Cash Holding, Cash Flow dan Profitability: Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia

Dewi Maya Sari, Ardian Ardian



This study aims at examining the determinants of corporate cash holdings using 357 sample of manufacturing companies listed on Indonesia Stock Exchange for the period from 2013 to 2015. The determinants tested in this study are cash flow and profitability. Data is collected from financial reports of the sample companies. This study employs panel data regression method, namely the common-effects method based on Chow test result. The results show that cash holding positively affected by cash flow and profitability. The result of this study can help the stakeholders to understand the causal effect of cash flow and profitability on cash holdings especially in manufacturing companies.



Penelitian ini bertujuan untuk menguji faktor-faktor yang mempengaruhi  kepemilikan kas perusahaan dengan menggunakan 357 sampel perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia untuk periode 2013 sampai dengan 2015. Faktor-faktor penentu yang diuji dalam penelitian ini adalah cash flow dan profitability. Data dikumpulkan dari laporan keuangan perusahaan yang telah dipilih. Penelitian ini menggunakan metode regresi untuk data panel, yaitu dengan melihat common-effects berdasarkan hasil uji Chow. Hasil penelitian menunjukkan bahwa cash holding dipengaruhi secara positif oleh  cash flow  dan  profitability. Hasil penelitian ini dapat membantu para pemangku kepentingan untuk memahami pengaruh sebab akibat dari  cash flow dan profitability pada kepemilikan kas terutama di perusahaan manufaktur.


Cash holding; cash flow; profitability; manufacturing companies

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