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"Tujuan dari penelitian ini adalah untuk menguji kebijakan cash holding pada perusahaan yang dikelompokan dalam financial constraints dan not financial constraint pada sektor industri manufaktur tahun 2001-2010. Metode yang digunakan dalam penelitian ini dengan analisis diskriminan. Hasil analisis diskriminan menunjukan bahwa kelompok financial constraints dan not financial constraint dijelaskan oleh variabel diskriminan yaitu leverage, capital expenditure, operating cash flow, market to book ratio, size dan number block holder.

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The purpose of this study was to examine the company's policy of holding cash are classified in the financial constraints and not financial constraints on the manufacturing sector in 2001-2010. The method used in this study with discriminant analysis. Discriminant analysis results showed that the group financial constraints and financial constraints are not explained by the discriminant variable leverage, capital expenditure, operating cash flow, market to book ratio, size and number block holder."

"[ABSTRAKTujuan dari penelitian ini adalah untuk menguji kebijakan cash holding padaperusahaan yang dikelompokan dalam financial constraints dan not financialconstraint pada sektor industri manufaktur tahun 2001-2010. Metode yangdigunakan dalam penelitian ini dengan analisis diskriminan. Hasil analisisdiskriminan menunjukan bahwa kelompok financial constraints dan not financialconstraint dijelaskan oleh variabel diskriminan yaitu leverage, capitalexpenditure, operating cash flow, market to book ratio, size dan number blockholder.

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ABSTRACTThe purpose of this study was to examine the company's policy of holding cashare classified in the financial constraints and not financial constraints on themanufacturing sector in 2001-2010. The method used in this study withdiscriminant analysis. Discriminant analysis results showed that the groupfinancial constraints and financial constraints are not explained by thediscriminant variable leverage, capital expenditure, operating cash flow, market tobook ratio, size and number block holder.;The purpose of this study was to examine the company's policy of holding cashare classified in the financial constraints and not financial constraints on themanufacturing sector in 2001-2010. The method used in this study withdiscriminant analysis. Discriminant analysis results showed that the groupfinancial constraints and financial constraints are not explained by thediscriminant variable leverage, capital expenditure, operating cash flow, market tobook ratio, size and number block holder.;The purpose of this study was to examine the company's policy of holding cashare classified in the financial constraints and not financial constraints on themanufacturing sector in 2001-2010. The method used in this study withdiscriminant analysis. Discriminant analysis results showed that the groupfinancial constraints and financial constraints are not explained by thediscriminant variable leverage, capital expenditure, operating cash flow, market tobook ratio, size and number block holder., The purpose of this study was to examine the company's policy of holding cashare classified in the financial constraints and not financial constraints on themanufacturing sector in 2001-2010. The method used in this study withdiscriminant analysis. Discriminant analysis results showed that the groupfinancial constraints and financial constraints are not explained by thediscriminant variable leverage, capital expenditure, operating cash flow, market tobook ratio, size and number block holder.]"

"ABSTRAKPenelitian ini bertujuan untuk mengetahui bagaimana fenomena investmentinefficiency yang terjadi pada pasar Indonesia terkait masalah financial constraintsdan agency costs yang melanda perusahaan-perusahaan publik di Indonesia.Menggunakan data panel dari perusahaan terdaftar di Indonesia pada periode2006-2015, ditemukan bukti kuat adanya investment inefficiency, yang dapatdijelaskan oleh keberadaan financial constraints dan agency costs padaperusahaan-perusahaan dalam indek Kompas 100 kategori Februari-Juli 2016.Secara spesifik, ditemukan bahwa perusahaan dengan arus kas di bawah (atas)level optimal cenderung untuk under- (over-) invest sebagai konsekuensi darifinancial constraints (agency costs). Lebih jauh, dengan berfokus pada perusahaanunder-investment, ditemukan bahwa sensitivitas abnormal investment ? free cashflow meningkat menggunakan proksi pengukuran terhadap financial constraints.Dan dengan berfokus pada perusahaan over-investment, ditemukan bahwasensitivitas abnormal investment ? free cash flow meningkat menggunakan proksipengukuran terhadap agency costs.

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ABSTRACTThis study aims to determine how the investment inefficiency phenomenon thatoccurs in the Indonesian market related issues financial constraints and agencycosts faced by public companies in Indonesia. Using panel data of listedcompanies in Indonesia in the period 2006-2015, this study found strong evidenceof the investment inefficiency, which can be explained by the existence offinancial constraints and agency costs on companies in the Kompas 100 indexcategories from February to July 2016. Specifically, it was found that companieswith cash flow below (above) the optimal level tend to under- (over-) invest as aconsequence of financial constraints (agency costs). Furthermore, by focusing onunder-investment firms, found that abnormal sensitivity of investment - free cashflow increased by using proxy measures of financial constraints. And by focusingon the over-investment firms, it was found that the abnormal sensitivity ofinvestment - free cash flow increased by using proxy measures of agency costs."

"Tesis ini membahas faktor-faktor yang mempengaruhi kepemilikan kas cash holding perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia pada tahun 2009-2016. Sampel dipilih dengan metode purposive sampling dan diperoleh 107 sampel perusahaan. Dalam penelitian ini, dilakukan pengujian untuk meneliti apakah capital expenditures, cash flow volatility, business group, dividend, firm size, growth opportunities, operating cash flow, dan net working capital berpengaruh signifikan terhadap kepemilikan perusahaan. Penelitian ini dianalisis dengan menggunakan regresi panel dengan metode estimasi least square dummy variables LSDV yang mengkombinasikan data yang memiliki efek cross-section dan efek runtun waktu. Dengan menggunakan model efek tetap, hasil penelitian menunjukan bahwa capital expenditures, dividend, growth opportunities, dan net working capital berpengaruh signifikan terhadap kepemilikan kas sedangkan variabel lainnya tidak memiliki pengaruh yang cukup berarti.

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The focus of this study is discussing about the factors that affect cash holdings of manufacturing companies listed on Indonesian Stock Exchange IDX in 2009 2016. The sample was determined by purposive sampling method and obtained 107 sample firms. In this study, the test is conducted to examine whether capital expenditures, cash flow volatility, business group, dividend, firm size, growth opportunities, operating cash flow, and net working capital have significant effect on the company's cash holdings. This study is analyzed by using panel regression with estimation method of least square dummy variables LSDV which combines data having the effect of cross section and time series. By using fixed effect model, the result of this study shows that capital expenditure, dividend, growth opportunity, and net working capital significantly affect on cash holdings while other variables have no significant effect."

"Tujuan penelitian ini adalah untuk menganalisis faktor-faktor determinan yang berpengaruh terhadap kebijakan cash-holding perusahaan-perusahaan yang terdaftar di Bursa Efek Indonesia selama lima tahun mulai dari periode 2011 sampai dengan 2015. Penelitian ini dilakukan dengan model regresi fixed effect model. Dari hasil penelitian ini ditemukan bahwa faktor-faktor seperti leverage, dividend payments, profitability, liquidity, dan firm size memiliki pengaruh terhadap tingkat cash-holding.

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This research is aimed to analyse the financial determinants of corporate cash holding in listed company in Indonesia Stock Exchange for five years period starting from 2011 to 2015. The test was conducted with fixed effect regression model. The result found that leverage, dividend payments, profitability, liquidity, and firm size have influence in corporate cash holding."

"ABSTRAKPenelitian ini bertujuan untuk mengetahui pengaruh faktor eksternal dan internalterhadap cash holding perusahaan. Faktor eksternal diproksikan sebagai krisiskeuangan global dan financial constraints. Sedangkan faktor internal berupainvestment opportunities set, capital expenditures, asset liquid substitutes,leverage, dan ukuran perusahaan. Dengan mengambil sampel perusahaanperusahaannon keuangan di Indonesia periode tahun 2007-2010, penelitianmenunjukkan tingkat cash holding perusahaan pada saat krisis lebih tinggidaripada sebelum krisis. Jika dikaitkan dengan financial constraints, perusahaanyang berada dalam kondisi financial constraints memiliki cash holding yang lebihrendah daripada tidak dalam kondisi tersebut. Faktor internal yang memilikipengaruh positif signifikan terhadap cash holding yaitu investment opportunitiesset sedangkan negatif signifikan yaitu asset liquid substitutes, leverage, danukuran perusahaan.

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ABSTRACTThe purpose of this study is to determine the effect of external and internal factorson firm cash holdings. External factors proxied as the global financial crisis andfinancial constraints, while internal factors or firm characteristics proxied asinvestment opportunities set, capital expenditures, liquid asset substitutes,leverage, and firm size. The sample of this study are non-financial firms inIndonesia on the periods of 2007-2010. This study showed levels of firm cashholdings in the crisis periods is higher than before. If associated with financialconstraints, firm which are in financial constraints conditions has a lower cashholdings than not in these conditions. The internal factors that have a positivesignificant effect on cash holdings are investment opportunities set, while liquidasset substitutes, leverage, and firm size are negative significant."

"Penelitian terdahulu menemukan bahwa hubungan negatif antara pendanaan internal dan pendanaan eksternal hanya terkonsentrasi pada perusahaan yang tidak memiliki hambatan keuangan (unconstrained firms). Hasil penelitian ini menunjukan hasil yang berbeda. Penelitian dilakukan dengan metode ordinary least square (OLS) menggunakan data panel, dan didapatkan hasil bahwa hubungan negatif berlaku tidak hanya pada perusahaan yang memiliki financial unconstrained namun juga pada perusahaan yang memiliki financial constrained. Hubungan negatif tersebut mendukung berlakunya praktik pecking order theory pada perusahaan non keuangan dan non utilitas di Indonesia. Hubungan negatif tersebut juga mengindikasikan adanya asymmetric information dan biaya pendanaan eksternal yang tinggi di Indonesia yang mengakibatkan terjadinya substitusi antara pendanaan internal dan pendanaan eksternal. Ukuran (total aset) dan umur (tahun IPO) perusahaan digunakan sebagai constraint criteria untuk mengidentifikasi hambatan keuangan yang dihadapi perusahaan. Hasil yang didapat menunjukan bahwa ukuran perusahaan menjadi dasar yang lebih jelas dan lebih konsisten dibandingkan dengan umur perusahaan dalam mengidentifikasi hambatan keuangan.

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Recent studies find that the negative relation between internal and external financing is concentrated among unconstrained firms. This study shows a different result. This study use ordinary least square (OLS) method with panel data and find that a negative relation between internal and external financing is concentrated not only among unconstrained firms but also among constrained firms. This negative relation is interpreted as evidence supporting pecking order theory (POT) on non financial and non utilities firms in Indonesia. This negative relation also indicates asymmetric information and high external financing cost in Indonesia. Firm?s size (total asset) and age (year of IPO) are used as constraint criteria to identify financial constraint faced by firms. The result shows that firm's size is stronger and more consistent as constraint criteria compared to firm?s age. "

"Penelitian ini bertujuan untuk menganalisis pengaruh kinerja keuangan perusahaan terhadap Eco-Innovation. Secara khusus, penelitian ini membahas kinerja keuangan perusahaan yang diproksikan dengan Return on Asset ROA , Return on Equity ROE , dan Earning Retention Ratio ERR yang dapat mempengaruhi perusahaan dalam mengambil keputusan mengenai EcoInnovation. Penelitian ini menggunakan total observasi sebanyak 155 firm years yang terdiri dari 31 perusahaan consumer goods yang terdaftar di Bursa Efek Indonesia selama periode 2011-2015. Dari total observasi ditemukan sebanyak 75 firm years melakukan Eco-Innovation dan 80 firm years tidak melakukan EcoInnovation. Metode pengujian yang digunakan adalah regresi Logit. Hasil dari penelitian ini adalah ROA memiliki pengaruh signifikan negatif terhadap EcoInnovation, ROE memiliki pengaruh signifikan positif terhadap Eco-Innovation, dan ERR tidak memiliki pengaruh terhadap Eco-Innovation.

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This research examines the influence of Firm Financial Performance towards EcoInnovation. In particular, this research discusses firm financial performance which proxies by Return on Asset ROA, Return on Equity ROE, and Earning Retention Ratio ERR that could affect firms on make a decision about EcoInnovation. This research used 155 firm years from total observation that contains of 31 consumer goods companies listed in Indonesian Stock Exchange during the period 2011 2015. From the total observation was found that 75 firm years perform Eco Innovation and 80 firm years didn rsquo t perform Eco Innovation. The test was conducted by using logistic regression model. The results of this study are ROA has a significant and negative impact toward Eco Innovation, ROE has a significant positive impact on Eco Innovation, and ERR has no significant impact on Eco Innovation. "