Pengaruh Growth Opportunity, Net Working Capital, Cash Conversion Cycle Dan Dividend Payout Terhadap Cash Holding

Abstract

This study aims to determine the effect of Growth Opportunity, Net Working Capital, Cash Conversion Cycle and Dividend Payout on Cash Holding property and real estate companies listed on the Indonesia Stock Exchange. The research period used is the period 2014-2017. The design of this study is causal associative research. The sample in this study was obtained by purposive sampling method. Based on the existing criteria, 42 companies were included in the study sample. The data used is secondary data. The data analysis technique used is panel regression analysis. The results showed that Growth Opportunity and Dividend Payout had no significant effect on Cash Holding. Meanwhile, Net Working Capital and Cash Conversion Cycle have a significant effect on Cash Holding. The ability of independent variables to explain the dependent variable is 10.89% and 89.11% is explained by other variables outside of this study.

Determinant Factors of Firm Value: Cash Holdings and Dividend Policy as Mediation

“…The research results of Wulandari & Setiawan (2019) explained that net working capital has a positive effect on the cash holding of a company. This is due to net working capital being part of current assets and a substitute for cash owned by a company so that if there is an increase then automatically the cash owned by the company also experienced enhancement.…”

“…Cash is a part of current assets and total assets including components used to measure the level of net working capital of a company. Therefore, the third hypotheses are: H3a: Net working capital positively affects firm value H3b: Net working capital positively affects cash holding H3c: Net working capital negatively affects dividend policy H3d: Cash holding mediates the relation between net working capital and firm value H3e: Dividend policy mediates the relation between net working capital and firm value Growth Opportunity is a signal that the company is in good condition because it has the opportunity to develop (Wulandari & Setiawan, 2019). Every year company also has a goal of growth in order able to maintain the value and sustainability of the company as well can expand its business by making investment opportunities as well as businesses that can benefit the company (Opler et al, 1999).…”

Hubungan Antara Cash Conversion Cycle Dan Growth Opportunity Dengan Profitabilitas

“…Sehingga, perusahaan menghasilkan kas masuk dan memberi keuntungan dan kinerja yang lebih baik bagi perusahaan (Suam Toro & Hartomo, 2014). Perusahaan akan menerima pendapatan lebih cepat yang selanjutnya dapat digunakan untuk diinvestasikan kembali (Wulandari & Setiawan, 2019). Perusahaan memiliki peluang untuk meningkatkan kapasitas produksi dengan mempercepat siklus konversi kas yang diharapkan dapat memaksimalkan laba (Altaf & Shah, 2018;Suam Toro & Hartomo, 2014) Penjelasan tersebut didukung oleh beberapa penelitian (Abbasi et al, 2012;Deloof, 2003;Gill et al, 2010;Shuaibu et al, 2019;Yazdanfar & Ohman, 2014) yang menyatakan bahwa cash conversion cycle berpengaruh negatif pada profitabilitas.…”

Analisis Faktor yang Mempengaruhi Cash Holding dengan Corporate Governance sebagai Pemoderasi

“…Fungsi lain dari kas adalah untuk meningkatkan pertumbuhan kinerja perusahaan (growth opportunity). Menurut [11] growth oportunity merupakan suatu perpaduan antara kemungkinan peluang investasi dimasa depan dengan asset yang dimilki perusahaan. Peluang ini dapat meningkatkan cash holding perusahaan, karena semakin besar kesempatan untuk tumbuh maka semakin besar pula kesempatan mendapatkan return yang lebih besar.…”