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"Penelitian ini bertujuan untuk menganalisis pengaruh modal kerja dan ketersediaan arus kas terhadap kinerja perusahaan pada sektor manufaktur yang terdaftar di Bursa Efek Indonesia periode 2011-2015. Penelitian ini menggunakan regresi data panel dengan fixed effect model pada 81 sampel perusahaan.Hasil penelitian ini menunjukkan net working capital memiliki pengaruh yang signifikan terhadap kinerja perusahaan return on assets dan Tobin's Q ratio , sementara net working capital dan ketersediaan arus kas operating cash flow memiliki pengaruh yang signifikan terhadap kinerja perusahaan Tobin's Q ratio.

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This study aims to analyze the effect of working capital and cash flow availability on firm performance in manufacturing sector listed in Indonesian Stock Exchange for period 2011 2015. This study uses panel data regression with fixed effect model on a sample of 81 firms.

The results of this study show net working capital has significant influence on firm performance return on assets and Tobin rsquo s Q ratio , while net working capital and cash flow availability operating cash flow has significant influence on firm performance Tobin rsquo s Q ratio."

"Penelitian ini bertujuan untuk menganalisis pengaruh leverage, cash flow, net working capital, capital expenditure, market to book, size, dan dividen terhadap cash holding perusahaan non-finansial di Indonesia serta menganalisis perbedaan speed of cash holding adjustment perusahaan di Indonesia ketika perusahaan memiliki tingkat cash holding yang lebih tinggi dibandingkan target cash holding maupun ketika perusahaan memiliki tingkat cash holding yang lebih rendah dibandingkan target cash holding. Hasil penelitian ini menunjukkan adanya pengaruh leverage, cash flow, net working capital, capital expenditure, market to book, size, dan dividen terhadap cash holding. Penelitian ini juga menemukan perusahaan dengan tingkat cash holding yang lebih tinggi dari targetnya memiliki speed of adjustment yang lebih rendah dibandingkan perusahaan dengan tingkat cash holding yang lebih rendah.

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This research aims to see impact leverage, cash flow, net working capital, capital expenditure, market to book, size, and dividend toward cash holding on non financial firm in Indonesia and analyze speed of cash holding adjustment difference between firm rsquo s cash holding exceed its target and firm rsquo s cash holding below its target.

The result of this research shows that leverage, cash flow, net working capital, capital expenditure, market to book, size, and dividend impact cash holding. This research also shows that firms that have cash holding exceed its target will have slower speed of adjustment than firm that have cash holding below its target."

"ABSTRAKTesis ini bertujuan untuk menguji pengaruh kas pada hubungan antara modal kerja bersih dan kinerja perusahaan. Menggunakan data panel seimbang dengan analisis regresi data pada sampel 266 perusahaan tercatat di BEI untuk periode dari tahun 2011 sampai 2015. Hasil penelitian menunjukkan hubungan yang kuat cembung antara modal kerja bersih dan kinerja ROA dan Tobins Q-Ratio dengan tidak adanya kas; Namun, hubungan menjadi cekung setelah mengambil kas menjadi pertimbangan. Hasil lebih lanjut menunjukkan bahwa perusahaan dengan kas di bawah median sampel memiliki investasi modal kerja yang lebih rendah, tapi perusahaan dengan kas di atas median sampel memiliki investasi modal kerja yang lebih tinggi. Hasil penelitian menunjukkan bahwa manajer harus mempertimbangkan kas perusahaan saat menentukan investasi yang tepat untuk di jadikan modal kerja, sehingga dapat meningkatkan kinerja.

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ABSTRACTThis thesis aims to examine the influence of cash flow on the relationship between net working capital and firm performance. Balanced panel data regression is used for the analysis on a sample of 266 listed companies in Indonesia for the period from 2011 to 2015. The outcomes demonstrate a solid arched connection between net working capital and performance ROA and Tobins QRatio without cash flow in any case the relationship winds up plainly inward subsequent to contemplating cash flow. The outcomes additionally demonstrate that organizations with icash flow beneath the specimen middle show bring down interest in working capital, yet firms with income over the example middle have higher interest in working capital. The outcomes propose that manager ought to consider their organizations income while deciding the suitable venture to be made in working capital, in order to enhance execution. "

"Penelitian ini bertujuan untuk menganalisis Cash Flow, ΔNet Working Capital, ΔShort − term Debt, Capital Expenditure, Tobin's Q dan Size terhadap Cash Holding pada perusahaan manufaktur financially constrained dan non financially constrained yang terdaftar di Bursa Efek Indonesia periode 2004-2013. Jumlah financially constrained firms adalah sebanyak 22 perusahaan, sedangkan non financially constrained firms adalah sebanyak 22 perusahaan. Pengujian ini dilakukan dengan menggunakan model least square. Penelitian ini menemukan bahwa pada financially constrained firms, Δ𝑁𝑒𝑡 𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙, Expenditure, Q dan Size berpengaruh negatif terhadap Δ𝐶𝑎𝑠ℎ 𝐻𝑜𝑙𝑑𝑖𝑛𝑔. Sedangkan Cash Flow berpengaruh positif terhadap Δ𝐶𝑎𝑠ℎ 𝐻𝑜𝑙𝑑𝑖𝑛𝑔. Berbeda halnya dengan non financially constrained firms yang mana Δ𝑁𝑒𝑡 𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 dan Expenditure berpengaruh negatif terhadap Δ𝐶𝑎𝑠ℎ 𝐻𝑜𝑙𝑑𝑖𝑛𝑔 sedangkan Cash Flow, Q dan Size berpengaruh positif terhadap Δ𝐶𝑎𝑠ℎ 𝐻𝑜𝑙𝑑𝑖𝑛𝑔.

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This research is analyzing manufacturing companies? cash holding policy in financially constrained firms and non financially constrained firms that listed on IDX in period 2004-2013. There are 22 financially constrained firms and also 22 non financially constrained firms. The statistical tests are conducted with least square regression model. The result shows that in financially constrained firms, cash holding are negatively influenced by Δ𝑁𝑒𝑡 𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙, Expenditure, Tobin?s Q and Size but positively influenced by Cash Flow. In non financially constrained firms, cash holding are negatively influenced by Δ𝑁𝑒𝑡 𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 and Expenditure but positively influenced by Cash Flow, Tobin?s Q and Size."

"Tujuan dari penelitian ini yaitu untuk melihat hubungan diantara capital investment spending perusahaan, cash holdings, dan working capital berdasarkan perilaku pembayaran dividend perusahaan. Sampel perusahaan manufaktur yang diperdagangkan secara umum di Bursa Efek Indonesia selama periode 2013-2017. Hasil empiris memberikan bukti pengaruh kuat dan signifikan secara statistik tentang pengaruh  antara cash holding dan capital investment dan antara working capital dan capital investment pada perusahaan manufaktur yang diperdagangkan secara publik di Indonesia pada periode 2013 sampai dengan 2017. Perusahaan dengan kebijakan pembayaran dividend rendah dan tinggi selama periode sampel sangat tergantung pada operating cash flow,  perubahan cash dan working capital untuk mendanai pengeluaran capital investment perusahaan.

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The purpose of this study is to see the relationship between corporate capital investment spending, cash holdings, and working capital based on the companys dividend payout behavior. Samples of manufacturing companies that are publicly traded on Indonesia Stock Exchange during the 2013-2017 period.

The empirical results provide evidence of a strong and statistically significant influence on the effect of cash holding and capital investment and between working capital and capital investment in publicly traded manufacturing companies in Indonesia in the period 2013 to 2017. Companies with a policy of low and high dividend payout during the sample period depends on the operating cash flow, changes in cash and working capital to fund the expenditure of the companys capital investment."

"[ASBTRAKPenelitian ini bertujuan untuk menguji pengaruh dari growth opportunity yangdiukur dengan Market To Book Value of Assets (MVABVA), net working capitaldiukur dengan perbandingan antara net current assets minus kas dengan total asetnonkas, dan profitability yang diukur dengan Return On Equity (ROE) terhadapcash holding yang diukur dengan perbandingan antara kas dan setara kas dengantotal aset nonkas, menggunakan sampel perusahaan nonkeuangan yang terdaftar diBEI periode 2010 ? 2014. Hasil penelitian ini menunjukkan bahwa growthopportunity berpengaruh positif terhadap cash holding, net working capitalberpengaruh negatif terhadap cash holding dan profitability berpengaruh positifterhadap cash holding.

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ABSTARCTThis study aimed to examine the effect of growth opportunity that measured byMarket To Book Value of Assets (MVABVA), net working capital that measuredby comparing the amount of net current assets minus cash and cash equivalentswith total non cash assets, and profitability measured by Return On Equity (ROE)on cash holding that measured by comparing the amount of cash and cashequivalents with total non cash assets, using non financial company listed in BEI2010-2014 as samples. The result shows that growth opportunity is positivelycorrelated with cash holding, net working capital is negatively correlated withcash holding, and profitability is positively correlated with cash holding;This study aimed to examine the effect of growth opportunity that measured byMarket To Book Value of Assets (MVABVA), net working capital that measuredby comparing the amount of net current assets minus cash and cash equivalentswith total non cash assets, and profitability measured by Return On Equity (ROE)on cash holding that measured by comparing the amount of cash and cashequivalents with total non cash assets, using non financial company listed in BEI2010-2014 as samples. The result shows that growth opportunity is positivelycorrelated with cash holding, net working capital is negatively correlated withcash holding, and profitability is positively correlated with cash holding;This study aimed to examine the effect of growth opportunity that measured byMarket To Book Value of Assets (MVABVA), net working capital that measuredby comparing the amount of net current assets minus cash and cash equivalentswith total non cash assets, and profitability measured by Return On Equity (ROE)on cash holding that measured by comparing the amount of cash and cashequivalents with total non cash assets, using non financial company listed in BEI2010-2014 as samples. The result shows that growth opportunity is positivelycorrelated with cash holding, net working capital is negatively correlated withcash holding, and profitability is positively correlated with cash holding;This study aimed to examine the effect of growth opportunity that measured byMarket To Book Value of Assets (MVABVA), net working capital that measuredby comparing the amount of net current assets minus cash and cash equivalentswith total non cash assets, and profitability measured by Return On Equity (ROE)on cash holding that measured by comparing the amount of cash and cashequivalents with total non cash assets, using non financial company listed in BEI2010-2014 as samples. The result shows that growth opportunity is positivelycorrelated with cash holding, net working capital is negatively correlated withcash holding, and profitability is positively correlated with cash holding;This study aimed to examine the effect of growth opportunity that measured byMarket To Book Value of Assets (MVABVA), net working capital that measuredby comparing the amount of net current assets minus cash and cash equivalentswith total non cash assets, and profitability measured by Return On Equity (ROE)on cash holding that measured by comparing the amount of cash and cashequivalents with total non cash assets, using non financial company listed in BEI2010-2014 as samples. The result shows that growth opportunity is positivelycorrelated with cash holding, net working capital is negatively correlated withcash holding, and profitability is positively correlated with cash holding;This study aimed to examine the effect of growth opportunity that measured byMarket To Book Value of Assets (MVABVA), net working capital that measuredby comparing the amount of net current assets minus cash and cash equivalentswith total non cash assets, and profitability measured by Return On Equity (ROE)on cash holding that measured by comparing the amount of cash and cashequivalents with total non cash assets, using non financial company listed in BEI2010-2014 as samples. The result shows that growth opportunity is positivelycorrelated with cash holding, net working capital is negatively correlated withcash holding, and profitability is positively correlated with cash holding, This study aimed to examine the effect of growth opportunity that measured byMarket To Book Value of Assets (MVABVA), net working capital that measuredby comparing the amount of net current assets minus cash and cash equivalentswith total non cash assets, and profitability measured by Return On Equity (ROE)on cash holding that measured by comparing the amount of cash and cashequivalents with total non cash assets, using non financial company listed in BEI2010-2014 as samples. The result shows that growth opportunity is positivelycorrelated with cash holding, net working capital is negatively correlated withcash holding, and profitability is positively correlated with cash holding]"

"Penelitian ini dilakukan untuk menganalisis secara empiris pengaruh struktur kepemilikkan, capital structure, cash flow sensitivity, dan arus kas terhadap kebijakan dividen pada perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2008, 2009 dan 2010. Penelitian ini menggunakan binary logistic karena memiliki variabel dependen dalam bentuk dummy. Hasil penelitian ini menunjukkan bahwa terdapat hubungan non linear signifikan antara blockholder ownership dengan kebijakan dividen perusahaan. Blockholder ownership dibagi menjadi 3 grup yaitu low ownership (kurang dari 20%), medium ownership (20,1%-50%) dan high ownership (lebih dari 50%). Perusahan dengan tingkat kepemilikkan yang sedang memiliki probabilitas yang lebih besar dalam membagikan dividen dibandingkan perusahaan dengan tingkat blockholder ownership yang tinggi dan rendah. Variabel yang berpengaruh signifikan adalah arus kas perusahaan, capital structure, dan kepemilikkan asing. Arus kas, profitabilitas dan ukuran perusahaan yang semakin besar akan meningkatkan kemungkinan perusahaan dalam membagikan dividen. Sebaliknya semakin besar leverage yang dipakai perusahaan, maka akan memperkecil kemungkinan perusahaan dalam membagikan dividen. Variabel cash flow sensitivity dan government ownership tidak berpengaruh signifikan terhadap kebijakan dividen perusahaan.

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This research is conducted to empirically examine the effect of ownership structure, capital structure, capital budgeting, and cash flow on dividend policy in companies which are listed in IDX for the period of 2008, 2009 and 2010. The research also uses size and profitability as controlling variables. This research uses binary logistic model as an analytical tool. The result shows that there is a significant non linear relationship between blockholder ownership and dividend policy. The blockholder ownership is divided into three groups: low ownership (between 5- 20%), medium ownership (between 20,1% and 50%), and high ownership (greater than 50%). I find that companies with high and low ownership have a lower probability to share the cash dividend than companies with medium ownership. The company with higher cash flow, profitability and size will have a higher probability to share the cash dividend. Cash flow sensitivity does not significantly impact on dividend policy, as well as government ownership."

"Penelitian ini bertujuan untuk menganalisis pengaruh dari cash flow volatility terhadap capital structure dan debt maturities pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode tahun 2010 - tahun 2015. Penelitian ini menggunakan data panel, dengan jumlah sampel perusahaan manufaktur sebanyak 106 perusahaan. Pengujian dilakukan dengan generalized linear model dan probit model dengan software Eviews. Pada penelitian ini volaitilitas arus kas menjadi variabel independennya. Market-to-book rasio, tangibilitas, firm size, profitabilitas dan inflasi sebagai variabel kontrol. Variabel eksplanatori adalah firm age. Sedangkan variabel dependennya adalah market debt ratio MDR dan book debt ratio BDR. Hasil dari penelitian ini menunjukan bahwa terdapat pengaruh antara volatilitas arus kas dengan struktur modal perusahaan sedangkan tidak terdapat pengaruh antara volatilitas arus kas dengan pemilihan penggunaan hutang perusahaan.

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This study aimed to analyze the effect of cash flow volatility to capital structure and debt maturities on manufacturing companies listed in Indonesia Stock Exchange period 2010 2015. This study use panel data, with a sample of 106 manufacturing companies. This study using generalized linear models and probit models with Eviews software to test hypothesis.

In this study volaitilitas cash flow becomes the independent variable. Market to book ratios, tangibility, firm size, profitability and inflation as control variables. Explanatory variables are firm age. While the dependent variable is market debt ratio MDR and book debt ratio BDR.

The results of this study indicate that there is influence between the volatility of cash flows with the company 39 s capital structure while there is no influence between cash flow volatility by selecting the use of the company 39 s debts."

"Penelitian ini memiliki tujuan untuk menganalisis pengaruh manajemen modal kerja terhadap gross operating profitability perusahaan manufaktur yang terdaftar di BEI periode 2006-2015, karena konsep modal kerja berkaitan dengan likuiditas maka penelitian ini juga memiliki tujuan untuk mengetahui pengaruh likuiditas modal kerja perusahaan terhadap gross operating profitability. Modal kerja sendiri diproksikan menggunakan ICP, APP, ACP dan CCC sedangkan likuiditas modal kerja perusahaan diproksikan dengan CR dan WCR. Dengan menggunakan analisis regresi linier berganda data panel Fixed Effects Model dengan GLS cross-weights, serta sampel sejumlah 106 perusahaan dengan periode penelitian 10 tahun maka hasil yang didapatkan pada penelitian ini yaitu terdapat pengaruh yang signifikan antara manajemen modal kerja dan likuiditas modal kerja perusahaan manufaktur yang terdaftar di BEI periode 2006-2015 terhadap gross operating profitability.

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The purpose of this research is to examine the effect of working capital management on gross operating profitability of manufacturing listed firms on Indonesia Stock Exchange for the period 2006 2015. Working capital management in this research is proxied by ICP, APP, ACP and CCC, while the company 39 s working capital liquidity is proxied by CR and WCR. This research uses multiple linear regression Fixed Effects Model with GLS cross section weights to analyze the effect of working capital management on gross operating profitability using 106 sample firms over 10 years. The results of this research is working capital management and working capital liquidity of manufacturing companies listed at Indonesia Stock Exchange period 2006 2015 has a significant effect on gross operating profitability."

"Penelitian ini menganalisis bagaimana arus kas bersih, rasio total utang, marjin laba bersih, market to book ratio, dan ukuran perusahaandalam mempengaruhi investasi aset tetap, dengan sampel perusahaan?perusahaan manufaktur yang terdaftar di BEI dari tahun 2007?2011. Keseluruhan variabel tersebut diregresi dengan metode generalized least square (GLS) dengan data panel. Hasil yang ditemukan adalah adanya pengaruh yang signifikan antara arus kas bersih, rasio total utang, marjin laba bersih, market to book ratio, dan ukuran perusahaan terhadap keputusan kegiatan investasi aset tetap baik berpengaruh positif maupun negatif.

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This research aims to analyze normalized cash flow, total debt ratio, net income margin, market to book ratio, and total asset size in affecting investment in property, plant, and equipment of BEI-listed manufacturing companies from 2007?2011. All variables measured by using generalized least square (GLS) method and data panel. And the result of this research is normalized cash flow, total debt ratio, net income margin, market to book ratio, and total asset size significantly affecting the investment in plant and equipment with positive or negative effects."