Pengaruh Growth Opportunity, Leverage, Firm Size dan Profitabilitas Terhadap Cash Holding (Studi Pada Perusahaan Sektor Barang dan Konsumsi yang Terdaftar di Bursa Efek Indonesia Tahun 2017-2020)

Abstract

This study aims to measure and determine the cash holding owned by the company. In addition, it is also to examine and determine the relationship between the effect of growth opportunity, leverage, firm size and profitability on cash holding in goods and consumption sector companies listed on the Indonesia Stock Exchange in 2017-2020. The analytical method used is descriptive statistical analysis, classical assumption test, multiple linear regression analysis and hypothesis testing using the SPSS application. Determination of the sample in this study using purposive sampling technique so that the number of research samples obtained is 68 companies. The results of this study indicate that growth opportunity has a positive significant effect on cash holding. This means that the better the growth opportunity, the more cash holding will increase. Leverage has a negative significant effect on cash holding, meaning that the higher the leverage, the lower the cash holding. Firm size has no effect on cash holding. This means that the size of the company is not able to affect the cash holding. Profitability has a positive significant effect on cash holding. This means that the higher the profitability, the more cash holding will increase.

Factors Affecting Cash Holding (Empirical Study of Property and Real Estate Companies Listed on the Indonesia Stock Exchange for the 2017-2021 Period)

“…the greater the company's ability to grow, the greater the company's ability to hold cash to cover future investment needs. The results of this study are consistent with Maghfiroh et al (2022) and Oktafiana and Hidayat, 2022, according to which growth opportunities supported by active growth have a positive and significant effect on cash balance.…”

“…The greater the ability of the company to grow, the greater the return that must be achieved, the greater the ability of the company to retain cash for future investment needs. Therefore, according to studies (Oktafiana and Hidayat, 2022) and Maghfiroh et al (2022), growth indicators of growth opportunity assets have a positive effect on cash.…”

Optimalisasi Finansial pada Industri Barang Konsumsi: Analisis Faktor-Faktor yang Memengaruhi Cash Holding

“…Melalui temuan uji hipotesis pada hasil analisis statistik tabel 3, menunjukkan nilai signifikansi lebih besar dari 0,05 yaitu 0,307 yang menunjukkan bahwa growth opportunity tidak memiliki pengaruh terhadap cash holding, sehingga hipotesis pertama ditolak. Hasil penelitian tersebut tidak sejalan dengan penelitian Dirvi (2020), Oktafiana & Hidayat (2022), dan Maxentia et al (2022) namun sejalan dengan hasil temuan dari Alicia et al ( 2020) dan Tanjung et al (2021) yang mengungkapkan bahwa perusahaan dengan tingkat growth opportunity yang tinggi biasanya memiliki tingkat cash holding yang lebih rendah. Perusahaan yang memiliki peluang untuk berkembang juga akan mnunjukkan peningkatan pada penjualan mereka.…”

“…Growth opportunity didefinisikan sebagai rasio yang mengukur kemampuan perusahaan untuk mempertahankan posisinya dalam operasional dan perkembangan ekonomi global (Alicia et al, 2020). Penelitian lain oleh Dirvi (2020), Oktafiana & Hidayat (2022), Maxentia et al (2022), dan Simanjuntak & Yap (2023) menunjukkan hubungan positif antara growth opportunity dan cash holding. Hasil penelitian ini berbeda dengan penelitian Wulandari & Setiawan (2019), Alicia et al (2020 dan Agustina Tanjung et al (2021) yang menemukan hubungan negatif antara growth opportunity dan cash holding.…”

“…Kesalahan dalam alokasi cash holding untuk growht opportunity dapat mengakibatkan kekurangan kas dan mengganggu operasional perusahaan. Hasil penelitian dari Dirvi (2020), Oktafiana & Hidayat (2022), dan Maxentia et al (2022) juga memberikan keterangan yang sama. Dalam rangkaian penelitian tersebut, hipotesis pertama menyatakan bahwa growth opportunity berpengaruh terhadap cash holding.…”