Pengaruh likuiditas saham terhadap cash holdings perusahaan

Rochmahadi, Audio Rafael and Ekasaputra, Emanuel Edelbert and Gunawan, Victor (2020) Pengaruh likuiditas saham terhadap cash holdings perusahaan. Masters thesis, Universitas Pelita Harapan.

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Abstract

Penelitian ini bertujuan untuk mengetahui apakah ada pengaruh likuiditas saham terhadap cash holdings perusahaan. Variable dependen dalam penelitian ini adalah cash holdings yang diukur dengan cara cash and short-term investment dibagi dengan total asset dikurangi dengan cash and short-term investment. Variable independent dalam penelitian ini adalah likuiditas yang ukur dengan Illiquidity Amihud yaitu rasio rata-rata dari daily absolute return terhadap trading volume (dollar) pada hari i. Variable control dalam penelitian ini adalah firm size, cash flow, net working capital, capital expenditures, leverage, dividend payment, closing price, dan year. Data dalam penelitian ini merupakan data sekunder yang berupa data laporan transaksi harian saham dan laporan akuntansi dari S&P Capital IQ dari perusahaan yang terdaftar di Bursa Efek Indonesia pada tahun 2009-2018. Sample dari penelitian ini terdiri dari 3,079 observasi dengan 419 perusahaan. Kami tidak memasukkan perusahaan financial dan perusahaan utilitas kedalam sample penelitian. Pengujian hipotesis penelitian ini menggunakan regresi data panel. Hasil penelitian menunjukkan bahwa likuiditas saham secara signifikan berpengaruh negative terhadap cash holdings perusahaan. Cash flow, net working capital, capital expenditures, leverage, dividend payment, dan closing price memiliki pengaruh terhadap cash holdings, sementara firm size tidak memiliki pengaruh terhadap cash holdings. / This study aims to determine whether there is an effect of stock liquidity on corporate cash holdings. The dependent variable in this study is cash holdings as measured by cash and short-term investment divided by total assets minus cash and short-term investment. The independent variable in this study is liquidity which measures the Illiquidity Amihud, which is the average ratio of daily absolute return to trading volume (dollar) on day i. The control variables in this study are firm size, cash flow, net working capital, capital expenditures, leverage, dividend payments, closing prices, and year. The data in this study are secondary data in the form of daily stock transaction report data and accounting reports from S&P Capital IQ from companies listed on the Indonesia Stock Exchange in 2009-2018. The sample of this study consisted of 3,079 observations with 419 companies. We did not include financial companies and utility companies in the study sample. Testing the hypothesis of this study using panel data regression. The results showed that stock liquidity had a significant negative effect on the company's cash holdings. Cash flow, net working capital, capital expenditures, leverage, dividend payments, and closing prices have an influence on cash holdings, while firm size has no effect on cash holdings.

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