Pengaruh Capital Expenditure, Net Working Capital dan Investment Opportunities terhadap Cash Holding
Abstract
The purpose of this study is to analyze the effect of capital expenditure, net working capital, investment opportunities on cash holding in manufacturing companies in the basic and chemical industry sectors listed on the Indonesia Stock Exchange (IDX) for the period 2020-2023. This research is quantitative research. The sampling technique used purposive sampling. The number of samples during the study year amounted to 73 data. The statistical method used is multiple linear regression analysis. The results showed that capital expenditure has a significant negative effect on cash holding, net working capital has a significant positive effect on cash holding and investment opportunities have no significant effect on cash holding in manufacturing companies in the basic and chemical industry sectors in 2020-2023.
References
Abbas, D. S., Eksandy, A., & Mulyadi. (2020). Pengaruh Growth Opportunity, Nwc, Cash Conversion Cycle, Ios Dan Leverage Terhadap Cash Holding. Jemasi: Jurnal Ekonomi Manajemen Dan Akuntansi, 16(1), 44–58. https://doi.org/10.35449/jemasi.v16i1.86
Ashhari, Z. M., & Faizal, D. R. (2018). Determinants and Performance of Cash Holding: Evidence From Small Business in Malaysia. International Journal of Economics, Management and Accounting, 26(2), 457–473. https://www.researchgate.net/publication/330440689
Audrey, N., Pratiwi, N. B., Wicaksono, A., & Carolineto, S. T. (2023). The Effect of Leverage, Growth Opportunity, Net Working Capital And Dividend Payment Towards Cash Holding Manufacturing Companies Listed On IDX Period 2018-2020. E3S Web of Conferences, 388. https://doi.org/10.1051/e3sconf/202338803028
Cindy, N., Chelsya, & Fernanda, V. (2023). Economics and Digital Business Review Pengaruh Firm Size, Leverage dan Capital Expenditure Terhadap Cash Holding. Economic and Digital Business Review, 4(2), 350–363. www.republika.co.id
Claudia, K., & Susanti, M. (2022). Analisis Faktor Yang Mempengaruhi Cash Holding Pada Perusahaan Consumer Goods Di Indonesia. Jurnal Paradigma Akuntansi, 4(1), 462. https://doi.org/10.24912/jpa.v4i1.17566
Darmawan, K., & Nugroho, V. (2021). Pengaruh Firm Size, Leverage, Profitability, Dan Net Working Capital Terhadap Cash Holding. Jurnal Paradigma Akuntansi, 3(3), 1158. https://doi.org/10.24912/jpa.v3i3.14910
Diaw, A. (2021). Corporate cash holdings in emerging markets. Borsa Istanbul Review, 21(2), 139–148. https://doi.org/10.1016/j.bir.2020.09.005
Eka, D. A. S., & Salim, S. (2024). Faktor-Faktor Yang Mempengaruhi Cash Holding Di Perusahaan Manufaktur. Jurnal Paradigma Akuntansi, 6(2), 961–972. https://doi.org/10.24912/jpa.v6i2.29874
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
Greselda Angelika Octavian, Sufiyati, & Henny Wirianata. (2022). Faktor Yang Mempengaruhi Cash Holding Perusahaan Manufaktur Di Indonesia Tahun 2017-2019. Jurnal Paradigma Akuntansi, 4(2), 731–740. https://doi.org/10.24912/jpa.v4i2.19555
Jason, E., & Viriany. (2020). Analisis Faktor Yang Dapat Mempengaruhi Cash Holding Pada Perusahaan Manufaktur Di Indonesia. Jurnal Paradigma Akuntansi, 2, 1415–1424.
Kacaribu, S. A., Khaddafi, M., & Arliansyah, Z. (2023). Pengaruh Investment Opportunity Set, Capital Expenditure dan Cash Convesion Cycle Terhadap Cash Holding Pada Perusahaan Manufaktur Subsektor Makanan dan Minuman Yang Terdaftar di Bursa Efek Indonesia Periode 2019-2021. Jam, 2(1), 143–153. https://doi.org/10.29103/jam.v
Koo, J., & Maeng, K. (2019). Investment opportunities and cash holdings of firms: an empirical study on Korean firms. Applied Economics, 51(23), 2492–2500. https://doi.org/10.1080/00036846.2018.1545083
Luckyanti, B. L., & Anwar, S. (2022). Dampak NWC, GO, CAPEX, dan CCC Terhadap Nilai Perusahaan Dengan Cash Holding Sebagai Variabel Intervening. Journal of Economic, Bussines and Accounting (COSTING), 6(1), 214–226. https://doi.org/10.31539/costing.v6i1.3658
Margaretha, I., & Dewi, S. P. (2020). Margaretha dan Dewi: Faktor-Faktor Yang Mempengaruhi Cash Holding Pada Perusahaan, Jurnal Multiparadigma Akuntansi Tarumanagara. Jurnal Multiparadigma Akuntansi Tarumanegara, 2(1), 1–9.
Modigliani, F., & Miller, M. H. (1963). Corporate Income Taxes and the Cost of Capital : A Correction Author ( s ): Franco Modigliani and Merton H . Miller Source : The American Economic Review , Vol . 53 , No . 3 ( Jun ., 1963 ), pp . 433-443 Published by : American Economic Association Stable. The American Economic Review, 53(3), 433–443.
Nuryatno, D. A., & Adi, S. W. (2023). Effect of Growth Opportunity , Cash Flow and Capital Expenditure to Cash Holding. 7(1), 316–326.
Ogundipe, S. E., Salawu, R. O., & Ogundipe, L. O. (2012). The Determinants of Corporate Cash Holdings in Nigeria: Evidence from General Method of Moments (GMM). World Academy of Science, Engineering and Technology International. Journal of Social, Behavioral, Educational, Economic, Business and Industrial Engineering., Vol.6, No.(January 2012).
Permatasari, W. A., Ahmad, G. N., & Kurnianti, D. (2023). Pengaruh Capital Expenditure , Investment Opportunities , Ceo Tenure Terhadap Cash Holding Pada Perusahaan Non Keuangan Yang Terdaftar Di Indeks Saham Syariah Indonesia ( ISSI ) Periode 2013-2017. Indonesian Journal of Economy, Business, Entrepreneuship and Finance, 3(1), 34–53.
Sutrisno, B. (2017). Hubungan Cash Holding dan Nilai Perusahaan di Indonesia. Jurnal Dinamika Akuntansi Dan Bisnis, 4(1), 45–56. https://doi.org/10.24815/jdab.v4i1.6340
Syafrizaliadhi, A. D., & Arfianto, E. D. (2014). Faktor-Faktor Yang Mempengaruhi Perilaku Cash Holdings 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 a M: Ekonomie a Management, 25(1), 130–142. https://doi.org/10.15240/tul/001/2022-1-008
Wahjoe Hapsari, D., & Nabila Roma Norris. (2022). Determinant Of Cash Holding. Jurnal Akuntansi, 26(3), 358–373. https://doi.org/10.24912/ja.v26i3.960
Wahyuni, Y., & Setiawan, M. A. (2023). Determinants Of Cash Holding: Studi Empiris pada Perusahaan Wholesale Terdaftar di BEI Tahun 2017-2021. Jurnal Eksplorasi Akuntansi, 5(3), 1127–1138. https://doi.org/10.24036/jea.v5i3.740
Wulandari, E. A., & Setiawan, M. A. (2019). Pengaruh Growth Opportunity, Net Working Capital, Cash Conversion Cycle Dan Dividend Payout Terhadap Cash Holding. Jurnal Eksplorasi Akuntansi, 1(3), 1259–1274. https://doi.org/10.24036/jea.v1i3.141
Yanti, Liana Susanto, & Timothy Brian Kurniawan. (2023). Determinan Cash Holding Sebelum Dan Selama Pandemi COVID-19. Jurnal Ekonomi, 28(1), 98–118. https://doi.org/10.24912/je.v28i1.1395
Yanti, Susanto, L., Wirianata, H., & Viriany. (2019). Corporate Governance, Capital Expenditure Dan Cash Holdings. Jurnal Ekonomi, 24(1), 1. https://doi.org/10.24912/je.v24i1.452
.png)
.png)
