The Determinants of Corporate Liquidity in Real Estate Industry: Evidence from Vietnam

Trinh, Truong Hong; Thuy, Phan Thi

doi:10.5539/ijef.v8n7p21

Cited by 6 publications

(6 citation statements)

References 26 publications

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“…According to the study conducted by Rajkumar (2014), a negative relationship between the financial leverage and the financial performance of the John Keells Holding plc in Sri Lanka was reported. Moreover, there is also research regarding the determinants of corporate liquidity in real estate industry, evidence from Vietnam, which concludes that the corporate liquidity of these real estate companies was affected by cash holding profitability and capital expenditure (Trinh & Mai, 2016). Based on Javed et al (2015), financial leverage was negatively associated with the return on assets and equity empirical evidence from Pakistan, and the firms borrowed less, while market-to-book ratio shows a positive profitable association with firms.…”

Section: Literature Reviewmentioning

confidence: 99%

The impact of financial liquidity and leverage on financial performance: Evidence from property and real estate enterprises in Indonesia

Daryanto¹,

Samidi²,

Siregar³

2018

10.5267/j.msl

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The demand for property increases every year in line with the population growth in Indonesia. Moreover, the society believes that investing in the property will have future benefits since there is an expectation of an increase in strong middle-class consumer spending made to the residential business segment and also urban society demands for apartments and condominiums. Loans and mortgages are often made by both owners and developers in order to own the property. Therefore, this study investigates the impacts of financial liquidity and leverage on the financial performance of the Indonesian property and real estate enterprises. The study considers three (3) selected companies listed on Indonesia Stock Exchange LQ 45 (IDX LQ 45) over period five (5) years (2012-2016). The secondary data are obtained from the financial statement (comprehensive income statement and statement of financial position) of selected property and real estate companies listed on IDX. This data is analyzed by using the regression analysis; the t-statistics and F significance ANOVA were used to test the hypothesis. The result of the analysis show that Current Ratio (CR) and Debt-Asset Ratio (DAR) had a negative relationship with Return on Assets (ROA) while Times Interest Earned (TIE) had a positive relationship with ROA in Indonesia property and real estate industry.

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Section: Literature Reviewmentioning

confidence: 99%

The impact of financial liquidity and leverage on financial performance: Evidence from property and real estate enterprises in Indonesia

Daryanto¹,

Samidi²,

Siregar³

2018

10.5267/j.msl

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“…(Arfan et al, 2017;Guizani, 2017;Herlambang et al, 2019;Maheshwari and Rao, 2017;Serly and Melendy, 2021;Tayem, 2017) find that high levels of corporate capital expenditure will reduce the amount of cash holding because it is used to finance capital expenditure. (Thu and Khuong, 2018;Trinh and Thuy Mai, 2016) Found contradictory results, namely, the amount of cash holding will increase as the company's capital expenditure increases. Meanwhile, (Amalia et al, 2018;Liadi and Suryanawa, 2018) found that the determination of the amount of cash holding was not influenced by the company's capital expenditures.…”

Section: Theoretical Reviewmentioning

confidence: 99%

Corporate Governance In Cash Management, Net Working Capital, And Cash Holding

2023

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Manufacturing companies need effective cash management to meet their capital expenditures and cash holding. Effective cash management needs to be supported by good governance so that it can determine adequate cash holding. Independent variables in this study were measured by cash flow, cash conversion cycle, capital expenditure, net working capital, and board of commissioners' activities. Governance measured by the board of commissioners' activities is also a moderation variable. The data in this study were processed and analyzed using Eviews 10 for the period 2017 to 2020. The panel's data regression results show that the cash conversion cycle and net working capital have a negative influence on cash holding. Cash flow, capital expenditure, and board of commissioners' activities have no effect. The moderation regression test results show that the board of commissioners' activities could not moderate the influence of cash flow, cash conversion cycle, capital expenditure, and net working capital on cash holding.

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“…Kemudahan perusahaan dalam memperoleh pendanaan dari pihak luar yang digunakan untuk memenuhi kebutuhan atau pembelian aset tetap baru menjadi alasan perusahaan untuk tidak memiliki cash holding dalam jumlah besar. Hasil penelitian ini juga tidak mendukung penelitian yang sebelumnya dilakukan oleh Trinh & Thuy Mai (2016) yang menemukan adanya pengaruh positif capital expenditure terhadap cash holding. Perusahaan dengan tingkat capital expenditure tinggi justru akan menyimpan kas dalam jumlah banyak sebagai bentuk kewaspadaan saat perusahaan dihadapkan pada kejadian tidak terduga.…”

Section: Hasil Penelitianunclassified

Pengaruh Daur Hidup Perusahaan Terhadap Cash Holding Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia

Savitry

Usman

2022

IJD

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:The study aims to analyze the effect of company life cycle on cash holding in manufacturing. Data used in this study is secondary data sourced from the annual reports of manufacturing companies listed on Indonesia Stock Exchange (IDX) during period 2015-2020. The research sample was selected using purposive sampling method so that 23 companies were sampled. Analysis of the data used to test the hypothesis is panel regression analysis using E-views 10 program. The result shows that company life cycle (introduction, growth, maturity) has a positive and significant influence on cash holding. The result also shows that dividend payment has positive relationship with cash holding, while leverage has negative effect. This research is expected to be taken into consideration by management and investors to be able to pay attention to company life cycle, leverage, and dividend payment to maintain the stability of cash holding and minimize losses.Keywords: cash holding, company life cycle, dividend payment, leverage. AbstrakPenelitian bertujuan untuk menganalisis pengaruh daur hidup perusahaan terhadap kepemilikan kas pada perusahaan manufaktur. Data yang digunakan dalam penelitian merupakan data sekunder yang bersumber dari laporan tahunan perusahaan manufaktur yang tercatat di Bursa Efek Indonesia (BEI) selama periode 2015-2020. Sampel penelitian dipilih menggunakan metode purposive sampling sehingga diperoleh 23 perusahaan yang menjadi sampel. Analisis data yang digunakan untuk uji hipotesis adalah analisis regresi panel dengan menggunakan software E-views 10. Hasil penelitian menunjukan bahwa daur hidup perusahaan pada tahap perkenalan, pertumbuhan, dan dewasa memiliki pengaruh positif terhadap kepemilikan kas. Pembayaran dividen juga memiliki pengaruh positif terhadap kepemilikan kas, sedangkan rasio utang memilki pengaruh negatif terhadap kepemilikan kas. Penelitian ini diharapkan dapat dijadikan bahan pertimbangan manajemen maupun investor untuk memperhatikan tahapan daur hidup perusahaan, pembayaran dividen, dan rasio utang guna menjaga kestabilan kepemilikan kas dan meminimalisir kerugian.Kata kunci: daur hidup perusahaan, kepemilikan kas, pembayaran dividen, rasio utang.

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The Determinants of Corporate Liquidity in Real Estate Industry: Evidence from Vietnam

Cited by 6 publications

References 26 publications

The impact of financial liquidity and leverage on financial performance: Evidence from property and real estate enterprises in Indonesia

The impact of financial liquidity and leverage on financial performance: Evidence from property and real estate enterprises in Indonesia

Corporate Governance In Cash Management, Net Working Capital, And Cash Holding

Pengaruh Daur Hidup Perusahaan Terhadap Cash Holding Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia

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