ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI KEBIJAKAN CASH HOLDING DENGAN FIRM SIZE SEBAGAI VARIABEL KONTROL (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2013-2017)

Abstract

This study aims to analyze the effect of leverage (LEV), DPR, growth opportunity (GROWTH), capital expenditure (CAPEX), net working capital (NWC) and firm size (SIZE) empirically on the determination of the cash holding policy (CHD) in companies manufacturing listed on the Indonesia Stock Exchange in the period 2013-2017. This study uses secondary data collected from the official Indonesian Stock Exchange website and Bloomberg financial data. The data used is in the form of financial statements of manufacturing companies from 2013-2017. From 167 manufacturing companies, 78 companies were sampled in this study. The data of this study were then analyzed using multiple linear regression analysis. Based on the results of testing the hypothesis through the F test, the LEV, DPR, GROWTH, CAPEX, and NWC variables simultaneously affect CHD. Furthermore, the t test proves that the LEV and NWC variables have a significant negative effect on the cash holding. CAPEX variable has a significant positive effect on CHD. The DPR variable has a negative effect and GROWTH has a positive effect but both are not significant for CHD. The SIZE variable which is the control variable in this study has a positive and significant effect on CHD.