These results suggest that the effect of capital investment spending financed by internal cash flow on firm value may depend on a firm's dividend payout.

scholarly journals ANALISIS DETERMINAN TINGKAT CASH HOLDING PERUSAHAAN PROPERTY DAN REAL ESTATE YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2015-2019

2020 ◽  
Vol 1 (1) ◽  
pp. 524-530
Author(s):  
Siti Masrifah ◽  
R. Bambang Dwi Wiryanto ◽  
Fauziyah
Keyword(s):  
Real Estate ◽  
Cash Flow ◽  
Firm Size ◽  
Cash Holding ◽  
Working Capital ◽  
Board Size ◽  
Cash Conversion Cycle ◽  
Capital Growth ◽  
Growth Opportunity ◽  
Size Growth

Untuk menguji dan mendapati dampak dari tiap variabel terhadap peraturan cash holding (kas ditangan) di industri properti yang tercatat pada Bursa Efek Indonesia (BEI) 2015-2019 ialah tujuan penelitian ini. Sebanyak 20 perusahaan properti menjadi sampel dalam penelitian. Kajian data yang dimanfaatkan yaitu, regresi linier berganda menggunakan metode kuantitatif dengan program SPSS release 23.0. Hasil penelitian : (1) cash flow, firm size, dan cash corversion cycle secara parsial tidak berdampak signifikan pada cash holding; (2) net working capital, growth opportunity, leverage, dan board size  secara parsial berdampak signifikan atas cash holding; (3) cash flow, net working capital, firm size, growth opportunity, leverage, board size, dan cash conversion cycle secara simultan berdampak pada cash holding (kas ditangan) perusahaan property dan real estate yang tercatat pada Bursa Efek Indonesia (BEI) 2015-2019

scholarly journals Effect of Capital Structures on Firm Value with Sales Growth and Return on Sales as Control Variables in Consumer Goods Companies Listed on the Indonesia Stock Exchange

2021 ◽  
Vol 12 (3) ◽  
pp. 225-230
Author(s):  
Zaenal Abidin ◽  
Rizki Reinaldy Putra ◽  
Mahelan Prabantarikso
Keyword(s):  
Consumer Goods ◽  
Firm Value ◽  
Structural Equation ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Equation Modeling ◽  
Sales Growth ◽  
Manufacturing Companies ◽  
Control Variables ◽  
Return On Sales

One of the attempts taken by the management to maximize the value of the company to compete with its rivals is decision-making related to capital structure strategy. The research sought to determine the effect of Short-Term Debt (STD) on Total Assets (TA), Long-Term Debt (LTD) to Total Assets (TA), and Total Debt (TD) to Total Assets (TA) on firm value by using return on sales and revenue growth as control variables. The research was correlation research to observe the relationship between one variable and various other variables. The sample was consumer goods companies, especially food and beverage sub-sector manufacturing companies listed on the Indonesia Stock Exchange from 2015 to 2018. With a purposive sampling technique, there were 15 companies out of a total of 27 companies that met the criteria. Data were obtained from the Indonesia Stock Exchange website in the form of financial reports and closing prices. Then, structural equation modeling was used to analyze the data. Based on the analysis, there are several results. First, STD to TA and LTD to TA have a negative and significant impact on firm value. Second, TB to TA has a negative but insignificant impact on firm value. Third, sales growth has a positive and negligible effect. Last, return on sales has a negative and substantial effect.

scholarly journals Pengaruh Kinerja Perusahaan terhadap Kebutuhan Modal Kerja Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia

2018 ◽  
Vol 3 (2) ◽  
pp. 117-128
Author(s):  
Eka Putra Pratama ◽  
Arif Darmawan
Keyword(s):  
Cash Flow ◽  
Firm Size ◽  
Sampling Technique ◽  
Regression Result ◽  
Capital Requirement ◽  
Sales Growth ◽  
Manufacturing Companies ◽  
Firm Age ◽  
Working Capital ◽  
Operating Cash Flow

This study aims to determine the effect of company performance proxied with ROA, Sales Growth, Firm Size, Firm Age, Assets Tangibility, Operating Cash Flow and Leverage to Working Capital Needs (WCR). The data used are secondary data of manufacturing companies listed in Indonesia Stock Exchange (IDX) period 2012-2015. Sampling method using purposive sampling technique. The analysis used is descriptive statistic, panel data regression. Result of research found ROA have a significant positive effect to working capital requirement. Firm Size, Assets Tangibility, and Leverage have a significant negative effect on working capital requirement. Sales Growth, Firm Age, and Operating Cash Flow have no effect on working capital requirement. This research can be used as a consideration of the company to further improve the performance of the company and pay attention to the factors of determination of working capital needs, so that the working capital needs of the company can be fulfilled and optimal.  

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