PENGARUH CORPORATE GOVERNANCE TERHADAP CASH HOLDING PADA PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA

Mawardi Mawardi, Nurhalis Nurhalis

Abstract


This study aimed to examine the effect of Corporate Governance on Cash Holding. The Independent variables in this research are the insider ownership, board independent and institutional ownership, for the dependent variable is cash holding that proxied by Ln kas setara kas. This study use data of 37 companies manufacture in the Indonesian Stock Exchange for the periode 2010 until 2014. The sampling method used in this study was purposive sampling, is sampling based criteria. The analysis technique used in this study using multiple regression analysis with using program SPSS 21. The result showed that:1(1)insider ownership have negative effect on cash holding, (2) board independent have positive effect on cash holding, (3) institutional ownership have negative effect on cash holding. The results of this study are expected to be taken into consideration for the company in decision making related to the implementation of good corporate governance on firm so as to minimize conflicts of interest within the company

 

KeywordsIndependent Commissioner,Managerial Ownership,Institutional Ownership CashHolding.


Full Text:

PDF

References


Adhitya Dasha Syafrizaliadhi, 2014. Faktor Faktor Yang Mempengaruhi Perilaku Cash Holding Pada Perusahaan Besar dan Perusahaan Kecil (Studi Kasus Pada Perusahaan Manufaktur Yang Listing di Bursa Efek Indonesia Tahun 2011-2012). Fakultas Ekonomi dan Bisnis, Universitas Diponegoro. Semarang.

Arifin, Zaenal. 2005. Teori Keuangan dan Pasar Modal. Penerbit Ekonisia. Yogyakarta.

Ali Irfan 2002. Pelaporan Keuangan dan Asimetri Informasi dalam Hubungan Agensi.Lintasan Ekonomi Vol. XIX. No.2. Juli 2002.

Ammann, Manuel., Oesch, David., Schmidc, M Markus. 2011. Cash Holdings and Corporate Governance Around the World.

Arrow, K. J. (1962). The economic implications of learning by doing. American Economic Review, Vol. 29, pp. 155-173.

Ayuningtyas, Dwi., Kurnia., Januari 2013, Pengaruh Profitabilitas terhadap Nilai Perusahaan: Kebijakan Dividen dan Kesempatan Investasi sebagai Variabel Antara, Jurnal Ilmu dan Riset Akuntansi.

Asian Corporate Governance Association (ACGA). “CG Watch 2014 – Market Rangking”.

Barnhart, S. W. dan Rosenstein S. 1998. Board Composition, Managerial Ownership, and Firm Performance: An Empirical Analysis. Financial Review 33, pp. 1-16.

Boyle, G. W. Dan G.A. Guthrie. 2003. Investment, Uncertainty, and Liquidity. Journal of Finance.

Brealey, R. A., and S. C. Myers, 2000, Principles of Corporate Finance, Boston:

McGraw-Hill.

Bestivano, Wildham. 2007. Pengaruh Ukuran Perusahaan, Umur Perusahaan, Profitabilitas, dan Leverage Terhadap Peralatan Laba Di BEI. Universitas Negeri Padang.

Chen, Yenn-Ru. 2008. Corporate Governance and Cash Holding: Listed New Economy versus Old Economy Firms. Journal of Financial Economics.

Chen, C.R., Guo, W., Mande, V., 2003, Managerial Ownership and Firm Valuation: Evidence From Japanese Firms, Pacific-Basin Finance Journal.

Christiawan, Yulius Jogi, dan Tarigan, Josua. 2007. Kepemilikan Manajerial: Kebijakan Hutang, Kinerja dan Nilai Perusahaan, Jurnal Akuntansi dan Keuangan Vol 9. No.1 Mei 2007.

Copeland Weston. 1992. Manajerial Finance, 9th Ed. The Dyden Press, Orlando Florida.

Dittmar, Amy, dan Jan Mahrt-Smith. 2007. Corporate Governnace and The Value of Cash Holding. Journal of Financial Economics.

Djalil, Sofyan. 2000. Good Corporate Governance.

Darmawati, Deni, Komsiyah, Gelar Rahayu, Rika. 2005. “Hubungan Corporate Governance, Kinerja Perusahaan dan Reaksi Pasar,” Jurnal Riset Akuntansi Indonesia, Vol.8, No.1.

Downes, J. & Goodman, JE. 1998 Dictionary of Finance and Investment Term, Barrons Educational Series

Eisenhardt, Kathleem. M. 1989. Agency Theory: An Assesment and Review. Academy of management Review, 14, hal 57-74.

Endraswati, Hikmah. 2012. Pengaruh Struktur Kepemilikan dan Kebijakan Dividen Terhadap Nilai Perusahaan dengan Kebijakan Hutang Sebagai Variabel Moderating pada Perusahaan di BEI. Jurnal STAIN Salatiga.

Forum for Corporate Governance in Indonesia. 2006. Peranan Dewan Komisaris dan Komite Audit dalam Pelaksanaan Corporate Governance (Tata Kelola Perusahaan). FCGI Booklet II.

Fama, E. F. 1978. The Effect of a Firm’s Investment and Financing Decision on the Welfare of its Security Holders. American Economic Review 68:272-28.

Gujarati, Damodar N. 2004. Basic Econometrics 4th edition. New York: McGraw-Hill Companies, Inc.

Ghazali, Imam. 2009. Aplikasi Analisis Multivariat Dengan Program SPSS. Semarang: Badan Penerbit Universitas Diponegoro.

Ginglinger, Edith; dan Khaoula Saddour. 2007. Cash Holdings, Corporate Governance and Financial Constraints.

Harford, Jarrad, Sattar A. Mansi, dan William F. Maxwell. 2008. Corporate Governance and Firm Cash Holding in the US. Journal of Finacial Economics.

Herawaty, Vinola. 2008. Peran Praktek Corporate Governance Sebagai Moderating Variabel dari Pengaruh Earning Management Terhadap Nilai Perusahaan. Jurnal Akuntansi dan Keuangan Vol.10.


Refbacks

  • There are currently no refbacks.