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"ABSTRAKPrior studies have focused on the determinants of cash holdings. The purpose of this study is to investigate the relationship between cash holding and stock liquidity in Indonesia. This study employs panel data analysis for a sample of 115 manufacturing firms listed on the Indonesia Stock Exchange over the period from 2010 to 2014. This study considers share turnover as the proxy for the stock liquidity. The results show that stock liquidity has a positive and significant effect on cash holding. This finding is in line with Chen et al. (2012), Nyborg and Wang (2013), and Tehrani et al. (2014)."

"Penelitian ini bertujuan untuk memberikan bukti secara empiris mengenai pengaruh mekanisme corporate governance (CG), kepemilikan manajerial, dan cash holdings terhadap kesejahteraan pemegang saham. Penelitian ini menggunakan 672 observasi perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia (BEI) pada rentang waktu 2007-2010. Kesejahteraan pemegang saham diukur dengan menggunakan price-to-book value. Penelitian ini menggunakan indeks corporate governance yang diterbitkan oleh Indonesian Institute for Corporate Directorship (IICD). Penelitian ini menggunakan data panel dengan Fixed Effect - Cross Section Weighted Method. Penelitian ini memberikan hasil bahwa indeks CG memiliki pengaruh signifikan dan positif terhadap kesejahteraan pemegang saham. Namun, tidak ditemukan pengaruh yang signifikan untuk variabel kepemilikan manajerial dan variabel kepemilikan kas terhadap kesejahteraan pemegang saham.

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This research aims to give empirical evidence the influence of corporate governance, ownership managerial, and cash holding to shareholder?s wealth. This research is conducted by using samples of 672 non financial companies listed in Indonesian Stock Exchange (IDX) during the period of 2007-2010. Shareholder?s wealth is measured by price-to-book value (PBV). We used corporate governance index issued by Indonesian Institute for Corporate Directorship (IICD). We used panel data structure with Fixed Effect-Cross Section Weighted Method regress the research model. The result of this research shows that corporate governance index have positive and significant influence to shareholder's wealth. However, there is no significant influence between managerial ownership and cash holding to shareholder's wealth."

"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."

"Penelitian ini membandingkan pengaruh afiliasi grup bisnis dengan cash holding perusahaan terafiliasi pada periode krisis dengan periode non-krisis. Dengan menggunakan sampel perusahaan publik yang terdaftar di Bursa Efek Indonesia tahun 2008-2012, penelitian menunjukan bukti empiris bahwa hubungan afiliasi grup bisnis dengan cash holding mengalami penguatan pada periode krisis 2008-2009 jika dibandingkan dengan periode non-krisis. Hal ini sesuai dengan anggapan bahwa perusahaan bergantung pada pendanaan internal, yang salah satunya bisa didapatkan dari pasar modal internal grup bisnis, pada saat terjadi tekanan finansial yang menyebabkan kelangkaan pendanaan ekternal. Selanjutnya dengan menggunakan sampel perusahaan publik terafiliasi grup bisnis tahun 2008-2014, penelitian menginvestigasi pengaruh kesulitan keuangan grup bisnis terhadap cash holding perusahaan terafiliasi. Perusahaan terafiliasi grup bisnis yang mengalami kesulitan finansial terbukti mengalami penurunan cash holding karena terjadi penurunan terhadap dana internal grup. Namun perusahaan yang mendominasi penjualan grup tidak mengalami perubahan cash holding yang signifikan jika dibanding dengan perusahaan yang tidak mendominasi penjualan grup. Hal ini membuktikan anggapan bahwa grup bisnis memiliki kecenderungan untuk memberikan bantuan finansial kepada perusahaan yang lebih penting bagi grup bisnis.

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This article contrasts the effect of business group affiliation on firm rsquo s cash holding in the crisis period as opposed to non crisis period. Using samples of firms listed in IDX from 2008 2012, studies show empirical evidence of strengthening relation between business group affiliation and firm rsquo s cash holding in crisis period compared to non crisis period. This is consistent with previous studies that external funding scarcity induced by crisis forced firm to seek different source of funding, one of which provided by business group internal capital market. Furthermore, using sample of affiliated public firms in 2008 2014, firms affiliated with business group in financial distress show a decrease in cash holding because of a decline in group rsquo s internal funding. However, firm that contribute to a significant portion of business group sales did not experience significant change in cash holding, while firm that do not dominate business group sales were affected by the financial distress and showed a decline in cash holding. This support notion that business group has a tendency to provide support for important business group member."

"Skripsi ini membahas tentang pengaruh inflasi dan operating cycle terhadap perusahaan manufaktur di Indonesia periode 2009-2013. Penelitian ini mengkaji pengaruh tingkat inflasi dan operating cycle pada cash holding perusahaan. Dari sisi makro yaitu inflasi sedangkan dari sisi mikro yaitu operating cycle. Berdasarkan penelitian yang dilakukan pada perusahaan manufaktur di Indonesia menunjukkan bahwa inflasi (CPI) tidak berpengaruh terhadap cash holding perusahaan. Sedangkan operating cycle dan cash holding memiliki hubungan yang positif sehingga apabila terjadi kenaikan operating cycle maka cash holding akan meningkat.

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This study discusses the influence of inflation and the operating cycle of the manufacturing companies in Indonesia 2009-2013. This study examines the effect of the inflation rate and the operating cycle at the cash holding company. From the macro side is inflation, while on the micro side, namely operating cycle. Based on research conducted at manufacturing companies in Indonesia showed that inflation (CPI) has no effect on the cash holding company. While operating cycle and cash holding has a positive relationship so that in case of increase in the operating cycle, the cash holding will increase."

"Penelitian ini menginvestigasi pengaruh tata kelola perusahaan, yang diukur oleh founder CEO, blockholder ownership, dan, board composition, terhadap cash holding pada perusahaan yang melakukan IPO di Bursa Efek Indonesia pada tahun 2000-2007. Penelitian ini menggunakan karakteristik perusahaan sebagai variabel kontrol. Penelitian ini menemukan bahwa terdapat hubungan negatif signifikan antara founder CEO dan kepemilkan saham blok terhadap kebijakan kas. Selain itu, penelitian menemukan bahwa pengawasan dari pemegang saham dan komisaris lebih berpengaruh terhadap perusahaan dibawah kepemimpian founder CEO.

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This research aims to investigate the impact of governance, measured by founder CEO, blockholder ownership, and board composition, to cash holding management of IPO firms listed in Bursa Efek Indonesia in 2000 – 2007. This research uses firm characteristics as control variable. This research found that governance affect negatively to firm’s cash holding. In addition, this research shows that monitoring function by shareholders and commissioners be more effective in the founder CEO firms."

"Penelitian ini bertujuan untuk melihat tren dan menganalisis faktor penentu kebijakan cash holding perusahaan manufaktur di Indonesia yang didasarkan pada teori finansial seperti agency theory, pecking order theory, trade off theory, free cash flow theory, dan signaling theory. Sampel yang digunakan adalah perusahaan manufaktur yang tercatat di Bursa Efek Indonesia periode 2007 - 2011. Hasil penelitian menunjukkan bahwa kebijakan cash holding perusahaan manufaktur di Indonesia dipengaruhi oleh growth opportunity, leverage, net working capital, dividend payment. Sehingga dapat disimpulkan bahwa kegiatan operasional dan kegiatan pembiayaan perusahaan adalah kegiatan yang mempengaruhi kebijakan cash holding.

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This research aims to see the trend and analyze the factors of manufacturing companies? cash holding policy in Indonesia that based on financial theory such as agency theory, pecking order theory, trade off theory, free cash flow theory, and signaling theory. Manufacturing companies that listed in Jakarta Stock Exchange on period of 2007 - 2011 are used as sample. The result of this research shows that manufacturing companies? cash holding policy in Indonesia is significantly influenced by growth opportunity, leverage, net working capital, dividend payment. In conclusion, operating and financing activities are activities that influence cash holding policy."

"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."

"Penelitian ini bertujuan untuk menganalisis pengaruh karakteristik perusahaan dan board size terhadap cash holding. Model analisis penelitian menggunakan Fixed Effect Model (FEM). Variabel independen dalam penelitian ini adalah market-to-book ratio, cash flow, net working capital, firm size, leverage, dividend payment dan board size. Dan variabel dependen yaitu cash holding. penelitian ini menggunakan data panel dari 1420 data pengamatan perusahaan yang telah listing di Bursa Efek Indonesia pada periode 2008-2012. Hasil penelitian menunjukan bahwa 1) market-to-book ratio. Cash flow, net working capital, dan leverage tidak memiliki pengaruh yang signifikan terhadap corporate cash holding 2) firm size, dividend payment dan board size memiliki pengaruh yang signifikan terhadap corporate cash holding.

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This research aim to analyze the influence of firm characteristic and board size to cash holdings. This model research are analyze with Fixed Effect Model (FEM). The Independent variables in this research are the market-to-book ratio, cash flow, net working capital, firm size, leverage, dividend payment and board size. The dependent variabel is cash holding. This study use panel data, the data used in this research come from the annual financial statements and sustainability reports of non financial companies listed on the Indonesia stock exchange for the period 2008-2012, there were 1420 observations of the research sample. the results showed that : 1) market-to-book ratio, cash flow, net working capital, and leverage doesn’t have significant effect on corporate cash holding 2) firm size, dividend payment and board size have significant effect on corporate cash holding. "

"Penelitian ini bertujuan untuk menganalisis pengaruh karakteristik perusahaan dan makro ekonomi terhadap kebijakan cash holding pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode lima tahun mulai dari 2009 sampai 2013. Pengujian dilakukan dengan model regresi least square. Hasil penelitian ini menemukan bahwa karakteristik perusahaan dan makro ekonomi memiliki pengaruh terhadap kebijakan cash holding.

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This research is aimed to analyze of firm characteristics and macroeconomy on cash holding policy in manufacturing companies listed in Indonesia Stock Exchange during the period of five years starting from 2009 up to 2013. The tests were conducted with the least square regression model. The results of this research found that firm characteristics and macroeconomics have influence on the corporate cash holdings."